Re Ireland Banking crisis 2008

The US banking system collapsed in 2008/9. Ben Bernanke at the Federal Reserve bought up the toxic loans of the banks and there were bank mergers, Lehmann Bros were allowed to collapse.
The Fed creates the money, so it was able to create about $16 trillion to save the banks, even at large discounts the Fed can still show a profit. No austerity was imposed on the USA.
The UK Bank OF England created £750 billion to buy the bad loans of its banks, when Alistair Darling was Chancellor of the Exchequer, it also received bank equity in return. George Osborne later sold these shares at a large discount to his buddies in the City, and was later duly rewarded.

Mario Dragh at the European Central Bank, could have bought up all the debt of the Irish Banks,( he creates the money). He choose not to do so and instead subjected Ireland to a lifetime of debt and austerity.
Mari Draghi has been buying bonds in the secondary market,(to avoid breaching the Treaties) for the past 3 years. He has spent about Euro 1.5 trillion, he creates the money from thin air.
Ireland was deliberately punished to keep us subjugated by debt.

bells of shandon wrote: »

The US banking system collapsed in 2008/9. Ben Bernanke at the Federal Reserve bought up the toxic loans of the banks and there were bank mergers, Lehmann Bros were allowed to collapse.
The Fed creates the money, so it was able to create about $16 trillion to save the banks, even at large discounts the Fed can still show a profit. No austerity was imposed on the USA.

Again, you seem to think the Fed engages in buying risky assets. They don't.

The Fed's QE programme involved buying Govt bonds and mortgage-backed bonds (MBS).

valoren wrote: »

Saw an advert for Bishopstown Credit Union in Cork, a full advertising hoarding.

Loans of up to €50,000 available.
Unsecured.

When credit unions are offering that when in reality they should be lending to member's with their savings used as security then it's a little disconcerting. Lend 50k to people if they have the collateral to cover it. That's simple prudence.

You never know when the **** can hit the fan in the credit market's. Maybe bailing out the credit unions will be our Bailout 2.0
If anything, the red flags are right up there in the advertising hoarding!

you dont need to look much ex : all new developments 300k plus for mid range houses, on 30yr long loans. Most save up enough to cover deposit yet when $hit hits the fan and person loses job takes few months to be in the hole and start missing repayments, sure blame government for living outside the means is the norm.

Wibbs wrote: »

While living beyond one's means is certainly a big issue, we can certainly blame the government for locking down house construction out of panic and being one of the things that has made the housing market in Ireland stagnate and prices go through the roof.

And the previous shower gave constriction free reign and prices still went through the roof.

For the past 30-40 increasing the supply of houses in this country has just led to more expensive houses, the only time house prices decrease is when the bubble bursts and that is only for a short while.

Time for a new strategy.