southsiderosie wrote: » Anglo did not lend to the general public; it was a builders bank. THe reluctance to lend to the IRish government now (as exhibited by high interest rates) is in no small part because the government assumed the private debt and liabilities of Anglo - not to save regular depositors and keep credit flowing through healthy industries, but to prop up developers and friends in an industry which was undergoing a much needed, albeit painful adjustment anyway. I don't think that anyone is saying (on this thread anyway) that the government should have let all of the banks fail. But clearly they could have cut some of the dead wood before committing significant public resources, and they didn't.
OPENROAD wrote: » From what I have read German, French and British assets and pension funds lose out as a result for starters.Now I know you could say who cares? But the impact that this might have on our ability to borrow. Secondly, there is the possible ripple effect and the argument is that this unknown. As I said though even if they let it fail, there is a significant cost
southsiderosie wrote: » When investors buy assets they are taking a calculated risk. If they win, they make money. If they lose, they don't. For those banks that took a risk in Ireland, well, this time they lost. Tough ****; that's how capitalism is supposed to work. Oh, BTW, there are currently plenty of banks and institutional investors who are making a killing from betting on Ireland's economy tanking. If things shoudl turn around, should the government bail them out too? :rolleyes:
mink_man wrote: » many many people apply for loans...the money the government is pumping into the banks is to be lended....ye must think brian cowen is thick, he'd beat any of ye in a table quiz! :P
OPENROAD wrote: » We don't support the banks = we have no economy
high heels wrote: » I got a job in the UK... I pay more taxes out of my pay packet but unlike Ireland I get free health care bins taken away every week cheap motor tax... Ireland have hidden taxes everywhere its like flying with ryanair!!
O ya the best thing the milkman delivers the milk in a glass bottle!!! its amazin!
YouTalkinToMe wrote: » hey i went to an atm it said insuffient funds i said is that me or the bank....
MagicMarker wrote: » They should stop teaching Irish in Schools and make Political Science & Economics mandatory.
whadabouchasir wrote: » How many economists do we need?
MagicMarker wrote: » How many Irish speakers do we need?
th3 s1aught3r wrote: » I didnt have an interest in politics or politicians until recently when they started to give my money away to bailout the banks. Thats a failure on my part I admit I honestly think the vast majority of people in the country are not interested in politics. The problem with that is that they (politicians) are getting away with murder becasue of this general apathy , I think if people really cared they would be shouting louder than they are now What do you think has to happen for the Irish people to say "enough" ??
we believe unemployment has peaked at 8.3%," he said.
douglashyde wrote: » I think it’s when people that know nothing about government and how economic systems work start to have an opinion that we have an even bigger problem. I've seen socialists on Henry St protest at bailing out Anglo and that it was wrong and that we could have spent the money on hospitals when they dont understand how letting a bank go under would affect Irish Bonds and blah blah blah. I've seen people think that the problem with our Health system is because of cut backs and not because of the massive inefficiencies I’ve seen people throw around the lines "We should never have bailed out the banks" with no idea of the repercussions of not bailing them out and blah blah blah I’ve seen our public sector defend their massive wage bill and say “it’s not our fault” and blah blah blahI’ve heard people talk about the expensive account and wages of our ministers and then think they are qualified to understand why this country is going under and blah blah blah. Certain people shouldn’t be allowed vote!
mink_man wrote: » ye want the economy to get moving, how is that gonna happen? It's gonna be the banks that are gonna make it grow again, by lending people money and them people spending money making business which in turn makes people employed which makes people buy their service which in turn makes the economy grow. no banks, no money.
Confab wrote: » Ireland needs a Swiss-style pure democracy.
orourkeda wrote: » . The simple fact that the FF party still command about a quarter of the vote in a recent opinion poll sickens me.
OPENROAD wrote: » So we let the banks fail what happens next?? We let the Bondholders fail, the very people that are lending to us at the moment and keeping the country afloat, so what do we do?
Overheal wrote: » Well at least another one is finally turning on when others including myself were trying to highlight problems with apathy years ago, and since.
seven-iron wrote: » If your still (its 2010!) wondering why banks need to be bailed out, you need to read up on Lehman Brothers. People's memory must be short.
maringo wrote: » What about their accountants who examined and certified their accounts year after year? Is there no offence there?
It shouldnt bother me, but it does
Cavehill Red wrote: » Best summation yet of the horseturd we've been fed. You may not have noticed, but we already effectively don't have an economy, since there are half a million on the dole, a hundred thousands beggared in negative equity, and we're borrowing just to pay the public sector wage bill each month. Adding a 50 billion banking bailout to pay the losing bets of the banksters, Fianna Fail funders and shady bondholders like Roman Abramovich is not a solution to any of the above. Forgive me for stating what should be BLINDLY FVCKING OBVIOUS, but a further 50 billion debt on top of the current situation is endgame for this nation. We have to default on that debt or we'll default on our sovereign debt. At this point, I'd be inclined to do both, actually.
