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toxic dump,, in simple terms...

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  • 29-04-2009 11:59pm
    #1
    jethrodublin
    Closed Accounts Posts: 50 ✭✭


    if i'm in the wrong section please move.


    the toxic dump situation.
    can someone explain it in simple terms?

    i have it that the government took/bought bad loans on property from developers who weren't paying loans back??

    so the goverment own all the derelict building sites around the country if the contractor involved in that site is part of this plan by the government.

    am i on the right track here?


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    #2
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,316 CMod ✭✭✭✭Nody


    Government (NEMA) goes to bank and says, sell us your loans.

    Bank says, Here is my loan package which is on book for 10 Bil EUR (note on book means the original value, not today's value, true value closer to 5 Bil if that)

    Government (NEMA) says, Ha, that is not the true value, I will only pay you 9.5 Bil EUR for your loans, feel the pain bank!

    Bank says, Oh woe be us, we're going to go under, please save us (while snickering and posting big profits)

    Government (NEMA) says, Oh look at these loans, lets chase up these donators, err friends, err developers of ours for money to make them repay these over priced speculative loans they have.

    Developer, Woe be us, we own nothing but the clothes on our body, I can pay nothing

    Govermnent (NEMA) says, Oh well, these sites may hold value in 2050 so lets keep them on our books and maybe we can sell them with only losing 20% some where in a unknown future

    Government (NEMA) says, Look at us, we're taking forceful action against the banks to start our economy again

    Voters says, We're screwed (again)


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    #3
    jethrodublin
    Closed Accounts Posts: 50 ✭✭jethrodublin


    So i am being extremely niave in saying that government should take me (mr not working electrician) off benefits and work on their property.

    They say a year signing on is about 21k, but the time they told you you need a medical card and what not, they could prob raise that to about 30k. I'm qualifed and expect to earn about 60k a year, but 35 i would be more than happy with. so me, and paddy the plumber and mick the plasterer would all be getting the big hole in the ground that they currently own looking lovely for an extra 5k.

    can it be that simple??


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