Are the government for real with NAMA?!?

LauraOrlagh

NAMA.. it's definitely not going to work - it's actually gone past even being ridiculous if you ask me!

I was watching the Frontline programme Monday night and Brian Lucey of TCD suggested what I have been saying all along - and I can't understand how we could possible think NAMA is going to work given his clear cut factual arguments versus the politician's 'It will take time..' argument.
The Government's policy on the banks is delaying the inevitable and damaging our economy even more.

Time costs money.

Time costs hundreds and thousands of people jobs in Ireland due to the lack of action from the banks and the government to get credit flowing again.

The Banks are obviously financial institutions which everyone needs BUT they are also businesses.
Let them take the hit on their balance sheets and get the government to nationalise them but NOT have politicians running them - hire new banking staff all of whom must have some expertise in the area of risk management and some of them could do with some common sense given the mess the current bankers have landed us in - did they all seriously think that what was going on would carry on forever? Did they genuinely believe pumping billions (thousands of millions) into property development was a sustainable model??

NAMA - Now Another Money Abuser - the process of trauches of loans being transferred to this so-called Asset Management Agency is already a painfully slow process and it's only happening in stages!
NAMA will cost the taxpayer (the likes of our indigenous hard-working small to medium enterprises and honest hard-working people BILLIONS (and I hate the way this word is thrown around as if it's nothing - THOUSANDS OF MILLIONS) of tax money for generations to come. Generations after us will curse us for allowing this joke of a concept to happen.

Let the people behind the mess take responsibilty for once in this country. I don't know how bankers, property developers and this government are able to look anyone in this country in the eye given the mess they have made, and are continuing to make of our country.

Laura

should have let them fail, created a new bank or picked the bank with the least troubles to nationalise
18 months later and all we did was delay the recovery 18 months

ei.sdraob

unfortunately yes

whole thing is gonna go sour in few years, you can bet on it

hobochris

ei.sdraob wrote: »

unfortunately yes

whole thing is gonna go sour in few years, you can bet on it

By that stage though someone else will be in government and taking the blame for the mess FF left.

FF are banking on the short term memory of the Irish electorate, that way the next government will look like the bad guys when Nama's fail is evident and FF(if they haven't imploded) will try pump the parish pumps again to get back into power...

oppenheimer1

hobochris wrote: »

By that stage though someone else will be in government and taking the blame for the mess FF left.

FF are banking on the short term memory of the Irish electorate, that way the next government will look like the bad guys when Nama's fail is evident and FF(if they haven't imploded) will try pump the parish pumps again to get back into power...

Ah theres more to this than election strategy in fairness. If this goes wrong the country will collapse. In those situations centerist parties usually lose out and the radical far left/right rise.

I don't think political parties in general look beyond the next election, its far too dangerous. In fact FF might not be going hard enough as although they expect to lose the next election they don't want to be reduced to the size of a small party, as the party infrastructure might crumble away and they might never have the chance to rebuild.

There is nothing to say FF have to exist, indeed many thought the Tories in the UK were dealt a fatal blow fter losing two landslide elections in a row.

BTW we already have a number of NAMA threads OP, one of which has a discussion on Prof Luceys ideas.

Sleepy

ei.sdraob wrote: »

unfortunately yes

whole thing is gonna go sour in few years, you can bet on it

Actually: can you bet on it?

Seems like a dead cert to me! *runs off to Paddy Powers with pension fund*

PeakOutput

are you for real with another nama thread?

why wouldnt this fit in with one of the other threads