Now the government are saying that because of the size of the bailout, the cuts/taxes will have to be more severe. So it will be the case that the bank's reckless lending will impact on public services.
I know there are threads about how this can be done,and why etc,but what do you think in general of the "state of the Nation"?
Would you leave ,if you could?
One of the things that the Minister said on Prime Time Last night is that, of the current deficit, 1.5bn is due to servicing the debt arising from the bailout, and 19bn is due to us spending more than we earn
One of the things that the Minister said on Prime Time Last night is that, of the current deficit, 1.5bn is due to servicing the debt arising from the bailout, and 19bn is due to us spending more than we earn
I wasn't in the slightest surprised to learn about the scale of the bank bailout or that our so called leaders have been lying to us about how bad things are.
But, despite 2 job losses in 3 years, OH pay cuts,another job rejection recently and panic setting in over how the hell we are going to fund our son going to University, yesterday was the first time I have actually sat down and cried out of sheer frustration. We don't own (and unlikely we ever will) a house, have no loans or credit card balances, have saved for purchases etc, yet what is coming is another kick in the teeth.
Would I leave? Like a shot if I thought it was worth it.
Agree with DB74. At least if we saw the culprits suffering (and by that I mean stripped of every asset, forced to live on 196.00 a week or go begging to their community welfare officer for money for food) for what they have done it might make it a bit easier - wouldn't waste the money on imprisoning them though.
According to the economists on Morning Ireland this morning the country will get out of it and turn itself around....
If the government did default on the guarantee what would happen?
I think that the numbers of people you are referring to is a lot lower than you might think.According to the economists on Morning Ireland this morning the country will get out of it and turn itself around....
I think things are bad but there are still people earning the same money as before, with goods and services cheaper than before, who don't have any credit card debt or personal loans because they lived within their means and saved for their purchases / holidays etc. So the state of the nation is ok for some and hopefully will recover for the others who lost jobs and borrowed excessively during the good times.
The ones that need to be sacked are the politicians that made the decision to bail out the banks. Charge them with treason if need be.I could swallow it a bit better if I saw a few heads rolling
The way it looks to me at the moment is that mistakes were made that are costing me and the rest of the taxpayers €35billion but nobody is getting punished for those mistakes ... except for me and the rest of the taxpayers.
I think that is the only solution that would work, and I don't think you are being simplistic at all. This happens all the time to companies of various sizes. The idea of "too big to fail" is complete and utter political nonsense that cannot be backed up with any logic or actual experienced evidence.Would it be simplistic to just not renew the Anglo guarantee when it runs out in 3 months time, explain to the markets that the bondholders will have to go whistle for it because the government did not borrow from them, this was not government debt/soverign debt, and the government is not prepared to punish the citizens of Ireland for the misdeeds of Seanie & the cronies. Bondholders were participating in the free market and occasionally it bites you, hope ye had plenty of diversificaiton lads....
I'm of the view that our bond spreads would narrow (get nearer to Germany's) as we dont draw all that burden on ourselves, the markets would acknowledge that this is not soverign debt default, its what happens when you invest in a reckless company (Anglo).
I'd be on for giving it a crack!, bleedin nice to see the government being so "conscientious" on our behalf, FF out, whoever promises to default on Anglo bonds gets my vote.
I think you are not giving yourself enough credit. You are absolutely right. The cost of state lending would go down if the state was no longer liable for the banks' debts. The very reason bond yields have been going up is because the cost of bailing out banks has been increasing every couple of months with new revelations. Bond holders took a risk and are now not paying the price. All this is doing is setting ever more implicit guarantees that bond holders will never be allowed take a hit, resulting in banks never changing their risks.For starters the bondholders would get nothing, i.e. the taxpayers wouldnt bail them out.
The €34Bn question is would there be knock on negative effects for Ireland, in particular the rate we pay on borrowings. Opinions differ but my suspicion is that the market plays by big boy rules and bondholders losing is a normal consequence of capitalism. Ireland is good for its soverign debt (government bonds), moreso because it hasnt taken on Anglo bondholder debt, and so maybe the costs even fall. TBH I dont know enough to say all this with much conviction but I'd like to hear it explored in detail by those who are supposed to know.
RMCF;1088714 But at the end of the day said:We all got caught up in the hype and excitement of selling our houses for more than they were worth, buying a bigger one, selling that for a huge profit again, living off money we didn't have, living the high life etc etc. [/B]Can't complain now when its all gone belly up.
Rubbish!! WE ALL did not do this.
But what WE ALL have to do now, is pay for those who did so ....
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?