Government appoints experts to consult on indebtedness

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canicemcavoy said:
Is it possible for someone to ask for advice on whether or not to buy property, and get sensible answers, if discussing the reasons for giving your answer is banned?
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If the answer involves speculating on whether house prices are going up, down or sideways then Askaboutmoney is not the correct forum for the question.
 
LDFerguson said:
If the answer involves speculating on whether house prices are going up, down or sideways then Askaboutmoney is not the correct forum for the question.
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Why not? That's very strange. Is property not an asset class?
 
janeymak said:
Eh there's a problem that needs solving, that's the point. Its the panel participants that should be rethought.
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There is no solution to this problem. Steps can be taken to minimise the social damage caused but the effects of negative equity and this property bubble will be felt for decades.

The biggest change that can be taken is to change the personal bankruptcy laws but that was dealt with by the LRC. I don't see what this panel has to offer on top of this.

Who do you want on it? Apart from maybe a role for MABS, I don't see any problem with the panel.
Brendan has a more of track record defending consumer interests in financial services than anyone here. I don't always agree with him but I do believe that if we are going to go down this road, he is a welcome addition.
 
Howitzer said:
Just to be devils advocate, I'm pretty sure Qwertyuiop was.
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Conversly AAM got really angry with me a few times for suggesting property was going down and for discussing house prices in a post where I thought the OP would benefit from discussing house prices.

I now understand that property price discussion was banned because everybody was going crazy whenever the subject came up. This I try to accept.

Everybody instead of directing ire at Brendan/AAM should direct it at the powers that be who are really at fault. We would be better off giving good suggestions on how the boom time debt is to be handled.

In relation to those who called the market right, it doesn't make them a better economist or forecaster than others, no one should believe one word of what any economist good bad or indifferent says, they should make their own minds up. Those economists who were so right about it going down, ask them now to tell us when it will stop going down or will go up and you'll see how good they are. The truth is nobody really knows. But we can all have opinions.

If anyone used AAM to make a decision on whether or not to buy a house well like LD said they need to be sectioned.
 
Is it permitted to discuss general index trends? Even just long term trends? Things like the ISEQ? Or FTSE or the Dow? What about Bonds? Interest rates? What about currencies? Money? If you can't ask about money then I'm not sure if this is the forum for me...
 
Bronte said:
Well I see now what BB looks like and there is some quotes he made. Ye guys know I'm not good at cyberland but all I can see is someone has selected certain remarks made by BB? What am I to understand? PM me if necessary.
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You said you were glad he is to be part of the process. After reading his advice, and comments, are you still glad?
 
Bronte said:
If anyone used AAM to make a decision on whether or not to buy a house well like LD said they need to be sectioned.
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Hi Bronte

If people wanted to get a view on house prices on askaboutmoney, it was in this summary post. No one else even attempted an updated summary.

After that, they were referred to the Property Pin, where they could get even more insight.

Brendan
 

If I post any of the following: -

"House prices are about to go up because..."

"House prices are about to go down because..."

"The ISEQ is about to go up because..."

"The ISEQ is about to go down because..."

...or any other posts speculating on the possible future movements of the value of an asset class, I would expect to be banned from Askaboutmoney, regardless of how well-reasoned my supporting argument was or whether or not I had a visionary track record of predicting the future.

JHegarty hit the nail on the head earlier here.
 
janeymak said:
You said you were glad he is to be part of the process. After reading his advice, and comments, are you still glad?
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For God's sake, thats why you think Brendan doesn't belong on the panel?
Warren Buffett bought Irish banks shares around the time that Brandan made the comment about investing in them rather than placing the money on deposit. Do you think we should tell him to get lost if he offered his help?
 

#Whats God got to do with it?
#I dont believe anyone who said this "I would invest in AIB or Bank of Ireland rather than putting money on deposit with them."
is qualified for the job.
#Ha, that made me laugh. Yes definitely.
 
janeymak said:
You said you were glad he is to be part of the process. After reading his advice, and comments, are you still glad?
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That's an interesting question, yes I am because I'm not going to judge someone on selected quotes. You can (and I don't mean you) play around with dates and quotes and we're all bound to be wrong sometime. I don't have to agree with AAM to say that I'm glad a particular individual is on a particular panel. I go with my gut feeling. I had I think a negative view contrary to AAM on Patrick Neary a while back, I may not agree with decisions that are made and I've pointed them out and sometimes I've PM's the mods where I thought someone was treated unfairly. In fact I've very serioulsy ranted quite a few times at lots of things in Ireland and at least on AAM they don't get deleted. That's my experience so for that if nothing else I trust the founder of AAM.

Who do you think should be on the debt panel? Do you think BB should be on the panel and can you give your reasonings other than the quotes?
 
janeymak said:
#Whats God got to do with it?
#I dont believe anyone who said this "I would invest in AIB or Bank of Ireland rather than putting money on deposit with them."
is qualified for the job.
#Ha, that made me laugh. Yes definitely.
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Brendan's track record speaks for itself. He is will able to defend himself so I am not going to bother. It's up to you if you want to use the odd comment or post he has made out of thousands against him but I think most people on this site while not always agreeing with him, respect the work that Brendan has done. Not least on setting up this site.
 

You go with your gut feeling, even though there's a slew of evidence against it. I would be far from expert in the field of choosing a panel but with those quotes and ideals he would be way down my list. I don't have to say a positive to cancel my negative do I?
 
Really I didn't realise how clueless I am. Someone is copying what I've posted on here to another website. Is this normal? I find that downright spookly. If anyone doesn't like or find what I write funny I wish they had the balls to post it right on here where I can agree or disagree but at least debate in an open forum rather than behind my back.

Could one of you savvy guys explain to me what is going on.
 
janeymak said:
I dont believe anyone who said this "I would invest in AIB or Bank of Ireland rather than putting money on deposit with them." is qualified for the job.
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With the wonderful benefit of hindsight, I suspect that Brendan may not have been the only man or woman in Ireland who held that opinion at that point in time. Is everyone who bought Irish bank shares before the Credit Crunch therefore disqualified from holding a position on a committee about debt?

I wasn't aware that an ability to predict the future, or the lack thereof, was a requirement of this committee.
 

Don't knock the hindsight! How can someone so wrong be part of the solution?

How about this GEM. Do you consider this to be the thoughts of someone who can help?

If you’ve a real need to buy now – for example, if you are starting a family – don’t allow the fact that your job is a bit uncertain to put you off. If the worst happens, the government has ordered AIB and Bank of Ireland to lay off homeowners in arrears for at least a year, while other lenders must give them a six-month breather.
 
In his submission to the Law Reform Commission, Brendan Burgess wrote of two cases in which sought to illustrate how a person might deliberately financially plan to have debts written off - they are of course hypothetical cases to support his views. Such extreme examples appear to run counter the principles of justice and equity on which the LRC recommendations are based.
 


What did you say in your submission ?
 
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