Letter of the week

[DrMoriarty]

Here. Quoted in case it disappears...

A big mistake by Irish Nationwide

I wish to protest most strenuously at the irresponsibility of Irish Nationwide in bringing a case against a developer for repayment of debt at this delicate stage in the gestation of the National Asset Management Agency (Nama).
Are they not aware that if the true value of "assets" was accessed at this critical stage they could be found to be worthless or worse, possible liabilities, since they may be costly to maintain.
This is information that must not be established until after Nama has assumed all the "assets" and future liability lies with the State, not the heroic but unfortunate developers or banks.
After all, they deserve the credit for driving our economy to the heady heights of "second wealthiest economy in Europe" and we must be at the very least thankful for the memory.
Everybody knows that when the banks start lending again we will be back on the pig's back. The fact that technology has removed the necessity for most productive jobs is irrelevant; unlimited credit is the prescribed remedy for all recessions, ask any economist.
Padraic Neary
Tubbercurry, Co Sligo

 

[michaelm]

I have to laugh at the fact the easy credit and low interests rates were integral to the bust and our solution is easy credit and low interest rates.

 

[callybags]

Was it not the boom which was integral to the bust?

And were not easy credit and low interest rates integral to the boom?

 

[tiger]

Would be funny if it wasn't true

...This is information that must not be established until after Nama has assumed all the "assets" and future liability lies with the State, ...