• It has come to our attention that some users may have been "banned" when they tried to change their passwords after the site was hacked due to a glitch in the old vBulletin software. This would have occurred around the end of February and does not apply after the site was converted to Xenforo. If you believe you were affected by this, please contact a staff member or use the Contact us link at the bottom of any forum page.

"Bailout" 'expert' group set up


oceanclub

Well-known member
Joined
May 17, 2006
Messages
1,304
Website
oceanclub.blogspot.com
Cabinet to give debt think-tank the green light - National News, Frontpage - Independent.ie

THE Cabinet is due to sign off today on the make-up of an "expert group" to come up with recommendations on rescue plans for heavily-indebted homeowners. Energy Minister Eamon Ryan has been pushing for the creation of an advisory group to propose solutions for those in arrears. Mr Ryan and Finance Minister Brian Lenihan are due to hold a press conference to announce the creation of the group today, the Irish Independent has learned.

The group is expected to consist of Irish Banking Federation boss Pat Farrell, consumer advocate and founder of the askaboutmoney website, Brendan Burgess; and Paul Joyce of the Free Legal Aid Centres (FLAC). Also on the group will be former KBC Bank boss Tom Foley and representatives from the Financial Regulator and the Money Advice and Budgeting Service.

The group will also include an assistant secretary from each of the departments of Finance, Justice, Environment and Social and Family Affairs.

The group will advise on reform of debt enforcement, including the regulation of debt agencies, and the establishment of a Debt Enforcement Office to remove debt proceedings from the courts.

The Greens believe a fear of debt is hampering recovery as consumers remain wary about spending.

"The whole idea is that we don't want people encumbered by debt and for that to stifle our recovery," Mr Ryan said recently
 

CookieMonster

Well-known member
Joined
Feb 19, 2005
Messages
34,801
The State needs a quick and efficient means for people to become bankrupt and then to start afresh after 12-24 months. We are in the Dark Ages compared with the rest of Europe and US.
+1 Wouldn't suit the Govt right now though. Default rates would go through the roof.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,514
Another quango. Pat Farrell, are you serious. He was on the HSE board and works for the Banks. Do you seriously think he will not be looking out for the Banks interests ?

This can be sorted easily

1. Beg the ECB to freeze interest rates at 1% for 5 years
2. Limit the margin that Banks can charge
3. Add 10 years to everyones mortgage
4. Let people go interest only for 3 years
5. Let people break fixed rates under ZERO penalty

Result - Very few Banks. People though will have a roof over their heads.
 

oceanclub

Well-known member
Joined
May 17, 2006
Messages
1,304
Website
oceanclub.blogspot.com
Also Brendan Burgess of "ask about money" infamy. According to this article in the Irish Independent, he was a large-scale AIB shareholder.

AIB slump clips wings of €1m clubWealthy shareholders suffer losses - Irish, Business - Independent.ie

In 2006, he personally banned talk of property "speculation" - that is, any discussion that there was a property bubble, and prices would go down:

http://www.askaboutmoney.com/showpost.php?p=313263&postcount=1
Further speculation about the future direction of house prices is banned on Askaboutmoney.
Burgess himself has never admited he was wrong to ban such discussion. The most he will say is that "I still believe, that as a general rule, it is a good idea to buy your own home. With the benefit of hindsight, this would not have been a good idea over the past 5 years."

Indeed, he appears to be most annoyed with those who did warn against the property bubble. He makes the eye-raising claim that it was alright to ignore everyone who warned about a bubble - and I presume this includes the countless people who were banned from his forum - as they all used "stupid, sensationalist language":

Askaboutmoney.com - View Single Post - "Addicted to Money" TV Show - Appalling

"People ask now why did we not listen to the economists who warned of the housing bubble and the economic crash? [...]. Their warnings were dressed up in such stupid, sensationalist language, that it would have been like taking the economic forecasts of the Sunday World seriously."
Even in 2009, several years after the bubble was bursting, he still urged people to buy property in a falling market even when they were uncertain about their employment. In Sunday Times Money, 8 Mar 2009 he said:

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.
P.
 

hmmm

Well-known member
Joined
Oct 4, 2006
Messages
2,834
Did anyone keep a copy of AAMs Savings and Investment Guide? In particular the section that talked about diversification and Irish shares?
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,396
There is an easy solution for this, those idiots with to much debt should have the debts put into Anglo, and their credit rating is put to the max till they pay it off.
 

oceanclub

Well-known member
Joined
May 17, 2006
Messages
1,304
Website
oceanclub.blogspot.com
Brendan Burgess on RTE only 18 months ago, claiming that Irish banks are well regulated and sound, and that you should "fill your shoes" with their shares:

[ame="http://www.youtube.com/watch?v=z2q7bBVAo74"]YouTube- Brendan Burgess, askaboutmoney.com on banks and shares, RTE News, 16 Sep 2008[/ame]

Less than 12 months ago, he was telling people who were uncertain about their jobs to still buy a house as, ah sure, the banks will go easy on ye:

http://img90.imageshack.us/img90/5669/bbsundaytime8mar09.jpg

_Now_ he's been appointed to an "expert" group to help bail these same people out!

You couldn't make this up.

P.
 

Raketemensch

Well-known member
Joined
Apr 11, 2009
Messages
3,128
Brendan Burgess on RTE only 18 months ago, claiming that Irish banks are well regulated and sound, and that you should "fill your shoes" with their shares:

YouTube- Brendan Burgess, askaboutmoney.com on banks and shares, RTE News, 16 Sep 2008

Less than 12 months ago, he was telling people who were uncertain about their jobs to still buy a house as, ah sure, the banks will go easy on ye:

http://img90.imageshack.us/img90/5669/bbsundaytime8mar09.jpg

_Now_ he's been appointed to an "expert" group to help bail these same people out!

You couldn't make this up.

P.
I hope that ars3hole 'filled his shoes' with worthless bank shares like he was telling others to do.
How continually and utterly wrong do you have to be again and again before you stop being an 'economic expert'? His ilk need to be called on either being idiots or liars and told to f*&^ off, not invited to set policy! Jesus, how screwed are we with gobsh1tes like this advising?
 

asset test

Well-known member
Joined
Oct 3, 2008
Messages
14,812
Re the bankruptcy laws that exist here at the moment, if they were changed to something like UK, has anyone any evidence that such a regime to get out of debt would encourage such a person to speculate again, bankrupt themslelves again, and on and on?

Seems easy enough in UK.

Bankruptcy - Frequently Asked Questions
 

Oreo Livermore

Well-known member
Joined
Feb 22, 2010
Messages
754
Does anyone know what username this lug posted under on the iseq thread a few years ago. I would like to send him a Christmas Card.

I wonder was it Colada or Freedomlover, or God forbid the poor sap Saratoga who insisted on buying Bear Stearnes at 104.

I would bet any money that Anorakphobia has a picture of this lad on his mantel, right beside his wedding photo.

He has got to love him affectionately.

hehehehehohohooinkoink
 

montycardigan

Member
Joined
Feb 23, 2010
Messages
68
Brendan Burgess Quotes

Brendan Burgess Quotes:

"Irish banks are very well regulated. Irish banks are very sound…the risk to an Irish bank is some panic, if everybody felt that a particular bank was going to go and they all rushed down that would create a liquidity problem and you could have a very fine solid bank getting into difficulty just like Northern Rock which was a solvent bank but it had a liquidity problem…I think we are going to look back at Irish banks and the Irish stock exchange in a few years and say how did we not fill out shoes with those shares"
16th September 2008


“The Financial Regulator supervises the solvency and liquidity of Irish financial institutions very well. Irish banks are conservative in their lending and none has been exposed directly to the subprime lending problems although all are suffering from the subsequent credit crunch. The Financial Regulator seems to have been well ahead of the game on liquidity reporting.”

"Calling it "the family home" in some way confers a sacredness on it. We should not be doing this. If people lived a very high lifestyle and are now overborrowed, then they have to pay the price."

"People buying their first home have very big expenses in the first few years. I recommend that they start with an interest-only mortgage."

"Paying interest only, means that you have more money with which to adjust to the life of home ownership. If you are in the housing market for the long term, which most people are, then what happens in the short-term to prices is not very relevant."

"There is an old-fashioned idea that mortgages should be paid over 20 years and people should start contributing to a pension at age 21. These ideas need to be challenged and reviewed from time to time."

"And I have been shocked by some stories on Askaboutmoney from people who have clearly overborrowed. But I guess that 90% of borrowers are well able to meet their repayments. For those, interest-only in the first few years of their mortgage makes sense. They don't have to blow the repayments saved on new cars and drink. They can use it to improve their home. They can even save it elsewhere to rebuild a savings fund."

"If a couple is committed to buying a home, then they should try to buy as big a home as possible to avoid the cost of having to trade up too soon. This does come at the risk of overborrowing, but it's probably worth that risk."
"It is wrongly assumed that the interests of industry and consumers are diametrically opposed. On most issues, a very broad level of agreement would be reached."

"It would be wrong to ring-fence the home and mortgage and do a debt settlement on the other debt. Permitting such a proposal would encourage people to allow their other debts to expand in advance of applying for debt settlement while making normal capital and interest repayments on their mortgage"
 

dresden8

Well-known member
Joined
Feb 5, 2009
Messages
14,937
I hope that ars3hole 'filled his shoes' with worthless bank shares like he was telling others to do.
I'd wager he didn't.

Fouth, maybe fifth on the list.

Keep your own list it's fun.

Don't write it down though, it's evidence.
 

Mitsui2

Well-known member
Joined
Nov 13, 2009
Messages
33,382
Result - Very few Banks.
Which will happen anyway. But with your recipe people will survive. This goes against government priorities - sorry, hammer, but WE ARE WHERE WE ARE.
 

realist

Well-known member
Joined
May 3, 2006
Messages
2,444
In fairness, yet another government "think tank" might not be a bad idea. We could then use their report and implement the exact opposite of what they recommend and we might just get out of the mess that we are in.
 

oceanclub

Well-known member
Joined
May 17, 2006
Messages
1,304
Website
oceanclub.blogspot.com

CookieMonster

Well-known member
Joined
Feb 19, 2005
Messages
34,801
Brendan Burgess on RTE only 18 months ago, claiming that Irish banks are well regulated and sound, and that you should "fill your shoes" with their shares:

YouTube- Brendan Burgess, askaboutmoney.com on banks and shares, RTE News, 16 Sep 2008

Less than 12 months ago, he was telling people who were uncertain about their jobs to still buy a house as, ah sure, the banks will go easy on ye:

http://img90.imageshack.us/img90/5669/bbsundaytime8mar09.jpg

_Now_ he's been appointed to an "expert" group to help bail these same people out!

You couldn't make this up.

P.
You don't have to, this is Ireland.
 

montycardigan

Member
Joined
Feb 23, 2010
Messages
68
Brendan Burgess credibility as a consumer champion being questioned

Burgess is coming under pressure from posters on askaboutmoney where he is now dealing with critique on two lengthy threads
What I have actually said about property, prices and borrowing - Page 4 - Askaboutmoney.com
and
Government appoints experts to consult on indebtedness - Page 7 - Askaboutmoney.com

In seems Burgess is fighting back digging into his archive material selecting quotes and explaining his views. Meanwhile on the propertypin, boards.ie and irish economy sites commentary is also focussed on his appointment to the task group.

Here's another quote from the recent past:

“The Financial Regulator supervises the solvency and liquidity of Irish financial institutions very well. Irish banks are conservative in their lending and none has been exposed directly to the subprime lending problems although all are suffering from the subsequent credit crunch. The Financial Regulator seems to have been well ahead of the game on liquidity reporting.” JC ERA June 2008

Does Burgess have any connection with the Green Party? Or was he a nominee of Fianna Fail? Or did he self promote for membership of the task group?
 
Last edited:
Top