Have you changed your mind about letting the banks fail?

Hazlitt

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I don't know if we could get a poll going on this mods?

Firstly, credit where it's due, this thread takes it's inspiration (in fact it's been completely thieved) from this twitter post (thank you Sam Bowman)

s8mb said:
Has the Morgan Kelly article changed anyone's mind that we should have let the banks fail?
(A) Yes
(B) No
(C) Always said they should be allowed to fail
 


Asparagus

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C - we'd be forgetting their names by now if they had been let fail.
 

Cassandra Syndrome

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We would be 2 years on and a lot better off with a new system.
 

slumdog1971

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(D) We should have let Anglo and INBS fail. If nothing else we would be in better position to defend AIB next year.
 

sparkey321

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I don't think the banking system in its entirety should have been left to fail (which it undoubtedly would have)

BUT we should have been a hell of allot more selective in what we did guarantee.

If Anglo fell it would have had no impact on the public in general. The same could not be said for AIB or BOI and perhaps a few others.

It would have decimated the property market even worse then it is now but one hard sharp shock would probably have been better in the long run.
 

Cato

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C - although at the time I might have been tempted to nationalize and save BOI alone. Now, I'm not so sure on that score.

Capitalism means businesses failing and investors getting burnt.
 

Skinner

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'C' of course.

The banks were zombies 4 years ago, all thats been happening is they have been allowed to stride like colossal poison creatures spreading contagion across the land.
 

FakeViking

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One of the FF lightweights (Dara Colleary, I think) was on with Pat Kenny this morning, and assured us all that if they hadn't done the bank guarantee there would be no economy now. I kid you not, they're that stupid.
 

Bobert

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C(heese) please.
 

Asparagus

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One of the FF lightweights (Dara Colleary, I think) was on with Pat Kenny this morning, and assured us all that if they hadn't done the bank guarantee there would be no economy now. I kid you not, they're that stupid.
FF, for the record, have Lightweights, Fat Drunks and Mentally Impaired.
 

Watcher2

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Anglo and INBS should have been allowed to fail. Said that all along. We do need a functioning banking system so the rest should have been saved (they were all along but you know what I mean).
 

Watcher2

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There are other ways of encouraging new banks to be set up. I agree as a matter of course that banks provide an important function in the economy, but these banks? No, I don't agree with you.
Like you, I would liked to have seen them all burn (including PTSB which hasa received no bailout funds although it is covered in the guarantee) but if we did that, there would be no saving us at all. In all reality we could not have let them all burn regardless of how much they all deserved it. Any talk of letting them all burn is simply madness.

Hindsight is great.
 

Expatriot

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We did let our banking system fail.

If this is not failure I am unsure what is, the whole thing is in ECB ICU and the country is bankrupt and no longer Independent as a result. The banks cannot borrow money at an interest rate that would be any use to any of us. Next year the ECB will probably ban them from handing out their cash to the rest of us at a discounted interest rate. The game is over.

100 billion euro debt on our shoulders for nothing.

That's a failed banking system by any historic or geographic measure.
 

dent

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One of the FF lightweights (Dara Colleary, I think) was on with Pat Kenny this morning, and assured us all that if they hadn't done the bank guarantee there would be no economy now. I kid you not, they're that stupid.
Yeah, Calleary has some nasty gob on him. I was fuming listening to it.

Anyway C.

I wonder what Peter Mathews view now is re salvaging something out of this mess ?
 

Future

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Moral hazard shoud have been the name of the game.

Should have simply saved AIB, BOI and possibly EBS.

When this happens again the banks will expect the taxpayer to bail them out again.

I know Anglo was a bank for property speculation but did they have any standard retail banking function?
 

SideysGhost

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C - although at the time I might have been tempted to nationalize and save BOI alone. Now, I'm not so sure on that score.
I remember me and kerrynorth having a pint in Bruxelles on 25th September 2008 after the Pin protest outside the Dáil and pondering that very question - was BOI not-entirely-fecked enough to make it worthwhile saving it as a State bank, while burning the rest? We already knew at that point that all the rest were spectacularly insolvent.
 

Skinner

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We do need a functioning banking system so the rest should have been saved (they were all along but you know what I mean).
If you think it trough, we do not need the banks, the banks need us.
There are many alternatives to the current system.

Don't ask me to elaborate, do some research yourself if you are interested, youtube is your friend.
 


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