NAMA - "You dont know what you`re doing"



McDave

Well-known member
Joined
Jul 10, 2008
Messages
13,516
Once the risks for Anglo and INBS were almost entirely loaded onto the taxpayer, NAMA had completely lost the plot. According to the article, "The original business plan of NAMA envisaged the agency directly managing the loans of up to 150 developers, but this is proving onerous and NAMA has told bank executives it would prefer to reduce the number of borrowers it manages itself."

I wonder how many of the loans causing them such bother are from Anglo and INBS. Or if the admin is being handed back to the other institutions, then NAMA is even more a creature of those two disastrous organisations. Either scenario, the taxpayer loses.
 

FakeViking

Well-known member
Joined
Jul 26, 2006
Messages
8,932
Why am I instantly reminded of Baldrick telling St Lenihan "Wait, I have a cunning plan".
 

JCR

Well-known member
Joined
Jul 22, 2009
Messages
6,241
Why am I instantly reminded of Baldrick telling St Lenihan "Wait, I have a cunning plan".
Thats about the size of it. Except that NAMA looks more like Manuel taking over Fawlty Towers. Thats how plainass stupid it is.
 

Raketemensch

Well-known member
Joined
Apr 11, 2009
Messages
3,075
It truly is astonishing, using borrowed EU money to reward the morons who got us into this situation in the first place. I see all the small shops around me closing but not 1 banker has had to look for a new job. The loss taking NAMA run zombie hotels are destroying the livelihood of viable businesses to save a few billionaires the horror of a tax break clawback. The unfairness and equal stupidity of the whole NAMA thing makes me feel sick and the animals who are cheering it on are cutting this country's throat with a smile on their ugly faces.

I have a vision 10 years in the future of a completely ruined country with no economy at all but zombie banks serving nobody. Lenihans dream.
 

Cassandra Syndrome

Well-known member
Joined
Aug 23, 2009
Messages
16,885
It truly is astonishing, using borrowed EU money to reward the morons who got us into this situation in the first place. I see all the small shops around me closing but not 1 banker has had to look for a new job. The loss taking NAMA run zombie hotels are destroying the livelihood of viable businesses to save a few billionaires the horror of a tax break clawback. The unfairness and equal stupidity of the whole NAMA thing makes me feel sick and the animals who are cheering it on are cutting this country's throat with a smile on their ugly faces.

I have a vision 10 years in the future of a completely ruined country with no economy at all but zombie banks serving nobody. Lenihans dream.
+1 There were loads of people warning about this last summer.
 

Cassandra Syndrome

Well-known member
Joined
Aug 23, 2009
Messages
16,885
The cold day of reality is now exposing NAMA. How overvalued the swamps are, how useless all the ghost estates have become. Also all the phantom loans are exposed now as well. The Pollyannas in September last probably thought by now the property market would be up again and the EU would have just approved it with an nod and handshake by Christmas.

The SPV would have swept all the dodgy loans under the carpet.

But the reality is now that 100 Billion initial notional worth of property loans is now in reality worth 20 Billion Euro. Thats because of so many Glass bottle type loans that are worth 5% of their initial value 3 years ago. Also there are many cross collaterialised loans with multiple mortgages on the same property as loans were giving out on the nod from a solicitor.

The market is tearing NAMA apart. The longer the delay the better. The initial estimate to inject a further 25 Billion to recapitalise the banks will now rise to nearly 50 Billion Euro as the haircut moves from the inital average of 30% to over 50%. The ECB will not loan 50 Billion for that. Ireland will not raise 50 Billion in bonds. The Banks will not be able to raise that level of money themselves.

The market is finishing its job what it tried to do in September 2008, take out the insolvant banks. The government can only now nationalise all the banks and strip out their good assets and set up a new good bank.
 

SideysGhost

Well-known member
Joined
Nov 30, 2009
Messages
17,364
+1 There were loads of people warning about this last summer.
I distinctly remember lengthy debates here and on the Pin back in 2006/7 where those of us with a clue were chewing the cud about housing bubbles in general and the usual peak-to-trough drops and timescales, the resulting zombie banks, the lessons from the Japanese experience, why ZIRP is precisely the wrong response to a crisis like this etc etc etc.

All this is well-known, it has happened again and again over decades all over the world, but a mob of howling baying coked-up morons has taken over the asylum and they are completely impervious to little things like prior historical fact or logical analysis or God forbid doing some straightforward simple mathematics.

No, with these fanatical cultists, devotees of St Lenny, it's all about wearing the right tie and proclaiming black to be white in a firm authoritative arrogant tone of voice. That's all you have to do to make reality conform to whatever loony meglomaniacal fantasy is going on inside your head. And any inconvenient facts can just be ignored or hushed up.

We're not dealing with people who are merely misinformed or mistaken here people. We are dealing with total nutters, people with real mental issues, people with some or all of sociopathy, psychopathy and/or narcissistic personality disorder, people who desperately need medication and therapy and treatment, people who need to be kept away from society for everyone's good.

These are the people who are in charge of the world today. A small minority of severly damaged and unstable predatory fantasists.
 

yehbut_nobut

Well-known member
Joined
Aug 16, 2007
Messages
520
I distinctly remember lengthy debates here and on the Pin back in 2006/7 where those of us with a clue were chewing the cud about housing bubbles in general and the usual peak-to-trough drops and timescales, the resulting zombie banks, the lessons from the Japanese experience, why ZIRP is precisely the wrong response to a crisis like this etc etc etc.

All this is well-known, it has happened again and again over decades all over the world, but a mob of howling baying coked-up morons has taken over the asylum and they are completely impervious to little things like prior historical fact or logical analysis or God forbid doing some straightforward simple mathematics.

No, with these fanatical cultists, devotees of St Lenny, it's all about wearing the right tie and proclaiming black to be white in a firm authoritative arrogant tone of voice. That's all you have to do to make reality conform to whatever loony meglomaniacal fantasy is going on inside your head. And any inconvenient facts can just be ignored or hushed up.

We're not dealing with people who are merely misinformed or mistaken here people. We are dealing with total nutters, people with real mental issues, people with some or all of sociopathy, psychopathy and/or narcissistic personality disorder, people who desperately need medication and therapy and treatment, people who need to be kept away from society for everyone's good.

These are the people who are in charge of the world today. A small minority of severly damaged and unstable predatory fantasists.
To summarise: The Mental Fundi's are unsound.
 

Raketemensch

Well-known member
Joined
Apr 11, 2009
Messages
3,075
This is news to you?
Hal/Tonic, you fought like a dog for NAMA so I hope you are happy with all the people losing their livelihoods, committing suidice etc. Well done for doing your bit to destroy this country, you must feel very proud. Your hero Bertie told people to kill themselves if they weren't happy with the economy, now they are actually doing it. Result!
 

Cassandra Syndrome

Well-known member
Joined
Aug 23, 2009
Messages
16,885
Hal/Tonic, you fought like a dog for NAMA so I hope you are happy with all the people losing their livelihoods, committing suidice etc. Well done for doing your bit to destroy this country, you must feel very proud.
+54,000,000,000

Economics is a social science. The suffering of people in the last 3 years in particular gets ignored by these vermin chief "economists" of corrupt institutes who contaminate our TV screens with their blatant lies. Bad luck to them.
 

GDPR

1
Joined
Jul 5, 2008
Messages
217,846
Hal/Tonic, you fought like a dog for NAMA so I hope you are happy with all the people losing their livelihoods, committing suidice etc. Well done for doing your bit to destroy this country, you must feel very proud. Your hero Bertie told people to kill themselves if they weren't happy with the economy, now they are actually doing it. Result!
I'm happy that with this post as with all of your other posts on NAMA, you show you don't understand it. You bring to the NAMA debate misplaced anger, but no intelligence.
 

Raketemensch

Well-known member
Joined
Apr 11, 2009
Messages
3,075
I'm happy that with this post as with all of your other posts on NAMA, you show you don't understand it. You bring to the NAMA debate misplaced anger, but no intelligence.
Bullsh1t. Why would you be happy I don't understand NAMA? You spout so much double think cr4p you don't even believe it yourself anymore.
 

Cassandra Syndrome

Well-known member
Joined
Aug 23, 2009
Messages
16,885
I'm happy that with this post as with all of your other posts on NAMA, you show you don't understand it. You bring to the NAMA debate misplaced anger, but no intelligence.
You have no grasp of NAMA. All the threads from the past year will verify this.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
These are the people who are in charge of the world today. A small minority of severly damaged and unstable predatory fantasists.
Who are also experts in

1. Expense claim forms
2. Organising medical cards
3. Getting pot holes filled close to elections
4. Diverting LOTTO money to their constituency
5. Fast tracking passport applications
6. Travelling first class
 

McDave

Well-known member
Joined
Jul 10, 2008
Messages
13,516
'Smart economy' my eye - useless know-nothings!

Nama to miss March deadline for transfer of toxic assets - National News, Frontpage - Independent.ie

Remember all the FF muppets telling us that 10% over 10 years was all that was required to breakeven. Well its now 25%.

We have some seriously thick Ministers & advisors.
We have know-nothing ministers who've been rolling in self-awarded clover for a decade. Remember, these are the disgusting gobsheens who justified their inordinate pay packets on the basis of our (ha ha ha) overperforming economy. To this day, they (and the new haute bourgeoisie on 200k McCreevy and Harney created) are grossly overpaid. And are to boot no more than PR-commissioning jobsworths.

In the real world, people get paid above the odds to know more than your average pub expert. So not only did Lemmingham et al not see the crash coming, but they didn't even have the raw material (from a Financial Regulator and the Dept of Finance) to make an informed decision when the crunch came. That's when the bankers came in on that September night and panicked a callow know-nothing MoF into guaranteeing property gamblers like Anglo and INBS who are of no worth to the Irish economy.

And who, even worse, are stealing money from the health service, education, and initiatives which might get enterprise and innovation off the ground here. Instead, all we'll get is years of higher taxes in return for nothing.
 


New Threads

Popular Threads

Most Replies

Top