€50,000,000,000

[Feicarsinn]

Is what we're paying out in total to bail out the bank debts then. The budget defecit for this year stands now at 32% We'll most likely be in serious debt for the rest of my lifetime and are facing a very Greece-like situation. Personally I think the likes of Seanie Fitz and Brian Cowen should be locked away for a very, very long time.

Anyone who votes FF in the next general election is getting a serious neg-repping.

 

[gingergenius]

celtic tiger.

 

[Feicarsinn]

The Celtic Tiger ended around 2001. What followed was an artificially inflated economy driven by the property market. When the property bubble burst the banks suddenly found they had loaned a rakeload of money to developers who now didn't have the money to finish their projects due to the lack of demand and subsequently couldn't pay their debts back. If the banks had had any sense they would have realised what goes up must come down. Their lending policies were outragous and have screwed us all over. Meanwhile FF were happy to spend today and not plan for tomorrow and used their influence to have planning permission granted all of their cronies in the private sector. It makes me sick.

 

[munstermuffin]

Feic do you study politics or economics? Must say you know your stuff fair play

 

[Feicarsinn]

Nope, I study science head. Just read the paper every day. An economist could probably give you a far more complicated and perhaps accurate picture of what's going on but, considering so few of them managed to predict the mess we find ourselves in, I'm a bit wary to trust them these days.

 

[nickdnz]

When I saw this topic, I was thinking it was Toloun's yearly salary.

 

[TRF_Cymro]

Personally I thought it was the Irish Lottery rollover :lol:

 

[Seaton]

Nope, I study science head. Just read the paper every day. An economist could probably give you a far more complicated and perhaps accurate picture of what's going on but, considering so few of them managed to predict the mess we find ourselves in, I'm a bit wary to trust them these days.

Im no economist, but here is what I believe is an accurate description:



Ireland is screwed

 

[lynam1104]

thats pretty accurate alright. I love those "gost estates" prime example of the **** ups that happened.

 

[munstermuffin]

Ireland screwed and out bankers are laughing.
That fella fingers screwed the country and receives a â'¬1m bonus

 

[snoopy snoopy dog dog]

Hindsight is 20/20. The problem as I see it is that too high a percentage of tax came from property sales. When that dried up there was no money coming in from anywhere else. Now the government are doing what they should have been doing all along and taking a litle bit of tax from a lot of sources but much of that is going to keeping Anglo Irish, AIB and BOI afloat.

FF have made a lot of mistakes and should be put out of office but I do find some of the criticism they receive hypocritical. Where were all their critics when taxes were coming down- was anyone saying, "no, you should broaden the tax base instead of put more money in my pocket"?

 

[munstermuffin]

I agree Snoop and well yea I agree FF should be ousted but thing is country is so bad IF FG or Labour or whoever got into office what could they possibly do differently

 

[snoopy snoopy dog dog]

Nothing. We're screwed whoever gets in. I wouldn't mind if FF ousted Brian Cowen and put Brian Lenihan in charge (health permitting). Cowen is afraid of the Unions and afraid to make controversial decisions. Lenihan doesn't f^%k abou. He knows unpopular decisions have to be made and has the balls to make them. Give Lenihan a couple of years sorting stuff out and then it's time for FG (minus Enda Kenny hopefully) to take over. If FG took over immediately I've a feeling they'd follow the same path as Cowen.

 

[lucky number 7]

I must say lenihan has got best claim to the top job imo ...he is good guy from what I have read.....over the last hour I have been watching the documentary on James Connolly...if there were more like him there would not have been this douchebaggery in the banks....that said I doubt there would have been any form of celtic tiger....

 

[shtove]

The Celtic Tiger ended around 2001. What followed was an artificially inflated economy driven by the property market. When the property bubble burst the banks suddenly found they had loaned a rakeload of money to developers who now didn't have the money to finish their projects due to the lack of demand and subsequently couldn't pay their debts back. If the banks had had any sense they would have realised what goes up must come down. Their lending policies were outragous and have screwed us all over. Meanwhile FF were happy to spend today and not plan for tomorrow and used their influence to have planning permission granted all of their cronies in the private sector. It makes me sick.

The banks were in it for fees - they still are! They tossed risk management out the window on the assumption politicians would stump up taxpayer money to pretend the principal sums were safe. Good assumption.

In the US they've recently discovered these crooks (who have already enjoyed an outrageous bailout) didn't even bother to secure the principal sums. The solution to this latest scandal? Obama to sign legislation to pretend the securitisation fraud never happened. ********.

The politicians had to force the taxpayer to stump up to save the perpetual growth machine.

The perpetual growth machine is what funds outrageous public sector pensions. In Ireland that was by Bertie's love in with the unions.

If you're a banker you're minted. If you're public sector you're alright. But I wonder if we should look forward to our nephews and nieces who actually work for a living having to spend their lives in poverty.

The simplest solution to this is to enforce the law. It's all there on the statute books. House prices will fall to a level that real workers can afford, many bankers and developers will go to jail, and civil servants will have to muck in with the rest of ordinary workers.

But that's not going to happen. The rich will make off with the country's wealth while families fall back into 1950s style poverty.

Makes me wonder why people struggled against the empire's landlords. The hatred shown by the bankers and their cronies can only be stopped by violence.