NAMA Govt. FF/Greens - Myths Lies and Spin

[mmrebel]

Came across this on the pin the OP is by Bostonorberlin and think it should be on every kitchen table in the country.

We are all to blame, we are all to responsible, we all had our heads in the trough
MYTH/LIE/SPIN
2,000 individual loans make up the 77billion in toxic bad loans the tax payer is taking on.
150 individuals are responsible for 50 billion of the toxic bad loans the tax payer is taking on.
32 Billion of the bank bailout is belonging to just two banks , chaired by two individuals who have since retired Michael Fingleton and Sean Fitzpatrick

We have reached the Bottom (I) - Brian Lenihan
MYTH/LIE/SPIN
He provides no report, countrywide analysis or figures to prove this, it is simply a soundbyte.
If we have hit the bottom then where are the buyers flooding the market.
Just as you cant call the top until after the fact, one cant call the bottom either
He is basing this on the rental yields on commercial property in Dublin, which is a small part, of one market in one city in Ireland, Theres no evidence we have reached bottom in Waterford, Cork, Limerick, Nenagh, Thurles, Cahir Borrisonossory, Clifden, etc.
Theres no evidence we have reached bottom in residential property, no evidence we have reached bottom in development land.
Some estate agent commentators still feel we have another 20% to fall.
And by all international standard house prices in Ireland are still over priced.

We have reached the bottom. (II)
MYTH/LIE/SPIN
The governments own adviser contradicts this
ALAN AHEARNE (Economist )Tuesday, September 16, 2008 Irish Times
Two conditions are necessary for a revival in exports: a rebound in economic activity abroad and a substantial improvement in cost competitiveness at home AA Income tax rates will need to rise.
This projected path for economic activity looks implausible. Weak incoming data, a deteriorating outlook for growth abroad and the scale of adjustment in the housing market that has still to take place point to significant contractions in GDP both this year and next. The economy may stabilise in 2010 as the drag from new homebuilding fades, but we will probably have to wait until 2011 for a rebound to strong growth

No cost to the tax payer
MYTH/LIE/SPIN
All government bonds are paid for by the Tax payer.
The tax payer is already hit with levies and increased taxes to fund current borrowing which is set to increase.
The tax payer is already hit with levies and increased taxes to fund the extra borrowing required to pay for the 7 billion already given to the banks.
The tax payer is already hit with levies and increased taxes to fund the extra interest rate on our current borrowing we are being charged on the international markets because the country is in such turmoil.
Outside of NAMA our borrowing is still increasing, all of which will cost the taxpayer.
Bank of Ireland has already received 3Billion Anglo 4 Billion.

We already own Anglo so the purchase of its loans can be ignored as its one hand of the Govt. paying another hand of the Govt.
MYTH/LIE/SPIN
We have nationalized Anglo but we also pumped 4 Billion euro into it. 4 Billion Euro diverted from other parts of the state, 4 billion we ultimately had to borrow, 4 Billion we still have to pay back, 4 Billion we are paying interest on.

Fianna Fail will take the hard decisions.
MYTH/LIE/SPIN
FF has a proven track record of letting the bankers and civil servants get off very lightly, golden parachutes etc…
FF has a track record during the boom of not taking the hard decisions.
FF has a proven record of giving every tax break possible to developers, stock market speculators, and builders
FF has a proven record of making very very bad regulatory decisions which got us into this mess.

The IMF backs the NAMA model
MYTH/LIE/SPIN
IMF 2008 report has stated government backed asset management agencys do not work due to political and legal entanglements


There are loads more well worth a read

NAMA Govt. FF/Greens - Myths Lies and Spin • thepropertypin.com

[patricktom]

Came across this on the pin the OP is by Bostonorberlin and think it should be on every kitchen table in the country.

We are all to blame, we are all to responsible, we all had our heads in the trough
MYTH/LIE/SPIN
2,000 individual loans make up the 77billion in toxic bad loans the tax payer is taking on.
150 individuals are responsible for 50 billion of the toxic bad loans the tax payer is taking on.
32 Billion of the bank bailout is belonging to just two banks , chaired by two individuals who have since retired Michael Fingleton and Sean Fitzpatrick

We have reached the Bottom (I) - Brian Lenihan
MYTH/LIE/SPIN
He provides no report, countrywide analysis or figures to prove this, it is simply a soundbyte.
If we have hit the bottom then where are the buyers flooding the market.
Just as you cant call the top until after the fact, one cant call the bottom either
He is basing this on the rental yields on commercial property in Dublin, which is a small part, of one market in one city in Ireland, Theres no evidence we have reached bottom in Waterford, Cork, Limerick, Nenagh, Thurles, Cahir Borrisonossory, Clifden, etc.
Theres no evidence we have reached bottom in residential property, no evidence we have reached bottom in development land.
Some estate agent commentators still feel we have another 20% to fall.
And by all international standard house prices in Ireland are still over priced.

We have reached the bottom. (II)
MYTH/LIE/SPIN
The governments own adviser contradicts this
ALAN AHEARNE (Economist )Tuesday, September 16, 2008 Irish Times
Two conditions are necessary for a revival in exports: a rebound in economic activity abroad and a substantial improvement in cost competitiveness at home AA Income tax rates will need to rise.
This projected path for economic activity looks implausible. Weak incoming data, a deteriorating outlook for growth abroad and the scale of adjustment in the housing market that has still to take place point to significant contractions in GDP both this year and next. The economy may stabilise in 2010 as the drag from new homebuilding fades, but we will probably have to wait until 2011 for a rebound to strong growth

No cost to the tax payer
MYTH/LIE/SPIN
All government bonds are paid for by the Tax payer.
The tax payer is already hit with levies and increased taxes to fund current borrowing which is set to increase.
The tax payer is already hit with levies and increased taxes to fund the extra borrowing required to pay for the 7 billion already given to the banks.
The tax payer is already hit with levies and increased taxes to fund the extra interest rate on our current borrowing we are being charged on the international markets because the country is in such turmoil.
Outside of NAMA our borrowing is still increasing, all of which will cost the taxpayer.
Bank of Ireland has already received 3Billion Anglo 4 Billion.

We already own Anglo so the purchase of its loans can be ignored as its one hand of the Govt. paying another hand of the Govt.
MYTH/LIE/SPIN
We have nationalized Anglo but we also pumped 4 Billion euro into it. 4 Billion Euro diverted from other parts of the state, 4 billion we ultimately had to borrow, 4 Billion we still have to pay back, 4 Billion we are paying interest on.

Fianna Fail will take the hard decisions.
MYTH/LIE/SPIN
FF has a proven track record of letting the bankers and civil servants get off very lightly, golden parachutes etc…
FF has a track record during the boom of not taking the hard decisions.
FF has a proven record of giving every tax break possible to developers, stock market speculators, and builders
FF has a proven record of making very very bad regulatory decisions which got us into this mess.

The IMF backs the NAMA model
MYTH/LIE/SPIN
IMF 2008 report has stated government backed asset management agencys do not work due to political and legal entanglements


There are loads more well worth a read

NAMA Govt. FF/Greens - Myths Lies and Spin • thepropertypin.com

wrong, wrong and eh.....wrong again

[Supermanpolitician]

wrong, wrong and eh.....wrong again

Do you cut and paste that as every reply?

[mmrebel]

wrong, wrong and eh.....wrong again

All 3 of your personalities are saying that nobody takes you seriously seeing as you come back with a different user name every week.

[leinsterexile]

wrong, wrong and eh.....wrong again

Anyone with a Zanu FF logo as an avatar has nothing useful to say and is only here to distort the fact. Now come back with the "FACTS" on how he is wrong please!! Or are you just part of the lies,cheating,stealing and day light robbery of the irish people? It makes me sick.

[Mitsui]

wrong, wrong and eh.....wrong again

Between the one-handed typing and the dribble, your keyboard must get in a shocking state betimes. Lends a whole new meaning to the notion of sticky-fingered FFers!

[Cassandra Syndrome]

Thanks for that MMRebel. There are nearly 100,000 housing units to clear. You don't even need the laws of supply and demand to explain what happens when you have an excessive glut. P1 plummets to P2 to get Q1 over to Q2. At least another 50% to go.

[Horace Horse]

As far as I am concerned, Fianna Fail/Greens should be restricted to two terms.

One in office.
The second one in jail.

[Horace Horse]

Thanks for that MMRebel. There are nearly 100,000 housing units to clear. .

That'w why it is so important that we import more people from Africa and Russia.

[mmrebel]

Listening to the radio this morning i have heard various politicans say the above we have reached bottom no cost to the tax payer etc , public relations in government seems to be as important as policy.