According to todays indo, the Gov have been advised to set up a firm to deal with all toxic debt!
Is this definetly going to happen? will it from part of the upcoming budget?
I know many of you have advocated such a move on this site - now that its likely to happen.....does it have any chance of having a meaningful impact?? or are we too late?
full story here...
'Toxic debt firm' plan to take over bank loans - National News, Frontpage - Independent.ie
Not sure about the toxic bank but those are some decent prices for the viagara
just heard this on newstalk this morning too.
this is the issue thats been buggering the banks for ages i.e whats going to happen to the debt.
if it works it could be good news and TBH when i first heard it on the news i was convinced it was in reference to the states as our lot have been painfullly slow to produce anything so its about time they did something.
keep an eye on the stock market today to see if the market buys it.
personally i think it'll at least provide a bounce today.
The one issue that I'd really worry about is an attitude of "emergency over nothing to see here move along".Originally Posted by constitutionus
The goverment picks a few worthies from the golden circle to run this toxic bank.
Then its back to business and the attendant perks for the vast majority of the banking class that created the mess.
That CANNOT be allowed to happen.
Last edited by jpc; 19th March 2009 at 11:17 AM.
Its only a chat, we ain't the world council.
In 2000 the Women's Institute in Britain gave Tony Blair the slow hand clap to demonstrate their contempt.
[COLOR="Red"]It was dignified, restrained and effective.[/COLOR]Doesn't Bertie deserve the same scorn. No shouting, no abuse, no agression just a relentless slow clap whenever he speaks in public would be enough to end that man's presidential fantasy.
-3.75,-3.23
A terrifically terrible idea.
So certain financial institutions who irresponsibly loan out customers money do not have to deal with the consequences, instead these debts which are classified too risky or "toxic" are bought with taxpayers money for a "substantial up-front fee", at a risk that no private individual or company would be willing to take on...
Why does anyone here think that the people who loaned out funds irresponsibly before will do any better at it now? Why are these institutions being given more money to lend out recklessly? Sure they can always claim when the next bailout comes around that they were encouraged to loan out more and more funds to "grease" the wheels of industry in the country, there'll be nobody held accountable, just more of the same on a bigger scale further down the road.
I'm glad they've plenty of money to p1ss up against a wall.
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