NAMA and the spin machine

[cyberianpan]

All it takes Cyberianpan is for NAMA's chief valuer to issue a guideline that property has fallen 50% from peak - which is what he stated to the Oireachtas. Do that and we lose €43 BILLION.

Are you even able to remain on topic anymore ?

I addressed the fact that you'd concocted yet another vast conspiracy:

(B) The entire controversy over public sector pay was orchestrated by Lenihan to distract attention from what the government are doing through NAMA, and to remove the focus of the public's anger from the government. I believe that the cuts to public sector pay will be modest, if they occur at all.

Conspiracies are much easier to post about, they require little investigation or evidence ... and can never be contradicted because they are "secret"

As I've pointed out time & time again they are worrying aspects to Nama, some of which have hardly been questioned at all.

It is you & your ilk, with your vast conspiracy theories and crazy conjectures that caused the Nama spin battle to be lost. For example on this very thread a week back I suggested nine issues to concentrate on ... and it is only today that one of them is beginning to dawn on you.... in between you simply advanced a half dozen or so incoherent conspiracy theories ... and even still you've failed to concoct a clear messgae

cYp

[Eamonn20Bn plus interest]

The FF leadership are so criminal that everything they agree on is a criminal conspiracy.
Using the public sector as whipping boys and to distract from NAMA - that is just typical of the NAMA spin machine. To them it's just a little more suffering for ordinary people when the FFatcats have already hurt so many, so much.

[Newsy]

The FF leadership are so criminal that everything they agree on is a criminal conspiracy.
Using the public sector as whipping boys and to distract from NAMA - that is just typical of the NAMA spin machine. To them it's just a little more suffering for ordinary people when the FFatcats have already hurt so many, so much.

The more and more I see and hear about the state of this country, the more and more rotten I believe FF to be. In my view, they, as a whole, have NO ethics, integrity or honesty. Their culture is one of no consequences for their actions, no sense of responsibility and no meaningful plan for the country to move us out of this awful place, BUT only to cover the a-s of themselves and their buddies.

[Eamonn20Bn plus interest]

As Matt Cooper wrote at the weekend:
“The Boucher and Doherty incidents give the lie to the notion that the government is serious about adopting a “clean slate” approach to Irish banking”.
The government, led by Lenihan, have been lying about NAMA and the banks from the beginning.
Lenihan claimed they had weathered the storm just before they collapsed and he lost billions giving them a blanket guarantee!

[Eamonn20Bn plus interest]

Today we had the claim that the shoppers flocking to Newry were almost entirely public sector workers. Classic Brian Lenihan attack politics. He is like a political version of the Sindo. None of those families with one parent or two unemployed went shopping? None of those retired couples looking after the children? The media went along obediently with this.

What's next? I posted the following in the FF forum:
"Mary Coughlan denounced cross-border shopping as giving money to her majesty some weeks ago. I can't remember the last time an FF minister made such a nationalistic comment. Because of NAMA FF have delayed the introduction of legislation on upward only rent reviews according to The Pheonix. Retailers have complained that developers are refusing to reduce rents before NAMA has conducted its valuations. FF drove Irish business costs - including rent - out of control. Now retailers are looking at a disastrous Christmas - their major season. FF have destroyed them but FF are responsibility phobic. FF will look for scapegoats. I think I can see what happens next. Will FF now vilify cross-border shoppers for what they have done to the Irish retail sector?
Or will they be shrewder and launch a civil society alliance with lots of shiny young FF supporters to encourage us to shop local? Or will they villify UK multiples and UK suppliers? Will the media play along?"

I think there may be an FF war on cross-border shopping coming.

[Eamonn20Bn plus interest]

Lenihan orchestrating a back bench revolt to stop the deal on public sector pay is typical of him. He had Conor Lenihan, who as a junior minister should be loyal to Cowen, criticise his own government's deal yesterday.

[He3]

What's even worse is the anti-Nama people who don't read between the lines

There are some darn peculiar macroeconomic assumptions revealed by the Nama Cashflows ... (there's a few worrying phrases in the plan)

It might be more befitting of some anti-Nama folk if they had questions :

"What is that... why?"

Then they would learn more...

Also as said: on p.ie most of the anti-Nama folk were headless chickens, who knew nothing of the detail, nor how banking operates... and preferred hackneyed conspiracy theories. These gibbering loons drowned out some very important issues.

As I've previously said the anti-Nama people needed to coalesce around clear, evidence-based talking points- e.g.

1) Risk capital bonds: what nominal of these is not covered by the guarantee in each institution ? Why isn't the government seeking to liquidate these ? See this thread on p.ie ... the loons missed the fact that there was BILLIONS on the table

2) Kick to touch - why is Nama allowing developers roll interest for the first 3 years of its operation ? (see thread here)

3) LTEV - how was that calculated ?

4) What level of funding is projected as required to restore Capital Adequacy for each institution post "haircut" ?

5) Is it the intent of the ECB to effectively continue injecting general liquidity (printing money) at low rates until 2013 (end of "kick to touch") and how does this tally with monetary policy (viz anticipated rate rises in Q2 2010) ? Furthermore what of the Nama liquidity swap rates ?

6) Will that liquidity in effect allow Irish banks buy Irish government debt- i.e. print money to "quantitatively ease" Ireland inc ? (see here)?

7) How will the effect of cross collateralization of loans be dealt with when determining prices ?

8) What quantum of loans are not secured on property developments and what recovery rate rate is expected for this class ? And could you break this category into sub-categories : (Phantom equity etc)

9) Beyond a) aiding Nama be declared off balance sheet : will the Nama SPVs afford any additional features/potential not afforded by plain vanilla subsidiaries ?

Them 9 woulda been scary zingers of questions and woulda made Lenny poop in his pants were they repeated often enough... question 6 would cause the German proles to riot (they kinda merely just suspect it right now)

Instead the talking points were:

"The gombeenarchy of FF & the Bankerati are engaging in conspiracy against the population"

or

"Fianna Fáil are corrupt: therefore they are stealing €54b"

Frankly, bar say Dreaded Estate: pretty much all of of those anti-Nama, didn't know what they were speaking of and it showed.


cYp

Bump.

[GreenTV.ie]

Oral presentation by Peter Mathews to Joint Committee on Finance & the Public Service - scathing review of NAMA

YouTube - BankerMathews's Channel