How much will the banking stategy eventually cost us?

[anewbeginning]

We hear the drip drip almost every week now how this bank needs x amount and another bank needs y amount.

No-one talks about the total, only what banks need seperately.

It's looking like Anglo will need a minimum of 40 billion of taxpayers money.

BOI and AIB, possibly 10-15 billion each.

Then the smaller banks, EBS, nationwide, perhaps eventually 10 billion, but it's hard to know.

This puts the total figure at a conservative 80 billion. And this 80 billion will be added to the national debt. This means in a few years the national debt will be tripled or quadrupled from what it was, to clean up the banks, all this in a timeframe of 5 years or so.

[eoghanacht]

What cost/
?

Our hospitals
Our childrens education,
Infrastructure,

We will have a rise in crime as more and more people are forced deeper into poverty.
We won't have Gardai to cope.

A rise in drug and alcohol abuse,

but.......

None of that matters beause, FF have decided cancerous banks and foreign bondholders matter more than Irish society

[jcdf]

ALOT

But sure, they're worth it!

[kerdasi amaq]

None of that matters beause, FF have decided cancerous banks and foreign bondholders matter more than Irish society

Actually it's the other way round, banks and foreign bondholders have instructed their local enforcers to ensure that they get paid. We're using future tax revenue(how many years? 50) to ensure that these people don't lose money.

[Bosun Higgs]

We dont know yet, because nobody has properly estimated the collapse in property prices.

I think the most pessimistic estimate so far was 30% of peak prices, this could be the average.
Clearly some will fall well below this.

The sooner the market bottoms (wherever that is) the sooner we can begin recovery.

How many new rules have been introduced to prevent future bubbles?

[anewbeginning]

No new rules have been introduced, that's a good point.

Then again, many people were begging for rules to be put in place at the peak of the bubble and Bertie Ahern laughed at them and told them to commit suicide.

[Ciarán Mac Mathghamhna]

I am beginning to get worried about the number of times in which the commercial incompetence of our major financial institutions had to be bailed out by the State...There is a serious question about whether we can really hope to have successful and forward looking entrepreneurial activity in a country where the financial institutions have such a record of incompetence and inadequate judgment.

Would anyone like to speculate as to whose words these are?