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About LinkBacksOriginally Posted by Conor
Almost back to where we started the week now, down to 5.86
Interesting that. To date there is no inquiry, official or otherwise, into what the hell happened with our banks.One of Peter's previous positions was with corporate recovery. His entire writing etc is based on this experience.
The whole Financial Scandal we are now experiencing in Ireland was based ultimately on stuffing the youth of the country up to their necks with Jumbo Mortgages. These were double what they should have been way back in the year 2000. I tried to warn all the numbskulls involved with this industry back then that somebody should call "halt". But I could not impregnate the thick wall of the mind, which my signature below fully explains.
In a country with the type of international exposure that Ireland does, borrowing for short term productive activities such as house building should not have come from abroad in the form of long term borrowing.
It is taking a long time for the Irish Public to realise what has happened; it obviously will take a bit longer to see that c.€50Bn of existing retail mortgages(including RMBS) as at 2007 will end up as bad debts.
The whole system should have been put into bankruptcy in 2008. National Emergency Enquiry into Banking called for!Banks closed for a period of four months. The country was able to function for 6 months back in 1970. There would have been ample time for our government to come to the conclusion that only a small proportion of stupid private lending need to be taken on as public debt. As it was, all we had in September 2008 was a knee-jerk reaction.
Young people eventually have families, society continues along; but not under the huge burden that our youth have placed on them today. Something must give! "Ireland's future or the bloody jumbo mortgage"This is where the bank rescue should have begun
As much chance of that inquiry happening as there is of Anglo's loan book becoming public domain.
-incidentally, 85k views on a two day-old thread 'sup with that dog?
Last edited by zerodayronin; 9th September 2010 at 03:46 PM. Reason: by the by...
John Drennan: We should be careful not to turn Ivor into a mythological figure, for Ivor Callely is a greedy, self-centred fool. Rather like his suits, he was one of the more lurid examples of how Fianna Fail betrayed the principles of the Republic, and itself, out of greed.
Got a ways to go yet, it started at what about 5.70 - 5.75? Half way back there now?
I almost wish I hadn't slit my wrists on Tuesday.
Nothing will motivate the lazy / apathetic / Americanised / west-British types to embrace their culture and the Irish language.
Now that the Government have finally made a decision of sorts regarding Anglo, it has the appearance of dispelling some of the uncertainty and restoring some stability. Which the markets love!
However, as questions are raised about the working of the two new "banks" (some of their proposed operating formulas seem a tad dubious) and the overall cost of the excercise, I feel that we could rebound back over 6%. I don't think that we are heading for 8-10% as some predicted, but we are definately on the way up. Even if the new estimate for the cost of Anglo is less then S&Ps €35 Billion, if it is more then the Gernments most recent estimate it will send shivers through the market.
C
Yippee! Lets go out and celebrate! The good days are back!
Just some Thorazine here for this..
1. Greek Bonds are falling today as well.
2. Back in January of this year Greek 10 year Bonds broke 6% and hit 6.074% on January 14th
3. Then they fell a week later to 5.9%
4. And then...
28 Jan - Up to 7.16%
11 Feb - Down to 5.9%
25 Feb - Up to 6.66%
03 Mar - Down to 5.99%
31 Mar - Up to 6.54%
And then 28th April just over 3 months of breaking 6% Greek 10 Year Bonds surged past 10%. They had almost 20 Billion Euro of debt to rollover in May
In Ireland at the start of September we broke 6%. In 3 and a half months it will be Christmas. By Christmas we will AIB and God knows what else to capitalise with funds from the state.
I know we have the National Pension Fund Reserves to tap into, but still the Greek road is looking very familar now.
"No one rules if no one obeys" - Tao
It is hard to avoid the blame game! But it really is a waste of time! It was allegiance to cliques that got us into this mess. It is the continued allegiance to cliques that is thwarting the recovery.
What we need is a government of the people, for the people, to insure a benign future for all! We have got to concentrate on how we can help those who are rearing the next generation. The International Banking Scene is full of monopoly money debt. It is heart breaking to see our government deliberately placing us on the bottom rung of a private lending ponzi scheme. The EU Banks have to take a 100% hit for bad debts incurred in US Sub-primeland! Yet our young citizens have to pay for the foolishness of the Irish politico/banking fraternity. What way do our leaders think? This writer will end up in the nuthouse trying to figure this one out!
Judging by the above, we have nearly completely lost it! But where there is a will there is a way. We as a nation have to rediscover "class" again, as is got from having some public knowledge of a discipline that is written down by the wisest of men throughout the ages. History tells us that unless this comes from the people; an alien agressive influence rams their version down our throats!The attacks on our young children and parents are continuing apace. Recent budgets doubled the cost of school transport, withdrew subsidies from School Books etc. Many other Educational Fees are to be introduced. Medical fees are increasing all the time; outpatients etc. Parents are lumbered with massive mortgage repayments; Negative Equity turn them into “bonded labourers”. The McCarthy report and the Commission for Taxation recommend the abolition of capital allowances for childcare facilities, the income tax exemption for childcare service providers: with tentative caveats mentioned. It also recommends subjecting child benefit to income tax. The attention given to families problems with the rearing of children is abysmal. Is it any wonder that law and order is breaking down? All this indicates that we have not a clue of the problems that the EU is facing. They are suffering from a horrendous fall in the birthrate. Our society is cutting its own throat by concentrating on policy to facilitate an “Aging Society”. This is a trap that the EU is in; what are they doing about it? The Lisbon Treaty (TLT) revisions mention “market” 63 times, “competition” 25 times, “defense” 50 times. “Birthrate” Nil times. Capitalism requires growth, the EU is an elderly society and will be shrinking rapidly. EU pension and hedge funds have lost tens of billions in USA sub-prime; they are also sitting on huge amounts of other toxic assets, the true nature of which has to be revealed to the public. Those people paying into pension funds, not yet drawing a pension will be massively short changed; it is just another ponzi scheme. TLT will only result in a continuance of more asset bubbles and rip-offs. John F Higgins.eu | the lisbon treaty
"No warning can save a people determined to grow suddenly rich." - Lord Overstone.
"hadn't met any Irish people that were afraid of anything" - Christine Lagarde. 2008.
I think today was a good day for Ireland on the bond market.
The 10 year is down to 5.85% and we have seen a similar decrease in yields across all maturities.
However the cost of insuring against default on Irish debt is still very high and we are still considered the 6th most likely country in the world to default. More likely than either Iceland or Dubai
We aren't out of the woods yet and the credibility of the "revised" losses in Anglo will be key. It needs to be at least €30bn or no one will believe us.
Indeed it was a good day but as you state future credibility and clarity is everything. There are many hurdles between now and the new year, and waffle will not get Ireland through it.
All is ok thanks to Anglo plan according to RTE 6-1
Do we panic now?
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