Fr Sean Healy claims Irish poor people now pay gambling debt of German & French banks

[Fides]

I think we need to thrash out this concept of banks gambling on Ireland.

Gambling tends to bring to mind rolling the dice taking greater than normal risks, buying oil exploration stocks. Was this really how Ireland portrayed itself in the noughties? We were selling ourselves as the European economic miracle, a model to follow. All the ratings agencies gave us AAA. Hardly the typical risky investment.
Now that all happened to be wrong and the banks made a foolish investment and for that reason I believe they should take a hit but they didn't knowingly gamble on Ireland.

[hammer]

Lets open 1000 threads discussing the bondholders getting paid


"Hammer goes mental as childrens allowances cut, yet we pay the bondholders"

"Hammer the bondholders and close the annual deficit immediately"

I quite like Number 2

[nonpartyboy]

Oh really? You mean the ECB are going to promote jobs and growth as is their little-known mandate?

ECB: Tasks

Yeah right. Good one.

Eh no,what are you talking about ? when our govt no longer have the power to stop bondholder payments, ie. we only owe the ICB and ECB then the ************************ is going to hit the fan, welfare will be slashed along with all govt spending.

[Houyhnhnm]

Enda Kenny was elected Fine Gael in 2002. In that period we saw the decline and fall of the Celtic bubble (the Celtic tiger having been snubbed out in 2001), a bubble fuelled by the massive expansion of credit by the Fed in the US desperate to avoid a post-9/11 slump, a Chinese population eager to invest their retirement savings, and the favourable conditions created by EMU in the Eurozone breaking down all restrictions on the movement of capital.

The Celtic bubble saw a soar in house prices which led to demands for pay rises and a break in the link between wages and productivity - primarily in the public sector - and a complete failure to regulate. The housing boom was further driven by a resistance to limit tax reliefs to developers, raise stamp duty, or introduce some form of rates system despite calls by many independent economists at that time that the government should introduce some schemes or taxes to cool the market.

The bubble has burst, and the fall has been bigger than the predictions of even the most pessimistic forecasters. Kenny now claims that people went mad borrowing during the Celtic bubble. Funnily he didn't say it at the time despite having a very good platform to do so. On the contrary, and in the middle of the Celtic bubble, Enda Kenny fought an election which he called for more of the same: a manifesto of stamp duty cuts, increasing the pension to €300, cutting income taxes, and arbitrarily cutting the regulatory burden by 25%.

[damus]

Who's going to be the next pundet kicking up a stink on behalf of the Irish taxpayer.....Fr. Peter McVerry ?

[hammer]

How about the religious orders handing over the CASH and we use that money to help the poor ?

[damus]

How about Peter McVerry self-funding his own projects rather than Johnny the taxpayer!

[Tomas Mor]

Enda Kenny was elected Fine Gael in 2002. In that period we saw the decline and fall of the Celtic bubble (the Celtic tiger having been snubbed out in 2001), a bubble fuelled by the massive expansion of credit by the Fed in the US desperate to avoid a post-9/11 slump, a Chinese population eager to invest their retirement savings, and the favourable conditions created by EMU in the Eurozone breaking down all restrictions on the movement of capital.

The Celtic bubble saw a soar in house prices which led to demands for pay rises and a break in the link between wages and productivity - primarily in the public sector - and a complete failure to regulate. The housing boom was further driven by a resistance to limit tax reliefs to developers, raise stamp duty, or introduce some form of rates system despite calls by many independent economists at that time that the government should introduce some schemes or taxes to cool the market.

The bubble has burst, and the fall has been bigger than the predictions of even the most pessimistic forecasters. Kenny now claims that people went mad borrowing during the Celtic bubble. Funnily he didn't say it at the time despite having a very good platform to do so. On the contrary, and in the middle of the Celtic bubble, Enda Kenny fought an election which he called for more of the same: a manifesto of stamp duty cuts, increasing the pension to €300, cutting income taxes, and arbitrarily cutting the regulatory burden by 25%.

Very Rev Father Healy also blamed FF. Enda Kenny was not in government,so what he said or did matters not a whit. His spokesman Richard Bruton did time and again point out the follies that were going on. But the media and the people praised Bertie and put them back in three times. Biffo's no nonsense approach and mastery of his brief ( Harry McGee) was deciding factor in 2007.

[eskrimador]

Having had my Friday 'smoke' I am trying to work out if democracy is an illusion or a delusion.

[Doodah]

Eh no,what are you talking about ? when our govt no longer have the power to stop bondholder payments, ie. we only owe the ICB and ECB then the ************************ is going to hit the fan, welfare will be slashed along with all govt spending.

You mention debt to the ECB - I'm questioning the stated ECB mandate of promotion of jobs and growth. If they want their money back they'd better start promoting. It would have the added benefit of an increase in taxation and reduction in government welfare spending.