I bet you AA sent emails to all the washed up economists at all our brilliant banks - I wonder will he be stupid enough to list the likes of Dan Mclaughlin as a supporter of SCAMA, sadly the way this particular worm has turned I would not be surprised!!
he was quite right to remind him who he worked for
Last edited by lostexpectation; 26th August 2009 at 01:28 AM.
What does the Irish President spend their time doing. Work in progress
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Well, the article appears in today's IT and it was signed by 46 economists and business lecturers (Lucey said he contacted 250 and said noone sent him back an email disagreeing with him.)
Some highlights -
It concludes by saying it is not true that there is no alternative to NAMANama is expected to transfer about €90 billion (in book value) of loans from the banks...It is also highly probable that the agency cannot “pay for itself”. The loans being transferred are impaired, and by definition not paying their way. Even with the contribution of added value from performing loans, it remains probable that Nama will run at a loss. Consequently, the taxpayer will face an annual bill.
...by overpaying, the State will wind up transferring to private individuals a sum close to the entire tax take across all tax heads.
Seems reasonable.We therefore urge the Government to reconsider its approach to payment for loans to be taken into Nama, to pay no more than current market value – which can be ascertained even in these times – and to require the investors in the banks to bear some of the cost of restructuring the system. Moreover, we also argue that the Government should not burden the State with more debt than is absolutely required.
Nama set to shift wealth to lenders and developers - The Irish Times - Wed, Aug 26, 2009
Stephen Collins also has a front page story about the article, in which Alan Ahearne says the article contains some inaccuracies.
Economists warn against going ahead with Nama project - The Irish Times - Wed, Aug 26, 2009In response, economist Alan Ahearne, special adviser to Minster for Finance Brian Lenihan, said last night that a number of claims in the article were incorrect. He added that most of the economists in the country had not signed the article drafted by Prof Brian Lucey of Trinity College...
In his e-mail to fellow academics asking them to sign the article, Prof Lucey pointed to the impact of an earlier article on the issue signed by 20 economists.
“The 20 economists piece in The Irish Times has been constantly referenced in the debate, so we as a group do have influence. How much more influence on the debate might we have if we had 200 signatories.”
Mr Ahearne was one of the economists contacted, but he responded by sending an e-mail to colleagues taking issue with what he described as “some of the deficiencies in the note you have been asked to sign”...
The full text of Alan Ahearne's email to economists can be found here -
http://www.irishtimes.com/newspaper/...253267244.html
Last edited by draiocht23; 26th August 2009 at 04:42 AM.
isn't what lucey is suggesting still nama?
What does the Irish President spend their time doing. Work in progress
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a brighter better nama. Most of the economists, if you listen to them, argue not against NAMA per se but against it overpayingOriginally Posted by lostexpectation
Don't they essentially want temporary nationalisation of the banks before NAMA proceeds to hoover up the toxic debt?
no. they see temporary nationalisation as an outcome of realising the losses.
Hmm, I wonder if Lucey sent his email to Colm McCarthy?
He, after all, has said that even if the banks aren't nationalised after NAMA buys the debt, the level of other impaired loans, distinct from developer loans, may well cause the banks to come a cropper.
McCarthy warns on bank losses - The Irish Times - Mon, Aug 17, 2009
Lucey on Morning Ireland now...he said that he doesn't necessarily want the government to abandon NAMA. He's anti the overpayment for loans.
How many banks does it take to change a light bulb?
Just one and it does have to even move as the world will revolve around it.
Yep - he was on the list. In fairness to Lucey he sent it to everyone - including Alan Ahearne
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