The tear-jerking plight of property developers by...Ray McSharry

[blacbloc]

I wept so hard when I read this. Got through an entire box of hankies.

'Builders to end up in social housing' - National News, Frontpage - Independent.ie

Michael O' Leary wheeled out yesterday for Lisbon, another Fianna Fail/PD style bruiser, MacSharry today for the bankers and developers, poor dears. His risible claims are these:

"This is not about saving the banks or builders, they're gone, they've taken the hit," said Mr MacSharry, the former Finance Minister credited with turning around the public finances during his term in government.

"They have personal guarantees that will be pursued to the end, many builders and developers will lose all. Somebody even said to me a week ago that there will be builders looking for social housing before we are a year older -- how is Nama saving them?"

The brass neck of the guy!!! FF now resort to bare-faced lying. No, wait, they've been doing that all along, they're just not even bothering to hide it now. As if every man, woman and child in the country (except for politicians and their cronies) aren't reeling under the cuts already made to 'write what ever cheque is necessary' to bail out the banks. Like we don't know about the write offs and the write downs that have ALREADY taken place! There is no doubt that many construction workers will end up in social housing - many already are. Those are not the guys we're talking about here. There is no way the people of this country should licence Cowen to write a 90 billion euro cheque for a completely unquantifiable promissary note from debtors whose names we do not even know, and whose liabilities we are not being told about. The insolence of these people is breathtaking.

Brian Lenihan repeating his substanceless blandishments in the same article:

"The objective is to ensure the lending needs of the real economy are met. A commercially focused banking system which includes banks having a market presence and operating within market disciplines and constraints is best equipped to achieve this aim," Mr Lenihan said.

How do we know this is complete bullsh1t? The banks are sitting prettily on the billions already given them, refusing credit to viable small businesses and destroying the real economy in the process. They are not remotely interested in providing credit and Lenihan is sitting on his hands all the while doing NOTHING to protect the very people he pretends to be protecting. The banks are also screwing private customers every which way they can, ratcheting up the cost of borrowing against people put the wall because of the actions of themselves and their developer clients. Banks in Ireland enjoy a latitude that would cause violent revolution in other countries. ALL of what the government is doing is ensuring that that biased regulatory regime, come hell or high water for the rest of us, is not just kept intact but further strengthened in favour of the banks.

[Supermanpolitician]

More a PR spin than a story. FF want to portray an image that they are not bailing out developers.

[robert151410]

The developers are gone. They may or may not have personal assets or assets in wives names but they are gone. NAMA is not bailing them out. NAMA is bailing the banks out. Otherwise, lets go back to the stone age and barter.

[seabhcan]

Developers in social housing? You mean the state will have to fork out to house these guys?

And how, exactly, will NAMA get repayed if the builders are this broke?

[ALAN42]

The developers are gone. They may or may not have personal assets or assets in wives names but they are gone. NAMA is not bailing them out. NAMA is bailing the banks out. Otherwise, lets go back to the stone age and barter.

NAMA is set to be the biggest property company in the world . It will consist of land banks , half built estates , foreign investment etc . Its aim is to turn a profit by developing all this land and property . Given that the banks or NAMA has no experience with developing property it will be employing the very builders and developers . They will charge very large fee's for their services . They will be able to buy land from NAMA at knock down prices and turn big profits for themselves . No builder or developer will end up in social housing . Bankers were let walk away with big pensions and payoffs because they are close to FF and know where the bodies are buried . Developers are even closer . They actually own FF .

[Ed Dantes]

Did Ray declare an interest?

His son, Marc, is an auctioneer (and FF Senator).

[blacbloc]

The developers are gone. They may or may not have personal assets or assets in wives names but they are gone. NAMA is not bailing them out. NAMA is bailing the banks out. Otherwise, lets go back to the stone age and barter.

You're another relentless Fianna Fail dissmebler - a pathetic little 'yes-boss' footsoldier scurrying about the internet making these silly claims and pronouncements. Poor little fella, I hope you don't end up in social housing yourself. You're nothing if not loyal to the firm.

MacSharry's intervention is just another plank in the PR rearguard action to try and sell the lies. The strategy is two fold: first to abuse (their critics) and confuse (the public). So we have had Karl Deeter (a mortgage lender), Eamon O Cuiv (an FF thug enforcer), Eamon Ryan (God help us!) now all variously shrill and ugly about the rejection of this con trick by the majority of economists and experts who have looked at the plan.

To confuse people Lenihan himself has been deployed burbling jargon, superficialities and unturths in the manner of those three card trick guys you see at street corners. MacSharry is just plain lying, in my opinion. They are all lying. Their friends in the media, like Stephen Collins at the IT who specialises in talking down to his readership from within the decaying court that is the FF media fan club, is a tad more circumspect for the first time - dimly aware that he is possibly making a complete fool of himself by trying to pedal this nonsense for his idelogical lords and masters. The poor chap seems even to have believed some of his own drivel.

[Fish]

Did Ray declare an interest?

His son, Marc, is an auctioneer (and FF Senator).

Precisely!

And if one goes through the list of contributors defending nama in our media at present they are all either FF hacks or are vested interests.

I recall FF 40 gaffs Frank Fahey the other day banging on to the defence of nama. I even recall him saying that the property market has started to turn around

The lot of them are unashamed wideboys and shills.

[blacbloc]

Shane Ross in today's Sindo makes the shrewd observation that none of the banks are making the claims for NAMA that the government is:

The Nama fantasy is based on another flawed assumption: once the banks have been relieved of their bad debts, they will liberally lend money that becomes available in the global money markets.

That bogus message is not coming from the banks; it is coming from government spinners. Bankers are too cute to be offering such a false hostage to fortune. Once they have laid their hands on the loot, they will not be lending it to tiresome clients like productive but struggling small businesses; they will be back to grand projects -- loans to big and favoured customers.

Nama, based on these fantasy assumptions, will rescue the bankers while crippling our children and grandchildren with debt. It is the lovechild of the permanent insiders, the bankers, the Taoiseach, the Department of Finance and others who have landed us in this mess.

Eggheads ****************************** Nama bubble - Shane Ross, Columnists - Independent.ie

[Arcadius]

The Sindo is absolutely correct.

It would be a breach of the property developers' human rights to house them for free in one of the estates they sold to the plebs for hundreds of thousands of euros per house.
The houses are tiny, the walls are paper thin and the build-quality is appalling.

It brings a tear to my eye when I think of the plight of our betters.