Yep.
And we'd be as badly off as Iceland at this stage.
Sorry Digout, but YOU don't get it.
The Banks can't afford to foreclose on the developers because it would force them to write down the value of their Balance Sheets - thus making them Bankrupt.
NAMA can afford to foreclose on the Developers, and screw them for all the other assets they put up as collateral.
On that basis I don't see how you can pretend that the Developers are better off (never mind being "bailed out by" the NAMA appcoach.
Likewise, the owners of the Banks have had the value of their investments reduced by more than 90%, and they will be reduced even more when the recapitalisation happens.
On what basis do you consider giving someone a 99% haircut to be a "bailout".
The Greens warned about the dangers of ending up in this place back in the early noughties, but they were ridiculed by the FFailures and their wannabe clones in
FG and Labour.
The Greens were "anti-progress" when they argued against rezoning enough land to do us until 2070. They were "anti-jobs" when they argued against building twice as much retail space as a Country of four million people could possibly need.
The Greens "Get it", don't you worry.
Unfortunately they voters don't. That's why they keep returning Fianna Fail led Governments.
The Green Movement will trundle along even if the political wing takes a smacking in 2012.
But the gains that have been made in advancing the Green Agenda by being in Government will more than outweigh any temporary setbacks. A new Green Party will have come through by 2017, and the effects of Peak Oil will ensure that they get a reasonable hearing from the Electorate.
But, more than likely, Noel Dempsey will lead Fianna Fail to victory in 2017 because Enda made a bags of yet another election.
..
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