Yet more Green unrest over NAMA

[OceanFrog]

From the Blog of Arthur Doohan. Doohan is one of the Green ex-Cllrs who was calling for a Green convention on NAMA last week. Very interesting blog entry 20th Aug 2009. This shows what an increasing number of Green "insiders" are thinking.

These are excellent questions ... I'd love to hear direct and specific answers from the Greens.

He asks why are the Greens risking the future of the State with NAMA which represents a development model that they had always criticised and never subscribed to and do not believe is good for this country or the planet?

From his blog ...
Statement of Fact: Presently, the beneficial interest in these ‘toxic’ property assets resides with the developers. It is proposed to transfer the loans secured on these properties and the ’security’ attached to these loans to NAMA, by means of a payment priced at a discount to nominal value but above what could be achieved in the ‘market’.

Question: With whom does the beneficial interest reside, post the transfer? If it is still the developer, then by definition they are being bailed out. If it is not the developer, then how can they be held to account when they have been deprived of their property?

Question: How likely is it that someone can be deprived of their property under the notoriously conservative Irish Constitution?

Question: Can a personal guarantee be worth anything when the guaranteed party has voided the contract by exercising a preemption on the asset?

These are excellent questions and I dont hear them being asked anywhere else. We are sleepwalking into this, and we'll regret it as will our grandchildren who will still be paying for NAMA when we are all long gone. There are more questions in his blog ... I urge you all to read it and contact your Green rep's (and FF rep's) asking these questions.

The end of NAMA and this rotten Govt cant be far off now.

I appeal to all good decent Greens (like Arthur Doohan and many, many others of like mind) ... please go now. Please dont let NAMA pass. Please just walk away.

[PaddyJoe McGillycuddy]

More from his blog:
Quote:
There are so many blogs out in the ‘wild’ and so many great titles have been adopted.

‘Narrating the Aberration’ is my ‘first draft’ title. It seems apt for my ‘Weltanschaung’ (world view) (yes, there will be lots of little flourishes like that to put up with) which has become radically more pessimistic since the dawn of the millenium.

The ‘Aberration’ that looms largest in my tiny little mind is the Occidental cultural mindset that puts Humanity and each individual in that culture at the centre of their perception of the world.

It came out of the JudeoChristian ethos and has reached its zenith in the AngloAmerican culture of the last two hundred years.

(much more later)

I'm sure John Gormley is quaking in his boot.