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Thread: "Bailout" 'expert' group set up

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    Default "Bailout" 'expert' group set up

    Cabinet to give debt think-tank the green light - National News, Frontpage - Independent.ie

    THE Cabinet is due to sign off today on the make-up of an "expert group" to come up with recommendations on rescue plans for heavily-indebted homeowners. Energy Minister Eamon Ryan has been pushing for the creation of an advisory group to propose solutions for those in arrears. Mr Ryan and Finance Minister Brian Lenihan are due to hold a press conference to announce the creation of the group today, the Irish Independent has learned.

    The group is expected to consist of Irish Banking Federation boss Pat Farrell, consumer advocate and founder of the askaboutmoney website, Brendan Burgess; and Paul Joyce of the Free Legal Aid Centres (FLAC). Also on the group will be former KBC Bank boss Tom Foley and representatives from the Financial Regulator and the Money Advice and Budgeting Service.

    The group will also include an assistant secretary from each of the departments of Finance, Justice, Environment and Social and Family Affairs.

    The group will advise on reform of debt enforcement, including the regulation of debt agencies, and the establishment of a Debt Enforcement Office to remove debt proceedings from the courts.

    The Greens believe a fear of debt is hampering recovery as consumers remain wary about spending.

    "The whole idea is that we don't want people encumbered by debt and for that to stifle our recovery," Mr Ryan said recently
    "Ever tried. Ever failed. No matter. Try again. Fail again. Fail better."

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    The State needs a quick and efficient means for people to become bankrupt and then to start afresh after 12-24 months. We are in the Dark Ages compared with the rest of Europe and US.
    www.namawinelake.wordpress.com

    NAMA designed to be to property what the CAP was to agriculture - difference, food production is essential.

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    Quote Originally Posted by NAMAwinelake View Post
    The State needs a quick and efficient means for people to become bankrupt and then to start afresh after 12-24 months. We are in the Dark Ages compared with the rest of Europe and US.
    +1 Wouldn't suit the Govt right now though. Default rates would go through the roof.

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    Politics.ie Member hammer's Avatar
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    Another quango. Pat Farrell, are you serious. He was on the HSE board and works for the Banks. Do you seriously think he will not be looking out for the Banks interests ?

    This can be sorted easily

    1. Beg the ECB to freeze interest rates at 1% for 5 years
    2. Limit the margin that Banks can charge
    3. Add 10 years to everyones mortgage
    4. Let people go interest only for 3 years
    5. Let people break fixed rates under ZERO penalty

    Result - Very few Banks. People though will have a roof over their heads.

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    Also Brendan Burgess of "ask about money" infamy. According to this article in the Irish Independent, he was a large-scale AIB shareholder.

    AIB slump clips wings of €1m clubWealthy shareholders suffer losses - Irish, Business - Independent.ie

    In 2006, he personally banned talk of property "speculation" - that is, any discussion that there was a property bubble, and prices would go down:

    http://www.askaboutmoney.com/showpos...63&postcount=1
    Further speculation about the future direction of house prices is banned on Askaboutmoney.
    Burgess himself has never admited he was wrong to ban such discussion. The most he will say is that "I still believe, that as a general rule, it is a good idea to buy your own home. With the benefit of hindsight, this would not have been a good idea over the past 5 years."

    Indeed, he appears to be most annoyed with those who did warn against the property bubble. He makes the eye-raising claim that it was alright to ignore everyone who warned about a bubble - and I presume this includes the countless people who were banned from his forum - as they all used "stupid, sensationalist language":

    Askaboutmoney.com - View Single Post - "Addicted to Money" TV Show - Appalling

    "People ask now why did we not listen to the economists who warned of the housing bubble and the economic crash? [...]. Their warnings were dressed up in such stupid, sensationalist language, that it would have been like taking the economic forecasts of the Sunday World seriously."
    Even in 2009, several years after the bubble was bursting, he still urged people to buy property in a falling market even when they were uncertain about their employment. In Sunday Times Money, 8 Mar 2009 he said:

    If you’ve a real need to buy now – for example, if you are starting a family – don’t allow the fact that your job is a bit uncertain to put you off. If the worst happens, the government has ordered AIB and Bank of Ireland to lay off homeowners in arrears for at least a year, while other lenders must give them a six-month breather.
    P.
    "Ever tried. Ever failed. No matter. Try again. Fail again. Fail better."

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    Quango and more jobs for the connected.

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    Did anyone keep a copy of AAMs Savings and Investment Guide? In particular the section that talked about diversification and Irish shares?

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    There is an easy solution for this, those idiots with to much debt should have the debts put into Anglo, and their credit rating is put to the max till they pay it off.

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    Brendan Burgess on RTE only 18 months ago, claiming that Irish banks are well regulated and sound, and that you should "fill your shoes" with their shares:

    [ame="http://www.youtube.com/watch?v=z2q7bBVAo74"]YouTube- Brendan Burgess, askaboutmoney.com on banks and shares, RTE News, 16 Sep 2008[/ame]

    Less than 12 months ago, he was telling people who were uncertain about their jobs to still buy a house as, ah sure, the banks will go easy on ye:

    http://img90.imageshack.us/img90/566...time8mar09.jpg

    _Now_ he's been appointed to an "expert" group to help bail these same people out!

    You couldn't make this up.

    P.
    "Ever tried. Ever failed. No matter. Try again. Fail again. Fail better."

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    Quote Originally Posted by oceanclub View Post
    Brendan Burgess on RTE only 18 months ago, claiming that Irish banks are well regulated and sound, and that you should "fill your shoes" with their shares:

    YouTube- Brendan Burgess, askaboutmoney.com on banks and shares, RTE News, 16 Sep 2008

    Less than 12 months ago, he was telling people who were uncertain about their jobs to still buy a house as, ah sure, the banks will go easy on ye:

    http://img90.imageshack.us/img90/566...time8mar09.jpg

    _Now_ he's been appointed to an "expert" group to help bail these same people out!

    You couldn't make this up.

    P.
    I hope that ars3hole 'filled his shoes' with worthless bank shares like he was telling others to do.
    How continually and utterly wrong do you have to be again and again before you stop being an 'economic expert'? His ilk need to be called on either being idiots or liars and told to f*&^ off, not invited to set policy! Jesus, how screwed are we with gobsh1tes like this advising?

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