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Thread: Why are people so outraged by levying depositors?

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    Politics.ie Member Disillusioned democrat's Avatar
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    Default Why are people so outraged by levying depositors?

    I was listening to RTE Late debate or similar last night (they all seem to have morphed into same now) and the level of outrage about Noonan "approving" the levy on depositors making it inevitable that we're next, etc., etc., and it got me wondering why people think our bailout is somehow better because we didn't levy savers.

    Basically - unless I'm missing something glaringly obvious (and it's been known to happen, it has to be said) the only thing we've done differently is make the current/future tax payer liable for the money instead.

    We're still paying it all back, but in true irish fashion we've (a) kicked the can down the road and (b) tried to make it more politically acceptable by obfuscating the real issue - that the tax payer will pick up the tab for the guy with money deposited in dodgy banks.
    The more things change....

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    Politics.ie Member dizillusioned's Avatar
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    What we have done is taxed everything instead, there is no difference. Our crowd have taxed the crap out of the economy on an ongoing basis. At least they were up front about it in Cyprus and it was a one off.

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    I was listening to a english guy on the radio yesterday and he was basically saying that the deal the cypriots were getting was better than our deal as they were making sure foreigners with interests in the bank (depositors) were helping to pay for the banks problems where here, only Irish taxpayers were picking up the tab. It seemed to make sense and make me a little more annoyed.

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    Politics.ie Member Disillusioned democrat's Avatar
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    Quote Originally Posted by dizillusioned View Post
    What we have done is taxed everything instead, there is no difference. Our crowd have taxed the crap out of the economy on an ongoing basis. At least they were up front about it in Cyprus and it was a one off.
    That's what I though too, and obviously those with the money paid the tax, not everyone else.

    It goes to demonstrate the level of contempt our government hold net tax payers in.
    The more things change....

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    Politics.ie Member Dame_Enda's Avatar
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    It constitutes a grave breach of trust if they do it here after the promises deposits would be guaranteed. It will lead to a run on the banks unless confined to the very wealthy. And even then it would be risky. I'd advise the govt not to touch this with a bargepole. The Cypriot Parliament's courageous act of defiance to Europe could never happen in our puppet parliament, which almost makes Vichy France look patriotic.
    Fair and Balanced

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    Quote Originally Posted by Disillusioned democrat View Post
    I was listening to RTE Late debate or similar last night (they all seem to have morphed into same now) and the level of outrage about Noonan "approving" the levy on depositors making it inevitable that we're next, etc., etc., and it got me wondering why people think our bailout is somehow better because we didn't levy savers.

    Basically - unless I'm missing something glaringly obvious (and it's been known to happen, it has to be said) the only thing we've done differently is make the current/future tax payer liable for the money instead.

    We're still paying it all back, but in true irish fashion we've (a) kicked the can down the road and (b) tried to make it more politically acceptable by obfuscating the real issue - that the tax payer will pick up the tab for the guy with money deposited in dodgy banks.
    Ask the Anglo Irish Bank depositors. Banking in Ireland is a form of organized crime IMO.
    Last edited by YouKnowWhatIMeanLike; 21st March 2013 at 10:16 PM.

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    Yeah - it's a case of making people with money in the banks pay for saving the banks, rather than spreading it across everybody whether they have money in the banks or not. I can't see the outrage, myself.

    I would imagine it's the standard "let them sort this out by doing x, where x is something that doesn't affect my personal wallet".
    Never let the best be the enemy of the good.

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    Quote Originally Posted by dizillusioned View Post
    What we have done is taxed everything instead, there is no difference. Our crowd have taxed the crap out of the economy on an ongoing basis. At least they were up front about it in Cyprus and it was a one off.
    Plus, who's to say that there won't be a raid on deposits here in the future.
    The government say no, but can anyone believe a word proven liars say.
    BTW, as well as all the new taxes, levies and USC etc here, they also took nearly all of the PRF to give to bondholders.

    As usual with Ireland, we'll get all of the above and then a raid on deposits, while all the time the level and amount of services provided for our money is reduced.

    Thieves.

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    Politics.ie Member Aindriu's Avatar
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    It won't work because it will (already is in Cyprus) cause a run on the banks as people remove their savings offshore, under their mattresses or into a tin box buried in the back garden so they don't have to pay the levy. Also, it is grossly unfair on those who were able to save.

    This whole thing could bring the Euro-zone banking system crashing down yet.
    If you continue to elect idiots in elections, don't be surprised when the result is an idiotic government.

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    Politics.ie Member Lempo's Avatar
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    Quote Originally Posted by dizillusioned View Post
    What we have done is taxed everything instead, there is no difference. Our crowd have taxed the crap out of the economy on an ongoing basis. At least they were up front about it in Cyprus and it was a one off.
    Try running a Nordic welfare society... Everything taxed in a boom and in a slump. Had the Swedes and
    the Danes joined the Euro all the people would now be experiencing the full joy of asking money from someone asking back what they did with all the massive tax revenues they certainly must have collected during the fat times.

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