Title: Jim Corr : Message to the people of Ireland Source:
[None] URL Source:[None] Published:Nov 30, 2010 Author:Jim Corr Post Date:2010-11-30 12:23:20 by Itistoolate Keywords:None Views:200 Comments:17
I ask YOU: do YOU understand the interest of and about money? It isn't a grab bag of people's interests to begin with. The foundation is wealth and "money" is just one aspect of it all.
Ireland's bankers created this problem with easy credit for ten years after endorsing the Euro. That easy credit created all sorts of BOOM in real estate around Eire; a large part was based on tourism.
With the world depression taking a high toll on Irish tourism and technical industry, the banks went bust. The Irish government is attempting to step in to ensure (at least some continuing cash flow) to avert the whole system going belley-up.
Jim Corr is attempting to nationalize just about everything in Ireland. It won't happen, either.
It's not about the personal debt, it's about forcing people to pay for banksters losing money through speculation. But even with personal debt, there was an element of duress - does a young couple buy an overpriced house today, or an even more overpriced one tomorrow? True, people built large houses during the Celtic Tiger years, but you only need to see how overpriced even modest bungalows were.
It's not about the personal debt, it's about forcing people to pay for banksters losing money through speculation.
Au contraire, mon amie! The "banksters" did not force ANYONE to signez le papier. What you are dismissing Ireland's best citizenry became swept up in the global economy to recondition their farms, B&Bs, small&large businesses during the better years. How did they do it? Based on assets, sales forecasting and past earnings.
The banks (err, bondholders) capitalized on the same looking for a profit based on paper value at that time. What happened? The global markets collapsed weakening all economies and paper value of all land and holdings. Some, in Ireland, can't make their mortgages now; yet, prior to the reconditioning of their properties (many were owned fully such as farms) are complaining about their own greed.
The Irish government attempted to bail the banks out (with the hope of bailing the the private sector locked into those earlier bank agreements) but it has not been successful, since the calamity is so large.
It all about personal greed; not the banks per se. You have the story wrong.
But even with personal debt, there was an element of duress - does a young couple buy an overpriced house today, or an even more overpriced one tomorrow?
That is a personal decision based on many aspects of those making the plans. The market values of property today are shrinking in relative value NOT increasing.
True, people built large houses during the Celtic Tiger years, but you only need to see how overpriced even modest bungalows were.
And today, construction is nearly at a standstill.... hence, the EU and IMF to the rescue!
Au contraire, mon amie! The "banksters" did not force ANYONE to signez le papier. What you are dismissing Ireland's best citizenry became swept up in the global economy to recondition their farms, B&Bs, small&large businesses during the better years. How did they do it? Based on assets, sales forecasting and past earnings.
And I'm telling you right now they are forcing us to pay for money THEY lost speculating on the market.
Ireland, can't make their mortgages now; yet, prior to the reconditioning of their properties (many were owned fully such as farms) are complaining about their own greed.
Many people remortaged their homes because their offspring couldn't afford mortages.
That is a personal decision based on many aspects of those making the plans. The market values of property today are shrinking in relative value NOT increasing.
Not the Irish people's fault as they had the price of homes ridiculously high in the first place!
And today, construction is nearly at a standstill.... hence, the EU and IMF to the rescue!
Well I think the EU's track record of 'helping' Ireland speaks for itself. Native argiculture severly damaged, and a fishery industry all but destroyed. They are now 'helping' us by trying to force Ireland to 'harmonise' ie raise it's corporation tax to the EU minimum average.. ie it could be raised even higher.
The IMF are NOT here to help us, they are here for the banksters, no one else.
And I'm telling you right now they are forcing us to pay for money THEY lost speculating on the market.
The interest rate is lower by almost 5% using financial vehicles of the IMF and the EU (besides some national commitment towards the same goals); the IMF/EU aren't forcing anything other than shoring up an otherwise hopeless banking system primarily by silly glutting:
Irish banks are also among the leading lenders to Portugal, Greece and Spain – ranking fifth, fifth and seventh – even though Ireland’s economy is only the 15th biggest in the European Union.
Jim Corr is already getting some of his wishes for bank nationalization. But, at the core of the bail-out is the otherwise wealth built upon Irish property.
Many people remortaged their homes because their offspring couldn't afford mortages.
Such a sad state of affairs. Doesn't that sound risky? Don't you find that many of those willing to use their own collateral to finance a home for their own progeny ... were selfish and blinded by the incredible rise of real estate appreciation?
Blinded by the light, were they?
Not the Irish people's fault as they had the price of homes ridiculously high in the first place!
Living beyond means, you say? Are ya saying go "splurge" because the next door neighbor fetched a new diamond ring?
Well I think the EU's track record of 'helping' Ireland speaks for itself. Native argiculture severly damaged, and a fishery industry all but destroyed. They are now 'helping' us by trying to force Ireland to 'harmonise' ie raise it's corporation tax to the EU minimum average.. ie it could be raised even higher.
The IMF are NOT here to help us, they are here for the banksters, no one else.
So, what is the difference in interest rates? At today's bond prices (with Irish credibility sinking fast) it is about 9%. The IMF/EU shall charge 5% with significant latitude to pay back the same.