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:192 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!
What happened? The global markets WERE collapsed thus deflating the artificially pumped up, and unsustainable paper values, thus causing the Plums to fall right into the BANKSTERS hands.
You haven't fixed anything other than rebuff the truth about contemporary world issues. The problems EVERYONE are witnessing are based on personal greed/excessive consumption and "keeping up with the Jone's"; the bankers played the fife while mice marched into the river of despair.