LoopStationZebra wrote:30+ paragraphs and no one outside of that grubby little island really gives a shit.
Perhaps people don't empathise or sympathise on a personal level, but for the sake of their self-preservation on a national level you can bet your life that they do indeed give a shit about how this crisis unfolds.
Didn't catch the part about Spain & Italy being on the chopping block ?
This €70 billion bill for the banks dwarfs the €15 billion in spending cuts now agonised over, and reduces the necessary cuts in Government spending to an exercise in futility. What is the point of rearranging the spending deckchairs, when the iceberg of bank losses is going to sink us anyway?
What is driving our bond yields to record levels is not the Government deficit, but the bank bailout. Without the banks, our national debt could be stabilised in four years at a level not much worse than where France, with its triple A rating in the bond markets, is now.
omfg. The driveling ravings of a Leftist. Yeah, let's not have spending cuts because $15bil isn't that much money by comparison. And actually referencing France as a benchmark to shoot for? Not much worst than France? omfg.
heh, you're being flippant but jesus, everyone - literally everyone - to you is a leftist socialist. I guess all that indicates is the ultra-capitalist society you live in ? or your retardednessness ?
The author, Morgan Kelly is far from being some leftist/marxist/socialist whatever you want to call it. I mean, is there more you're basing that assertion on or is it just the fact he's pointed out the futility of the spending cuts considering the circumstances ?
So what is your problem with the France benchmark ?
Hellz - Ireland takes the big one for team Euro.
UKRuss wrote:People wil be left to rot and people will lose their homes.
Indeed. This will send a lot of folk right off a cliff.
UKRuss wrote:I don't know what the answer is but those responsible should hang
The foreclosures are already happening silently around the country, I've intervened (alongside others) in a couple - with thugs & cops at the door, deals were subsequently renegotiated. But as the Morgan Kelly (economics professor) article implies, mortgage defaulters need to band together, organise and become a 'powerful political constituent' to protect their homes.
I'm not sure why the newspapers/local radio etc aren't making more of an effort to highlight every single foreclosure that's taken place. But as Morgan insinuated, at the moment people are too ashamed to admit what's happening - so perhaps they are reluctant to step in the spotlight. Indeed the folks I've helped help fall into that category, but with the tidal wave that's coming hopefully that stigma of shame is washed away.
For the record, Morgan Kelly has been *bang on* in every other article he's written about this shit in the last couple years.
mikemc wrote:The whole thing with the mortgages stinks like rotten... well, like rotten cheese.
Overvalued properties, underverified application claims, oversold mortagage offers and then the investment packages based on these were overrated and oversold.
Some kind of bailout/shoring up with gov't funds had to occur, but for the most part, who ends up benefitting? The people who overvalued, underverfied, oversold and overrated.
And now they are overcharging on consumer interest, overcautious about lending, and lobbying to overturn any legislation that tries to regulate them.
Even after all of this, if you've been paying all along and try to refinance, it is not worth it unless you were really gouged to begin with on interest.
djsynchro wrote: dum wrote:
looks to me like you're pretty wound up about it
OK you got me. I have't had a proper night's sleep for weeks now, I lie awake, tossing and turning:
The Irish situation.
Where will it go? When will it end? When will I die? What will I have for breakfast tomorrow?
Do I still have coffee or will I have to go and buy some first?
If I have more money next year will I get a Mac? an iPhone? Both? What colour?
I don't expect you to give a shit about Ireland's domestic issues, but you sure seem to give a shit about this thread. Googling shit you don't care about = you're wound up.
Anywho - it's UKRuss who decided Ireland's domestic issues were a worthy talking point for the lounge. Fine by me!