BUT we as Irish patriotic individuals have to stand up and be counted in regard to resisting dishonest or unsustainable or corrupt practices in this country.

Our regard and national respect for the ‘cute hoor’, for the fella who skives off work, or just general intellectual laziness is sad and immature. Populism will not save us.

In essence it’s time for us as a people to grow up and to start to value moral values and not just the ‘cost’ of everything.

Sadly, this badly needed maturation won’t be voluntary as we reap what we and previous generations have sown….

Because the same drugs that got us into this are preventing us from seeing the scam and revolting against it, a truly amazing arms-free coup against a totally subdued mass… stupefied by oil and it’s financial and media tentacles.

Television, drug of the nation, breeding ignorance and feeding radiation.

Inaction is a weapon of mass destruction.

WAAAKE UUUUUP, WAAAKE UUUUUP, WAAAKE UUUUUP, WAAAKE UUUUUP, WAKE UP!

Oh, some other recommended watching…
The Corporation (on DVD and YT)

Of course. The phenomena of boom and bust is nothing new. Mountains have been written on it. Many economists have devoted their lives to their analysis. But here’s a good article written 107 years that well describes what we are dealing with, with regard our private sector debt http://optionarmageddon.ml-implode.com/?p=2320

Here is another issue we are told our banks are going to be more responsible and lend more cautiously So here is a simple scenario boom time breakfast roll man earned 50K, he borrowed 300 (yes six times his salary) to buy a modest 3 bedroom semi in Navan, 50k of this loan went on stamp duty, solicitors fees and furniture (ie down the plughole), his house is now worth 150k and his mate on the building site now wants to buy next door at this bargain basement price, but he is only earning 30k now (in fact they both are as they are on short time and being laid off one week and working alternate weeks). The bank being prudent will now only lend this guy 1 and half times his salary like in the good old days, so he simply cannot afford the house even at this “bargain basement” price.

The guy two doors down works in the public sector but on 50k a year and with public sector pay freezes and potential cuts and more pension levies he can now only borrow 75K although the bank may lend him twice his salary as his job is much more secure than Breakfast roll man, so tops he can now borrow 100k. Still not enough to buy even at the new prices.

So, in a world of wages going down or at best being frozen, stupid irresponsible loans no longer on the agenda, and a deflationary economy where oh where are these imaginary property price increases coming from? Search me? I just don’t gettit.

I agree with ‘Irish Pancake’ above,
I’ve a minor concerned citizen blog at http://www.colmbrazel.wordpress.com and point out: ‘You think spending is out of control now, wait till NAMA gets going and the real blood letting of the Irish tax payer begins.

Hank Poulson, US Treasury Secretary, 2006 – 2009, on 14th October, 2008 announced that the US to restore confidence in their financial system, would ‘purchase equity stakes in a wide variety of banks and thrifts’ using diverted money previously earmarked for the purchase of toxic assets.

This followed the example alongside the bank guarantee scheme set by Gordon Browne,UK Prime Minister and Alistair Darling, Chancellor, in their response to the financial crisis.

These models have averted financial melt down and we should follow them even if it means in certain cases equity stakes that will lead to nationalisation of some banks.

For both UK and US tax payers there is some hope at the end of the tunnel their investment will be rewarded.

This is a successful model that has restored confidence that has avoided meltdown. It will also allow these governments to proactively regulate the banking system to avoid the mistakes of the past.

Both the US and the UK have corrected the mistakes embodied in the previous TARP approach, NAMA sets out to repeat them! .”

Americans and UK ditched TARP in favour of a better UK model of equity in return for investment .

Its a minor consolation to know Lenihan’s career will be levied with NAMA (Not Another Mess Again) failure!

NAMA turns Ireland INC into a Banana Republic transferring taxpayers’ funds, the new poor, into the coffers of the rich, bankers, developers. This is criminal!

Maybe Lenihan and Cowan should call Poulson to get a new briefing. Poulson:
“Brian C and Brian L, forgot to tell you guys, we actually don’t follow a NAMA TARP model anymore, NAMA TARP will sink you! Goodbye”

How much of the 1.67 trillion will be subject to default?

Though reading this, it’s obvious that the private sector is highly leveraged on debt, at multiples of it’s income. Problems ahead?

Paddy