Comments on: Banks leave SMEs high and dry

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By: paulmcd

paulmcd — Fri, 30 Oct 2009 18:50:41 +0000

NAMA should really be NLMA, National Liabilities etc.

Other possibilities for NAMA might read:
National Algorithm for Miscalculation of Assets
Noxious Assets, Make-Believe Accounts
New Agency for Mystical Appraisals
Next Annus Mirabilis in After-Life

By: The Eye

The Eye — Fri, 30 Oct 2009 11:09:47 +0000

NAMA…..need alcohol medication also

By: Malcolm McClure

Malcolm McClure — Thu, 29 Oct 2009 10:14:31 +0000

MaxKeiser:Your point about well paid consultants is entirely valid. Lenihan is no fool and will have requested them to lay out several alternative scenarios. A common feature of all of them will have been the need to preserve stability at all costs. Of course that requires enforcing the minimum of debate about whatever solution he selects, as to do otherwise would demonstrate the weakness of the argument supporting his choice.
The rest of us feel helpless in this situation as we are thus presented with a fait accompli. But we have to admit that we, too benefit marginally from stability whilst we continue to envy the fat-cats we believe to benefit the most from NAMA.
The upshot is that the fat-cats are likely to be in the same boat as the rest of us. There will be the provident, the lucky, the unlucky and those left with a busted flush. Which is as it should be.

By: If Nama is just a State-aid to banks - will the EU/other banks not quash it? - Politics.ie

Thu, 29 Oct 2009 10:02:22 +0000

[...] is a fraud on a massive scale, check out McWilliams article from last Sunday. Banks leave SMEs high and dry | David McWilliams __________________ FG = Diet [...]

By: MaxKeiser

MaxKeiser — Thu, 29 Oct 2009 08:09:57 +0000

Malcom if I spent €15,000,000 on NAMA advisors & consultants I could make anyone come across as incontrol, with a grasp of facts & that they were doing their best.

Your are spot on about the overnight transition though. Which gives some insight as to the behind the scene “folks” who are in control of the country.

By: adamabyss

adamabyss — Wed, 28 Oct 2009 15:51:03 +0000

subscribe.

By: MK1

MK1 — Wed, 28 Oct 2009 12:57:16 +0000

Hi Original-Ed,

> only 25% of our exports goes to Euroland – if it were 75% we’d be in a much better position.

Mea Culpa – I read the article and only hours later did I reply – so much for my memory test. Yes, figures I have from 2007 show that exports to US and UK are 36%. However imports from those countries are 49%, so in terms of raw exchange rates we gain as well when it step-changes abruptly.

I think the key point applies though that as part of the euro and as devaluation is outside our control, we have to control our costs using other tools. And we do have them, its just that devaluation is easier to apply to the populace and business/assets etc in one large ‘whack’.

> The problem with reducing anything in the economy is our overhanging debt and borrowings in Euro. If our GDP goes down, then our borrowing must also come down to stay within limits.
The only solution would be for us to up our game and produce premium class products and services

Well, we have some room to increase our debt, where it was 25% of GDP, its 45% or so now and heading to 72% I think. It will continue to rise, with or without an SPV to accountancy-like put it off balance sheet. Ireland and other countries in the euro ‘project’ are being allowed to break the euro rules and go well above the 60% target and the 3% limit pa. Its like the ref allowing us to be offside for some of the match because he likes us! Bending the rules for sure.

You are certainly right about higher value goods and services. That is what we have to do. Thats what all countries are doing. Those that have natural resources have it easy, they just pump their wealth or dig it out of the ground. We dont have much of that. We do have resources though, a lot of land (for our pop), sea and wind, etc.

And in our Dail a lot of hot air and tongue wagging …. ;-)

MK1

By: MK1

MK1 — Wed, 28 Oct 2009 12:44:31 +0000

Hi Malcolm,

> a serious possibility is that a widespread reduction in wages and increase in hours could lead to a situation like that which caused the 1926 General Strike.

The possibility of reduced wages should have been laid out on the table as a tool that would be used BEFORE we signed up to joining the euro so that the populace would know before-hand what they were getting into.

Even Unions should know that 100,000 jobs x 40k pa is better than 80,000 jobs x 50k pa with 20,000 on the dole.

We have the blind and unwashed leading the blind and unwashed. And that is what frightens me big time. The root cause as it were to our mess and everyone is now just fighting their corner and not doing what is right – not that they ever did!

MK1

By: Tull McAdoo

Tull McAdoo — Wed, 28 Oct 2009 02:02:57 +0000

It’s amazing how vigilant the Financial Regulator has become with the Mortgage books of the Banks. Reports of spot checks, on site audits blah blah blah.I think the penny has finally dropped with them, that the level of lending was more than the market could bear, and maybe now their back in their comfort zone managing the rate of decline in the performance of the said loan books.

I’m sure Lenny and Cowen and the DOF are getting feedback from the Financial Regulator as to what if anything is left in the bottom of the barrel, that they can dredge up for Budget Day. I’m sure if they put their bean counting expertise to use in the Banks, they could map out a demographic profile of all those with Mortgages who are performing, with sufficient loan to earnings ratios to render them capable of laying at least one more egg.

Now their back doing what they do best “marshalling the masses”. Just drawing enough blood, to keep them weak and docile. There was a danger there at one stage that the Sheeple could break and scatter, but a few loud whistles of IMF, Bankruptcy, Negative equity, No feed from International Bondholders and buyers etc. was enough to set the sheepledogs Fahey, Ahearn, Harney, Dempsey et al off doing their roundup barking all over the airwaves. And sure with the exception of that poor auld collie from Donegal who spent the day chasing her own tail, did’nt everything go just swimmingly.

Fine Gael seem pleased with their show trial performance winning the “Blue Ribbon” with 35% of the surveyed poll with “baby brute” taking the prize for best turned out sheepledog, while Labour pushed FF hard for second spot at 20%, but just lost out after their leader bit the Ceann Comhairle.
I’m sure we’ll have the usual uproar at the presentation ceremony on Budget Day, before they all retire to the Dail Bar.

Green Party issued their usual disgust at sheepledog trials and promised to keep an eye on all concerned on behalf of their supporters…..oops none left…..in that case carry onn their sheepledogs, were off to the West coast to watch the waves for the next ten years.

This is Ciarain Mulloooouuuly reporting from the ploughing championships here in TULLAMORE.