So the much awaited NAMA draft legislation has been published. I'm not going to discuss the ins and outs of Fianna Fool's Financial Flash Gordon plan to save our economy! It suffices to say that anything which this government proposes should be viewed with utter suspicion. Do they really expect us to believe that they are acting for the good of the nation? It would seem to me that the plan is to burden an already crippled economy with the debts of our evil and greedy banks. The determination of the "discount" that will be applied to loans bought by NAMA seems to be very vague. It appears that NAMA will be paying above the market value for dodgy loans. The banks and developers will be off the hook and the poor pixie Irish will be left footing the bill AGAIN.
If anyone believes that our inept Minister for Finance or any of his simpleton civil servants are capable of producing a positive outcome for our country they must be mad. For years they have pursued flawed economic policies. Why should we trust them to have changed the habit of a lifetime now?
It isn't the first time that our beloved political masters have deprived the taxpayer of vast sums of money and it won't be the last. Remember how, in 1987, Ray Burke abolished the requirement for oil and gas companies to pay royalties for commercial finds in our territory. He also abolished the 50% stake that Ireland could claim in these finds. In 1992 Betray Ahern further improved the conditions for exploration companies by reducing their corporation tax liability from 50% to 25%. The Irish taxpayer has been robbed of millions of much needed Euro while foreign companies make a fortune.
Remember how tribunal after tribunal has pissed millions of quid of our money down the toilet? Barristers have made millions while the people of Ireland have seen little justice served on corrupt politicians or crooked gardaí.
One suspects that NAMA will produce a similar outcome to the aforementioned crimes against our country.
I urge everyone to educate themselves on the contents of the NAMA legislation. This plan for a financial septic tank will impoverish this country for generations. We owe it to our children and grandchildren to inform ourselves about how this agency will operate. And if we feel that the scumbag millionaire politicians are again selling us down the swanny we owe it to ourselves to fight them. They have gotten used to stealing our country's scarce resources and giving them to their paymasters in multi-national corporations. We must now stand up to them before they do it again!
Some required reading:
If anyone believes that our inept Minister for Finance or any of his simpleton civil servants are capable of producing a positive outcome for our country they must be mad. For years they have pursued flawed economic policies. Why should we trust them to have changed the habit of a lifetime now?
It isn't the first time that our beloved political masters have deprived the taxpayer of vast sums of money and it won't be the last. Remember how, in 1987, Ray Burke abolished the requirement for oil and gas companies to pay royalties for commercial finds in our territory. He also abolished the 50% stake that Ireland could claim in these finds. In 1992 Betray Ahern further improved the conditions for exploration companies by reducing their corporation tax liability from 50% to 25%. The Irish taxpayer has been robbed of millions of much needed Euro while foreign companies make a fortune.
Remember how tribunal after tribunal has pissed millions of quid of our money down the toilet? Barristers have made millions while the people of Ireland have seen little justice served on corrupt politicians or crooked gardaí.
One suspects that NAMA will produce a similar outcome to the aforementioned crimes against our country.
I urge everyone to educate themselves on the contents of the NAMA legislation. This plan for a financial septic tank will impoverish this country for generations. We owe it to our children and grandchildren to inform ourselves about how this agency will operate. And if we feel that the scumbag millionaire politicians are again selling us down the swanny we owe it to ourselves to fight them. They have gotten used to stealing our country's scarce resources and giving them to their paymasters in multi-national corporations. We must now stand up to them before they do it again!
Some required reading:
- NAMA draft legislation
- Dr. Constantin Gurdgiev's excellent analysis of NAMA on his True Economics blog.
- Brian Latchico Lenihan's statement on NAMA
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