Thursday, 12 November 2009

Sit! Roll over! Beg! .....Say Lisbon, Blair,

......that's a good boy. Now get back in your box, and be thankful for what you've got or you'll have nothing at all.
"Can he say NAMA?"
No, too difficult for him to understand.

To avoid nationalizing the banks the Irish government today created a BAD BANK: NAMA (National Asset Management Agency) - effectively a LAW - where the rich (INVESTORS) have been allowed to dump all their Bad debt -so far - at a cost of 80 billion to the tax payer. The government paid 80 billion for the bad debt, but who knows perhaps it is only worth half that, and half again, and little at all if it can’t be sold. It’s think it is not worth the paper it’s written on, and the new law is proof of that. The most frightening thing about NAMA is it could become the future dump for bad (speculation) debt with the tax-payer picking up the tab for ever. O ys the amendments: the whistle blowers, and such: there were 37 amendments, only 11 discussed for 86 hours in the Dáil and 36 hours in the Seanad
You can see this as a serious affair.
I read: that NAMA would not be recorded as part of general Government debt in the national accounts. So they can pretend the country hasn’t gone bankrupt (well it hasn’t) only its people have. Who cares how they have to survive on the cuts in welfare, child benefit, pension, health, education, and ……….. “Get a job,” coming to you as soon as we can.
I’m sick to my stomach to think of such a ruse - in the 21 century – to defraud people. If ever a revolution was in order it’s now.

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