Year: 2009

The Elephant in the NAMA Room

To read the full article, please click on the Headline above.
The ‘Associated Loans’ are the amount of money that was lent to borrowers which was secured against the anticipated increase in the value of the underlying asset! The formula used to calculate the anticipated increase in value must be the same as used to calculate the length of a piece of string….

Budget, How Are Ya ?

Why the public outcry over what will be the ‘most draconian’ budget in the history of the State ? The reason I ask is assuming that it does make it through the Dail vote all that it will have achieved is getting an additional €4 Billion into our public piggy bank. ‘ €4 billion, that’s an enormous amount of additional revenue” ? I hear you cry. It is enormous but it is not nearly enough. Unfortunately, since I pointed out in a previous posting (economic-civil-war-revisited ) the actual amount of our debt has increased by a further €8 Billion, simply because the Government did not act back in February when they knew the scale of the problem. If that’s not bad enough, next years spending will increase by an additional €5 Billion compared to this year !

Bless Me Father, For I Have Sinned…

Bless me Father, for I have sinned. It has been a week since my last confession.

During the week I lost my temper on at least two occasions. The first time, one of the pupils was playacting during breakfast and I felt the need to discipline him. I picked him up by the ear and slapped him across the face twice, just after I let go of his ear. When I walked back up the dining room I noticed that his nose was bleeding into his breakfast cereal, so I asked him to go to his room. The second occasion was somewhat more serious….

It’s Really All Our Fault, Isn’t It ?

In just the last two weeks, four restaurants and a bookshop have closed in my area. Having spoken with some of the owners, who have been through previous recessions, it became very clear that this recession is unlike any other and far deeper in its reach. Instead of concentrating on the present headlines regarding bank remuneration or private versus public service workers, I have decided to take much more of a “helicopter” view of our present situation and how we all contributed to it more importantly. How we can all do something constructive to get out of it. As much as I do not wish to be a bearer of bad news, unfortunately our economy is going to get a lot worse. I will not go into the reasons why it will get worse now, but by April of next year we will truly understand the meaning of a recession.

March with the Union’s ?

The people are angry. An understatement you might say, but there is no doubt that the mood in the country has changed significantly in the last few months people are angry, frustrated and close to despair. There is a palpable sense that the country is lurching from one economic crisis to another and that the proposed solutions are being made up on the hoof.

‘Economic Civil War’ Revisited

I first posted this article Feb 12th 2009 and although my timing was out by a few months the articles content is now more relevant than ever, particulary as members of the public are finally waking up to crisis that we are all in. As of the end of sept. 2009 the National Debt stood at 77,754,000,000 Euros or €35,342 for every worker in the Country (a loan which you personally must pay back). This will rise to €54,909 within three years even taking account of having had a reduction in the national budget of €4 billion in each of these years! You may notice that the term ‘Economic Civil War’ appeared here first……

Election 2010 (Surprise, Surprise)

So there it is, we will have an election in February. This has been my contention for months and now Dr. Jimmy McDaid TD (FF) stated today that the next Government will be a Fine Gael coalition and that it would be in the ‘interest of the Country and of Fianna Fail’ to go to the Country in February. Of course, Minister Mary Hanafin stated almost immediately that the Government will run its full term. Some chance.

Army chooses Mitsubishi Pajero

In these times of reducing revenues for the Government it is somewhat questionable whether or not we really need to spend €10,000,000 of taxpayers money on their acquisition. Especially, as this is the same amount that is required to keep the ward in Crumlins Children’s Hospital open. Somehow, I think if the people of Ireland had a choice, the new vehicles could wait a tear or two ?

Nama a good deal only for the banks’ shareholders

This short article by Karl Whelan, Professor of economics at UCD, makes it very obvious that we must reconsider the entire NAMA idea. The majority of the people elected the present Government to run the Country on our behalf and to be kind, it hasn’t be working out so well. Now they are about to orchestrate the biggest distortion of the free market ever and it will cost you personally (and each of your children) more than EUR15,000.