The professor preaches that capitalism should be allowed run its course, the banks should be allowed go belly up. Sorry, not even FG or Labour are arguing that, good academic stuff I'm sure but we live in the real world.
He also argues that NAMA getting its money back in 10 years is really a loss because of time value, he is ignoring that NAMA washes its face in between, I presume he has not read the detail.
Finally, when he goes on about polluting our most precious asset, the air, I become convinced that this is yet another crank academic.
Just an aside. I bought some Bank of Ireland shares 11 months ago. Since then they have had to write down billions of losses and would be bankrupt only for NAMA. Today my shares are worth 30% more than I paid for them. How can this be fair? NAMA is a transfer of wealth from the taxpayer to bank shareholders and bondholders. On another point, Arthur Cox solicitors are acting as legal advisors to the Government , Bank of Ireland and NAMA. Same old croneyism is still rife. The NAMA write down was probably decided on the 17th fairway of the K Club! Wake up Taxpayers before it is too late!!
Where to begin? Yes it does.Where to begin! You should read up on how the stock market works. Just because your shares have gone up by 30% doesnt mean that money have somehow magically flowed out of the Governements pockets and into yours.
Remember LTCM? The greatest misjudgement in financial markets' history. The genius behind that had a Nobel Prize in economics. Stig is about 9 months behind the current state of play in the Irish debate. I don't think any political parties are still arguing to let the banks go bust.Try arguing the simple point I made that this guy has credibility...
Remember LTCM? The greatest misjudgement in financial markets' history. The genius behind that had a Nobel Prize in economics. Stig is about 9 months behind the current state of play in the Irish debate. I don't think any political parties are still arguing to let the banks go bust.
okey dokey dukey. not being an expert, it just looks like a number of people are lining up against nama, stiggy, macwilliams etc.Rusty, I don't want to get caught up in this bondholder debate again, but Fine Gael are now accepting that the amount involved is small (only the subbies). It may satisfy stiggy's theological devotion to capitalism but toasting the shareholders and subholders (more than they already have) does not actually amount to a whole hill of beans.
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