by mannfm11 » Sat Nov 27, 2010 5:05 am
John, the Irish crisis is due to bank losses and not government deficit spending. In order to assure stability, Ireland had to guarantee their bank debt. I say the Irish tell them to go to hell. Banks all over Europe and the United States engaged in speculative lending on more houses in Ireland than could be occupied. To bend the Irish people over for mistakes made by banks around the world is absolute nonsense. The banks didn't come in under a government guarantee and to expect one in retrospect and expect many people not involved at all in the transactions to fall into debt peonage is unconscionable. Had this been a venture by McDonalds and they lost $10 billion trying to get into the Irish economy, would they have had recourse? Bankers are supposed to take care in making loans. They have a history of hundreds of years of bubbles and what constitutes a bubble. This isn't the first real estate bubble in history. All the others broke the banks as well. The bankers were flat stupid and all involved are going to have to take a haircut. There is nothing but a pretense this isn't going to happen and the longer it takes, the more people not involved are going to be hurt and the more those that caused the problem are going to steal. Bankrupts are supposed to not be loaning money.
John, the Irish crisis is due to bank losses and not government deficit spending. In order to assure stability, Ireland had to guarantee their bank debt. I say the Irish tell them to go to hell. Banks all over Europe and the United States engaged in speculative lending on more houses in Ireland than could be occupied. To bend the Irish people over for mistakes made by banks around the world is absolute nonsense. The banks didn't come in under a government guarantee and to expect one in retrospect and expect many people not involved at all in the transactions to fall into debt peonage is unconscionable. Had this been a venture by McDonalds and they lost $10 billion trying to get into the Irish economy, would they have had recourse? Bankers are supposed to take care in making loans. They have a history of hundreds of years of bubbles and what constitutes a bubble. This isn't the first real estate bubble in history. All the others broke the banks as well. The bankers were flat stupid and all involved are going to have to take a haircut. There is nothing but a pretense this isn't going to happen and the longer it takes, the more people not involved are going to be hurt and the more those that caused the problem are going to steal. Bankrupts are supposed to not be loaning money.