tag:blogger.com,1999:blog-8817171247555815363.post866346758223491781..comments2024-03-26T05:57:44.937+00:00Comments on True Economics: Economics 28/07/09: NAMA & Liam Carroll's CaseTrueEconomicshttp://www.blogger.com/profile/07350536454228478974noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-8817171247555815363.post-83930389521271683142009-08-02T20:05:38.888+01:002009-08-02T20:05:38.888+01:00The decision next Tuesday by the Supreme Court in ...The decision next Tuesday by the Supreme Court in relation to Liam Carroll's debts will surely be the biggest test of the independence of the judiciary in living memory.<br /><br />If they overturn the High court ruling without a solid reason based on law then surely we can assume the decision is to "support" Nama and therefore the position of the current government?John Creedinnoreply@blogger.comtag:blogger.com,1999:blog-8817171247555815363.post-88582987679761807502009-07-30T12:51:10.413+01:002009-07-30T12:51:10.413+01:00The Carroll case just exemplifies how bad things g...The Carroll case just exemplifies how bad things got out of hand. Its clear to one and all that the assets that these borrowings were based on even at the height of the market were speculative and the real mark-to-market values now (and we are not yet at the bottom) suggest a haircut of 75% or 80%. Crazy stuff. This is akin to a tulip or south sea share bubble rather than a normal property bubble.<br /><br />My theory is that there are bubbles and then there are bubbles, its the scale of the bubble that counts. Its all very well for people to spout average drops from peak to trough etc, but the devil is in the detail and each bubble is characteristically unique.<br /><br />The scale of the Carroll debt to asset ratio shows how bad this Irish bubble may be. Other developers may be in a lot etter shape, but show's to say there arent a handful that are equally as bad or worse.<br /><br /><i> > Just how much more nonsense can people take? </i><br /><br />A lot. There are far too many people still eating cake. And pain will be in the future, not up front and now. The Public Sector is effectively being hoodwinked into thinking that everything is more rosey than it really is. <br /><br />MK1MK1noreply@blogger.comtag:blogger.com,1999:blog-8817171247555815363.post-46332485586567085612009-07-29T09:48:56.423+01:002009-07-29T09:48:56.423+01:00Apologies to all for this rant...Your last paragra...Apologies to all for this rant...Your last paragraph stating that NAMA is merely a vehicle for transferring liability to the tax payer is a damning indictment of the way this government (opposition included) regards this country. Your previous blog on 27th plausibly shows we'll be in the doldrums for the next 10-15 years maybe never to see a boom for another 20 plus years and it seems NAMA is hell bent on exacerbating this to an extreme.<br /><br />Many reading this blog are probably in their mid 30s to late 50s. In 20 years, a sizable number of us will not be around to witness an uptick of any significance - short of a 2nd coming or an amazing rule changing invention.<br /><br />I find it hard to believe that a group in government can be so collectively incompetent and gutless and utterly uncaring. The whole thing stinks of self protection. What are they hiding?<br /><br />I wonder are there any statistics from the history books that tell us about tipping points to rebellion. Just how much more nonsense can people take? Increased banking charges (not externally driven by Germany etc), no help with your medications, carbon taxes, regressive property taxes, water charges...and now this?? - as for these loosing jobs, superlatives are unavailable. The unwritten "social contract" where people choose to abide by the law will come under pressure if there is no hope of reprieve or no sense of justice.Philipnoreply@blogger.com