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Comment #4552739 by Sheila Larkin

Sheila Larkin Dec 14th 2015, 2:48 PM #

Says the man who, when he was finance minister, didn’t have a bank account. All very honest, eh?

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Read the article where this comment appeared:

Bertie says crisis caused by 'Joe Soap and Mary Soap' getting too many loans

Bertie says crisis caused by 'Joe Soap and Mary Soap' getting too many loans

The former taoiseach has given the BBC his verdict on the cause of Ireland’s financial meltdown.

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    Favourite VoiceOfVanguard
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    Dec 14th 2015, 3:06 PM

    If you’re looking for somewhere to keep your brandy butter this Christmas, see Bertie’s mouth.

    688
    Favourite Wally Mooney
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    Dec 14th 2015, 3:27 PM

    In fact eh, no Bertie Here’s a summary of what actually happened.

    The ordinary citizens were primarily victims rather than beneficiaries of the speculative property bubble that raged from 1998 to 2007. FF policy facilitated a stampede which saw ordinary people trying to buy a home, competing against professional speculators driving steeply rising prices and forcing a generation into massive mortgages to house themselves. During this decade, there was a deafening cacophony from the vested financial, professional and political interests warning people to get on the first rung before the ladder was pulled up.

    Following years of establishment assurances on the economic fundamentals and the mythical soft landing, the bubble finally burst in 2008 which caused every single one of the Irish banks to collapse into a steaming insolvent heap. The ordinary people had nothing to do with the bank collapse as they were still paying their inflated mortgages at this time.

    FF then took the suicidal decision to offer a blanket bank guarantee and load the banks’ private illegitimate and odious debts onto the national finances .The citizens had nothing to do with this as we were not consulted then or at any point since about the pillage of the nation.

    The wholesale collapse of speculative financial capitalism in 07/08 precipitated the worst global recession in 80 years, compounded in Ireland by the bank guarantee and the inherent flaws in the Euro currency union. The ensuing recession made it impossible for Ireland to service the odious banking debts and over the next 2 years it became obvious the scale of bank losses would bankrupt the nation. Therefore as the blanket bank guarantee was close to expiring during the summer of 2010, the government belatedly attempted to impose some losses on the bondholders. This was ruled out by the ECB (assisted by U.S Treasury secretary Geithner to protect U.S. credit default swap interests) and they forced the Irish government into the Troika ‘bailout’ (read stitch up). This ensured full repayment of all bank bondholders from senior secured right down to junior unsecured under threat of withdrawal of all liquidity funding from the Irish banks as per the Trichet letters.

    The National Pension Reserve Fund and general exchequer fund were raided for €17.5 billion and transferred to the European Financial Stability Facility & Mechanism (EFSF&M) funds. The EU then generously allowed us to borrow €67.5 billion from the EFSF&M which we are paying back with interest. €64 billion of this has been used directly cover private and illegitimate banking debt. In this way the EU gets to have the Eurozone banking system stabilized at the expense of the Irish people and we get to pay for the privilege via the interest we pay on the debt. This does not include the €32 billion also borrowed that we have pumped into NAMA to indirectly prop up the banks by taking the bad commercial property loans off their books. Adding the 3 figures together (17.5 + 64 +32) gives a total direct cost of around €113 billion and counting for the bank bailout so far. Most of this money has been borrowed and the interest payments make up a major component of our current annual budget deficits.

    In 2011, the people elected a new government with a mandate to burn the bondholders but instead FG & Labour continue colluding with the Troika to implement the neo liberal agenda of Austerity whereby the failure of speculative capitalism will be paid for by 4 million ordinary Irish people through health service cutbacks, USC , water charges, home taxes, education and social support cutbacks, privatization of national assets, an extra 3 years added to our working lives and a thousand other attacks on our living standards. The consequent and loudly predicted decimation of Ireland’s economy has seen hundreds of thousands of ordinary people thrown onto the dole, forced into emigration and driven from their homes by greedy landlords and parasitic banks. The ordinary people have taken just about all the responsibility they can stomach for a crisis caused by those less ordinary.

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    Favourite Thomas Mac Donagh
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    Dec 14th 2015, 3:30 PM

    the AAA going to copy and paste themselves to relevance :D

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    Favourite Noel Tate
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    Dec 14th 2015, 3:35 PM

    Is someone going to summarise that summary?

    561
    Favourite brian boru
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    Dec 14th 2015, 3:37 PM

    As we are getting closer to an election should we not have party political announcement on a banner beside Hugh’s articles ?

    237
    Favourite lavbeer
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    Dec 14th 2015, 3:38 PM

    I will. FF got it wrong. FG finished the job. Irish taxpayer pays. Those professionals who hot it wrong sre well compensated.

    467
    Favourite damien o brien
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    Dec 14th 2015, 3:41 PM

    “Anyone who doesn’t believe that should get Off the planet”..Maybe they should just commit suicide Bertie! Clown

    486
    Favourite Paul Mc
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    Dec 14th 2015, 4:20 PM

    Ha ha Bertie the financial expert who finished up in a closet earning a few euros and won his money on horses.

    380
    Favourite B-Egan
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    Dec 14th 2015, 4:36 PM

    Fianna Fail Nua. Read it and weep.

    168
    Favourite Jimmy jones
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    Dec 14th 2015, 4:42 PM

    Bertie the clown should have his pension stripped – the man is still in denial for the destruction he and his henchmen caused

    Wally – can you get off of the copy and paste keys on your keyboard and type something for a change . You make the posts from other posters very difficult to read.

    318
    Favourite Tom Kelly
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    Dec 14th 2015, 5:28 PM

    AAA, only one point that I feel you left out is, personal responsibility.

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    Favourite Paul Dunne
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    Dec 14th 2015, 5:44 PM

    ah wally just call him a bollix and save ten minutes typing.

    182
    Favourite lavbeer
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    Dec 14th 2015, 5:54 PM

    In fairness to wally he doesn’t do one liners. Maybe a stretch with yfg would help him there.

    67
    Favourite Wally Mooney
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    Dec 14th 2015, 6:49 PM

    Jaysis Jimmy. I’ll hardly be able to sleep tonight knowing I caused you such hardship.

    100
    Favourite socrates
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    Dec 14th 2015, 6:52 PM

    I hate that man, I loathe his existence , he should be rotting in a jail cell

    251
    Favourite Spammer
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    Dec 14th 2015, 7:21 PM

    The same Mary and Joe Soap he sold a pup to. What a …..

    168
    Favourite Kerry Blake
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    Dec 14th 2015, 7:59 PM

    Who knows Thomas but to be honest they are currently a lot more revalent then your comments…..

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    Favourite Gene Parmesan
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    Dec 14th 2015, 8:09 PM

    Wally go look up ‘Summary’ in a dictionary. That’s an essay.

    46
    Favourite Al-Right
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    Dec 14th 2015, 8:18 PM

    Ah stop, Wally’s mouse button finger hurts from all that copying and pasting!

    31
    Favourite lavbeer
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    Dec 14th 2015, 8:25 PM

    Has Thomas gone to bed?

    29
    Favourite Fiona deFreyne
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    Dec 14th 2015, 8:32 PM

    Failed commercial property investments with more than 100% LTVs to larger investors, oftem non recourse or limited recourse, were the primary cause . Large developers displaced most iof the default rush on to the lending banks. Ahern is truly ignorant or else servingly seeking to displace true responsibility.

    70
    Favourite Chris Mcdonnell
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    Dec 14th 2015, 8:34 PM

    I don’t even read wallys 1000 word rants anymore I just red thumb them all he does is copy and paste copy and paste

    31
    Favourite Chris Mcdonnell
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    Dec 14th 2015, 8:37 PM

    Should have been stripped of everything he owned and put in a cage on O’connell street and fed scraps that the homeless don’t want

    77
    Favourite Kerry Blake
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    Dec 14th 2015, 8:38 PM

    If you know that then you must be reading them….

    29
    Favourite Fiona deFreyne
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    Dec 14th 2015, 9:27 PM

    Bertie Ahern was in the pockets of Joe and Mary Soap, otherwise known as Sean Dunne and Gayle Killalea.

    68
    Favourite Fiona deFreyne
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    Dec 14th 2015, 9:28 PM

    Truly excellent analysis of the macro context by Wally Mooney.

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    Favourite Derek Poutch
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    Dec 14th 2015, 9:36 PM

    An excellent reminder to people not to vote ff in the ge as well as the blueshirts/liebour.

    60
    Favourite Brandy Ryan
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    Dec 14th 2015, 10:15 PM

    What AAA is really saying is TREASON was Inflicted on the Irish People .HE IS RIGHT ,except in Included FG FF and Lbr .That means the Opposition at the time were Guilty as well

    50
    Favourite Fiona deFreyne
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    Dec 14th 2015, 10:33 PM

    Brandy, excellent point. The Opposition did not offer an alternative. It bought into the same madness. Only the peole suffered whilst the politicians fattened themselves, now pulling our belts tight on us whilst they collect bribes and backhanders.

    35
    Favourite Declan Doyle
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    Dec 14th 2015, 10:36 PM

    Brilliant Paul :)

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    Favourite C_O'S
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    Dec 14th 2015, 10:36 PM

    Talk about the pot calling the Kettle Black! Guilty as C J. Haughey was.

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    Favourite Paul J. Redmond
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    Dec 14th 2015, 10:43 PM

    Brilliantly summerised Wally although it should be noted that the €32 billion put into NAMA looks likely to be repaid in full and possibly with a surplus. Otherwise spot on…

    22
    Favourite Fiona deFreyne
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    Dec 14th 2015, 10:53 PM

    NAMA having bought the loans at a huge discount does a fire sale , selling off the loans at a large discount against the par vakues of the loans, selling to vulture funds who make the speculative profits at the expense of the Irish public.

    41
    Favourite Andrew David
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    Dec 15th 2015, 12:42 AM

    In 2006, when the economist Morgan Kelly predicted the property bubble crash, Bertie Ahern responded with, “I don’t know how people who engage in that don’t commit suicide”.

    And let’s not forget that they then shouldered the debt on every man, woman and child in this country and bailed out those that caused the crash.

    https://en.wikipedia.org/wiki/Morgan_Kelly_(economist)

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    Favourite pat seery
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    Dec 15th 2015, 1:11 AM

    I nlminate you for Minister for Finance l hope the Gpverement read you comment the might the learn a thing or two

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    Favourite Bren MC
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    Dec 15th 2015, 1:49 AM

    He is an embarrassment to the irish race. Spreading lies to other countries. The truth was 40 or so people borrowed the bulk of the debt from a bank that would not loan to joe soap.

    30
    Favourite Fiona deFreyne
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    Dec 15th 2015, 8:34 AM

    Bertie Ahern was always a sly chancer and he always will be. He personifies the worst elements of the cute hoor. He was in the pockets of the big developers.

    18
    Favourite Anthony Byrne
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    Dec 15th 2015, 1:57 PM

    The man is a hypocrite of the highest order. He continues to disrespect me and the majority of hard working Irish citizens. Those of us who have been subject to incessant tax increases , price increases cost of living increases, who have had no pay increases, cuts to public services such as health, cuts to public infrastructure, cuts to the Garda services, no holidays, no luxuries such as new cars, Who the Fcuk does that man think he is ?. Fcuking brown paper bag merchant !

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    Favourite Jho Harris
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    May 29th 2016, 2:06 PM

    He is an ill informed idiot spreading lies, we did not live on credit and to my knowledge non of my friends or family did but now the audience of BBC 4 are under the impression that “everybody” did it and there is footage of Kenny saying the same thing somewhere. If I ever meet one of them I’ll put them straight.

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