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Comment #4920352 by Noah Wilson

Noah Wilson Mar 27th 2016, 8:19 AM #

Excellent article.
Vulture fund capitalism is of no benefit whatsoever to the country in the long or short term.
The behaviour of government, in particular Fine Gael, has as rightly pointed out been irresponsible and shameful during this developing crisis.(and yes I am aware that there’s no morality in banking).
In essence it is a transfer of state assets, paid for, doubly paid for, by the citizens of this state into the hands of capitalist speculators which has distorted the housing market and made it almost impossible for the ordinary citizen to buy and in many cases even to rent in the capital city.
The warnings have been ignored, and there were many. Mick Wallace is on record in the Dail on many occasions taking the government to account on Nama’s hasty enthusiasm to offload state property to vulture funds.
‘Our hands are tied’ was the mantra from the government benches and yet it now transpires that senior members of the cabinet were actively engaged in the process behind the scenes.
I would go so far as to classify the NAMA debacle as a form of government corruption.
It’s 2016, the year of the Centenary.
When OH when will the people of this Republic ever get an honest and capable government?
Will we have to wait another 100 years?

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Read the article where this comment appeared:

Vulture funds pick and peck and they're not finished yet

Vulture funds pick and peck and they're not finished yet

The vultures arrived in Ireland after the crisis when they realised there was a lot of property up for grabs at knock down prices, writes Michael Byrne.

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    Favourite Jonny
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    Mar 27th 2016, 8:51 AM

    I see the red thumbs of the pro vulture fund campaign are out this morning, but not a single comment from them because you can’t argue against the facts.

    91
    Favourite Wally Mooney
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    Mar 27th 2016, 9:29 AM

    Great article. As the Irish political establishment preens with pious self satisfaction at the 1916 commemorations today it’s important remember that they have always served the interests of domestic and foreign capital over the welfare of the majority working class.

    Our “independence” in the Republic is largely a failure. All we’ve achieved was to swap a British ruling capitalist class for an Irish one and so we’ve had a century of poverty, state and religious repression, mass unemployment and mass emigration while the pampered elite in business, politics, media, religion and the law viciously protected the status quo which serves them so well.

    In fact, they’ve escalated their assault on the working class in the last 2 decades, leading us into the monetary trap of the Euro, loading €100+ billion of illegitimate banking debts on to our backs and using the consequent Austerity program to crush the living standards of the majority while further enriching the elite through vehicles like NAMA and IBRC. It’s a feeding frenzy for the speculative sharks and the blood in the water as ever is that of the working class.

    James Connolly understood the danger perfectly:

    Not the rack-renting, slum-owning landlord; not the sweating, profit-grinding capitalist; not the sleek and oily lawyer; not the prostitute pressman – the hired liars of the enemy. Not these are the Irish upon whom the future depends. Not these, but the Irish working class, the only secure foundation upon which a free nation can be reared.”

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    Favourite tommy macdonagh
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    Mar 27th 2016, 10:36 AM

    great bargain to be had for cash buyers. there is a killing to be made :)

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    Favourite Wally Mooney
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    Mar 27th 2016, 10:46 AM

    And right on cue, a prostitute pressman.

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    Favourite SickOfCorruption
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    Mar 27th 2016, 12:01 PM

    And Tommy, that is where you are uneducated. There is a killing to be made… IF you can put together a fund of a few billion.

    22

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