Muppet Republic

Greedy businessmen (and women), many known as real-estate developers, in collaboration with the Irish banks drained the Irish economy of at least 90 billion euro over the last few years. That is the remaining balance when the economy now has ground to a halt and the developers say they cannot pay. The Irish government now wants the Irish people to pay them to pay the banks at least 90 billion to bail out the greedy developers.

Let's think this through. There are outstanding "toxic" (i.e. cannot be repaid) loans of 90 billion. This amount was lent to the developers by the banks and profits have probably been moved off-shore, elsewhere, or just plainly spent on excessive consumption, by the aforementioned developers and bankers. As developers and bankers are now so unhappy, having to pay for themselves or go bankrupt or cease to be or disappear, they want us, you and me, to pay them 90 billion euro to allow them to continue their life styles and spend some quality time to try to figure out their next scheme to rob us of our savings (if any remaining), work (if any), life, pensions (if any), etc.

If we allow the defunct Irish government to proceed, we will all (every baby, teenager, adult, pensioner) be made to pay or owe 22,000 euro each, or, if the Central Statistics Office figures hold, about 62,000 euro per household.

Can you afford that?

Links: National Assets Management Agency (NAMA)