Posted by Mairt on February 27, 2010 at 21:03:10:
In Reply to: re: another bad nama day posted by Oh Well on February 27, 2010 at 11:25:56:
Ok, getting a bit clearer.
I'd be very wary of quoting OECD too after btw, have a read at their 2009 report and tell me you agree with all their recommendations !
A couple of points re bailing out banking, please note its the banks we're bailing out, not the developers. I'm not saying NAMA is the ideal solution and while I'm interested in FGs good bank idea, I just haven't seen enough debate on it, and am probably lacking the economic knowledge too. However the projection is that the state starts making money in around 10 years. I appreciate its a projection but the point being, its a bail out that is supposed to be repaid. I do believe that the banking sector needed to be bailed out.
I take issue with the statement that it wasn't the public sector that ran up these debts. That implies that every public sector worker is blameless and every private sector worker is to blame. The reality is that the vast majority of public and private sector workers are the same, the work hard, they earn a wage, they try and better their lives. Of course there was a smaller section in private sector that made the reckless decisions but equally I'd argue that public sector unions hitching public sector salaries to boom time private sector salaries was also reckless. Even more so I'd argue that the country repeatedly voted back in the same government that created the climate in which these reckless decisions were made and who are the voters !
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