OCTOBER 2008
- Mike Soden puts forward idea for NAMA wrapped up in a proposal to merge the main banks.

http://www.independent.ie/opinion/analysis/merger-of-aib-and-boi-is-the-only-way-to-save-sector-1496537.html

JANUARY – FEBRUARY 2009
- Group of private investors interested in acquiring the Irish banks commissions a report from FTI consulting who issue their recommendations through the Irish newspapers that the Irish government “should consider propping up land-values”

http://www.irishtimes.com/newspaper/finance/2009/0327/1224243553357.html

http://www.fticonsulting.com/en_us/resources/Documents/Greenspan_dublin_wp_v4.pdf

MARCH 2009
- Minister for Finance Brian Lenihan expresses “a preference for the creation of a property company to take troubled loans off the banks’ balance sheets” on advice from ‘independent’ economist Peter Bacon.

http://www.irishtimes.com/newspaper/finance/2009/0321/1224243200994.html

It would seem to me that MIKE SODEN put forward the bones of the idea, much earlier, in October 2008. Read the following article. It’s all there. It’s just wrapped up in another proposal (merging of the main banks). If Bacon is compromised, Soden is off the scale…

http://www.independent.ie/opinion/analysis/merger-of-aib-and-boi-is-the-only-way-to-save-sector-1496537.html

On a more serious note :- Riots seem inevitable, I hope I’m wrong though!

I am saddened to say I witnessed one of the first premeditated actions of a likely rebellion which will see riots on the streets. I am further saddened that although I believe it is unnecessary, avoidable & not in our best interests as a nation, it seems inevitable now that it is going to happen.

Please tell me I’m wrong & that you will not sit by & let this happen.

Rise up, certainly, but peacefully & use your voice not your fists, batons or other weapons. Speak face to face, & write to everyone you know especially those charged with running the country & that includes the higher civil servants & board members.

There is a better way, Fianna Fail & the Greens are not the only show in town !
Sean Kearns
http://www.irishpeopleunion.com

He does not have any confidence in the plan… so what confidence does he expect the rest of us to have in it? You know, I believe he is right and I have none, nada, zero confidence in the Ponzi scheme.

A week before NAMA was voted on by the Greens, a Green councillor, a guy from Clare, was on Vincent Brown’s show, he told the country that their first Program for government “could be torn up” Yes, just tear it up! Now, Boyle does not believe in the NAMA plan!

For God’s then, lead your Party out of government without further delay. Resign! At least show some personal decency! Have the honesty to say I have changed my mind and go!

Anyone, at last nights event, got more than their 17 Euro worth of value. They got a clear exposition of NAMA and its inherent fatal flaws. Then they got to see two senior government politicians cowering, ducking, diving, unable to answer questions, unable to understand questions and unable to perform or understand simple maths, It was truly bizarre and even though I do not drink, I must say, I felt like starting last night.

Peter Mathews was the voice of reason of sanity at this debate.

Minister, forget about Dail amendments, stupid amendments 200 or more, to a plan that will never fly, an aerodynamic flop. The only people that still believe in this are auctioneers, barristers, and developers and the six banks. In other words, all of the vested interests.

You need to speak to Peter Mathews before NAMA ends democracy in this country, because that is precisely what it will do. Their was a palpable level of hostility apparent last night at what is normally a good humoured event. Imagine that multiplied by thousands of times that is what is being unleashed!

Minister if you visit this site, please minister, meet Mr. Mathews as a matter of priority!

New electoral campaign being launched right now, PETER MATHEWS FOR PRESIDENT OF EUROPE.

“Let me say firstly that I applaud all endeavours to facilitate such public debate on matters of vital national interest. However, unfortunately the “discussion” last night was so utterly unbalanced as to render it completely meaningless. The decision to invite David McWilliams to facilitate this non-debate when he is so nakedly biased was where most of the problem lay and the atmosphere he engendered was akin to a bear pit. Feeling too inhibited to express opinions that would not be well received by the closed-minded rabble and gaining nothing worthwhile from the experience we reluctantly left. Also, it was a pity that the early “comedy” took the form of shouted obscenities deemed to be some form of wit or biting satire. I don’t think so.”

There’s grounds for such criticism. However, I will add that when presented with the numbers by Peter Mathews as to how NAMA will lose at least €12bn, the pro-NAMA response is, and consistently has been, ‘we all know there are risks to NAMA’. That is not a satisfactory answer to the question. The answer is either, ‘Yes, that analysis is correct’ or ‘No, that analysis is incorrect because…’

Without arguments to the contrary, I expect NAMA to lose €12bn in a best-case scenario. Given the other factors, a pragmatic view would be €20bn. Obviously, the worst case scenario is the full €54bn plus interest. I hope to be corrected. And that’s while establishing the dreadful principle of bailing out the people that got us into this mess in the first place by doing something that no sane person would ever contemplate and deliberately overpaying, while creating a toxic economic monster that will infect and stultify the rest of the economy. Given this, why has the nationalisation option not been properly investigated?