Quote of the Day…

From David McWilliams:

Contrary to popular belief, the Irish banking and housing crisis did not start in 2008; it started in 2000 when the banks were allowed to go mad and the government used this credit windfall to fatten itself up and fuel the nonsense. All the while, the establishment bleated the “soft or softish landing” mantra while paying themselves fortunes.

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  • pippakin

    ” Yet, all the while, behind the scenes, secure with their bullet-proof contracts and their gold-plated pensions, the real establishment continues to draw huge salaries in the shadows.

    They answer to no one, are threatened by no one and continue to operate with impunity while they tell the rest of us to tighten our belts.”

    http://www.davidmcwilliams.ie

    Good article.

  • rodgerdoc

    couldnt agree more, on a side a side I hate the way the media constantly state civil servants have gold plated pensions, that is only a case for a small percentage.

    I’m certainly not going ot get a gold-plated pension

  • George

    I’m certainly not going ot get a gold-plated pension

    If you’re a civil servant your pension payment is guaranteed regardless of circumstance, the rest of us live with the vagaries of the market, meaning it could be worth a fraction of what was contributed. In that sense all civil service pensions are gold plated.

  • rodgerdoc

    The major difference betwwen private and public pensions is the employer contributions rather than saying my pension payment is guaranteed, I have yet to be told what pension payment I will get and won’t be told till I’m due to retire – you have to understand the general public hear the term gold-plated and have a belief most of us are going to be getting a pension of 40k a year. I’ve even had people believe through the media that i’m on £35k a year because they state the average public service wage is £30k a year.

  • Nunoftheabove

    rodgerdoc

    It is a DB rather than DC scheme though, right ?

  • Greenflag

    Now here’s an idea for any budding artists out there who wish to save for their retirements .

    Very much in with the Zeitgeist

    http://www.ebay.com/itm/ws/eBayISAPI.dll?ViewItem&item=190570913537

    Any rumours that Chase purchased the picture are just that -rumours .

    Max Keiser as always in high dudgeon extrapolates the next major looting of the USA by the serial looters of the financial sector a.k.a the banksters .

    http://maxkeiser.com/2011/09/07/keiser-report-teaser-bankers-raping-pillaging/comment-page-2/#comment-373620

    The war of the rich 1% against the vast majority of Americans continues with GOP potential presidential candidate Perry promising to get rid of Social Security with former front runner Romney the Mormon saying that it only needs Reform -meanwhile Bachman who has blamed Hurricane Irene on God’s ‘anger’ with America is waiting to hear directly from God on the latter’s preferred policy for Social Security :

    End times may be closer than the even ‘rapacious rapturers’ want to believe 🙁

  • Greenflag

    I’t started in 2000 when the banks were allowed to go mad and the government used this credit windfall to fatten itself up and fuel the nonsense. All the while, the establishment bleated the “soft or softish landing” mantra while paying themselves fortunes.

    Too true and it would be nice to think it has stopped but it has’nt . The establishment did’nt then look up from the trough for a moment and consider that other establishments such as in the USA and UK were doing the same and that sooner or later the fallacy of composition (perhaps decomposition would be more appro here would kick in and when push comes to shove the fall out crap is gravitationnally inclined to asphixiate those crowding out the bottom of the great Ponzi pyramid scam .

    Well eventually Mr Greenspan apologised for keeping his eyes and ears shut but I don’t believe any of our Irish politicos or policy makers have actually come out and admitted that not only were their crystal balls stuck somewhere where it’s very dark, but the ‘irrational exuberance ‘ of the times was like cocaine to an addict .

    According to Max Keiser their American cousins are still at it and has anybody any good reason or evidence to believe that their British or Irish counterparts are NOT still at it .

    http://maxkeiser.com/2011/09/07/keiser-report-teaser-bankers-raping-pillaging/comment-page-2/#comment-373620

    And here’s Max interviewing Dave McWilliams about a year back for those who might want to not forget

    http://maxkeiser.com/2010/11/05/%E2%80%9Ckeiser-report%E2%80%9D-no-92-guest-david-mcwilliams-in-dublin-2/

  • rodgerdoc

    @nunoftheabove
    yes you right that it is DB rather than DC

    However with the pension laws in the uk being pushed through DB plans will be greatly devalued than what they currently are.

  • aquifer

    Banks always tend to throw money at property as it looks ‘safe’. Maybe we need a tax on property lending rather than on property to get money into things that create wealth rather than just raising prices.

    The problem was the positive feedback loop between increasing lending driving up prices and then even more lending based on the increased property valuations and so on.

    Credit needed to be regulated or restricted and wasn’t.

  • Roy Walsh

    I stand to be corrected but, was this not at the behest of a European Directive from 1998