NAMA is nothing short of economic treason.
THE column by Brian O’Mahony headlined ‘NAMA delays would be bad for the country’ (August 8) was, to quote Judge Peter Kelly, “trespassing on fantasy”.
NAMA must not be rushed. Had the Government properly managed evoting, PPARS, PULSE or decentralisation, we might have got some value from the millions it wasted on these projects.
With its latest project, its not millions but billions of taxpayers’ revenues that are being wasted on overvalued rubbish. Had the financial regulator (Government watchdog?) done its job properly and not just walked, our troubles would undoubtedly not be so great.
And we are giving the same Government the same power? Again? It’s legitimate to demand an unequivocal answer as to why the state, via the actions of the Government, favours de facto private interest over the citizens?
NAMA, in its current form, is nothing short of economic treason — banking legislation written by bankers for bankers and for the good of nobody except bankers and their property development debtors.
Currently it has got all the hallmarks and financial engineering brilliance of Enron. The old Celtic Tiger could afford previous levels of Government waste and incompetence but Ireland — European Capital of Incompetence 2009 — cannot afford to get NAMA wrong.
Don’t let the Government hoodwink the nation into accepting the flawed NAMA bill in its current form and please, please, don’t allow it to be rushed.
NAMA ‘death warrant’ hanging over us
The voice of reason has been spoken by the Supreme Court on the Liam Carroll appeal for enough time to stick the taxpayer, through NAMA, with paying bloated values for property assets which have no basis for assessing their true worth now or any time soon.
It is incredible how, within an hour of the ruling, that the Department of Finance could issue a statement to the effect that NAMA will proceed unaffected by the judgment. Clearly the disdain shown by the State to its citizens is set to continue unabated.
Three months ago, you published a letter from me calling for a referendum on NAMA. I believe that the dangers inherent in NAMA are staggering. I have no confidence in this Government to do anything other than facilitate an enormous over-payment of our money to the banks for property assets that have no prospect of recovering to even 50pc of the value ascribed to them when the irresponsible lending took place.
This will be a disaster for Ireland.
Regrettably there is but one solution to this problem and that is to nationalise the banks. NAMA can make sense after nationalisation. It cannot be the other way round as we will see our money paid out in exchange for grossly over-valued assets and we will have no control over those who are in charge of the banks.
If we do nothing then the NAMA legislation will be passed and sent to the President for her signature by the end of September. The enormity of this brings to mind the sadly prophetic words of Michael Collins on signing the treaty as “feeling I have just signed my own death warrant”.
The Irish taxpayer will be screwed left, right and centre when NAMA is up and running.
The Government will tax us more to repay the massive debt they will accrue on our behalf and the banks will hike rates so they can make the huge profits they need to justify their existence to shareholders.
It is about time we woke up and smelt the coffee. The only people who will benefit from NAMA are the banks, the private investment funds and the shareholders. And the home buyers are being hung out to dry.
Justice in this country is the preserve of the elite.
Carrick on Shannon