Head over to our T
Opposing the Anglo Irish Bailout
Read more about: Economy, Fianna Fail, Fine Gael, Government 
I don’t think anyone liked the idea of sinking almost €2 billion of the National Pension Reserve Fund into Anglo. The recapitalisation left a bitter taste in the mouths of all those affected by current spending cuts to schools, carers and the cervical cancer vaccine (to name but three hot-button issues).
It smacked of bailing out the rich, looking after the old boys network and making sure the status quo was not upset by an enormous kick in the knackers – delivered by the credit crunch and property bust. Fine Gael and Labour’s Prionsias de Rossa have been making noises to this effect in the past 24 hours. Fine Gael have gone to suggest that it is going to oppose the bailout as investment in infrastructure would be far more beneficial.
That is absolutely true and I think it would be great but the bailout had to happen, always did and was committed to once the government guaranteed savings. I wonder though if the guarantee meant that the bailout had to happen. Or the theoretical liability of the savings guarantee would be called and even more mess would ensue, not to mention the knock on of possible other banks collapsing.
I think its is popular to oppose the bailout but in practical terms it effectively seems like somethign the government made necessary late last year. There doesn’t appear to be a way around it. In that light, you can see why opposition would make hay out of it and maybe thank their stars they didn’t win the election afterall.
Perhaps someone could confirm or deny a few rumours I’ve heard about Anglo recently. Is it true that they booked the Shelbourne and had a pretty fancy and very expensive do in order to announce their results a couple of months back? Did they also book a similarly expensive hotel for their Xmas party when most firms were cutting back to the point of a take out in the canteen? Is it also true that a large section of staff got their bonuses recently?
Is their truth to any of these rumours or is it just the usual ‘gold plated toilets’BS you might expect under the circumstance?
Once upon a time a man appeared in a village and announced to the
villagers that he would buy rabbits for €10 each.
The villagers, seeing that there were many rabbits around, went out to the
forest and started catching them.
The man bought thousands at €10 and, as supply started to diminish, the
villagers stopped their effort. He next announced that he would now buy
rabbits at €20 each. This renewed the efforts of the villagers and they
started catching rabits again.
Soon the supply diminished even further and people started going back to
their farms. The offer increased to €25 each and the supply of rabbits
became so scarce it was an effort to even find a rabbit, let alone catch it!
The man now announced that he would buy rabbits at €50 each! However,
since he had to go to the city on some business, his assistant would buy
on his behalf. In the absence of the man, the assistant told the
villagers: “Look at all these rabbits in the big cage that the man has
already collected. I will sell them to you at €35 and when the man returns
from the city, you can sell them to him for €50 each.”
The villagers rounded up all their savings and bought all the rabbits for
700 million euros.
They never saw the man or his assistant again, only lots and lots of rabbits!
Now you have a better understanding of how the
Anglo Irish BAILOUT PLAN
WILL WORK !!!!