NAMA is economic nonsense, business nonsense and property nonsense. It is probably legal nonsense, as well.
It is long term political nonsense. But in the short term it is political desperation. Those who are terrified of having to face the electorate can, using NAMA, put off the fateful day.
Cowen, Lenihan and Gormley are borrowing against your childrens future for the sake of their present. FF are lining up to bribe the Greens with all kinds of goodies, so that they can both stay in Government a little bit longer.
Where is the sustainability in burdening our special needs children with a debt burden that means they can finish school only to have to emigrate? Where is the sustainability in borrowing billions for half built or foreign property instead of investing is Irish windfarms and renewables? Where is the sustainablity in pretending that we can afford the lifestyle of the ‘boom’ for a few more years now that the whole world knows the ‘boom’ is over?
There is no alternative to NAMA if your objective is to protect the ‘Golden Circle’. There are lots of alternatives if you want politicians and banks and business people to face up to the consequences of their mistakes.
The only people who support NAMA are those who are on the payroll or those who stand to gain. Most of the developers don’t like NAMA because it’s a ‘lockup’ for them for 15 years. The people who like NAMA are the banks, their shareholders and bondholders and the politicians. They like it because it puts off the day when they have to take responsibility for their mistakes.
Everytime you blink Minister Lenihan changes his figures, and they are always worse and bigger. Everytime the Revenue Commissioners report, our finances get worse. Everytime the CSO reports our situation becomes more expensive. And the politicians only response is to have more borrowing.
Tax reform has been shelved, the cuts postponed. Anything that keeps the worst government in office since Nero put his horse into the Roman Senate will be done, borrowed or fudged.
Now is the time for the Greens to show the country that we are a party of integrity and not afraid of a tough decision or admitting to a mistake. The Greens are the only ones who can stop this nonsense.
Let’s do it.