Just a reminder the public meeting to address the
proposed downgrading of the hospital’s A&E services .If you can spear the
time do go to this meeting every voice will count
A public meeting has been organised by the Save Our
A&E Group as part of the campaign to save the 24hour A&E at St.
Columcilles Hospital,Loughlinstown.All 5 Wicklow TD’s and political
representatives from all parties are invited.
The markets went on rally mode yesterday and the financial stocks in the USA got a boost but I want to sound a word of caution .The Euro crises is by no means over in fact yesterday’s proceedings in the Greek parliament was nothing short of farcical. Giving the Greeks another 120 billion because the couldn’t even pay back the interest owed on the first 120 billion is mindboggling stupidity.
There seems to be a collective outbreak of the emperor has no clothes situation here! Even as the announcement was been carried across the airwaves I was hearing from people in the markets that this was only a short reprieve as most commentators didn’t believe the Greeks had a hope of ever paying back these loans .For all of you who believe
that I am always looking on the gloomy side of this financial crises, let me ask a simple question.
With the austerity measures and mountains of debt we here
in Ireland have been forced to take on by our gombeen politicians and now the Greeks are in the same boat my question is .Are we going to be better off in a year’s time in fact in 5 years time ?
The answer is “No” definitely not! Because our debt mountain will be much larger
and if we are now struggling to pay the current levels of debt how in God’s name, how are we going to be able to pay much larger amounts of debt in a year’s time???.Nobody in government can give an answer to this question.Now back to the Greek drama.
I got this report from my Greek friend Giorgos of mine living in Athens yesterday.
The economy, the troubles we see on the tv is only
in the centre of Athens..The population in Athens is 5 million. At the moment
in Athens is taking place the Para Olympics and the event is going well. The
problem with our economy is that we are in big debts, we own a lot of money to
the German and French banks, so they lent us money in order to pay back old debts.
Because if we will not pay them their banks will be in big problem, but in
order to give us the money we have to sellout, very very cheep all public assets
also the government in order to save money cuts the wages and increase the taxes
and spent less. The economy is in a big depression, lots of young people can’t
find jobs. The people now do the fighting with the police in the centre of Athens
are the anarchists. The majority of the people are doing peaceful protests in
the squares. I don’t really know how long it will last. Myself in a few years
time I will retire. I think about the new generation. There is no future for them
hope that the things will turn better.
Reading this I could have sent this back to him explaining about things here in Ireland. However things are about to get even worse as the real big problem in fact “The emperor has no clothes”
The stitch up agreed yesterday is ignoring the elephant in the room Spain and things are really bad as the above video clip has showen and again we are familiar with the problems ,the only difference is we in Ireland got the banks to divulge most of their liabilities so we are told!
Spanish banks haven’t even started to do even this and we are going
to see a lot of Spanish Anglo Irish banks pop up in the coming months so hold on to your socks!
That’s more than the cost of the Jobs Initiative for one week.
The cost of Minister Noonan’s inaction on Anglo Irish Bank (“Anglo”) and Irish Nationwide Building Society (INBS) is highlighted today as Anglo repays a €12m senior unsecured unguaranteed bond at par, that is without any haircut or discount. The bonds (ISIN ref: XS0306086157, SEDOL ref: B1ZBPV0) were issued in June 2007 – Sinn Fein finance spokesperson Pearse Doherty yesterday described the bonds as “unguaranteed unsecured” and there is no reason to doubt him. Historical prices appear to be unavailable at the Irish Stock Exchange this morning, but last month Anglo redeemed senior bonds which yielded 30% annualized returns to investors who had bought last December 2010. Our recently announced Jobs Initiative costs €470m per annum, so in a single transaction today we are spending more than the proceeds of one week’s raid on private pensions.
full article at source here : http://wp.me/pNlCf-1yL
This amount could have paid the dole for one year to 1200 of the over 2900
people who now find themselves on the dole since the last numbers came out .Mr Noonan’s
incompetence is fast catching up with his predecessors levels and that was grim
to say the least.
Losing money and paying money men is the order of the day closing
down hospitals and essential health services is seems to be the way forward for
By Reggie Middleton
As those that follow me know, I have been bearish on US banks since 2007. That bearish outlook resulted in massive returns ensuing years, just to have nearly half of it returned due to rampant shenanigans and outright fraud. Needless to say, it pissed me off – but it did much more than that. It created a re-bubble before the bubble that was bursting had a chance to fully deflate. As a result, what we have now is one big mess that is getting messier by the minute.
On Friday, July 16th, 2010 I posted “After a Careful Review of JP Morgan’s Earnings Release, I Must Ask – “What the Hell Are Those Boys Over at JP Morgan Thinking????”. The impetus of such was that this bank that all seem to be in awe of was taking a big risk in order to pad accounting earnings for a quarter or two. Below is an excerpt of my thoughts:
Trust me, the collateral behind many more mortgages will continue to depreciate materially as government giveaways and bubble blowing for housing fade!
The delinquency and NPA levels drifted down a bit, but they are still at very high levels. Charge-offs came down but the reduction in provisions has been quite disproportionate bringing down the allowance for loan losses. In 2Q10, the gross charge- offs declined 26.6% (q-o-q) to $6.2 billion (annualized charge off rate – 3.55%) from $8.4 billion in 1Q10 (annualized charge off rate – 4.74%). But the provisions for loan losses were slashed down 51.7% (q-o-q) to $3.4 billion (annualized rate – 1.9%) against $7.0 billion (annualized rate – 3.9%) in 1Q10. Consequently, the allowance for loan losses declined 6.2% (q-o-q) from $35.8 billion from $38.2 billion in 1Q10. Non performing loans and NPAs declined 5.1% (q-o-q) and 4.5% (q-o-q) respectively. Thus, the NPLs and NPAs as % of allowance for loan losses expanded to 45.1% and 50.7%, respectively from 44.6% and 49.8% in 1Q10. Delinquency rates, although moderated a bit, are still at high levels. Credit card – 30+ day delinquency rate was 4.96% and the real estate – 30+ day delinquency rate was 6.88%. The 30+ days delinquency rate for WaMu’s credit impaired portfolio was 27.91%.
read this great article at source: http://boombustblog.com/BoomBustBlog/As-Earnings-Season-is-Here-I-Reiterate-My-Warning-That-Big-Banks-Will-Pay-for-Optimism-Driven-Reduction-of-Reserves.html
Again a great article from Reggie!
It would be no harm if you are in the markets to take out
some insurance as I myself have done over the last month so I am not that
worried where the market goes from here as I win each way and the news at the moment is there is likely
to be lots of volatility in the coming weeks.
Works at the New Wicklow secondary school are coming to a
close and the place looks great !