After reading the Preliminary Report into Ireland’s Banking Crisis one can only come to the conclusion that Cowen and Lenihan are Guilty of “Gross Incompetence and Dereliction of Duty”
And should resign immediately and be brought before the courts
on charges of economic treason !
Archive for the ‘Budget 2009’ Category
Extract from article in namawinelake ( click on text)
On the Minister of Finance.
What business does he have telling us that prices are now realistic? What prices is he referring to? On what basis are prices realistic? To whom are they realistic? If prices are realistic does that, as the Independent aver, equate to prices being at the bottom? Maybe but let’s remember that the Minister must also on occasion don the leader’s hat and tell us to cheer up, it will get better and we will rebound and I know that we must believe that.
I wonder whether if the Minister donned the realist’s hat he would believe his own words at this point in time. If the Minister had just spent €54bn of the State’s money on gold, I wouldn’t expect him to say anything other than “buy gold today and get as much of the stuff as you can”. Time will tell.
Spot on, this guy (The Irish Government) has at a stroke become the largest property owner (through his creation of the largest fraud in Irish history NAMA) in Europe if not the world.
I deal in the financial markets on a Daly bases and have done so for the last 15 years, buying stock and selling stock, hedging through options .It is common practice to see an action in the various markets called “pump and dump” this is done with 98% of the time of worthless stock
Large chunks are bought for pennies and the talked up, by analysts who get themselves on to such media channels Fox news, yahoo Finance and cbsmarketwatch and a whole host of other news outlets ,pumping the message that this is the time to buy this sh**
This of course is precisely what Lenihan is now trying to do, talk up the stock (Property) (mostly worthless stock)
The last time a Minster from this Government told people to buy property, (Berti Ahern) He said that if you were not getting into property now you were a fool, we all know what happened then!
I have over the years bought and sold property and always kept to a few rules when ,buying as there is only one rule when selling and that is sell at a profit.
find out what rent you would get for the property
Let’s say you will be getting 800 euro per month, and that rents are stable and not going down. This would then give an annual rent of 9,600:00 Euros
Multiply this figure by 10, this gives you 96,000.000:00Euros .This is the maximum you should pay for this building period!
Why 10? , because this is the highest interest rates are likely to go. And with this system you will always get someone to rent and thus pay the mortgage.
- Do not listen to the estate agent with regards to a price for the property; His or her interest is completely different to yours.
Ballpark value of average property is dependent on availability of credit from the banks
And location .values can be arrived so
The average working wage is currently 28,000:00 Euro and I believe falling because of the government’s income tax measures to pay off the huge bailout of the banks and their cronies in the Building industry.
The stated policy of the Banks is to give only two and a half times salary and that is with conditions attached
So 28,000:00 X 2.5 = 70,000:00 Walla, average price one should pay for a property in Ireland
This formula works all over Europe (Germany, France etc)
So based on these figures we are nowhere near the bottom ,with 500,00 on the dole and approx 56,000 leaving the country, approx 23,000 young students leaving as well who do you think is going to buy all 300,000 empty properties around the country??
Just in case you missed this
George lee was photographed yesterday getting into his car at the Leister House car park
Question is this car park space subject to the new car-park tax of 200 per year?
Did you know that X TD’s are entitled to park their cars at the said car park for Life even when they are no longer TD’S?
George clearly is keeping this perk!
Extract taken from www.thestory.ie
The 2006 capping of the exempt income has – as artists’ lobby group, Visual Artists warned – resulted in some high-earning individuals moving their tax residency abroad. The most infamous case, of course being U2, who moved their tax residency to The Netherlands.
However, a stark majority stayed, obviously, as it’s almost always awkward to uproot.
Bertie Ahern’s claiming of the exemption is notable for two reasons, one perhaps less noteworthy than the other.
Firstly, it illustrates just how little civic responsibility the man feels for the situation the country finds itself in today, something that will surprise few. Ahern is already in receipt of a number of State pensions, these total more than €120,000. He also has use of a State car 24 hours a day, every day, which transports him wherever he wishes to go at no personal cost. On top of this he receives a TD’s salary of more than €100,000. He also earns, or has earned, considerable amounts from private speaking engagements, though it is said business is slow these days for ‘the architect of the Celtic Tiger’. In short, he’s not in search of a few pence to rub together, unlike many PAYE workers and private sector taxpayers as of late. Still, he actively sought the exemption on a book ghost-written by Richard Aldous for which Ahern received more than €400,000 in an advance when he could have left the money in the nation’s coffers. This is where, I argue, it is needed and should be. He did so knowing it would cause controversy and offense.
A well written article indeed well done
However I beg to differ on one small point
I do not believe that anybody having earnings over the average industrial wage should be able to avail of this exemption from income tax , period!
There should be a ban on all public servants from gaining financially from their knowledge of having being a Public servant
Just my humble opinion!