NAMA - My Downfall

[2011Dublin]

When Reagan and later Clinton allowed the USA banks to write their own rules and to be responsible for their own financial behaviour they opened Pandoras box and loosed it on the world . Since then the USA has exported worthless waste paper (CDO's and several wars and the American working and middle classes have been getting poorer . 3 million foreclosures , 28 million unemployed and the greedy gut GOP want to stop unemployment benefits for 2 million Americans ? How greedy is that ?

[2011Dublin]

No prosecutions yet for any of the banker crooks but I read the Anglo Irish former CEO has gone to ground in Connecticut living in a 5 million dollar mansion and pleading poverty :( He'll probably wait till Obama is out of office and then plead for political and economic asylum from the GOP . Well he's a natural blood brother of the GOP idiots -they don't like taxing the mega rich either and they also hate the poor and the middle class !

[theliammurphy]

We need to support the politicians that want to abandon Anglos debt

No2Anglo.com

Liam

[geir44]

Funny. And true.

[fennessy1980]

retarded...this is probably the most over-used humor on you tube. Typical that the Irish now latch on to this...just look at rte and tv3 to see ALL the copies of terrible english formats....get some f**kin originality.

[boscoesarmy]

@fennessy1980 don't be so angry and cynical ya little geek prick.... fuck off and be happy and dont be boring us with your self righteous comments

[corrocot1]

Do German people see the humour in this kind of thing? First time I seen it was the spoof on the Daily Mail. I suppose you could post Ian Paislley shouting, and use it to criticise a German Politician,but the only thing is; most Germans understand English. The only thing I can see in these videos is that English People are laughing at other languages.

[mikexxxxnolan]

NAMA is a very good scam of which PWC are integral to it happening. It is quite an effective video clip.

Eire is a bit slow to catch on. A pity.

Michael Stephen Nolan

Eire

11th December 2009

[Fiachraor7]

Overused scene from Downfall is overused.

That said, some parts of this were smile worthy.

[okeeft01]

There are two fundamental problems in the country - civilians with 350k mortgages on property worth 250k (and in 10 years they will be lucky if property has recovered to the point the mortgage equals the property value) and banks with little capital to lend and oil the wheels of the economy. NAMA won't help the first immediately but hopefully by saving the banks and economy, those mortgage holders will survive 10 years to finally escape negative equity.

[ireland2day]

I wonder can this be considered funny?

when deceit, extortion and treachery have so blatantly been enforced on this land by a criminal elite.

Not one prosecution yet for any of the crooks who promulgated the phoney boom, yet they have embezzled billions for themselves offshore.

Where is the money? and why is Joe Public so damned complacent still?

Time to wake up!!

[bacabu30]

very funny

[Seano71]

the thing is Labour, FG and FF are all the same, at least according to Charlie McCreevy himself. I'm voting Libertas, they are the only ones who told the truth about Lisbon

[deiseldes1]

If the Banks were let go Bankrupt would a reciever be required to call in good loans to clear bad debt ?

My understanding would be if the banks were let go to the wall ,existing good loans would be sold off or called in to clear bad debt.

as all loans look unhealthy at present would reciever look at ? say for instance even with presently depressed values home or business owners who would have only small loans and require forced sales ????????????????????????.

[Wisterialodge]

its simple really. The law is tailor-made for the wretches who have power and influence and no votes. They don't need them! they are masters of those who are elected. I cannot wait for the election to throw these people to the dump of history

[bistrosidecar]

Whatever you say about the government (and I HATE them too) NAMA is essential and has to go through as quickly as possible. I know it's sore point to have to bail out banks and tax the civil service but it has to happen to return confidence and credit into the banks. Instead of saying "it was all their fault we can't agree with them" we should say yes it was their fault but let's move on and never let this happen again. Countries should never be so reliant on banks but we are so tough luck...

[bistrosidecar]

We're the ones who took out mortgages from them on houses 20 times our income and spent without saving. We're all to blame and I defy anyone to say that they didn't buy a 1200euro bag, an expensive house, spent too much on a night out or saved all their disposable income. We're all in this together so let's stop complaining and make rational criticisms of what is happening so we can move on. If NAMA doesn't pass then that's it -we'll be Iceland and we'll be owned (basically) by the IMF.

[frankwillissa]

the banks gave out loans on inflated prices. do u think the value of those mortgages was correct? it isnt and will never be in our lifetime. the value is a bubble price. the ones who took the risk must take that pain to repair any confidence. there is no obligation for the tax-payer, which includes companies, to pay for risk-takers who were happy to to take fat premiums on the bonds. lehman brothers was bought and reopened (debt free) 2 days after bankruptcy. there will be many buyers lining up

[frankwillissa]

NAMA is NOT essential. confidence cannot be manufactured. cowen bailing out his cronies only erodes confidence in the integrity of irelands financial industry. confidence in banks is not gained by propping up failures. confidence is gotten by results and hard work. there is none in irish banks because they are incompetent. u obviously have no idea how markets work. failures must be let go bankrupt and the good prevail. bad banks go bankrupt all the time. u dont know what u are talking about

[bistrosidecar]

WRONG. Failures yes, the have to be allowed go bankrupt but when a useless government and a naive population invests and borrows so much from these "cronies" that the country will actually collapse if they are bailed out then you have no choice in the matter. Manufacturing confidence is what EVERY government has done since 1929 to combat recession -it works. I think Economics 101 is on the books for you.

[frankwillissa]

bs. idiot. its funny how people who say "wrong" always are ignorant fucking idiots.

[frankwillissa]

economics 101 for u idiot - banks go bankrupt every day. deal with it. there is nothing new to this. u must not know this to state such bs. the country will continue just fine as with any company that goes bankrupt. u really dont know what u are talking about u knob

[bistrosidecar]

If one bank collapses at this time then they all will and when they are responsible for SO SO SO much of what the country relies on at this time then the country will collapse with them if they fall. People can get as heated as they want about this but it won't make a difference, it has to happen to allow the banks to start lending again -what our economy relies on. I'm not arguing with you on this anymore, you're not being rational and you obviously don't get it.

[frankwillissa]

i dont agree that the state should have stepped in to save them. much is said how this is necessary but very little to back it up. it smacks of cronism and it would be interesting to see who exactly holds the bonds of these banks. if the tax-payers must take the risk of something as insane as nama then the risk-takers should get the reward. i.e. nationalisation. the reason that the politicians wont do this is because they are in bed with the bondholders who get a debt free bank for nothing

[bistrosidecar]

That was a completely rational argument back! I see your point -it's a very good point. Don't you think NAMA would be a good idea though (acknowledging the mess we are in and how unique it is) in concept? I mean if we had a responsible govt who would ensure that the profits go to social causes? I've written several emails to minister Lenihan (my local TD) asking him to responsible with NAMA, the budget and free market capitalism... No response. He responded at the last election -typical.

[frankwillissa]

i guess i think they whole idea of bailing out bankrupt corporations, maybe short term appearing to help actually long term damaging to the confidence of markets. investors/traders are not stupid and they will not invest in something where someone else is getting a free lunch. its human nature and this is not just ireland the globe is in for a shock because they have done the equivalent of cheating in poker. this may not be obvious right away but i believe healthy markets need the weak to fail.

[bistrosidecar]

And I completely agree with that, I think the Reaganism road of economics is horrific and I damn the Americans for making it so popular. I'd hate to think that it might continue, if it does America will undoubtedly fall in the near future. My point on NAMA is that we're not a big enough country to fundamentally change the financial system and at the mo we rely too heavily on the States and on the banks surviving to ignore them. I don't want the IMF in here next year.

[frankwillissa]

the strong who were conservative are the ones who rightfully should take over the shells of the falures not the current parasites. its a darwin survival of the fittest that creates healthy markets. the pain of all our banks going bankrupt, if lenihan had let it happen, would be less i beleve than the long term pain we will see from a long drawn out death. we are in the denial phase now. this is my guess based on my understanding of human nature. their meddling will be more harmful in the end.

[bistrosidecar]

That's true. The question is what's the bigger risk, meddling now and staying with the current system or changing and running the risk of alienating ourselves from the Americans and the British economically? I honestly don't know, I just don't see NAMA as a huge of a risk as it's being made out to be. The thoughts of going back to the bad old days of socialist Dev thinking just scares the crap out of me and I don't want to risk that. Liberal thinking is at stake here, we need to get it right.

[frankwillissa]

bankruptcy is fundamental to capitalism. right now they are scrambling for regulation. but most of the politicians are making decisions without a real understading of how markets work. like 9/11 they think they can save us all. ironically its the fear of bankruptcy that is all the regulation u need. this was irelands first real boom so its understandable it made a mistake but it has to reverse it. confidence is trust. and nobody will really trust these zombies. the failures damage us all imo

[frankwillissa]

in the past there was more understanding about bankruptcy. i think the americans and the british are making the same mistake here. its actually a form of socialism to try to stop it. my fear is that the zombies will kill the goose. why should the banks try when they get a free handout. the politicians are in danger of creating expensive defendants. why wont their arguments for not going bankrupt be used in the future?paying for mistakes would create wiser banks. bankruptcy creates better growth.

[frankwillissa]

more education for u. the state is not liable for a private companies losses. ironically its only something like nama that puts the country at risk of bankruptcy. by taking on loans from these private companies on to the shoulders of the tax-payer. a state is only liable for its own debts! ive a bridge to sell u economics professor lol

[bistrosidecar]

You're getting way to heated about this. Yes, I know that the state isn't liable for failing banks... that's obvious because we don't live in a communist country and yes banks do go bankrupt -at different times to eachother and in times when credit flows freely so loans can be bought by other banks. This is a different situation. In an ideal world the banks would collapse and be fine but this time the entire country has a stake in these banks because of how stupid we all were...

[frankwillissa]

the deposits insured so what i dont get is why they dont just let the greedy banks go bankrupt. then once they are gone buy the banks up at firesale prices. the govt could then reopen them as a nationalised irish bank with no debt. lehman brother leftovers were bought within two days of going bankrupt by barclays. its criminal to save these parasites and push huge debt they took on to the shoulders of the irish people.

[PA3456]

It's a disgrace that we as a nation have to take this on our shoulders. The government let houses be built (which in my opinion were poorly constructed and will need to be repaired in another ten years by the irish taxpayer again). Why should we bear the burden for other peoples mistakes the "boom" was false only was beneficial to the construction industry now we have noting. What jobs will come from lisbon 2 another lie by the irish government they are criminals ff fg greens and labour.

[Wisterialodge]

Great stuff. But aren't we a quite people to put up with such self-important wasters and crooks. Democracy is dead. We can always blame the unions.

[GenerationYesSir]

lenihan critises ganley about hedge funds as disturbing. i suppose giving away 52 million of tax payers money is not disturbing:)

[upyoursHoboSapiens]

Brilliant stuff!

Thanks for your time and effort to show the danger of the NAMA Grand Theft.

Keep up the good work!!

(Just ask someone to help with proofing the text.)

[delacaravanio]

At least Hitler shot himself. Maybe Willie O'Dea could loan a gun to Biffo?

[briainireland]

Is that Joseph Fritzel on the right at 1.01??

[kikithemagician]

Fabulous video - exactly what everyone (except our elected politicians of the people) is thinking. Congratulations.

[nejuw]

very good

[okeeft01]

Seriously though, NAMA is about to pay 54bn plus interest (over 10 years, they'd be lucky to get change from 10bn) and there's going to be the admin of NAMA. What do we get in return? Assets valued at 47bn today but which some say are worth 15-25bn.

Somebdy said on the radio today "We should give the country back to the English and apologise for the condition"

Wouldn't go that far but we need to get the politicos to explain themselves better before this is passed.

[okeeft01]

"Ignore him - you can barely see your moustache" - what a brilliant video. Well done, I hope you find a place for your great talent.

[fairhillnorrie]

our day will come. vote out this government. vote NO to Lisbon.. that's the only way we know.. the democratic way... Unions, you have been cowardly up yo now, make a stand, call a national strike to remove theses evil corrupt government from power... be MEN not MICE..AND goodbye forever to the greens... God save Ireland.....

[irishjig123]

Im in full agreement Lets get these CUNTS out before they fuck this country up altoghter bucnh of selfish bastards........Fucking Fianna Fail fucked up this country yet again and now they want us to pay 54bn to the fucking banks to bail them out, they honestly think that the irish perople are stupit the arrogance of the CUNTS. Lets fuck them out on their ear and NEVER EVER VOTE THEM BACK IN............................­........

[simonjohnpalmer]

It's ironic that the Irish government had a soft spot for the Nazis during the war too.

[northernsoul44]

It is funny because it is true, Ireland's politicians are a complete joke.

[ctbere]

Thank you for makeing me laugh in times of utter frustration. Unfortunately - while the images are different - the messages are real! God help us all!!!! Why can't they see they are drowning us all with corruption and utter stupidity...

[tirnanog33]

Ditto -still laughing.God you are getting great mileage out of that clip.

it was made for adaptation to suit the irish "soldiersofdestiny"(dotcom) third reich.

The last time I laughed so much was Mel Brook's original film "the Producers" (Springtime for Hitler) keep up the good work, there will be lots more opportunities for sequels

[mgkonlinephoto]

wow!...absolutely oustanding!

[fairhillnorrie]

best. brilliant. fantastic. well done... 5 star.

WOW bloody WOW..

[dandaneire]

That was the best video I have ever seen. The Irish people need to see this!

[arianetobin]

That was just great .....

[daleh99]

That was brilliant!!

[bj260893]

except you can see Berlin on the map!!

[someuser91]

she does look like a bloke :-o

[VGUpload]

Director's Cut Version - see link in the "more info" section of the "Subscribe" box.

[veronicawalsh1]

Genius! Oh, thank you.... still laughing..