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"this Is No Mere Slump -Its The Bankruptcy Of A Nation"

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http://www.independent.ie/opinion/analysis/this-is-no-mere-slump-its-the-bankruptcy-of-a-nation-2257280.html

Saving banks at the expense of the taxpayer is not a good idea in his opinion

neither is it a good idea in his opinion that cutting corporation tax and taxing the income and savings of individuals rather than the income and savings of corporations and the holding of property. Yet that is what is being done.

All this is ultimately being done not to bail out banks, but to bail out the rich and to bail out national and multinational non financial corporations. Bailing out the banks is just an unfortunate side effect of that.

Their narrative has been very effective, painting banks and borrowers as the bad guys and placing the ruthless mercantilist profiteering of the big corporations during the boom as something to be celebrated and protected.

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Irish Banker Bankrupt

It seems the Irish have the right idea in some respects.

SEAN FitzPatrick is bankrupt. Unless he can find a means of discharging his enormous personal debts, he will have to spend the next 12 years subject to a Dickensian law which forbids him to act as a company director, auditor, manager, liquidator or receiver.

He is permitted to keep his clothes, furniture, bedding and work tools up to a value of €3,175. But if he wants to take out a loan of more than €630 he must disclose his status as a bankrupt.

His plight will evoke very little sympathy. There are hundreds of thousands worse off: the victims of unemployment, negative equity and all the other ills inflicted on them by the banking collapse. And in this collapse, in the frenzy of the construction and property boom, in reckless investment and the conviction that the good times would last forever, he and his Anglo Irish Bank were major players.

Should have been the fate of Applegarth and Fred the Shred

Edited by Live Peasant

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neither is it a good idea in his opinion that cutting corporation tax and taxing the income and savings of individuals rather than the income and savings of corporations

Not only corporations pay corporation tax. I'm a one man band Limited company and I pay it.

(Well, technically speaking there's two of us, me the boss and me the employee, but we generally agree on most things.)

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Not only corporations pay corporation tax. I'm a one man band Limited company and I pay it.

(Well, technically speaking there's two of us, me the boss and me the employee, but we generally agree on most things.)

I don't see that that makes any material difference at all to the justification for the imbalance between corporation and income tax level setting policies.

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I don't see that that makes any material difference at all to the justification for the imbalance between corporation and income tax level setting policies.

Corporation tax rates are in a bit of a global race to the bottom I think.

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Even his house is in danger. Under Irish law his wife automatically owns 50% of it, but the other 50% can be sold to pay debts.

Usually the wife is given the chance to buy her husband's 50% from the administrator. Often the bankrupt's private home is left alone by the administrator, but in this case his luxury house has attracted so much attention that the administrator may feel compelled to act.

Any other property and assets automatically transfer to the control of the administrator, as will any earnings or pension payments FitzPatrick gets (the administrator will decide how much he needs to live on).

Bankruptcy here lasts for 12 years. FitzPatrick can't be a company director during that time. He can't even borrow more than €650 without prior approval.

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Irish Banker Bankrupt

It seems the Irish have the right idea in some respects.

Should have been the fate of Applegarth and Fred the Shred

I think we should have a law, that states that if you are a director of a bank that has deposits, and therefore would need to be bailed out if there was a failure, then you are personally liable if the bank needs rescuing, if the bank goes bust within 5 years of you leaving the job, and six months after you have started the job.

That way, if you found any trouble when you started, you could squeal and bailout. You couldnt leave a bank up the creek, and you would suffer the consequences if you took over a bust Dutch bank for double its value.

Also, when it is a choice between dishing out bonuses and boosting bank capital, I know what I would choose as a director.

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  • 150 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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