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ralphmalph

Michael Lewis - Liars Poker Author

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http://www.vanityfair.com/business/features/2011/03/michael-lewis-ireland-201103

Good that the non financial media is picking up on this and hopefully people will start to think about financial ponzi schemes especially when orchestrated at a country level.

Some sobering points. If Anglo Irish was an American bank then if you scale the losses at Anglo to the size of the US economy with respect to the Irish then the loses would be 3.4 Trillion.

Needs to be said again 3.4 TRILLION! Wow that is having a craic.

The Irish got rich by buying the country off themselves and reselling it to more Irish people - Ponzi scheme anybody.

The nuttiest lendors in the UK market were the Irish but nothing compared to what they were doing in Ireland.

Merill Lynch identified the problem and then senior management withdrew the report because of protests from Irish bankers because Merrill were making fees on the business - so much for independent analysis. Perhaps if Merrill senior management had read their own analysts report and taken action they would have not have gone bust and needed loads of TARP money. But then you can always sell your sell to another sucker bank for 19bill to ensure you get one final pay off for bankrupting the business.

Oh well perhaps times will change.

Edited by ralphmalph

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  • 311 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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