Max Keiser Documentary On Irish Eco Hell

[interestrateripoff]

Not had time to watch it yet.

Zerohedge review

Max Keiser, in his typical engaging and florid style, has released the first part of a documentary focusing on economic collapse hotspots offshore. And while Charles Ferguson already did a good synopsis of what transpired in Iceland in his iconic Oscar winner "Inside Job", nobody has yet done a comparable overview of Ireland. Until now, with Keiser's no holds barred reporting out of Dublin. Must watch for anyone who hates the sugarcoating of reality by the mainstream media.

[interestrateripoff]

Part 2

[Laughing Gnome]

Excellent, thanks for posting.

Stunned to learn that you can be imprisoned for debt in Ireland.

[SHERWICK]

Excellent, thanks for posting.

Stunned to learn that you can be imprisoned for debt in Ireland.

Are they all in prison then?

Edit: no cheap jokes about Ireland being a prison thank you.

Edited April 19, 2011 by SHERWICK

[Sour Mash]

Excellent, thanks for posting.

Stunned to learn that you can be imprisoned for debt in Ireland.

Only if you're an ordinary Joe who stupidly took too much of the debt being offered.

The big property developers have largely been bailed out of their disastrous and greedy 'investments' by NAMA and of course the banksters who screwed over the country are conspicuous by their absence in the courts.

The bloke in the video put his finger on it - the population are too busy watching 'X Factor' to care how much they are being ripped off. Good to see that it doesn't just work its magic on British chavs.

[okaycuckoo]

Excellent, thanks for posting.

Stunned to learn that you can be imprisoned for debt in Ireland.

Prison has always been a theoretical option for Irish debtors, but not really. Same for England/Wales until a few decades ago - Ireland just hasn't reformed its legal system to reflect the eternal debt merry-go-round.

They're now talking about removing the justice system from the debt disaster completely. Result: bureaucratic interference to sort out the debtors favoured by the government. It will probably be administered by debt management companies who can charge fees forever. Slicey-slicey.

Effectively, they will end up with the situation we have here - Northern Rock allows some homeowners to go 2 years without paying the mortgage, yet leaps at the throats of others. Rule of law can go **** itself.

Anyway, Keiser is a bit dumb. Doesn't really understand what he's talking about - I saw him in interview with Denninger last year and it was obvious. I know Denninger commends him now, but I sense an undercurrent of contempt from Mr Niceville. Plus he was incapable of explaining derivatives on Irish TV a few days ago.

McWilliams had alot of foresight in 2003, but he approved the Irish government's blanket guarantee, and his articles are so folksy and lacking in hard analysis that it would be unwise to think he's speaking anything but nonsense.

[aa3]

'Democracy' nowadays seems like a thinly veiled system for the extraordinary profits of banks, developers, lawyers and friends.

Imo the money center banks who create new money through the fractional reserve system should at minimum all be state owned. At least then the government would get the upside in the big profit years.. then take the pain in the down years. Right now private parties get the profits in the good years, while taxpayers pick up the losses in down years.

And the publicly owned bankers should be put on the national civil servant pay scale. If its good enough for military men risking their life.. its good enough for bankers.

Its working in China, the big 4 Chinese banks are state owned.

[aa3]

Only if you're an ordinary Joe who stupidly took too much of the debt being offered.

The big property developers have largely been bailed out of their disastrous and greedy 'investments' by NAMA and of course the banksters who screwed over the country are conspicuous by their absence in the courts.

The bloke in the video put his finger on it - the population are too busy watching 'X Factor' to care how much they are being ripped off. Good to see that it doesn't just work its magic on British chavs.

At some point an apathetic and ignorant populus, who gets sucked in every time to supporting twiddle dee or twiddle dum... deserves to have the majority of their lifetime output taken by others.

What makes it worse is this is the most 'educated' generation in history.. which I think gives many a false sense of their own wisdom and intelligence. A lot of people from past generations read many hundreds of books in their life(before tv's were invented), and spent countless evenings debating the issues of the day. So although they never went to school, they had a deep understanding of the world around them.

I'd also say morality has a part of it. Protestant England of 100 years ago, a lot of powerful people had some basic ethics. Like sellng pension funds dodgy assets is morally wrong..even if you manage to trick them.

[bpw]

Some need to take stock of the fact that the housing boon didn't just benefit the banks. It was the people who owned property and sold it that made money. Most were ordinary Irish people who jumped on the house price bubble. Where are they in all this? The solution to this should have been to check all sales transactions and slap an extraordinary tax on those who made hundreds of thousand and in many cases millions without lifting a finger. This is and always has been about intergenerational wealth transfer the young are getting the reward for their apathy.

[Venger]

Some need to take stock of the fact that the housing boon didn't just benefit the banks. It was the people who owned property and sold it that made money. Most were ordinary Irish people who jumped on the house price bubble. Where are they in all this?

A formal report released yesterday does have the courage to put blame on the wider bubble loving public. Too many of the people blaming the banks have done very well out of the crazy years of boom and played their own part in causing the problems now the money has run out.

Irish banking collapse caused by greed and complicit public – report

Bankers taking risks on a "almost unbelievable" scale, a complicit public willing to "let the good times roll" and a lack of regulation combined to cause the collapse of the Irish banking system, a government-commissioned report concludes.A nine-month inquiry by Finnish finance expert Peter Nyberg published is scathing about the banks which, he says, lost control, but also contains criticism of Irish society in general and institutions including the civil service and regulatory authorities.

Nyberg, a former International Monetary Fund economist, says that no one in the banks appreciated the risks being run and, that although global events did not help, the main reason for the Irish banking collapse was "the unhindered expansion of the property bubble financed by banks using wholesale market funding".

http://www.guardian.co.uk/business/2011/apr/19/nyberg-report-into-irish-banking-collapse

[OnlyMe]

Nyberg, a former International Monetary Fund economist, says that no one in the banks appreciated the risks being run

This is an outright lie.

[Sour Mash]

Some need to take stock of the fact that the housing boon didn't just benefit the banks. It was the people who owned property and sold it that made money. Most were ordinary Irish people who jumped on the house price bubble. Where are they in all this? The solution to this should have been to check all sales transactions and slap an extraordinary tax on those who made hundreds of thousand and in many cases millions without lifting a finger. This is and always has been about intergenerational wealth transfer the young are getting the reward for their apathy.

Whilst the public certainly have to bear their share of blame for being stupid and greedy, the bottom line is that even the typical homeowner benefited little from the huge rise in property.

Sure, the value of their home went up but they had to live there meaning that it didn't deliver any benefit to them. OK, they had the opportunity to MEW the 'wealth' from their property but that wasn't exactly a great idea. And most people aspire to move to a bigger and better property - rocketing HPI just meant that they had to borrow more to step up the ladder, not exactly beneficial putting them more in debt to get the same house.

Bottom line: Few ordinary people walked away with their 'gains' and a hell of a lot of people ended up saddled with huge debts to buy an overpriced asset. The typical story of housing booms.

[SHERWICK]

'Democracy' nowadays seems like a thinly veiled system for the extraordinary profits of banks, developers, lawyers and friends.

Imo the money center banks who create new money through the fractional reserve system should at minimum all be state owned. At least then the government would get the upside in the big profit years.. then take the pain in the down years. Right now private parties get the profits in the good years, while taxpayers pick up the losses in down years.

But the problem is that I don't trust government / politicians OR big banks and other big corporations.

I distrust both equally.

In fact, there is virtually noone that I trust - be it big business or small business/sole traders, central or local government politicians or civil servants, work colleagues and family members

Let's face it, they're all gonna pull a fast one if given half a chance! :angry:

[cashinmattress]

Anyway, Keiser is a bit dumb. Doesn't really understand what he's talking about

Eh? Haha, Keiser is a bit dumb?.. so says some random internet numbskull (YOU).

As for Max's appearances on the show, he held his ground against an raft of ignorant fvckwit plants who barely let him get a word edgewise.

As your YOU, get back to your news of the world and x-factor.

[SHERWICK]

A formal report released yesterday does have the courage to put blame on the wider bubble loving public. Too many of the people blaming the banks have done very well out of the crazy years of boom and played their own part in causing the problems now the money has run out.

Irish banking collapse caused by greed and complicit public – report

http://www.guardian....anking-collapse

AT FECKING LAST!!!

[erranta]

<br />Some need to take stock of the fact that the housing boon didn't just benefit the banks. It was the people who owned property and sold it that made money. Most were ordinary Irish people who jumped on the house price bubble. Where are they in all this?  The solution to this should have been to check all sales transactions and slap an extraordinary tax on those who made hundreds of thousand and in many cases millions without lifting a finger. This is and always has been about intergenerational wealth transfer the young are getting the reward for their apathy. <br /><br /><br /><br />

Go right back to basics - you forgot the Land-Bankers/owners right at the start of the feeding chain.

Guaranteed cash!

Rich b'stards just buy up more at the lowest crash points/prices and sit on the building land again for yrs to maximise their need for greed at others housing expense.

Note how thousands of acres of building land appeared as prices rose higher and higher - till you are left with thousands of unfinished/unsold estates and bust building sharks

err companies - at the bursting of the bubble they created (in concert with devious Govt officials who turn a 'blind' eye!)

[indirectapproach]

[indirectapproach]

.

Edited April 20, 2011 by indirectapproach

[Venger]

Whilst the public certainly have to bear their share of blame for being stupid and greedy, the bottom line is that even the typical homeowner benefited little from the huge rise in property.

Sure, the value of their home went up but they had to live there meaning that it didn't deliver any benefit to them. OK, they had the opportunity to MEW the 'wealth' from their property but that wasn't exactly a great idea. And most people aspire to move to a bigger and better property - rocketing HPI just meant that they had to borrow more to step up the ladder, not exactly beneficial putting them more in debt to get the same house.

Bottom line: Few ordinary people walked away with their 'gains' and a hell of a lot of people ended up saddled with huge debts to buy an overpriced asset. The typical story of housing booms.

How many times did we hear, and still hear, how much profit someone made on a house when they sold, then sinking it into the purchase an even more expensive home? Many times over.

Aspiring people who didn't know enough and their actions priced me and many other non homeowners out the market, with higher prices paid pushing the market ever higher upwards. Beyond what other people were willing to pay. The only benefit I'm interested in is for long term savers and younger people finally being able to buy a home at much lower prices than peak

Bottom line: Who cares whether your over indebted homeowners have benefited now the music has stopped? I don't want them benefiting at my expense. They already have for many years. I certainly didn't benefit as a long term renter, but want to take advantage of lower prices when they come from all your struggling debtors. Nearly every thread here sorrow for "ordinary joe" buyers who took on debt of hundreds of thousands of euros or pounds. Their debts, fall in their values of their homes, and decisions they might now regret are their own problems. Make way for the smart people who've been renting for years and saving up to buy.

Edited April 20, 2011 by Venger

[GreenWarwick]

How many times did we hear, and still hear, how much profit someone made on a house when they sold, then sinking it into the purchase an even more expensive home? Many times over.

Aspiring people who didn't know enough and their actions priced me and many other non homeowners out the market, with higher prices paid pushing the market ever higher upwards. Beyond what other people were willing to pay. The only benefit I'm interested in is for long term savers and younger people finally being able to buy a home at much lower prices than peak

Bottom line: Who cares whether your over indebted homeowners have benefited now the music has stopped? I don't want them benefiting at my expense. They already have for many years. I certainly didn't benefit as a long term renter, but want to take advantage of lower prices when they come from all your struggling debtors. Nearly every thread here sorrow for "ordinary joe" buyers who took on debt of hundreds of thousands of euros or pounds. Their debts, fall in their values of their homes, and decisions they might now regret are their own problems. Make way for the smart people who've been renting for years and saving up to buy.

Very succinctly put. The fear now is that the political establishment will push for "debt forgiveness" for the sheeple who bought into the con. Sitting here in ireland I see this already happening. the new government has doubled mortgage interest relief for those dumb enough to have bought houses between 2004-08. Yet, there will be no such relief at all for anyone who buys a house from here on in.If I got a penny for every clown who has argued for debt forgiveness in the last month in the Irish media i would have enough for a one bed flat in a Dublin suburb (about €300). The same geniuses srgue that it is anglo-irish culture that we buy rather than rent. Sod them from all of us who never bought. And the other argument that the Irish and british have no decent rent controlled sector is equaly facile. if these clowns stopped watching X factor and got politicaly active none of them might be in the mess they helped create for themselves.

[nixy]

One guy in the film said......

"it doesn't matter whether you want debt or not....... if you don't take debt, the banks will take it on your behalf"

could it be why the incitement laws were brought about ....... to protect bankers from incitement to hatred ??

[cashinmattress]

The real question is, how long will it be till we see the 'Celtic Tiger' version of these babies:

I'm part Irish myself, and I know how passionate the Republic's citizenry is. Time will tell...

[athom]

quote of the show for me "and if you don't want to take on debt your bloody government will take on debt for you"

It's that nationalization of the debt that certainly me and i expect all of us here missed. While i was feeling quite content to think i was smart enough to keep out of it all, watching people sleep walk into certain negative equity and ruinous debts, i waited to see the repossessions of many people around me and i didn't for a second realise the feckers would simply spread the defaulting debts across the nation and force all the workforce to pay it back through taxes. I just thought some people would go bankrupt like the last crash and i could step in and buy a cheap house. Instead the house prices have stayed the same because the banks haven't needed to refinance through repossessions and i have to cover for other peoples inability to pay for their houses while they can keep living in them.

The clue i missed was how widespread it was, the indebted were actually saying the government wouldn't allow so many people to lose their houses etc but i just thought it was typical wishful thinking, it seems they were right but for reasons other than some patriarchal motive they were thinking of.

what a massive ****** off

[okaycuckoo]

Eh? Haha, Keiser is a bit dumb?.. so says some random internet numbskull (YOU).

As for Max's appearances on the show, he held his ground against an raft of ignorant fvckwit plants who barely let him get a word edgewise.

As your YOU, get back to your news of the world and x-factor.

Can't recall if you're one of HPC's nutters. Evidence from that response says Yes.

The video is good, and the ganging up on Keiser in that BBC comedy show was awful. But review Keiser's answers to Vincent Browne's questions about derivatives + his cluelessness in the Denninger interview. Is what it is.

Keiser is an amusing journalist, like Michael Moore. Ideology in search of an audience.

[okaycuckoo]

quote of the show for me "and if you don't want to take on debt your bloody government will take on debt for you"

It's that nationalization of the debt that certainly me and i expect all of us here missed. While i was feeling quite content to think i was smart enough to keep out of it all, watching people sleep walk into certain negative equity and ruinous debts, i waited to see the repossessions of many people around me and i didn't for a second realise the feckers would simply spread the defaulting debts across the nation and force all the workforce to pay it back through taxes. I just thought some people would go bankrupt like the last crash and i could step in and buy a cheap house. Instead the house prices have stayed the same because the banks haven't needed to refinance through repossessions and i have to cover for other peoples inability to pay for their houses while they can keep living in them.

The clue i missed was how widespread it was, the indebted were actually saying the government wouldn't allow so many people to lose their houses etc but i just thought it was typical wishful thinking, it seems they were right but for reasons other than some patriarchal motive they were thinking of.

what a massive ****** off

Reduce your tax burden. Plainly you can't afford KPMG to offshore your income, so consult your local Polish community - very smart people.

Eventually central government will have to source all its blood from ... the blood suckers.