The enclosed 4 minute clip was a stand-alone item on an RTE Show called @last TV. As far as I know the full TV Show it is not available for purchase, as it was made for TV, as opposed to commercial distribution.
I actually worked for a bank in 1998 and it was a crazy time. Even then, I remember there was talk of a collapse but as the years wore on it looked like we were invincible. Even as the recession started it was claimed you were alarmist if you pointed out the truth and this guy was doing it in 1998 and no one listened.
Great vid that I have just seen now for the first time. I never hear a word from the irish central bank. You did a better job on the video than they did on the regulation. But I feel that there is a seldom mentioned motivation for crazy lending that is difficult to discribe. One..economic power is equal to military power.Two ..world wide there is financial warfare. Financial warfare can and often does translate into military warefare.The US FED, the UK BOE and the ECB have imbraced bubbelism. Bubbelism is a desperate piece of financial warefare. The bubbelists intend to treat the problem after it bursts.
I remember when I was being "taught" Business Studies in 3rd year (2000), we started on the section on banking/loans where we were told a bank could legally lend 10 times the money it actually had. I said "That's crazy, what if people wanted more than 10% of the loan?", the teacher glared at me frostily and I was given a week's detention.
This is from 2001 or 2002 not 1998 I remember watching the original broadcast. It's a good analysis but a bit simplistic, the banks did over lend but leverage has been a common banking practice since the rennaisence, sensible leverage won't cause a banking crisis, it's the spiraling rate of leverage coupled with easy post September 11th credit which fucked us
Somebody knew something wasn't right , when at the height of the boom you heard about property in parts of Dublin being more expensive than London or even central Paris f f s ,then you know somethings doesn't add up .....
@boscoesarmy who said: Everybody is to blame for the mess were in. Bankers, builders,Credit card companies, and the consumers. What about savers Boscoe's Army? Are they to blame too. What about people who saved cash or paid their credit cards off at the end of the month and prudent'y lived with their parents or rented a house? Are they to blame too?
I don't blame the bank for lending money . We all need I and a bank too and they are entitled to make a profit on it . I do have a problem with banks threatening to crash the economy or claim not to be in position to do anything about it apart from bum from the government and subsequently infiltrating Irish businessesmp
@Stevedun07 It was a Christian Brothers school, though not exactly a borstal. Just had an extremely neurotic teacher (who needs standards when hiring an "educator"?) that would overreact if someone contradicted the book.
Surely the problem outlined here is that the state got too involved in banking. They made the fractional reserve rules and the banks played (willingly) along. Since socialism means even more state power, it seems like a worse alternative than what we have now. We need capitalism, not bloated state corporatism, or whatever you want to call it.
This is a horrible misunderstanding of the situation. There is a scam in banking, but this isn't it. Also, what on earth was the bathtub metaphor about?
Can someone remove that 'IRELANDYouAreNext' guys comments, really don't wanna be seeing any stormfront users posting on such an interesting videos as this.
@johncool182 Thats an old punt/pound sign ya numpty. There's only one stroke through it whereas the euro sign has €. Thats the way it was done. Plus he says that the couple are being loaned a hundred thousand POUNDS.
Don't be thick. Have you not seen that BBC report on Irish anti-social behaviour in Australia? It's basically like that TV show "Boozed up Brits Abroad", except with Irish people. I know a shit load of people that have gone to Australia (I won't use the word emigrate because that would be an insult to our ancestors who really had to emigrate). They are gone on a long holiday. Basically, yes I think staying here on the dole looking for jobs is better than picking apples in Australia.
The emigrants of this generation do not deserve sympathy, no. They are just doing the young person thing ie. go traveling for a year or two. "i'm getting out of this shih - hole bai" but you know they'll be back to mammy as soon as they are bored of hanging out with Irish people in Australia. Cos let's be honest, that's all you're going to do. But of course the folks fro famine times and maybe the folks from the 80s ... twas a harder time for them.
