God’s Work
From the wonderful Mike Shedlock comes this sardonic post giving a true flavour our times.
Our chairman who art at Goldman
Blankfein be thy name
Thy rally’s come, God’s work be done
In the Dow as it is in the Nasdaq
Give us this day our daily gain
And forgive us our frontruning, as we punish those who frontrun against us
And bring us not under indictment
But deliver us from regulators
For thine is the cashflow, and the power, and the bonuses, forever and ever.Amen
Yea, verily……
http://www.irishtimes.com/newspaper/property/2009/1119/1224259098941.html
These very nice apartments in the Dublin commuter belt (Newbridge, on motorway, railway) are down by 66% from peak. NAMA’s chief valuer wants to pay 50% of peak for everything (€47 Bn plus an LTEV). This would include development land which has fallen 70-80% in Dublin per Judge Kelly. If as NAMA supporters tell us the Dublin area is less oversupplied then NAMA is going to lose a gigantic amount. NAMA will now have to turn €31Bn (if there is a 66% fall on everything) into €74Bn in capital and interest in ten years. It won’t. NAMA will lose €43 Bn if we are lucky.
The worst thing: FF know the property market better than anyone. They know that they are stealing €43Bn from a country on its knees. The person who calculated the €74Bn figure is very knowledgeable about NAMA and I believe him.
http://www.politics.ie/economy/113049-what-nama-plan-really-means.html