• 16 Sep 2009 at 4:41 PM

Original TARP Plan Enacted….In Ireland

By Greg Michaels

Irish Housing.jpgIt took a bit longer than expected, and in another country, but the world may now get a glimpse at the wisdom of direct government purchases of toxic assets. Faced with the near Icelandic state of its banks, the Irish government is planning on going long the real estate market to the tune of €54bn to help get credit flowing again. The newly created National Asset Management Agency will receive a 30% discount on the €77bn loan portfolio coming off bank balance sheets and then call for nationwide prayer to help property prices rise the 10% over 10 years required for the government to break even. If there was ever a time for the luck of the Irish to come through, this is it.
Ireland to Pay EU54 Billion for Banks’ Risky Loans [Bloomberg]

Comments (7)

  1. 1
    Posted by guest | September 16, 2009 at 4:44 PM

    I can only assume the decision-makers were just absolutley tanked when this hit their radars as a good idea…

  2. 2
    Posted by guest | September 16, 2009 at 4:45 PM

    Greg-
    Would you be a doll and pick me up Duane-Reade brand suppositories and lemon douche? There’s Beefaroni in the pantry. I’ll be home late.
    Love,
    Mom

  3. 3
    Posted by guest | September 16, 2009 at 4:51 PM

    Greg,
    If you’d like to take some time off, I’ll volunteer to cut and paste Bloomberg articles for you and write nothing of interest.
    Best,
    The coyote that stole Jessica Simpsons dog.

  4. 4
    Posted by guest | September 16, 2009 at 4:53 PM

    Greg-
    John Kerry called. He wants you to stop plagiarizing his material.

  5. 5
    Posted by guest | September 16, 2009 at 4:54 PM

    Greg, I pee’d in your lucky charms cereal box . . . . two weeks ago.
    -Jeff Macke

  6. 6
    Posted by CoveredLong | September 16, 2009 at 4:57 PM

    Greg – It’s not a 30% discount, it’s a 30% markup…and Ireland’s already broken even…don’t you see. It’s all the fault of fiat currency and the federal reserve, this is just step 4 in how their plan is to proceed.
    Here, let me go get my misspecified chart where I compare irrelevant statistics together and then, BOOM, you’ll see the conspiracy too. I’ll be sure to throw in some sarcasm, jargon, and lot’s of quotes taken out of context for the full effect.
    We’ll keep on working on your writing…you’ll get there soon. Here, put this hat on, it’ll protect you.
    -Tyler Durden (ZH)

  7. 7
    Posted by Fan of Jeff Macke | September 16, 2009 at 7:59 PM

    Greg,
    You already have the look of the British, the B.O. of the French and business acumen of the Italians. I further wish you have the luck of the Irish.
    - Not Jeff Macke but an admirer

Leave a comment

You can log in with your account or comment as a guest below.

   or