I just sent the following letter to my public representatives here in Ireland on the subject of the madness that is NAMA; if you’re in the same sinking ship I encourage you to do the same: you can find the addresses you need here. Those of you outside of Ireland should pause for a moment and consider the progress of a country determined to not only undo its achievements but also put paid to any future ambitions.
I am writing to you to express my deep concern as an Irish citizen about the establishment of NAMA and, in particular, the unorthodox methods being used to establish the value of properties concerned.
Perhaps all concerned are acting in good faith–but there is a great danger that the present and future treasure of our country, of our children and our grandchildren, will be squandered: all in a vain attempt to mitigate the losses of a reckless element.
The thinking of course is that those losses, when realized, represent a systemic risk. That may be so. But the creation of NAMA, like so many responses in this crisis, is ill-conceived and burdensome.
- For one thing, why are stakeholders in our banks not absorbing the losses first?
- For another, why are values being determined as though they will not fall further?
- And, to stop only at three points where a dozen could be made: how immune is NAMA to the “stroke-pulling” that seems endemic to our public life?
I would appreciate you redoubling your efforts to stop NAMA; if you are in support of it, I beg you to reconsider.