The government’s NAMA plan amounts to a massive bailout of the banks and developers at the expense of working people. If NAMA is implemented, working people will pay a terrible price for generations.
Every year NAMA will cost the exchequer millions which will result in governments justifying cutbacks in vital public services such as social welfare, health and education. Interestingly NAMA has been given the rubber stamp by the EU Commission ECB who would take a dim view if ordinary people in mortgage difficulties where to be ‘bailed out’ by the government.
NAMA is an instrument designed with one purpose in mind – to enable the banks, developers and speculators to return to business as usual. This means a return to the obscene profiteering that led to the crisis, while taxpayers are burdened with a risk of around €70 billion.
Working people must not pay for this economic crisis, which was created by the profiteering of speculators and developers egged on by the government. A huge mobilisation of people for the United Actiona Against the Cuts protest on 19th September is necessary to send a strong message of opposition to Nama.”
Instead of a bail out for the banks from the taxpayer, the banks and major construction companies should be nationalised under the democratic control of working people. Cheap credit should be given to those who need it and working class people should be bailed out of their mortgages which were inflated to pay for the profits of the banks and the property developers. This could also allow the thousands of unemployed construction workers to be employed on socially useful projects such as the construction of schools etc.
CHECK OUT OTHER RELATED ARTICLES:
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- A radical review of mortages is an absolute necessity
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