Daft Property - Irish Property News

'Property mania' at heart of bank crisis... The Nyberg report into the handling of the banking crisis has found that the main cause was the 'unhindered expansion of the property bubble'. The Nyberg report into the handling of the banking crisis has found that the crisis was the result of domestic Irish decisions and actions, and not international developments. The report, written by Finnish banking expert Peter Nyberg, said the main cause was the 'unhindered expansion of the property bubble', which was fuelled by banks using money borrowed from international markets. It said the risks linked to the bubble were undetected or seriously misjudged by the authorities. It said any warnings from the authorities were 'modest and insufficient'. The report said nobody abroad forced Irish households, investors, banks and authorities to take what it called 'unsustainable' financial risks. The report referred to the development of a 'national

Year of the great smash and grab raid -- by the banks... IF THERE is one thing you can bank on, it is that 2010 will go down as the year of the great bank robbery. Usually the raiders take money from the bank. But in the case of this bank job, the ones who have had their cash torn away from them in an audacious smash and grab raid are consumers. Banking was once a byword for trust, but today's Irish bankers are a sorry lot. They now have their hands out, begging for a bail-out. Unfortunately, we have no choice other than to stump up and fund their losses from lunatic loans that were advanced with abandon to developers and others during the boom. We are set to learn today exactly how many billions of euro will be required to be pumped into the banks in order to bring them back to health. But it is almost certain that the State will end up as the majority owner of AIB and Irish Nationwide, along with significant stakes in Bank of Ireland and EBS Building Society. And these banks and

Cowen's call to arms in time of need... The nation is demanding an Obama-esque state of the nation address from the Taoiseach. Here, Frank McNally offers his take on what Brian Cowen might say... ‘FRIENDS, CITIZENS, COUNTRYMEN: lend me your ears! And not just your ears. If there’s anything else you can lend me, all pledges would be gratefully accepted. We have people ready to take your call now at the number showing on screen. But I’ll come back to that later. Sixty-five years ago, in the midst of another national emergency, Éamon de Valera addressed the people, much as I am doing this evening, and chose the occasion to outline his vision of the ideal Ireland. He said the country of which he dreamed was one whose people would be satisfied with frugal comforts, and who devoted their leisure time to things of the spirit. It was a land in which material wealth would be valued only as the basis for right living; a land whose countryside was bright with cosy homesteads; whose fields wer

New York, Hundreds of thousands of revelers rang in 2009 from frigid Times Square as the famous Waterford crystal ball dropped, signaling the end of a historic and troubled year that saw the election of the first black U.S. president and the worst economic crisis in decades. As the clock struck midnight, a ton of confetti rained down while the partygoers hugged and kissed. The wind chill made it feel like 1 degree (-17 Celsius) in the area, but that didn't deter the throngs who were cloaked in fur hats and sleeping bags. "We're worried about the economy but hoping for the best," said Lisa Mills, of Danville, Ohio, visiting Times Square on Wednesday night with her husband, Ken, and 17-year-old daughter, Kara. Former President Bill Clinton and Sen. Hillary Clinton, who will become President-elect Barack Obama's secretary of state on Jan. 21, helped Mayor Michael Bloomberg lower the the famous Waterford crystal ball atop 1 Times Square for the countdown to midnight.

Cowen has left this rudderless nation adrift on a sea of incompetency... It took a while to fully comprehend what was actually going on. This was, perhaps, because it seemed so unlikely. Of course, the more we learn about these things, the more we know it is not that unlikely at all. But those were more innocent times. Those were times when we had that cosy assumption that the people in charge vaguely knew what they were doing. Even if we have no respect for them or their intelligence, even if we disagree with their politics, in this country we generally assume that someone up there in government is vaguely managing things at some level of competence. If we don't think it's the actual Taoiseach or minister, we suspect that there are civil servants who've been running things for years and know what has to be done. After all, this is not some third-worldy banana republic. This is a well-turned-out, internationally accepted, sophisticated 21st century country. Someone must kno

Classic song by the spitting image TV show to the tune of the Madness song - Our House. Based on the financial situation of the time, rather like that of today..... Lyrics: Dad believed what Maggie said Get a mortgage buy a home So dad took out a great big loan For a while there we were chuffed Now the market has collapsed And we're absolutely stuffed Our house, in the middle of a slump Our house, no one wants to buy this dump Dad is desperate to sell But now our homes worth even less Than a pension from Maxwell Our living room's a mess Full of magistrates and bailiffs Trying to repossess Our house, in the middle of the boom Our house, it was worth a small fortune Our house, left us in a dreadful state Our house, why the hell'd we decorate We really caught a cold Nowhere we can go to now All the council houses have been sold Our dads taken some stick He's still voting Tory though By God he must be thick Our house, didn't work out like we planned Our house, prices dr

So why are we in this international economic crisis - it's no accident - it's been planned for some time. Meet the money masters... "The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private ... all » hands able to dominate the political system of each country and the economy of the world as a whole...Their secret is that they have annexed from governments, monarchies, and republics the power to create the world's money..." THE MONEY MASTERS is a non-fiction, historical documentary that traces the origins of the political power structure that rules our nation and the world today. The modern political power structure has its roots in the hidden manipulation and accumulation of gold and other forms of money. The development of fractional reserve banking practices in the 17th century brought to a cunning sophistication the secret techniques initially used by goldsmiths fraudulently to accumu

BBC panel discuss the ramifications of the passing of the $700 billion 'Bailout Bill' in the US, and the impact that will be felt in Europe and the Middle East...