How the debt-free are forced to subsidise the negative equity crowd

[feargach]

RTÉ Business: Lenders banned from taking legal action

The vast majority of us are forced to have a bank account, few employers will pay cash.

If we are unemployed, we also need one to receive benefits.

People like myself, who don't owe anything to banks, will nonetheless be paying heavily for the recent move, where mortgage lenders have been banned from taking legal action against borrowers in arrears for one year.

Generally, we debt-free types have savings, typically in some kind of interest-bearing account.

Where does the money to pay this interest come from? Principally from mortgage payments. That is soon to be a thing of the past. Watch the banks slash our savings interest rates in response to this move. Money taken from you to pay for the mistakes of people who took out loans they cannot afford, and are now immune from legal action, while you remain immune to sod all.

[the klingon]

You (and I) need to increase the speed at which your money moves from your banking accounts to your chosen investments.
I have 0 debt as a choice and I don't want to pay someone elses. I'll also be looking at insulating myself against taxes due to this move.

[drkpower]

I am forced to pay loads of money in taxes to subsidise those who dont work/need state benefits/consume public services etc...

Its a bloody disgrace.

[feargach]

Except for most of us, there are real constraints on us for doing this.

Most of us lead lives where we need to keep €1000 handy for fairly-quick payment to cover emergencies, or else face crippling credit card bills.

The mild interest rates of say 2% are a consolation prize for having to keep a lot of our earnings out of investments to cover emergencies.

Now even that will be taken from us, to feed the negative-equity beast, which we never even benefited from.

[John Kalahan]

How FiannaFáilism works

Step 1

You buy an election, with promises of lower taxes, bigger welfare payments.

Step 2

Privatise the National Debt, by boosting private borrowing, which boosts Government revenue, spend spend keep everyone happy

Step 3

Things start to slow down and turn sour.

No problem Nationalise the private borrowings. Talk up the recovery prospects and borrow borrow, while hiding the borrowing off balance sheet.

Step 4

Exit power with fat pensions and leave the opposition to pick up the pieces

[feargach]

I am forced to pay loads of money in taxes to subsidise those who dont work/need state benefits/consume public services etc...
Its a bloody disgrace.

Well the fact is you personally do benefit from all of those things. If you have any insurance of any kind, it takes into account the fact that you're eligible for state benefits of various if you lose your job. If you weren't eligible for anything, the insurance would be more costly for you. You doubtlessly hate the welfare state, but the fact is that it does save you money on various bills. There is, at least, some slight degree of reciprocity.

But somebody else having a house (which they don't have to pay for) doesn't have any benefit for you.

[drkpower]

Well the fact is you personally do benefit from all of those things. If you have any insurance of any kind, it takes into account the fact that you're eligible for state benefits of various if you lose your job. If you weren't eligible for anything, the insurance would be more costly for you. You doubtlessly hate the welfare state, but the fact is that it does save you money on various bills. There is, at least, some slight degree of reciprocity.

But I pay loads and loads of taxes - I only get a tiny tiny benefit for it. I would prefer if I just paid for everything I need myself. Then Id be sorted. I presume you would agree with such a system, rather than everyone paying to take care of those who have been misfortunate/careless in life.

[the klingon]

But I pay loads and loads of taxes - I only get a tiny tiny benefit for it. I would prefer if I just paid for everything I need myself. Then Id be sorted. I presume you would agree with such a system, rather than everyone paying to take care of those who have been misfortunate/careless in life.

Misfortunate and careless are quite separate. One we could and do live with paying for others. I don't care about bailing out the careless. I think the campaign to bail them out would require muddying the waters between misfortunate/careless , like you did.
Is this protection only on PPR or for investors (a business)

[feargach]

But I pay loads and loads of taxes - I only get a tiny tiny benefit for it. I would prefer if I just paid for everything I need myself. Then Id be sorted. I presume you would agree with such a system, rather than everyone paying to take care of those who have been misfortunate/careless in life.

No, given the freedom to choose, which I do not have, I would not opt for an anarcho-capitalist system like you propose.

Which does not mean I condone transfers to failed gamblers such as I point out in the OP.

[drkpower]

Misfortunate and careless are quite separate. One we could and do live with paying for others. I don't care about bailing out the careless. I think the campaign to bail them out would require muddying the waters between misfortunate/careless , like you did.
Is this protection only on PPR or for investors (a business)

Which does not mean I condone transfers to failed gamblers such as I point out in the OP.

I agree.
Anyone who is on the dole/suffered an injury/whatever through their own fault/carelessness/recklessness should get no state support whatsoever.
This is a great thread.