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About LinkBacksAnd we'll have to recapitalise the banks even more.Originally Posted by bobbysands81
And we'll have to recapitalise the banks even more.
I don’t care if you’re Sean Dunne or Joe the plumber with an “investment” apartment in west Dublin, I have no sympathy for these people.
From the Clergy, to our Politicians to our Senior Civil Servants, the concept of personal responsibility is seemingly absent from our collective consciousness.
In the case of these fools, Caveat Emptor.
They bet, they lost. Take it like a man and suck it up.
The guy from the IPC on the Frontline railed against the ESRI, the ECB, the Financial Regulator, the Gubbermint and his bank.
It was telling that did not reserve any criticism for himself.
The poor guy was forced to leverage himself to the hilt and “invest” in property.
Could these people read a graph?
Obviously not. If so they would have seen the yawning and ever widening disparity between average wages and average house prices.
Did they think this was sustainable?
Did they carry out a modicum of research into our property market?
Obviously not. As far back as 2006 the Economist, the Financial Times and the Wall St. Journal were stating that the property market in Ireland was becoming dangerously overheated.
The ECB and the IMF made similar observations.
Did they for one second examine the potential downside before betting the farm on property roulette?
Such as, oh I don’t know,
Interest rate hikes
Unforeseen events leading to reduced personal circumstances
Unforeseen events impinging on the global economy
Obviously not.
Did they make any attempt to diversify out of property in order to reduce exposure to the potential downside?
Obviously not.
The IPC representatives blustered and ****************************************ted, proclaiming that they did not want a bailout. How laughable.
Out of all the ludicrous suggestions they put forward it was notable that reform of the bankruptcy laws was absent. You could almost smell the fear They are in dire straits and can see that the game is up. Instead of liquidating what they have and taking it on the chin these people want to have their cake and eat it.They want the great Property Ponzi scheme restarted in order to get one more shot at the roulette table. Heads I win, tails you lose is seemingly their investment strategy.
why should they need anymore capitalisation without a severe streamlining of their operations,how many branchs could be shut and the buildings sold ,how many now unnecessary loan officers could be let go,with the internet and a few ATMs each bank could be down to 20 branchs or less.then if things pick up they could grow if they wanted to.as for anglo r.i.p
Sorry bud.
There was more than enough iniformation out there (despite the rampent media) to see this was the mother of all bubbles.
You had David McWilliams screaming at everyone for years.
So I can blame Joe the Plumber. OK some were just plain stupid. I don't care.
And no use trying to roll out the old "well they got way with it so you should let me off" won't wash either.
You borrow, you pay up. The tougher we are on this, the more durable the lesson for this country will be.
Utter rubbish.
The Govt, banks, newspapers, solicitors, etc... said nothing, refused to act yet the only ones taking the hit are folks that bought their homes during these times???
Many folks are at fault for the over-heating of the Irish property market yet only the purchaser is taking the hit.
I'm not for a second suggesting abdicating personal responsibility but when choices were made on the basis of false information purposely being fed to them then the individual shouldn't be the only one to blame.
Govt Minister's were advised that the housing market was going out of control but they refused to do anything about it.
If you bought a house and are stuck with negative equity thats your tough luck. Before the property crash there were people who had bought houses say in 2000 for 300k that were worth 500k in 2007 - there was no talk of them people giving some of the 'positive equity' back to help out other people who couldnt afford houses.
Buying a house is an INVESTMENT - like all investments it may be a good or bad investment, you have to weigh up the pros and cons before making the decision to purchase. If it goes bad, its on your back.
Typical beardy shyte.
WTF should the Govt, banks, newspapers, solicitors, etc.. tell you anything? Are you not capable of making your own decisions?
...thats exactly what youre suggesting.
Your arguement is pure shyte from any angle.
You say "..choices were made on the basis of false information purposely being fed to them" and yet you begin by saying "The Govt, banks, newspapers, solicitors, etc... said nothing".
Which is it? They were told nothing or everyone constantly lied to them?
What about the "they only heard what they wanted to hear".
Heres the solution -
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Bailout for whoever wants it but for the period of participation
- only one property your home is eligible for the duration
- you surrender all other public funds (dole, child allowance, pension etc etc etc)
- you surrender your right to vote for the duration
- you surrender any public service job (guard, nurse, council worker) or contract
- you may not serve in public office (TD, Co Council, quango)
- you must have and maintain full tax clearance certification
Theres your bailout. Enjoy it.
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If only you were willing to go a little further, and say that far too many of our citizens are ill-educated, innumerate, unthinking, gullible, crass materialists, grazing in front of the tv, childishly fooled by moronic ''makeover television'' and property supplements...
then we would be in complete agreement with each other.
As much as it sickens all of us that the big hitters will probably run free, nobody forced anyone to buy anything. There were other options, and people deserve to be taught a hard lesson.
I have some sympathy for FTBs who got on the ladder at the top of the cycle. There are strong social pressures in Ireland to buy a house that are very difficult to ignore when making this type of decision.
For anyone who owns more than one property I have no sympathy, you are a property speculator, no matter how small-fry. Time to take your oil.
I was paying 5.6% interest a couple of years ago, now 2.1%. Mortgage repayments are dirt cheap. My home does the exact same thing it did a couple of years ago.
people should realise negative equity means nothing if you aren't selling.
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