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David McWilliams » Austerity can’t help — we’re heading for mass defaults

Over the course of the next year, as the economy continues to deteriorate or at best bump along the bottom, many thousands of people trapped in too much debt on houses that are worth half of what they paid for, will ask themselves:”what’s this all for?”

Will they chose to default, not because they are financial delinquents who always intended to abscond from their economic responsibilities, but because the sums don’t add up? And if they do, will this process become viral where each default gives the permission for the next guy to do something similar?

Remember, house prices rose and fell in a similarly viral manner, going up together and crashing back in tandem.

This is possibly the major economic dilemma facing Ireland’s political class in the years ahead.


Mc Williams has been right before you know
the future looks bright at last
time to put it up to these bansters, for the years of pushing money on ignorant people, only to get more commissions and bigger bonuses
and not forgetting the other culprits in all this, the legal leeches with their big fees, the estate agents with their bs about the property ladder etc.
the truth always gets there in the end

the only pity in all this, is that those bondholders got away with all our money


<Mod> This thread has been merged with "Mortgage Debt Forgiveness must be the Way - McWilliams". </Mod>

Originally Posted by kkkkkkkkkk

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David McWilliams » Austerity can’t help — we’re heading for mass defaults

Over the course of the next year, as the economy continues to deteriorate or at best bump along the bottom, many thousands of people trapped in too much debt on houses that are worth half of what they paid for, will ask themselves:”what’s this all for?”

Will they chose to default, not because they are financial delinquents who always intended to abscond from their economic responsibilities, but because the sums don’t add up? And if they do, will this process become viral where each default gives the permission for the next guy to do something similar?

Remember, house prices rose and fell in a similarly viral manner, going up together and crashing back in tandem.

This is possibly the major economic dilemma facing Ireland’s political class in the years ahead.


Mc Williams has been right before you know
the future looks bright at last
time to put it up to these bansters, for the years of pushing money on ignorant people, only to get more commissions and bigger bonuses
the truth always gets there in the end

The ' experts ' will now be dashing to the keyboard with a new theory of the " soft landing "

It's a Life or Debt decision.

Choose Life.

When the middle ground can no longer hold, the upper ground will start to move...

I thought MacWilliams was talking about countries defaulting. Greece (I expect they will), Ireland maybe...

The disappointment of it!! When I read "MASS DEFAULTS" I though people had at last protested against the catholic church.

This was always inevitable.... it had to be. The scale of the over borrowing cheered on by the government & media left only this outcome. Some would have you believe this was a problem of little or no regulation but I don't agree. I think it was the more serious situation of government interference in regulation that helped fuel the fire. Not just bank regulation but also the estate agents, auctioneers, mortgage brokers..... etc. Basically anyone involved in the "property" game should've been reigned in.

I heard many first hand stories of people being refused mortgages or being offered less than what they needed for the "right" house, only to be pointed to more "helpful" brokers who could show the buyers hoe to get around some of the red tape. At least three of those couples are now in a dire situation now....

Originally Posted by emulator

This was always inevitable.... it had to be. The scale of the over borrowing cheered on by the government & media left only this outcome. Some would have you believe this was a problem of little or no regulation but I don't agree. I think it was the more serious situation of government interference in regulation that helped fuel the fire. Not just bank regulation but also the estate agents, auctioneers, mortgage brokers..... etc. Basically anyone involved in the "property" game should've been reigned in.

I heard many first hand stories of people being refused mortgages or being offered less than what they needed for the "right" house, only to be pointed to more "helpful" brokers who could show the buyers hoe to get around some of the red tape. At least three of those couples are now in a dire situation now....

I think the politicians were really just mugs in the middle
what did they actually gain, money wise ? sweet fa
but the real winners were the bankers, the legal leeches, the estate agents, the accountants
they made the real money, not some puppet of a politician

Originally Posted by emulator

This was always inevitable.... it had to be. The scale of the over borrowing cheered on by the government & media left only this outcome. Some would have you believe this was a problem of little or no regulation but I don't agree. I think it was the more serious situation of government interference in regulation that helped fuel the fire. Not just bank regulation but also the estate agents, auctioneers, mortgage brokers..... etc. Basically anyone involved in the "property" game should've been reigned in.

I heard many first hand stories of people being refused mortgages or being offered less than what they needed for the "right" house, only to be pointed to more "helpful" brokers who could show the buyers hoe to get around some of the red tape. At least three of those couples are now in a dire situation now....

Yes, David has to make at least one major public pronouncement per month or his head will explode.

The EU will produce a directive banning defaults so as to "address the issue".....