Love him or hate him .. a new article by David McWilliams has it all:

Taking home the Canadian bacon | David McWilliams

Do you know the name of Ireland’s largest private landlord?

The company is the Irish Residential Properties Reit, set up by the Canadian Apartment Properties Real Estate Investment Trust.

... This is how a Canadian company came to be the biggest landlord in the country with 2,000 apartments.

Bottlenecks, which are entirely within the gift of the Irish state to solve, are enriching foreigners. Irish rents, which are paid by Irish workers, are going directly out of the country to Canadian investors.

So a crisis that started with Irish people over-exposed in and leveraged in Irish property, financed by Irish banks will end up with Irish people, over-exposed and leveraged in Irish property, all financed by Irish banks.

You know what else is likely to be happening around this time? Global interest rates are likely to be going up, not down.

Digest that.

PLEASE Read the full article .. Above is only snippets!

There really is no end to this is there? That piece in bold above ... CLASSIC!

We are really on the hook with no way off and in the main caused by ourselves .. our political masters and the decisions taken "on our behalf"?

This Canadian company is the biggest but I am sure their is many more stories like this?

Looks like this "Housing crisis" aint going anywhere fast resolution wise .. we have sold it all off cheap and will rue this for many many many years to come. That old saying "Marry in haste, repent at leisure" comes to mind!

BTW - time for some compulsory purchases? Absorb whats left in NAMA? Or has the horse bolted to far?

PLEASE - dont let this thread become a David McWilliams bashing off topic thread. Please, Please .. .. Ignore he was involved if you have no time for him, just constructively comment on the content if possible ..

Originally Posted by robut

Love him or hate him .. a new article by David McWilliams has it all:

Taking home the Canadian bacon | David McWilliams



There really is no end to this is there? That piece in bold above ... CLASSIC!

We are really on the hook with no way off and in the main caused by ourselves .. our political masters and the decisions taken "on our behalf"?

This Canadian company is the biggest but I am sure their is many more stories like this?

Looks like this "Housing crisis" aint going anywhere fast resolution wise .. we have sold it all off cheap and will rue this for many many many years to come. That old saying "Marry in haste, repent at leisure" comes to mind!

BTW - time for some compulsory purchases? Absorb whats left in NAMA? Or has the horse bolted to far?

PLEASE - dont let this thread become a David McWilliams bashing off topic thread. Please, Please .. .. Ignore he was involved if you have no time for him, just constructively comment on the content if possible ..

The reason why all this happened is, as you say, the decisions taken "on our behalf" by our political masters during the years of the boom.

Has nobody noticed that many of the people who took these decisions and those who lauded them in the media day after day during the boom are still in positions of power and are still lecturing us day after day?

Originally Posted by shiel

The reason why all this happened is, as you say, the decisions taken "on our behalf" by our political masters during the years of the boom.

Has nobody noticed that many of the people who took these decisions and those who lauded them in the media day after day during the boom are still in positions of power and are still lecturing us day after day?

And by Noonan





for who the words strategic and patriotism are too far into the dictionary.

He should be tried for treason

Today we read about how Irish income streams are being channeled abroad because of incompetence or is it instead acquiescence and facilitating global Capitalism.

Yesterday we read about how Global Capitalism hides its money away so it doesn't have to pay tax to support clowns like you and me. Oh it's very quick to use its media to talk about the flawed tax system and why all of Europe is desperately in need of reform but never the city of London, Panama etc.

Then you read people on this site talking about a Europe dominated by the left.

If this is left wing dominance you'd have to wonder what a Europe ran by Business First right wing interests would look like.

Originally Posted by Pot Noodle

He should be tried for treason

He served the business class to the best of his ability. Whom did he betray? The Irish people perhaps. What an arbitrary definition. He wouldn't know what that would refer to. Ireland is open for business. The identity less workers and surplus labor in it can jump off a cliff for all he cares.

The Indo thinks Ires Reit is just the cats pyjamas. They re all about helping the little folk get into some buy-to-let action.
Professional yes, but property Reits are no 'get rich quick' scheme - Independent.ie

Ha ha ha a bunch of shinners doing faux indignation in regard to property portfolios and tax evasion. This would have made a great 01/04 ball hop .

McWilliams point at the end of the article:

You know what else is likely to be happening around this time? Global interest rates are likely to be going up, not down.

Digest that.

THATS going to be fun ... all fine now while the interest rates are near 0%, even better if you are on a tracker. A few years time Euro / World interest rates WILL rise and keep on doing so. Thats when the real fun will start .. the crash that keeps on giving years and years later, with us for generations.

I am sure i am not alone - back in mid 90s I was paying mortgage interest rates at 7% .. earlier than that I had friends in early 90s, late 80s paying interest rates at 14% or higher. Imagine if the interest rates even go up here now by 2 or 3% ... and they will

Originally Posted by Hibee

Ha ha ha a bunch of shinners doing faux indignation in regard to property portfolios and tax evasion. This would have made a great 01/04 ball hop .

Isn't this really sad?