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About LinkBacksIt was designed to get Fianna Fail re-elected. It simply worsened the housing problem as a by-product of that processOriginally Posted by aggressivesecularist
It was designed to get Fianna Fail re-elected. It simply worsened the housing problem as a by-product of that process
Fianna Fail - The Loss of Sovereignty Party.
It was a very expensive election stunt. Are the media here total idiots or something? I can't believe that Fianna Fail wasn't shredded for that one.
I know loads of people who used SSIAs to get deposits for mortgages that they wouldn't have had access to otherwise.
Lets not forget that it took money from all tax payers and gave it to those who had enough surplus cash to save every month for five years. so you have electoral cynicism, economic recklessness and an huge inequitable re-distribution of wealth. Well done McCreevy!
Where the banks allowed to use these deposits as reserves for leverage?
A champion of the people emerges with the age-old and appealing promise of "something for nothing" - to be financed through every-increasing taxes. Supply and demand are thrown out of gear - the overhead goes up; the effective use of human energy goes down; the standard of living is lowered because money cannot buy wealth that is not produced.
WEAVER, HENRY GRADY,
Proving again, nobody was capable of challenging this madness!
That surplus cash should have been saved, or used to build infrastructure / schools or something!
I hope people when they claim the 'super rich' benefited from the boom should now suffer some pain will realise that the government wasted the money on the ordinary citizen: SSIA's, mortgage relief, 18000 tax free allowance.
It is disingenerous to claim that the govt wasted our money on schemes ONLY for the builders and their friends. Nearly every citizen benefited and generously at that from the government's reckless spending.
The SSIA scheme not only was a transfer of wealth from the poor to those that could afford to save, but it's maturity helped to disguise a downturn in the economy long before we were reading about this recession.
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