Labour Housing Spokesman: Carroll property collapse would be best for taxpayers

[locke]

"It is clear that the domestic banks regard the survival of Zoe as crucial to their capacity to get back to ‘business as usual’ as soon as possible.

"The court case must take its course, and if the end result means that we can set a benchmark for the market value of property assets, before NAMA puts us into hock for decades to come, all the better," the TD said.

"The Government’s strategy based on the setting up of NAMA is one massive gamble with public money that will only pay off with a return of the property boom. Given that this is the kind of mindset that got us into these difficulties in the first place, one must now seriously question, not only the Government’s direction on this, but the basic logic of their whole approach.

"The last thing we need is the Government exposing the taxpayer by taking on risks, based on assets whose values are bloated and over-inflated, all to shore up the major banks," he added.

Full story: Carroll property collapse would be best for taxpayers, says Labour TD

[myk]

Brave move by Ciaran Lynch. Those employed directly or indirectly in the construction sector and most home owners may not thank him for such comments, but I am inclined to agree with him.

[Dreaded_Estate]

He has it spot on through. The economy will not recover unless property prices fall much further

[robert151410]

We are in the middle of a savage deflationary spiral.

[TradCat]

I will remember Mr Lynch in my preferences in Cork South Central for having the sense to say this. Labour should do more of this and make themselves a friend on consumers and ordinary tax-payers.

[just_society2]

If he was in my constituency, he would be in with a great chance of a no. 1 after that statement. Very brave.

Fine Gael, take note!

[Question R24U]

If he was in my constituency, he would be in with a great chance of a no. 1 after that statement. Very brave.

Fine Gael, take note!

Brave? An opposition TD to the left of Fine Gael says the blindingly obvious and that the taxpayers through nama should not support a failed property company. You agree with him. Admire his bravery, but yet he only has a chance of a number one!

Groupthink is very much in evidence in Irish politics (note Lynch's fatalism that nama will definitely be established).

[libertarian-right]

Now would Labour kindly tell the people that it will not hop into bed with FF? Those sly dogs...

[just_society2]

Brave? An opposition TD to the left of Fine Gael says the blindingly obvious and that the taxpayers through nama should not support a failed property company. You agree with him. Admire his bravery, but yet he only has a chance of a number one!

Groupthink is very much in evidence in Irish politics (note Lynch's fatalism that nama will definitely be established).

I very much think Carroll should be allowed to fail. We both agree on that, we also agree NAMA is bad. Labour and FG are anti-NAMA, but have stayed quiet on the fate of property companies, and on the wider issue of the housing market.

Hence I am very pleased to see a TD break the silence on this. It may well prevent political pressure piling up on the Supreme court to overturn the High court ruling.

[ballot stuffer]

Is this labour policy?

Is so its definably one that would change my mind on Labour.