When I was growing up in small town in middle Ireland the idea that the Postman would have apartment in Bulgaria was so far off the spectrum as to be inconceivable.
Now all sorts of people are owners of property, the list includes not just postmen but guards, doctors, It specialists, nurses and teachers as well.
Now that their bigger brothers have been sorted by NAMA these “smaller” property investors too want a bailout-- tax incentives and an understanding attitude from the banks would be a good start according to them.
Their mood was gloomy last night as they spoke of suicide, 100,000 skilled personnel being "lost" to the economy, of a depression so deep we might not come out of it for a generation
They demurred at the idea they might be greedy.
Now as I understand capitalism -profit is the extra reward for enterprise i.e. risk taking/investment -the bigger the risk the greater the reward for Enterprise but subject to the understanding that you can loose. Surely it is a form of capitalism “lite” if there is no penalty when risk doesn't pay off and the nanny always steps in to pick up the pieces, that is a one way bet that doesn’t seem to be coming off.
I think this depression will be long and deep.
BTW Bank of Ireland shares are €1.24 today, how long before the banks are Nationalised?