Bacon isn't finished there. "The other area we will have to look at is young people, who were encouraged into the property market by erroneous policy incentives that emphasised the likelihood of a soft landing, they have now been destroyed, financially,'' he says passionately.
"But one way to deal with that would be for the state to realise the value of its own assets and use the proceeds from these sales to tackle the whole problem of mortgage debt,'' he suggests.
The idea of selling off the semi-states and using the money to free up young debt-laden mortgage borrowers, is often what other people describe as a "people's NAMA''.
For others it is moral hazard and Bacon agrees that any such scheme would have to be carefully designed to prevent money being given to those who simply can't be bothered paying the mortgage.
"It would be a way to relieve the negative equity portion of the mortgage present in younger households,'' he explains.
"The current circumstances are so difficult, you do have to be radical,'' he adds.