A man from Clontarf has a cunning plan (SBP Letter)

Among the letters to the editor in this Sunday’s Business Post was this gem…

Must resist urge to send reply to SBPost.
The force(of denial/bubblemania) is strong in this one. People just dont get how bad things are and are gonna get.

There are names for people like this … vendors ! :laughing:

I don’t see the point mocking this guy?

Stamp duty at the moment is a pointless tax.
Abolishing it/Cutting it whilst weighing it against ending the PPR CGT exemption would be sensible.

If a first time buyer wants to buy a 1 bed in sligo for 40k Let them at it.
Don’t have the tax system encouraging them to “save up” their first time buyer exemption.
Clearing the block of unsold crappy housing units is a good thing.

I’ll fire a reply in the post for a laugh. See if they print it…

Someone PM the postal address (no not lazy just busy).

Property prices are artificially low?

Wow, and heres me thinking that they’re still about 40 - 50% overvalued given any objective metric such as income multiples, rental returns or supply/demand curves.

But what do I know, I’m just a doom and gloom merchant salivatating at the prospect of emigrating or watching my taxes rise inexorably to service attempts to prop up house prices.

The property market does not have to be recovered. It’s a drain on the rest of the economy now and will be for a long time if prices go back up and for a short time if they crash and remain low.

Unfortunately, those whose egos are tied up in their networth cannot see this.

The Sunday Business Post,
80 Harcourt Street,
Dublin 2.

or

sbpost@iol.ie

Wait, I’m confused.

Am I an economic celebrity? Why didn’t anyone tell me?

Or is he referring to DMcW, Morgan et al? Have they been rubbing their hands with glee?

That is some pretty extreme Denial. I haven’t seem Denial like that in quite a while. Is that you Bertie?

From Clontarf. No grasp of reality. No grasp of economics.

Hmmmm.

From Clontarf. No grasp of reality. No grasp of economics.
From Clontarf. No grasp of reality. No grasp of economics.

Hmmmm.

Who. Could. That. Really. Be.

Go into the post office and ask them how much is it to post a letter to someone living in 2006.

Question for John Burke if you read this website:

Where is the credit going to come from? :open_mouth:

I have argued here before that ( the temporary ) scrapping stamp duty and VAT on property makes sense…it would have been a sensible alternative to NAMA and should have marked the limit of any state “contribution” to the banks.

Property prices to rise 50%? (albeit from some unspecified date to some unspecified date, but I don’t get the impression he’s looking that far ahead.) Star Wars isn’t the reference you’re looking for, it’s Blazing Saddles, because this one, my friend, is a doozy.

:open_mouth: that’s a really severe case of denial, this guy should be in politics. He’s obviously not aware that the country is bankrupt and will be heading to Europe next year to hand over the keys of the country. Did no one tell him we are going to be spending the next 4 years with austere budgets trying to get the budget deficit down to a manageable level and we don’t have any chance of getting there. I actually think it’s very sad that someone is so desperate or deluded :cry:

Sure, but in a normal society someone this deluded would generally only be a danger to themselves or their immediate family. And normal societies have functioning mental health facilities to further mitigate against the damage caused by nutters.

The really sad part is that people suffering from these delusions are in control of Ireland’s media, political and financial systems. And they are determined to burn down the entire country and sell us all into slavery rather than face up to the truth.

:laughing:

Hey I’m a doomy and gloomy as anyone. I built a house at the peak. For cash. I’ve just put an extension on it. For cash. I don’t expect to ever get back in real terms the amount I’ve spent on it, indeed, I expect to get back substantially less (unless I sell into the next bubble…). And that’s the way it should be. New houses should, in general, be more valuable than older houses. Particularly older houses in a field. There are plenty of fields… some of them even have foundations already dug in them…

So why do I feel some sense of glee about falling prices in general? Cost of living. Quality of accommodation. The change that fundamental might come back into the property market: location, amenities, build quality, maintainability, running costs, feel of habitation.

Less money people have to spend on houses the more money they have to spend on other stuff.
In theory anyway. So that should be good for the economy in theory.

Without the bubble would PS salaries have risen to the same extent that they did? Was the bubble the reason they were raised or did the inflation of all salaries contribute to the bubble? Which came first, the bubble or the salary inflation?

Seems to be that bubble taxes allowed PS salaries and welfare benefits to be increased again and again but without the bubble there may have been no need to do that but would they have done it anyway to combat “relative poverty”.

So as a society are we better off with lower house prices or would that just mean that government would relieve us of our income anyway through higher taxes to pay for services etc. Seems to be that the bubble allowed for lower income taxes so we all “felt” richer but we were no better off and higher income taxes now but lower property prices mean we “feel” poorer but may be no worse off (assuming you are not one of the relatively few in neg equity).

A property tax would cap property values in the same way that motor tax and VRT caps purchases of expensive big engined cars - Irish people don’t like yearly bills for nothing (nothing tangible) but can justify a “one off” payment for an “asset”.

Introduce property tax, give a waiver for seven years for everybody who bought since 2004ish whether or not they paid stamp duty as they are ones most likely in neg equity.

Link property tax to BER certs so newer houses are cheaper to tax and BER also captures larger houses.

I would introduce water rates but have a slight fear about my leaky toilet or leaky tap costing me 200 euro a month so introduce water rates but give everybody 6 free DIY classes first - will give jobs to the construction lads!

Economy = Housing.

Frickin’ genius. XX