Asking prices in many parts of Dublin are not far off 2005, in many cases below. So effectively I think the guy is arguing for no more falls.
I absolutely disagree of course; I think that we need to go back to 2001 at the absolute latest and will probably overshoot. Bubble peak was late 2006 I think, possibly early 2007 although I suspect that though asking prices were rising, nothing was shifting.
That being said, our problem is that too many stupid idiot commentators think that our problems are falling house prices, and not that they are still too high for the average man on the street and until that is sorted out we can’t build an economy.
The irony being that they shouldn’t be protected. A bond is a gamble. The bondholders took a gamble and it is 100% reasonable to allow them to take the hit. Trying to protect them from their potential loss is like going into a Paddy Powers and offering to cover the losses of everybody there.
But why does this get little or no attention??? The blanket guarantee was highlighted by a handfull of economists as totally incorrect, the rest kept quiet. WHY? - who are these bondholders who’s fraternity seems to control our futures?? Anyone know??
Nah, I think it’s when he bought his gaff. Or more correctly, he bought in '06 overpaying because he couldn’t afford to wait for a fall back to '05 prices. He’s now a little shell shocked to discover 2005 wasn’t the perfectly priced year for Irish property and has been supporting every and any harebrained scheme to get prices back to his own personal comfort level.
The problem is that FF/Greens know they are not going to form the next government and will get a drubbing at the polls when the next election comes around, therefore, they have every incentive to plunder the wealth of productive citizens as fast as possible.