Gerry Ryan show - the fear starts

Knock it if. Austin/Dan top bank economists telling lies. EA the same. People have been let down by these guys. do you honestly thick any property developers will suffer like this person…NO.

We are thankfully not living in Zimbabwe and my view on Ireland is nobody should be homeless etc etc. there has been enough money in this country to correct this. Our glorius leader pissed it away.

That’s a tough one tbh- on one hand I agree that they were foolish to get in too deep and not have a fall back plan/savings.

On the other, I think that the lending institution has to take some of the blame- surely when they applied for a mortgage they should have been SERIOUSLY stress tested- the banks are the professionals who are supposed to look at things in a cold business like way, whereas the people who are buying houses in many cases look at it from a more emotional point of view and sometimes need to be told, “Look, you can’t afford this if things get tight”

TomTum, you are conflating the right to shelter with the right to own that shelter. There is a right to shelter, there is no right to own it.

Your emotive appeal to Zimbabwe diminishes the suffering of those in Zimbabwe, while doing nothing to help those in Ireland who have taken on more debt than they can afford.

And who voted him in pray tell? We got the government we deserved, good’n hard…

Wait until they could afford a mortgage?

Until a year ago, house prices had risen year on year for the last 20 years.

Not every job has an increase in salary every year, most people get something close to inflation. Even in jobs with good career prospects, once you get to a certain level the opportunities for promotion and genuine salary increases diminish.

How long did you expect them to wait?

Mr A

I blame the VIs for allowing an economy to develop which was over-reliant on a thoroughly false pretence.

I blame the VIs for failing to provide people with balanced advice

I blame the VIs for deviating from all historical norms in terms of the quantity of credit being dispensed, but denying that there was anything out of the ordinary going on.

What SICKENS me about the Irish housing bubble is that normal ordinary people who just want to go about their lives and mind their own business got caught up in it, and many of them will be chewed up and spat out.

I would not call this woman irresponsible. There are no X5s, no holiday homes, no investment properties. There are no curtains ffs. She is a victim.

If the banks recklessly gave them the mortgage, then yes, they should bear some responsibility. However, a few of my friends who have large mortgages used dodgy brokers, so they were well aware they were overstretching themselves. I’m not trying to say this woman lied on her mortgage application, but I do think a lot of people were fully aware of how much they were borrowing, but their urge to keep up with the jones’s convinced them to take the risk.

I’m sorry, but if you can’t afford a house, you don’t buy one.

It’s a really simple concept.

And I blame the Irish Central Bank for encouraging this deviation. She is one of many victims the poor woman.

To be honest with you, I dont see Ireland getting as bad as Germany.
Their unemployment level was stuck at c11%-12% for many years, with Berlin coming in at almost 20%.
They have a number of serious structural issues which they have yet to overcome e.g. inflexible labour market and a mass of unskilled east germans (they havent gone away you know).

For all its faults, Ireland has a modern, serviced based economy.
Our low corpo tax rate still makes us an attractive alternative to London and other European capital cities.
I believe we will see 8% unemployment, with lay-offs in construction and it associated industries. But the likes of the IFSC will not only continue, but grow.
I could go on, but dont wanna bore everyone to death (ye too late, I know).

We certainly did indeed vote them in! But people dont deserve to be badly treated by their leaders. The leaders should deserve to be in office and make it better for those who voted them in. Politicians lied and back tracked on promises. How are people to see thorugh lies that say “Hospital waiting times will be slashed” or “Increase in social welfare” etc. Who wouldnt vote for those things?!!!

Politicians here are wasters and they destroyed the economy with the property developers. Thats who you blame.

I disagree. If you make a decision that causes you hardship, then you have to recognise that you have some responsbility for that decision.

Ultimately, while I have some sympathy for people who are going to hit hardship, allowing them to see themselves as victims will do nothing to sort out the mess. If they are victims, they are victims of their own decisions as much as of anything else.

The reality for me is this: if the purchase of a house costs you so much that you cannot hang curtains in it, then right there is a glaring clue right there that you should not be doing this. What was the proportion of monthly net income going on the mortgage here?

My heart goes out to people in this situation. It really does. But while they merit sympathy as individuals, collectively they are still responsible for signing on the dotted line. At some point, people will have to recognise that they didn’t do their homework. Blaming other people for that is a pure abdication of their own responsibility.

Lets hear it for big hearted MrSteve

I think trying to stick the blame on someone is the wrong attitude. Everyone should look at their own actions (e.g. applying for a mortgage you know you can’t afford) before trying to dump the responsibility on someone else.

For the record, I do think the politicians, banks and property developers have been greedy fools, but homeowners agreed to play their game.

Eh, Mr A, German unemployment down to 7.8% today…

It’s as if these people are trying to profit from property! They just wanted a shoe box to live in and raise a family. Even in the good old 1980s people could get a nice 3 bed semi on a single salary. Bring back the 1980s, things were better!

Ours was stuck at 17% plus for years and years, so what’s your point? Currently Germany has 7.2% unemployment and it is the biggest exporter in the world bar none as it overtook China sometime last year.

Despite all those structural issues, the place is doing well.

True - but they’re slowly chipping away at that - it’s at a 16 year low at the moment.

We have our own mass of low skilled workers - they’ve been well paid recently building, but what are they doing to do now? Ireland may be about to repeat the german post-unification boom/bust cycle - and it took them a long time to recover from it.

You say that like it’s a good thing :slight_smile:

Germany makes stuff - generally the best stuff there is. Ireland is a clearing house for tax evasion by foreign owned companies. I know where i’d put my bets.

That’s the only advantage we have any more, and we may not have it forever - and even if we keep it a long while, it may not be enough.

Why will it stop there?

That ‘crap job’ and hundreds of thousands of similar ‘crap jobs’ are the jobs that supported thousands of less ‘crap jobs’ in this economy least we forget. :open_mouth:

I disagree.
These are the same people who want their X5s, their plasma TVs, their 3 holidays a year.
These are the people who go to the banks and ask for money.
I dont know about you, but Ive never had a bank manager knock on my door and throw money at me. Ive always had to approach them first.

The banks messed up by giving money to these people, but these people voluntarily took on board loans they now cannot sevice. The bank did not force feed them.

To say that people took on loans because the banks persuaded or encouraged them is utter rubbish. I dont buy every product thats advertised to me. And I certainly dont buy products I cannot afford.

This is typical of the blame game that goes on after a boom turns to bust.
Its always easier to blame others for your own misfortune, but blame begins and ends with your own personal responsibility.