Wow, FG jumping onto the “lets plough more and more taxpayer funds into subsidising the property market” bandwagon.
Get off FF, its our turn now!!
In an purely economic sense I don’t like FG’s proposal one bit. I never bought a house during the boom and if people were as skeptical as I was the market would never have gone nuts. The one time I took an interest in the market (2007) I did my research and the numbers just didn’t make sense.
But looking at it from a social perspective, it’s very hard on anyone who bought housing in 04/07 period, and many of these people are the same age as me. All parties are looking for votes and a ‘NAMA for the little guy’ is bound to be a vote winner. I don’t approve of a free for all to anyone gullible to have bought during the boom, but a tax credit isn’t the worst thing I’ve heard proposed to relieve a debt burden.
A quick calculation* suggests that by getting rid of the tax relief on mortgage interest, affordability is reduced to the degree that it undermines the value of the average home by about 3.5%. Noonan just kicked out the crutches of the poor crippled property market.
***€37.50/month less available for repayments. 4.9% variable rate, 30 years. A home that was €207k would need to be priced at €200k to attract the same buyer. **
Enda did an appalling interview on my local radio station this morning - will link to it later if they upload it, they usually do. None of your RTE obsequieousness for Will Faulkner who went through his shiny new document, topic by topic and challenged him on the inconsistencies. Had to go to work after that.
And this is the muppet who wants to run the country. This is the best we can aspire to.
Nothing for it but to switch off the phone and go to the seaside for the day. I’ll be the one screaming into the wind. Will accept all offers of ice-cream.
I’m a fairly lose FG supporter but this policy is one of the worst I’ve herad from any party in the last decade.
People who bought houses in the last 5 years should be punished heavily not rewarded at my expense.
Last night on VB point was made that a 1% rise in interest rates takes 1.6bn out of the economy
Issue has to be dealt eventually with but not sure how it will be done
reform in bankruptcy laws, multi generational mortgages, tax reliefs, new State bank that takes deposits and loans money credit union style, inflation
Sooner or later the issue has to be addressed but probably not before unilateral or organised default with Europe or before mortgage holders unite at some stage and make it a live issue in the same way pensioners have done so
I didn’t hear Noonan suggesting that additional mortgage relief would be based on inability to pay. I don’t mind (too much) helping people who have gotten into severe difficulties, not least on the basis that the state is going to end up paying to house them anyway. However, just being in negative equity or having bought in 2004-2008 surely can’t on its own qualify people for relief?!
Just heard Inda on the news justifying why he won’t appear on any VB show, because of remarks VB made about suicide. I don’t know which remarks he means, but I’m pretty sure Inda’s claim that he’s “been in hundreds of houses around the country” affected by suicide is a pathetic lie.
finegael2011.com/pdf/Credit_ … is_Due.pdf
Don’t think its a blanket move, not sure really. More rattled by this bit :
I think mass defaults would deliver the final blow to the banks so maybe there’s merit in an extension of MIR to folks who paid massive stamp duty. Don’t think he called the bottom earlier more pointing out that people buying now would have much lower repayments so were in a better position to cope without MIR.
To be honest I’m not sure how I feel about all this as someone who was planning to vote FG. At least they’re putting some proposals out there, will have to look at the other parties offerings on this subject. I’ll be sticking with whoever offers the most realistic ones. Three weeks to go…
+1
I’m sick to death of parish pump politics
But I still want FG to win
Cure the ills of the country with a round of half-baked neo-liberalism and opportunism. Sounds great. I thought it was a cliche that Irish people were masochistic…
When am I being refunded for the money I lost on Eircom shares?
independent.ie/national-news … 20849.html
I’m struggling to express my absolute disgust with this policy from Fine Gael. GUBU. This is the worst form of socialism (i.e. at the expense of the real poor) and represents exactly the kind of populist rubbish that alienates what should be the core Fine Gael vote. Have we no centre right option in this election? I never thought I would miss the PDs.
EDIT: It’s not even the Interest Relief part that is the worst, it’s part of a larger policy to keep people in homes they cannot and should not afford at the expense of those who never tried or never could. We all have to subsidise these proposed pseudo tracker mortgages too I forget the other measures.
I’m probably alone in finding the entire front bench of Fine Gael shockingly smarmy and hopeless.
What exactly qualifies Brian Hayes or Simon Coveney for running a multi billion spending government department?
Hayes has always particularly annoyed me. Why does Tallaght vote for him. Is he good at fixing potholes? He’s from Ballinasloe FFS.
According to Wikipedia he was in the dail at 26 after the typical college politics fasttrack.
It’s hard to put a finger on the first source of my revulsion. Maybe its the tanktops he always seemed to be wearing. Even at 26 
Did he stumble off a golf course.
Coveney seems to be the Fredo of the family compared to the CEO of Greencore brother. Who would actually be an addition to the cabinet.
I was going to vote Fine Gail but on moral grounds I cant now. Noonans half baked plan is more of the same old shite that we’ve been served up by FF for the last decade. Its a populist ploy to get votes pure and simple.
Defn of madness: doing the same and expecting a different result.
I’m so disillusioned at this point I think I’m just going to vote for the independents as I don’t agree with spoiling my vote.
Rumour has it Sir O’Reilly has his eye on the ESB. (most likely as a retirement present from the Irish people) Let there be no doubt Richard Bruton will deliver this, hense the current campaign to get rid of Inda in the media.
Thats why I won’t be voting FG.
Folks
Lets get real - the main objective of GE 2011 is to consign FF to the backbenches for at least two terms
Had some the the FFr’s at my door during the week - you know, the FF Nua - the guys who have no recall of the last 10 years - it was amazing -
*" there was a lot of good done in the lats 10 years" *
For a moment I was stuck for words, then, the reality that me, my kids & my grand kids will have to pay the bill - it didn’t even register with FF nua…
Made me even more determined to make sure that they are hammered!
Don’t care which party or independent you vote for, just ignore any FF candidate
Bill Shankly - YNWA
Glad I didn’t see that til I got home.
My God he got filleted there. He’s clueless. He makes those FG supporters making fun of Adams look stupid.
I’m reminded of Colm McCarthy’s quote on neary in the vanity fair interview this month.
Is this the fucking guy who’s going to be in charge of the money?
Mad.