Time Magazine on Ireland and NAMA

From Time, 12th May 2010

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Blue Horseshoe

Dear John O’Mahony,

If NAMA succeeds, the cost will be more grievous than that of its failure.

For NAMA can only succeed by exercising an autocratic power over the price of land.

If this transpires, not only will an element of pernicious totalitarianism be introduced to the fabric of Irish society, but any young person who aspires to own a house will be forced to assume a weight of mortgage debt that encompasses the inflated land value.

Rather than paying for the sins of the past through higher taxes, they will be paid through this extra weight of mortgage debt held disproportionally by young people rather than by those who already own their house.

There is much more to fear from NAMA’s success than from its failure.