Great piece in today’s Times. Could equally apply to most of the Irish commentators we hear calling for “help” for the FTBs (in order words, help for themselves by propping up the pyramid scheme)
Nothing could be more immoral, then, in the current climate, than using government efforts and taxpayers’ money to encourage first-time buyers to enter the housing market in order to stabilise the dodgy situation that banks and incautious borrowers have got themselves into through overlending and overstretching themselves: row, row harder, keep us all afloat! Yet that appears to be what the Government’s strategy is.
To most of us, the housing bubble has been an alarming, nonsensical boom that we have scrabbled to keep up with for fear of being left behind, not out of greed but because we wanted a home to live in, one that we owned.
For most of us, a sharp correction will come as a blessed relief. House prices might make some sort of sense again; investors from the City and overseas will leave us alone and stop buying up the places we need to live in. A decent house in the country might become affordable once more for a local person, not just for someone from far away, paying cash.
How dare a man who has lectured us all ad nauseam about prudence, year after year after year, now use our money to bail out the profligate? Times are tough, yes, but for most people they are tough in the day-to-day expenditure; in the purse, not the property portfolio. The pinch, for ordinary people, comes not from little falls in the nominal value of people’s homes, but from day-to-day living costs: the food, the petrol, the gas and the council tax bills. It is in this context that the scrapping of the 10p rate has been so poisonous, a mean little kick at a time when people are already feeling hamstrung in their everyday spending. Globetrotting ministers wagging their fingers at the international gods of high finance are not going to fix that.
Whats the chances or any Irish paper printing something like this?
Edit: in fairness, McWilliams and a few others have been telling it like it is for a while but I still broadly stand over the above.
The heading on the piece is
ARW. I think that many months ago you read those sentiments on the Pin. It is nice to see that any typeface with “morals” in it, is beginning to become type of acceptable
Is it a matter of time before the responsibility of how the public spend their own money is taken out of their hands completely. Imagine a situation where your PAYE cheque not only hemorrhages taxes but a compulsory asset bubble contribution is deducted also.