Ok. But you also said that NAMA needed to get the best price? If theyâre in severe distress what would you say the chances of recouping 60c on the euro?
Donât disagree with your general point. It would have opened the floodgates though. Anyone struggling to make ends meet would just have stopped paying if there was a ârewardâ at the end of it. What happens if 3 years ago you write down the 300k mortgage by 60% and property prices rise as they have and someone sells up and makes 100k + on the transaction âŚloads of reasons why it would be a good idea and plenty why it wouldnât work
Of course there is nothing stopping you buying the mortgage back from the vulture fund if you can raise the cash. They will figure out soon enough they wonât be able to evict people on a wide scale.
If they make a profit on the sale then you take it off them. However Iâd prefer a strategic defaulter to have the house than a hedge fund. The strategic defaulter numbers were exaggerated. Most people prefer to pay their bills.
And they paid fuck all tax on it too. Another national scandal, but hey lets all have a pop at Brendan Ogle.
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A loan practically became distressed if one repayment was missed. There are many ways to restructure a loan. Interest only. Sabbatical for a couple of years. Many would have been able to repay at 60c in the euro. They should have at least been given the option. Economy has since improved. Rent higher. Prices higher. Who benefits? Hedge funds.
Any that couldnât repay could have been taken over by local authorities.
Look over there. Water charge protesters!!! Welfare scrounger!!! Foreignor taking your job!!! And they fall for it time and time again.
The horsey clique wouldnât like it.
No , then .
The worry, as I see it, however, is that despite what you have decided is âfull employmentâ many people, even working, are struggling. I take note of the fact that Ireland has a peculiar notion of âstrugglingâ
The problem is, that we have picked the fdi (tax haven) horse, and flogged the fucker for all we are worth. He has been a faithful steed, and a good enough worker that we could and should have spread our eggs a bit with the space he bought us.
Did we fuck.
Sure heâs going grand. Lash him again a few times and heâll see us right.
Well it appears that he is likely past his prime. The EU and the US have taken note, and are acting to control it. The standard of English across the EU is improving, and countries like Poland will become more attractive to multinational business.
We will be left with a country where many feel deprived if they earn less than 60 thousand a year, but with, I worry, a slow but inevitable wane of tax haven âinvestmentâ
We should have been breeding replacements, but we havenât, and I think we may well be in for a gradual drift back to financially at least poorer times.
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Will be interesting to see how all the lads on here sneering at the homeless in Dublin will feel when the farmers start getting turfed outâŚ
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The sneering will be that there will be no hipster luvvies to back the farmers. The union fat cats probably wonât lend a hand either .
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Farmers can go and fuck themselves, backbone of the economy. 
Thereâs surely a farm reposseion grant we could get for them?
We were here before ye lads, and weâll be here after ye.
Thatâs it, the farmers have been complaining about being broke since before the state was founded.
Damn straight we are.
Thank God they only found this out now, it coulda ruined a lot of peoples Electric Picnic if theyâd known they held a vigil for a sex offender.
Yer wan in the news report saying it was only right that they turned up to âcelebrate his lifeâ. Fuck sake.
Were they celebrating him being homeless?
Think they were celebrating his 40 convictions and the fact that he knowingly passed on HIV to a woman.