No NAMA for negative-equity homeowners!

11 August, 2010

David McWilliams blogged this week about Middle class dying a slow death

“This is the central dilemma for all of us: we need to ‘lock in’ cheap property as a competitive advantage for the country, but that means trapping the property-owning middle class in a brace, where their debts remain static but the value of their assets falls……

……Whether we like it or not, with the balance sheet shattered, some form of debt restructuring for Ireland’s private sector is a given.”

This must not happen.  If middle class means anything, surely it means taking responsibility for one’s own actions. Bailing out former property junkies would be a scandal. I don’t want to pay taxes, and have my children pay taxes, so that Fianna Fáil can pander to imprudent fellow travellers.

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