Bail out those greedy people

Daithi McGee

Darragh29 wrote: »

I'm an idiot.

I could care less.

Well done. You fuked yourself. Take my tax paying fuking money to help your stupid ass out.

Not like I can do a lot about it. I can take it out on Blacks or something. They are to blame and stuff.

Welcome to the Cycle.

Darragh29

Daithi McGee wrote: »

I could care less.

Well done. You fuked yourself. Take my tax paying fuking money to help your stupid ass out.

Not like I can do a lot about it. I can take it out on Blacks or something. They are to blame and stuff.

Welcome to the Cycle.

Don't quote me as having said something I didn't say.

Daithi McGee

Darragh29 wrote: »

Don't quote me as having said something I didn't say.

That would be a first.

Can you dig it Bro?

Darragh29

Darragh29 wrote: »

All this was entirely unavoidable and controllable and sustainable if we kept the vested interests/property speculator parasites under control.

Comes back to having a sensible lending policy that puts realistic values on property that are "affordable" by the majority of average income earners.

For example 20% deposit & monthly repayments not to exceed 30% of take home pay, excluding overtime, bonuses etc and none of these speculative loans based on value of "borrowed" assets nonsense.

These measures will prevent the old laws of "supply & demand" inflating prices too much, by reducing uneccessary demand.

As others have said we need a proper rental safe long term system as well for people who don't want/need to buy as well.

Darragh29

Daithi McGee wrote: »

That would be a first.

Can you dig it Bro?

I can dig just fine, you need to learn to think before you speak. Your mouth will get you into trouble.

gixerfixer

Ha Ha Ha. I have to laugh. Biatch down the road has had a brand new car (SUV thingy) every year for the last few years to bring her little angels to school in. Always had to have the new year plate car in her driveway ( 08 VW Touran this year)...she has a 01 Focus sitting there the last few days and im hoping her finances are *****d up proper and it's not lying there whilst the VW gets fixed. :pac:

Daithi McGee

Darragh29 wrote: »

I can dig just fine, you need to learn to think before you speak. Your mouth will get you into trouble.

Always

xxx
Daithi

Daithi McGee

Daithi McGee wrote: »

Always

xxx
Daithi

I meant:

Always

Daithi
xxx


He was so right.

Darragh29

Deleted User wrote: »

Comes back to having a sensible lending policy that puts realistic values on property that are "affordable" by the majority of average income earners.

For example 20% deposit & monthly repayments not to exceed 30% of take home pay, excluding overtime, bonuses etc and none of these speculative loans based on value of "borrowed" assets nonsense.

As others have said we need a proper rental safe long term system as well for people who don't want/need to buy as well.

Yeah but if the banks didn't run with the whole thing, credit would have tightened up a small bit and the rate of increase in property prices would have been realistic... Of course our elected c*nt heads in government were being swept into power with the help of funds and donations from builders, hence why the price of houses was allowed to spiral.

Daithi McGee

Darragh29 wrote: »

Yeah but if the banks didn't run with the whole thing, credit would have tightened up a small bit and the rate of increase in property prices would have been realistic... Of course our elected c*nt heads in government were being swept into power with the help of funds and donations from builders, hence why the price of houses was allowed to spiral.

Stop being what they want you to be.

You didn't make a profit. You fell for the Lie. You played your cards and lost.

Daithi McGee

Daithi McGee wrote: »

Stop being what they want you to be.

You didn't make a profit. You fell for the Lie. You played your cards and lost.

Don't forget; there's a difference between being suckered into buying an overpriced house to live in and property speculation.

Daithi McGee

Deleted User wrote: »

Don't forget; there's a difference between being suckered into buying an overpriced house to live in and property speculation.

Yeah. They are Called brain cells.

I wish I had them

Darragh29

Daithi McGee wrote: »

Stop being what they want you to be.

You didn't make a profit. You fell for the Lie. You played your cards and lost.

I didn't fall for a lie, I didn't play a card, I didn't lose. I don't have any exposure to the property market. I still have a huge problem with the greed of the last few years.

Daithi, best advice to you now is to stop trolling and stop trying to wind me up.

Daithi McGee

Daithi McGee wrote: »

Yeah. They are Called brain cells.

I wish I had them

I had a similar experience in the UK in the 1980's, the house was in NE for about four years but all ended well as I sold it for the about same as what I paid for it (accounting for inflation) 16 years later!

For the first few months the mortgage was the same as the rent on a similar house would have been.
Then interest rates doubled and the mortgage was nearly twice the equivilant rent for a couple of years, after that rents rose year-on-year, simualtanously as interest rates fell so for the most part the mortgage was considerably cheaper than rent.

Luckily for me, inflation eroded the cost of the mortgage over the years.

Daithi McGee

Darragh29 wrote: »

I didn't fall for a lie, I didn't play a card, I didn't lose. I don't have any exposure to the property market. I still have a huge problem with the greed of the last few years.

Daithi, best advice to you now is to stop trolling and stop trying to wind me up.

So what were you on about?

You had my pity, but you lost it

You cruel person you. Using me like this for your entertainment.

You c u nt.


I have feelings.

kelle

Deleted User wrote: »

Comes back to having a sensible lending policy that puts realistic values on property that are "affordable" by the majority of average income earners.

For example 20% deposit & monthly repayments not to exceed 30% of take home pay, excluding overtime, bonuses etc and none of these speculative loans based on value of "borrowed" assets nonsense.

These measures will prevent the old laws of "supply & demand" inflating prices too much, by reducing uneccessary demand.

As others have said we need a proper rental safe long term system as well for people who don't want/need to buy as well.

I concur

When I bought my house in 1997, you could only get a mortgage for 2.5 times principal wage + 1x second wage. Overtime was not taken into account (most of my wages and my husband's was overtime!). Couldn't get a £45, 000 mortgage, but then tried for £30, 000 on a cheaper house and got it. I was shocked years later to find banks were granting mortgages for 5 times total wages, overtime, pensions, children's allowance - shocking! No wonder property prices were driven up.
A couple of years ago, I remember an Irish bank placing a TV advert encouraging parents to get a loan from them to help pay a deposit on a house for their children to enable them to get them on the property ladder faster! I wonder how many parents are working long hours to pay off these debts when they should be planning their retirement?

kelle

kelle wrote: »

I was shocked years later to find banks were granting mortgages for 5 times total wages, overtime, pensions, children's allowance - shocking! No wonder property prices were driven up.
A couple of years ago, I remember an Irish bank placing a TV advert encouraging parents to get a loan from them to help pay a deposit on a house for their children to enable them to get them on the property ladder faster! I wonder how many parents are working long hours to pay off these debts when they should be planning their retirement?

Nail on the head! Possibly the biggest pyramid scheme ever.

tech77

gixerfixer wrote: »

Ha Ha Ha. I have to laugh. Biatch down the road has had a brand new car (SUV thingy) every year for the last few years to bring her little angels to school in. Always had to have the new year plate car in her driveway ( 08 VW Touran this year)...she has a 01 Focus sitting there the last few days and im hoping her finances are *****d up proper and it's not lying there whilst the VW gets fixed. :pac:

LOL at the unmitigated
schadenfreude
Nah i feel the same about these idiots tbh.

gixerfixer

gixerfixer wrote: »

Ha Ha Ha. I have to laugh. Biatch down the road has had a brand new car (SUV thingy) every year for the last few years to bring her little angels to school in. Always had to have the new year plate car in her driveway ( 08 VW Touran this year)...she has a 01 Focus sitting there the last few days and im hoping her finances are *****d up proper and it's not lying there whilst the VW gets fixed. :pac:

Could be todger the lodger.

asdasd

Yeah. They are Called brain cells.

I wish I had them

We all wish you had them, but all i am seeing is ad hominens, strawmen, misquotes and prior assumptions about peoples motivations (Darragh29 must have bought a house at peak).

Luckily for me, inflation eroded the cost of the mortgage over the years.

thats always the case though.

asdasd

asdasd wrote: »

thats always the case though.

True! just with the current modest levels of inflation, it'll take a long time for the pain to ease!

hopalong85

gixerfixer wrote: »

Ha Ha Ha. I have to laugh. Biatch down the road has had a brand new car (SUV thingy) every year for the last few years to bring her little angels to school in. Always had to have the new year plate car in her driveway ( 08 VW Touran this year)...she has a 01 Focus sitting there the last few days and im hoping her finances are *****d up proper and it's not lying there whilst the VW gets fixed. :pac:

why do you hope that? disgusting attitude.

phantom_lord

Dudess wrote: »

"poor_people_lol imo" - course you weren't!

I just find this thread, and the number of people that thanked the op amusing. Just typical irish begrudgery, the thread just gonna be full of people jealous at those that made money doing the boom, and are now glad to see some of them in tough times.

Like this post for example:

gixerfixer wrote: »

Ha Ha Ha. I have to laugh. Biatch down the road has had a brand new car (SUV thingy) every year for the last few years to bring her little angels to school in. Always had to have the new year plate car in her driveway ( 08 VW Touran this year)...she has a 01 Focus sitting there the last few days and im hoping her finances are *****d up proper and it's not lying there whilst the VW gets fixed. :pac:

The thing is in the medium to long term the "biatch down the road" is going to recover and return to accumulating wealth, while "gixerfixer" will continue to always be some busto begrudger.

phantom_lord

phantom_lord wrote: »

I just find this thread, and the number of people that thanked the op amusing. Just typical irish begrudgery, the thread just gonna be full of people jealous at those that made money doing the boom, and are now glad to see some of them in tough times.

Yes there is some begrudgery, but also a bit of disgust with those who perpetuated (speculators & developers) the bubble and ruined the prospects of many others who were suckered into buying overpriced houses and are now suffering as well.
The real issue is, should these speculators be bailed out, if so should the people who bought overpriced homes also be bailed out.

I say the answer is NO, especially not the speculators & developers.

sock.rocker*

monkey24 wrote: »

I was just watching prime time where Eddie Hobbs read out a tear jerking letter from a women who is having a really hard time because she has five residential properties and is now finding things hard. He then went on to say the government have to do something.

Seriously, is this what it has f*cking come to. I am sorry for that women but we are now being asked to bail out greedy f*cking people. This makes me sick. So people are free to rake in money in the free markets but when it goes wrong its other people who pick up the tab.

That women should pay for her mistakes, that is how free markets work. Bailing out banks to keep the world afloat is one thing, bailing out greedy people who speculated on property is quite another.

Everyday I read about this country it usually turns my stomach ...

/rant

disagree with your attitude completely. narrow minded and angry for no reason. greedy for having 5 houses?? eh, no.

having 5 houses: i think, entrepreneur, successful, good money management, motivated to do something and act on the celtic tiger.

all our parents wished they had done it, all of them are jealous. if they had inititive to do it, we wouldnt call them greedy.


now to her wantin the government to help her, i think thats bull.. its a free market. but seriously, "bailing out greedy people who speculated on property is quite another."? keep ur point on track. we'd all own property during the last decade if we could, the difference being they were smart enough to do it.

sock.rocker*

Deleted User wrote: »

Yes there is some begrudgery, but also a bit of disgust with those who perpetuated (speculators & developers) the bubble and ruined the prospects of many others who were suckered into buying overpriced houses and are now suffering as well.
The real issue is, should these speculators be bailed out, if so should the people who bought overpriced homes also be bailed out.

I say the answer is NO, especially not the speculators & developers.

they didn't know it was gonna bust, or any of their actions were gonna create a bubble. therefore you cant hold it against them. the property market those speculators and developers created made this country, a world recession is just multiplying the fall.

SimpleSam06

gixerfixer wrote: »

Ha Ha Ha. I have to laugh. Biatch down the road has had a brand new car (SUV thingy) every year for the last few years to bring her little angels to school in. Always had to have the new year plate car in her driveway ( 08 VW Touran this year)...she has a 01 Focus sitting there the last few days and im hoping her finances are *****d up proper and it's not lying there whilst the VW gets fixed. :pac:

Why, did she steal your money and use it to buy new cars?

sock.rocker* wrote: »

we'd all own property during the last decade if we could, the difference being they were smart enough to do it.

Heh. I could have bought a fair few houses over the last few years, and I still could, wouldn't need much of a mortgage on them either. However I was never stupid enough to pour money down the drain like that. Rental returns in this country are extremely poor, way under inflation, never mind that rental is a pedestrian business at best, the idiot child of enterprise. Even buying and selling houses is practically impossible to make a living at unless you are a developer/builder or a professional flipper, and this was at the height of the boom.

The fact is that if these people had an entrepreneurial bone in their body, they could have made many times more by starting a business, rather than taking money being thrown at them by the banks to leverage assets far beyond their weight. It was easy for them to get in. Now many are finding its not so easy to get out again, which they would have known had they done a modicum of research.

Don't confuse "foolish greed and jumping on the bandwagon" with "smart".

Padraig Mor

sock.rocker* wrote: »

disagree with your attitude completely. narrow minded and angry for no reason. greedy for having 5 houses?? eh, no.

having 5 houses: i think, entrepreneur, successful, good money management, motivated to do something and act on the celtic tiger.

all our parents wished they had done it, all of them are jealous. if they had inititive to do it, we wouldnt call them greedy.


now to her wantin the government to help her, i think thats bull.. its a free market. but seriously, "bailing out greedy people who speculated on property is quite another."? keep ur point on track. we'd all own property during the last decade if we could, the difference being they were smart enough to do it.

Surely she wouldn't be in this situation if this were the case?!

sock.rocker*

SimpleSam06 wrote: »

Heh. I could have bought a fair few houses over the last few years, and I still could, wouldn't need much of a mortgage on them either. However I was never stupid enough to pour money down the drain like that. Rental returns in this country are extremely poor, way under inflation, never mind that rental is a pedestrian business at best, the idiot child of enterprise. Even buying and selling houses is practically impossible to make a living at unless you are a developer/builder or a professional flipper, and this was at the height of the boom.

The fact is that if these people had an entrepreneurial bone in their body, they could have made many times more by starting a business, rather than taking money being thrown at them by the banks to leverage assets far beyond their weight. It was easy for them to get in. Now many are finding its not so easy to get out again, which they would have known had they done a modicum of research.

Don't confuse "foolish greed and jumping on the bandwagon" with "smart".

ok good points.. i'm not here to disagree wit ya. but heinsight is 20 20.

and while creating a business is a very good alternative, its not for everyone. i don't like the idea of stress and risk of creating a business. i'd rather keep my 9 to 5 and have an extra house largely pay for itself and then sell it.

i respect the people who took the initive to get into a good thing when it was good.. i don't think they're greedy. by that logic, creating a business is greedy.

SimpleSam06

sock.rocker* wrote: »

i'd rather keep my 9 to 5 and have an extra house largely pay for itself and then sell it.

Heres the problem though, it won't pay for itself. Rents don't come near covering even the interest portion of mortgages in most cases, since rental rates don't track inflation, simply supply and demand, so you need to pay for that yourself. This is what has left us in the dire economic situation we are in today.

sock.rocker* wrote: »

i respect the people who took the initive to get into a good thing when it was good..

They didn't get into a good thing, they got into what they thought was a good thing. I mean lets look at this woman with her five houses. Even if she rents out four and lives in one, she won't be pulling down more than a grand a week. And thats after thirty years when the mortgages are paid off, never mind empties and ongoing maintenance and advertising costs.

So having somehow managed to pay five mortgages for three decades, she has something that gives her basically 30% more than the average industrial wage, and assets worth whatever she paid for them minus the interest costs. One would have thought her money would have been better spent doing almost anything else.

If you're looking at the capital appreciation angle ("I thought prices would go up forever"), when she sells, she has to pay 20% capital gains as well as costs for real estate agents, carraige, all that, as well as the cost of the mortgage for each place for every year that she held onto it, factoring in inflation as well.

So unless she reckoned the properties would gain by 40% while she was waiting for them to appreciate, she's coming out with a loss. Even if the properties gained by 60% over a few years, shes still not going to be making a huge amount of money from the sales. All in all, it was a fools game for everyone except a very few.

sock.rocker* wrote: »

i don't think they're greedy. by that logic, creating a business is greedy.

Smart business isn't greedy, its just smart. And they weren't creating a business of any sort.