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Bail out those in negative equity, penalise deposit holders

  • 11-11-2010 02:08PM
    #1
    oceanclub
    Registered Users, Registered Users 2 Posts: 3,412 ✭✭✭


    I'm seeing two ideas simultaneously being floated which make me think that the next stage in Ireland's economic debable is to screw over deposit holders in order to bail out those in negative equity (both the deserving and undeserving alike).

    In today IT's, we have a bunch of economists saying that those in negative equity (which, incidentally includes at least one of those economists), need to be bailed out.

    http://www.irishtimes.com/newspaper/opinion/2010/1111/1224283092835.html

    At the same time, one of the members of the Expert Group on Mortgage Arrears they they mention, is floating the idea that those who had medium-sized deposits upwards in Irish banks at the time of the guarantee should respectively pay 10% of their deposit value as "insurance".

    http://www.askaboutmoney.com/showthread.php?t=146453

    The upshot of this, as mentioned in that thread, is that if someone had large savings for, say a house at that time, they would _still_ owe that money retrospectively.

    The upshot of these two ideas being implemented would be that those who were wise and saved their money, waiting to buy once the bubble had popped, would be directly penalised in order to prop up the Alison O'Riordans of the land.

    If there was any inkling that these two ideas are implemented, it would be the final straw for me. Emigration would be the only legal option.

    P.


Comments

  • #2
    Cookie_Monster
    Registered Users, Registered Users 2 Posts: 24,567 ✭✭✭✭Cookie_Monster


    oceanclub wrote: »
    The upshot of these two ideas being implemented would be that those who were wise and saved their money, would be directly penalised

    :eek::eek::eek:
    That is just insane, punish people who act responsibly with their hard earned cash :rolleyes:


  • #3
    Blowfish
    Registered Users, Registered Users 2 Posts: 5,112 ✭✭✭Blowfish


    oceanclub wrote: »
    At the same time, one of the members of the Expert Group on Mortgage Arrears they they mention, is floating the idea that those who had medium-sized deposits upwards in Irish banks at the time of the guarantee should respectively pay 10% of their deposit value as "insurance".

    http://www.askaboutmoney.com/showthread.php?t=146453
    I'm no economist, but I'd imagine that even a slightest inclination that that is going to happen would cause major capital flight.


  • #4
    harsea8
    Closed Accounts Posts: 238 ✭✭harsea8


    I am almost certainly in negative equity, but even I think this is a nonsense idea. Apart from the obvious unfairness on people who were prudent during the boom years, it just further promotes a culture whereby people absolve all responsibility for their own financial decisions.


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