Irish Mortgage Brokers Blog

WHAT: Peaceful demonstration to protest against Government bail outs of property developers.

WHERE: Outside the Dail at the junction of Molesworth Street and Kildare Street in Dublin 2

WHEN: Thursday 25th September at 1:30 p.m.

WHY: Bailing out the property market is a mistake and will only benefit people who took risks.

“You cannot mortgage the generation of tomorrow for the benefit of the generation of today to buy into an asset that’s falling in value - let the market reach clearing price”

Excerpt of Karl Deeter on Newstalk 106FM, Discussing Government Bailouts of Irish Property Market - 16th September 2008

John Gormley is in contravention of his own parties policies, the Green Party website clearly states that it wants to “Progressively limit the amount of money that lending institutions can lend for house purchase in order to reduce the price of housing” now that it is actually happening should the Government wade in with tax money to fill the gap? No, the wiser choice is to allow the market to resolve and people can just buy cheaper housing instead.


The ‘rush’ to this solution is as a result of lobbyists and special interest pressure, we have a broken healthcare system, an education system that could use a cash injection, a justice system that doesn’t function and instead of spending money on this the proposal aims to spend money on an issue that doesn’t exist, we don’t need help with homes as there is not endemic ‘homelessness’, people are housed, and rather than falsely supporting the market the Government would be better off spending it on areas that require they money.

Supply outstrips demand and that alone means there is no need for a rescue package. Doing this in the current market is only going to benefit the people selling houses, while the liability for such a move will be loaded on the shoulders of the entire tax base.

Please leave comments or ideas, see you Thursday!