On May 24, 2010 By Karl Deeter In property pricesWith 1 CommentTags: adjustable rate mortgage, bad incentives, cato institute, economic policy, ghost estates Bad incentives created the housing crisis
The Celtic Tiger and Capitalism are coming in for a lot of stick lately. Even from so called experts and professionals. Yet the Celtic Tiger was killed off around 2001/2002 when we joined the Euro, losing control of our currency and interest rates and changing our economy from export/service model to a consumerist one. Then we had Bertie and Co jumping into bed with unions, inventing quangos as they went along and expanding government and public spending. Finally we had all the rent and mortgage supplements and reliefs, tax incentives and tax cuts for developers, land rezoned for a population twice the size of what it was/is. The politicians well and truly have suckered this country and it’s sovereigns.