Carol Hunt: Unless personal debt is renegotiated, we face collapse
Reckless banks who are sponging off the taxpayer can't lecture us on 'moral hazard', writes Carol Hunt
Published 19/02/2012 | 05:00
'I can calculate the motions of heavenly bodies but not the madness of people," said Isaac Newton after the collapse of the infamous South Sea Bubble. Nor his own delusion, he may have added, as he lost an estimated £20,000 on his investments -- a very hefty sum at the time.
This anecdote may provide a small solace to those of us who, in defiance of our reason, bought insanely overpriced homes at the height of the madness that was Ireland's property boom.
So what if we were threatened with perpetual exclusion from a "home of our own" -- that elusive Irish dream? And who cares now if our original troika -- the banks, allied with our Government and the property developers -- sold us a lie that we will, quite literally, spend our lives paying for?