Grinding despair of negative-equity generation hangs over all our lives
It's vital for the country's survival that our impoverished homeowners get help, writes Carol Hunt
Published 13/02/2011 | 05:00
All truth passes through three stages. First it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident. Arthur Schopenhauer
Ireland, 2031. A teenager and his teacher are walking out of an economics class. "My God, what lunacy," says the teen. "I can't believe that the banks were allowed to behave like that."
"I know," answers his lecturer. "Imagine, they were able to sell full-recourse mortgages to naive first-time buyers, often way over 100 per cent, without any risk to themselves whatsoever. No wonder they all went mad and pushed money on any poor sod they could."