David McWilliams: How FF put middle class deep into 'debtor's prison'
Published 27/01/2010 | 05:00
Has Fianna Fail destroyed the Irish middle class? If the answer is yes, then this recession will have considerably more dramatic lasting effects than even some of the most realistic observers suggest.
The reason for asking this question is that the huge debts incurred by the broad middle class in the property boom can't be paid. And with no coherent mechanism for individual mortgage default, the Government is putting bondholders before mortgage holders.
Fianna Fail has placed the middle classes in a 'debtor's prison' and, what is more egregious, it has given the middle classes the bill for the mistakes of Fianna Fail's developer mates because it is obsessed with keeping the banks afloat in their present crippled state.