David McWilliams: Selling off state assets on the cheap is just madness
Published 28/07/2010 | 05:00
This Government will not contemplate selling property just in case it would bankrupt the banks. The State's argument is that the market is depressed so if we were to sell the land, we would not get a fair price for it.
So we will postpone the problem: we get NAMA -- a financial skip into which the banks throw their worthless mistakes -- and you pay. The logic of NAMA and this Government's central strategy is to wait for the value of land to improve before selling.
Whether you agree with it or not, this is their logic. It can be summed up by: "Don't sell land in a depressed market."