Monday 5 December 2016

People need protecting from themselves

Published 19/04/2011 | 05:00

Bidders at the Shelbourne Hotel, St Stephen's Green, Dublin, for Ireland's first distressed multilot property auction last week
Bidders at the Shelbourne Hotel, St Stephen's Green, Dublin, for Ireland's first distressed multilot property auction last week

As I watched many people relapse into their old ways as they flocked into Dublin's Shelbourne Hotel and listened to live links from the auction room last Friday, I couldn't help thinking these people need protecting from themselves.

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I firmly believe in capitalism rather than the Cuban-type state ownership of assets route that has been taken by Ireland. However, it seems to me that stringent property ownership controls are needed ASAP.

It will be interesting to watch ministers protesting about such a move, arguing that the free market is best left alone. At this point, hopefully the irony of such a statement will not be lost on the population.

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