I know from your previous posts that you have very strong feelings regarding VI's and thats fair enough, but there needs to be a whole lot more accountability taken by individuals such as the lady on the Gerry Ryan show. People took on massive debt and you can say that it was on the radio in the paper that it was the right thing to do, but surely every individual has to look at their own circumstances and make some sort of informed decision as to whether or not they can service a loan over 30+ years, these are grown adults, they vote they drive surely they must be responsible for their own actions.
You can even move on from houses and look at all other forms of credit that have prospered in our 'boom' time. People paying back 5 year credit deals at 29%apr for tvs and kitchen appliances and driving cars they can't afford. It all comes back to personal responsibilty and the VI's couldn't do much without a very willing public.
This is what I posted on that property pin thread and I stand by every word, its collective responsibility IMO
"Rock and a hard place situation here IMO.
Of course personal responsibility has to come into play no one forced anyone to lie, beg, cheat and steal just to get a 100%, 40 year mortgage.
However, many ordinary people wanted to have a home to call their own for them and their family. They knew long term renting was out (despite promises that legislation would change). So they listened to:
1) the government, and in their naiveity believed that elected representatives would do whats best for them (the elctorate) and not whats best for themselves and their developers cronies. Vote FF
2) So called experts on television. VIs allowed to spout sh!te and peddle their wares on national TV without anyone questioning their often dubious logic (or anyone who did was dismissed as a doom monger and most certainly not given the same air time).
3) Their bank manager who lend them too much and may well have used the oft spouted line, 'Don't worry capital appreciation will take care of any worries you have'
4) The Joneses. they'd gotten on the ladder maybe in an arera they didn't like but capital appreciation got them up a few rungs into a nice 3 or 4 bed in a decent area. Listening to the media and govt, believeing prices never go down they took the plunge also
I definately think its a case of collective responsibility. People make their own decisions but in the face of such a campaign of VI/FF laddermania propaganda its very easy for rationality to go out the window
As an aside, one thing i really hope comes out of this boom. FF will be exposed for what they are and willhave their credibility destroyed and their antics exposed. Although I'm not holding my breath"