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But if you've no mortgage, what happens your pay? If you decided not to pay those mad prices, or you've been frugal and paid off your mortgage early, are you to be penalised?
But if you've no mortgage, what happens your pay? If you decided not to pay those mad prices, or you've been frugal and paid off your mortgage early, are you to be penalised?I asked this before, but to help the amount of wages that have to be paid out to PS workers, would it not be possible, since we now own the banks, that everyone take a 20% pay cut and get 20% off their main debt, their mortgage?
It would help those struggling and reduce the strain on the public purse.
I'm sure there's a perfectly good reason why it can't be done.
This often gets repeated, i.e. the end of the economy and total failure. For this scenario to be true we would have had to have seen the same happen in Iceland. However, after 95% public vote against a bailout, banks quickly collapsed and entered liquidation processes and/or nationalisation (the worse option). Now Ireland's bond yield is about 50% higher, unemployment here is about twice as much as Iceland and Iceland returned to economic "growth" in Q3 last year. I'm not saying it is a walk in the park for them, but the country is in far better shape than Ireland is.If we were to face up to the full truth now our economy probably would fail, it has to be admitted that finding someone to continue to fund us and playing along with their game is a tempting option when you look at it in a pragmatic way.
Moral hazard for one, but also practicality. 20% reduction in capital owed does not equate to 20% reduction in monthly payment. And how would this be financed? The average person would have to have outstanding mortgage debt equal to their income for this to even remotely balance. But if that were the case then people wouldn't be in trouble.I asked this before, but to help the amount of wages that have to be paid out to PS workers, would it not be possible, since we now own the banks, that everyone take a 20% pay cut and get 20% off their main debt, their mortgage?
It would help those struggling and reduce the strain on the public purse.
I'm sure there's a perfectly good reason why it can't be done.
Absolutely right. This would be one of those "solutions" where the mistakes of a few were to be paid by everyone. Not a recipe for a good society.But if you've no mortgage, what happens your pay? If you decided not to pay those mad prices, or you've been frugal and paid off your mortgage early, are you to be penalised?
But if you've no mortgage, what happens your pay? If you decided not to pay those mad prices, or you've been frugal and paid off your mortgage early, are you to be penalised?
Is such confidence justified?
this banking story is becoming a bit of a joke now.
After the long awaited report by Black Rock, which was supposed to draw a line under our banking mess and get us going again, are we to have yet another round of stress tests?
http://www.rte.ie/news/2011/0408/banks.html
pulled up this thread from the bank bailout period in 2011. The government holding in BOI is now below 5% and Blackrock are now the biggest shareholder with over 7% of the bank and the bank share price is back at its 4 year high, Great successAfter all, this Black Rock crowd apparently were using the worst case scenario figures, and the €24bn figure was if house prices fell another 35% and X amount of people defaulted.