Vital that educated people who see wrong, speak out to protect the unwary!
Somehow, the original link to politics.ie no longer works; so as it happens, I had the piece saved. So here it is!
[QUOTE=jackryan;2690305]The property developers got money thrown at them and took it everybody wants them to pay the price. Why not the same for those who took all the money thrown at them, as there were other people who didn't take this money and lived within their means. Anyone ever here of personal responsibility?[/QUOTE]
People, who did not partake in the mortgage mania, deserve credit for their business sense. But this is not enough. In this era of secularism, there is too much emphysis on individual rights. But universal rights in a broader sense entails that the attainment of these rights are shared. We all identify with sharing the National Cake; but this should also extend to speaking out against injustice which is being perpetrated on your neighbour. If a person thinks that getting a jumbo mortgage is wrong; then he has a duty to speak out against a system that condones drowning other unwary, less financial savvy people in such mortgages. Not enough people spoke out, until it was too late.
The problem now is that the National Cake is now in the ownership of a greatly reduced number of people. It is said that there is over €150bn in savings in Irish Banks. The problem is that it is owned by a limited number of people. These people only need to spend a small proportion as subsistence. Therefore, the Nation does not gain from this savings hoard. It is not being circulated, because the owners only need to spend a small proportion for everyday living.
The guy that
shovels the coal keeps the steam train going. The youth of a country if
have spending money, speeds up the circulation of money. But the youth