All you are doing it transferring money from the people who acted responsibly , to those who were not.
I bought a cheap house that was falling apart. Spent 3 years of hard work and lots of money getting into a good state. I am now left with a mortgage of less then €500 a month , and hopefully no negative equity (I haven't checked , it doesn't affect me).
Should I now subside someone earns the same as me but went out and bough a €400k new build ?
who paid 400k for a new build at the height of the boom automatically didn't act responsibly, in your book?
Because they didn't take account of
1) Prices can go down as well as up
2) You wages may drop
3) You may loose your job
4) They didn't take enough insurance
etc..etc..etc...
Salvidor based on that opinion there shouldn't be any support or relief for the banks, small business or anyone else who has been affected by the downturn in the economy.
Like it or not the housing trade doe s play a part in our economy. It obviously should never have reached the level that it was at previously in terms of a percentage of our GDP but a somewhat liquid housing market is part of a healthy economy.
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