Think about it, in the boom we couldn't build infrastructure at a decent price because the price of land was artificially inflated. So the people transferred billions of euros to landowners and developers to allow us to build bridges, schools and roads on hugely expensive land. In effect, this was a tax on the average person to subsidise the very rich.
Now the opposite is the case. We can subsidise the poor by taking the land back now. But instead of seizing the opportunity to buy this land for the State's use for the next generation, we are being asked to put the interests of the corrupt, greedy and plainly stupid bankers over the interests of the average citizen.
Wednesday, 2 September 2009
McWilliams on NAMA
Slí Eile: David McWilliams has been relatively quiet in recent months (another book on the way!). His latest thoughts on NAMA in today's Irish Independent here are worth a read. The following too is worth highlighting: