Bubble economics

THE NAMA proposal states that the banks will be paid for loans based on rising property values at some point in the future, thereby ensuring the taxpayer breaks even on the deal.

So in other words, the Government’s plan to get us out of the economic ruin brought about by the last property bubble is to bet everything we have on the hope that a new property bubble begins to inflate.

Only in Fianna Fáil could you come across such a crazy policy.