House prices bottom out?

rustyregan

smccarrick wrote: »

Not quite accurate.
If those regulations are not enforced- you cannot claim that failing to adhere to the regulations is an illegal (or even a criminal) act. Having a law on the statute book- is step 1- enforcing it is step 2. Regardless of what Michael Sommers or anyone else did- if the regulator was not actively enforcing the regulations at his disposal- good luck to you proving any of these guys undertook criminal activity. As for the politicians- much as I wish incompetence were a crime- it isn't. The only official who was caught redhanded (aside from Liam Lawlor) seems to have been George Redmond.

It might appear that the best way to chase these goons might be by ignoring their failures with the Financial Regulator- and having the ODCE chase them instead.

Keep in mind that the complaint of our European colleagues at the time was that Ireland was the wild-wild-west regarding lack of/lack of enforcement of- financial regulation. Our Irish failures were not the only failures that happened as a result of the regulator not giving a damn- several German banks fell (including a 60billion failure) and one French subsidiary also fell......

Much as I'd happily support lining the bankers up against a wall and shooting them- its a fate far too kind for the Irish Financial Regulator.........

There should be retrospective proceedings. Just because the law wasn't enforced properly in the past doesn't mean it can't be enforced now. This is a basic principle of law. A crime is a crime no matter when it was committed. Not being proscuted at the time isn't a defence.

I'm not advocating anything medieval re the bankers and others implicit in this. But justice should be done and it's important for many reasons. And I think it should be done by us too, in order to re-establish our reputation. Although if we "gift" Europe the banks, as per Morgan Kelly, maybe Europe would take a greater interest in apportioning blame.

prices have not bottomed yet, the boom began in 1996 & our own central bank backs this and said prices were 73% overvalued in 2006:

http://www.thepropertypin.com/viewtopic.php?f=4&t=1869

have a look, 3rd post ^^^

Ray Palmer

rustyregan wrote: »

Re banking legislation, yes it is. The word is legislation - this is derived from legal - conavening this is illegal. Undertaking illegal activities is a criminal offence.

Well that is just plain wrong. Congratulation on understanding derivation of a word but that is not how the legal system works. Legislation is not the the same as a criminal law books.

Strange how you want absolve some people based on social pressure but haven't thought of the social/peer pressure in the banks. There were lots of people putting pressure on the banks to loan more and more money . You seem to have a blinkered view on the matter.

It's very easy to be angry at where we are but everybody played their part. It was more stupid than illegal and personal choice has gotten most people in trouble. Many people forgot the concept of saving to buy something which was the biggest problem.

rustyregan

Ray Palmer wrote: »

Well that is just plain wrong. Congratulation on understanding derivation of a word but that is not how the legal system works. Legislation is not the the same as a criminal law books.

Strange how you want absolve some people based on social pressure but haven't thought of the social/peer pressure in the banks. There were lots of people putting pressure on the banks to loan more and more money . You seem to have a blinkered view on the matter.

It's very easy to be angry at where we are but everybody played their part. It was more stupid than illegal and personal choice has gotten most people in trouble. Many people forgot the concept of saving to buy something which was the biggest problem.

I don't know what to say. Everytime I explain my positon you come back telling me I said something I didn't say. You say I'm blinkered based on something I never said. If you can't be bothered to actually read my posts you're only having an argument with yourself. It's easy to insult and try to ridicule and misrepresent someone with a different point of view to yourself rather than address their arguments - it doesn't mean you're actually correct.

Ray Palmer

rustyregan wrote: »

I don't know what to say. Everytime I explain my positon you come back telling me I said something I didn't say. You say I'm blinkered based on something I never said. If you can't be bothered to actually read my posts you're only having an argument with yourself. It's easy to insult and try to ridicule and misrepresent someone with a different point of view to yourself rather than address their arguments - it doesn't mean you're actually correct.

I didn't make up anything you said, you did make excuses for people but are only will to do it for people you think are worthy. You don't understand the legal system and you come across as angry. Tell me where I am wrong and made things up. You should try reading what is said by others when you are accusing people of not reading your rants.

mlumley

Be a while yet before we hit rockbottom. Maybe another year would do it.

mlumley

mlumley wrote: »

Be a while yet before we hit rockbottom. Maybe another year would do it.

based on what?

Based on hard data I posted earlier in the thread we need to drop 75 - 80% of the prices from 2007 - based on 2007 employment levels. We are only at 50% now and based on todays employment levels need to drop more than 75 - 80% of the value from peak.....crazy isnt it but those are the facts