Sir, – Minister for State for Finance Brian Hayes has said that writing off €6 billion of debt for tens of thousands mortgagees is unrealistic (Front page, August 22nd). If so, how can his Government justify Nama writing off tens of billions of debt incurred by a thousand or so speculators? – Yours, etc,
Sir, – Prof Morgan Kelly’s recommendation of a mortgage forgiveness scheme costing us only €5 or €6 billion more (Front page, August 19th) is half the proof that the science of economics was only invented to make astrology look good.
The other half of the proof is provided by the fact that dozens of other economists do not think that. It is not science of any sort. Following closely in the footsteps of Alice in Wonderlandand Fianna Fail(ure), everything seems easy when it's somebody else's money and you're not actually responsible for anything.
If anybody had said “A mere €5 or €6 billion more” 20 years ago, people would have been calling for the men in white coats.
Personally, I think they still should. That would cost the 80 per cent of us who are not crazed gamblers and are not in debt a mere €5,000 or €6,000 – which would be well worth it. – Yours, etc,
