Madam, – As a public servant who purchased a house in 2007, I have had to endure a dramatic reduction in my take-home pay and asset value, approximately 20 per cent and 40 per cent respectively.
However, it seems that professional investors (ie bond holders, hedge funds, etc) who gambled in Anglo Irish Bank on the continuance of the property bubble in Ireland are being protected at my expense from loss. These same people, or their ilk, are now gambling on the potential bankruptcy with the expectation of continued gain.
Obviously, in the tradition of government in Ireland, losses, like taxes, are for little people only. – Yours, etc,