Oireachtas Joint and Select Committees

Thursday, 3 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

You'd be familiar with the product at the time. Now, just the basic premise of product sales and capitalism or whatever: to buy a product, somebody ... for instance, like a car ... if I go out and buy a new car tomorrow, somebody needs to buy my second-hand car off me. And that maintains the market because there's entry into the market. By 2005 and 2006, because entry into the market is becoming harder for these couples who are above average earnings, was that not a sign that the market was eventually going to collapse? Forget about land speculation. If people can't afford to buy a home, the market will collapse anyway, just like the car market will collapse if I can't sell my car second hand.

Comments

No comments

Log in or join to post a public comment.