via David McWilliams: The tracker tail’s sorry ending

() Do you remember the ad in which a bloke on the top floor of a Dublin bus stands up and admits to all the passengers: “I don’t know what a tracker mortgage is”? He stands up, unsure of himself, and makes his public confession, half-petrified. You can see the relief on his face as he admits that he hasn’t a “rasher’s”. (…)

Yes, I do remember this ad.

It symbolizes much of what went wrong in Ireland during the run up to the property crash; widespread ignorance about personal finances, inadequate bank regulations and the tracker mortgage.

McWilliams narrates the story of the tracker and why it puts a huge brake on the recovery of the Irish economy for years to come.

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06/05/2013 · 18:55

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