At at time when property players are skulking away from ‘de meedja’ and being blamed for the economic ills of the Western World, let us praise one Jerry Howard of the American Homebuilders Association.
In Dublin for an exchange of views with people in the same business, Howard made himself available for interviews, noting the striking similarities in causes of the banking crisis in both countries – the lack of credit liquidity based on the crash of the property market.
However, one striking difference has not escaped his attention. After the delayed rescue/bailout passed by the American law-makers failed to stem the decline, Howard was told on the “phone by his American associates” that the failure of EU mandarins to agree a unified shoring-up of banks had been a crucial factor in the continuing slide in the US.
He found that odd, because in Europe he had been repeatedly told the initial rejection of the $700 billion rescue by US legislators had worsened the situation in the EU. Now, he intends to spend more fact-finding time on his return, in the confident knowledge that when the manure hits the fan, “it’s always the fault of someone else”.
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