Dole for developers

"[M]inisters [are] going to offer free downside price/liquidity insurance to large and established property developers. It [will] be sold as strictly 'time-limited' except that there [will], in fact, be no time limit specified. ...
    "This government (rightly) made much of inheriting a large structural fiscal deficit, and wanting to get government out of business. Instead, they jump in boots and all. And all apparently on the basis that a couple of Cabinet ministers and their Ministry of Housing and Urban Design officials know better than the market what should be built when, where, and by whom ...
    "[I]t brought to mind that old jeer about business-friendly (as opposed to pro-market) governments [helping businesses] to 'capitalise the gains and socialise the losses.' [Or that govts 'helping business' quickly corrupts into 'helping particular businesses.'] ... Plenty of people and firms will have undergone huge stress in the last couple of years, as inflation was squeezed back out of the system. It was and is a necessary adjustment. But most didn’t enjoy the favour of ministers. ...
    "[T]here is just no good or compelling analytical foundation for any sort of intervention of this sort (none are provided, and none are readily conceivable)."

~ Michael Reddell from his post 'Public policy just keeps on worsening'