Comments on: The Return of Morgan Kelly and more Bad News

By: Robert Browne

Robert Browne — Mon, 08 Nov 2010 16:09:42 +0000

Lets hope he is right about the impending collapse of the cult like political system that has led us over the abyss.

I would love to see RTE closed down their presenters not “nailing” the politico’s because they do not want attention drawn to their absurd salaries for asking questions. It should be closed down they have not served us well, they have stifled debate.

By: Paul Rafferty

Paul Rafferty — Mon, 08 Nov 2010 10:59:43 +0000

It’s funny looking back at this. (Not funny ‘Ha ha’, of course.)

By: Ray walsh

Ray walsh — Wed, 23 Dec 2009 01:27:55 +0000

I agree 100% with Morgan Kelly. Nothing is going to be happening in the Irish property market for the next ten yrs. There’s a glut of property in residential and commercial sectors. A whole generation with unprecedented debt levels, growing emigration numbers over the next few years will do little to help us out of the mess. People don’t seem to think it will be like the 1980′s again. I feel it could be worse. What’s different about now compared to the 1980′s is that a young generation of people were relatively debt free and it was easy to be consumers when the up turn came in the economy. Low interest rates and higher lending patterns allowed young people to create the celtic tiger. Never in Irish history have people been in so much personal debt. I personally don’t believe the banks will be in a position to lend for the next several years. Anyone who thinks NAMA will create credit liquidity is naive. It will used by Banks to shore up much needed reserves to balance their books and IT WILL NOT result in liquidity and credit in the Irish economy. This is about survival for the banks so they can weather the storm and live to fight another day ( 7-10 yrs) time. I hope to God I’m wrong.

By: ROBERT BROWNE

ROBERT BROWNE — Mon, 03 Aug 2009 01:18:32 +0000

I disagree that Morgen Kelly has lost any credibility. Morgen Kelly, unfortunately, will be proved correct. There is no painless way of pretending that NAMA is not a disaster. In Morgen Kelly, the ordinary people have someone that tells it like it is. As regards the comment by Fergus O’Rourke that he is OTT In the very near future Irish people will wonder why they were not out on the streets of the capital protesting like the Iranian people who wanted to know “Where is my vote?” NAMA is the imposition of debt bondage on the Irish people and their children.
I certainly want to know where my vote is? I did not vote for NAMA, for crony capitalism or for dictatorship of the triumvirate. How can three immensly misguided, arrogant people Lehihan, Cowen and Bacon think that they can ignore the wishes of the Irish people? See (Independent newspaper poll 02 August)

They are on really, really, dangerous ground which can fall away from them in a flash. Just look at the Zoe debacle and how even the Revenue commissioners have had to conspire with AIB, Bank of Scotland and Anglo to try and thwart Carroll’s mess from blowing NAMA out of the water. This conspiracy is very real and borders on the illegal as hinted by judge O’Kelly, it is very undemocratic, anti competitive and probably illegal as far as EU competition law is concerned. There is something perverse about keeping insolvent companies going so that the tax payer picks up the tab. The “buying off” of Rabo, now being organised, will also be a landmark for the distortion of our commercial courts and their proper functioning.

Tangentially, we have had developer led planning in this country for years and the planning system has now been shown to be woefully inadequate. You cannot separate planning decisions from economic reality. However, DCC and Board Pleanala do just that. The disconnect between so called good planning and basic fundamental economics has led us to Lehihans mad cap NAMA solution.
Finally, it is NAMA and Lenihans lack of business guile, as evidenced, by guaranteeing bond holder and “saving” Anglo that was, and is OTT. It was the nuclear option. NAMA should have been called the NLMA (national liability management agency) or even the NTLMA (national toxic liability managment agency).

By: P O'Neill

P O'Neill — Sat, 04 Jul 2009 03:28:12 +0000

I wonder who dug up Brian Lucey's opinion on the housing market before the crash? There's clear a major document trawl going on for all the pundits involved the debate.

By: Cian

Cian — Fri, 03 Jul 2009 10:45:38 +0000

I have embedded the article in question here. Head to Head

By: Fergus O'Rourke

Fergus O'Rourke — Fri, 03 Jul 2009 10:25:51 +0000

Just a quick reaction to an initial partial scan of the post – the excerpt quoted from Austin Hughes shows him as only cautiously optimistic. With hindsight, for what that’s worth, he was of course much too optimistic.

For what it’s worth, I always thought Morgan Kelly was right in 2007. Unfortunately, like McWilliams, he has lost credibility by failing to resist the temptation to go OTT not so much on the facts as on the conclusions to be drawn from them and the real factors behind them.

I would appreciate seeing the full versions of both articles from 2007. I think you know how to find me.