February 8, 2011

What the establishment are saying now. A warning from 2003!

Posted in News · 12 comments ·
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Listening to the establishment telling us this week that the economy will be ok if we just do what they say, reminds me of the spin and propaganda some years ago.


  1. soddit

    David, there are times when you shouldn’t blow your own trumpet, but hey you’re excused. AH – twat.

  2. soddit

    BTW, Lewis getting a bit slammed, but obviously by those who haven’t read Liars Poker. Brilliant/enjoyable read and highly recommended.

  3. WillH

    If this is not the optimum moment to force the political parties to agree to wholesale changes to ‘the system’ then I dont know when is… I am nailing my colours to the ’2nd Republic’ mast as I believe thats how this can be done…

  4. irishminx

    The establishment are still not listening!

  5. Fiona

    I remember that debate, it was one of the first times I saw David. I remember sitting up and thinking “that makes sense” – I’ve been listening since.
    “the economy will be ok if we just do what they say” … yeah and that fire won’t burn you, if you put your hand in it!!!
    I think F/F are banking on today’s voters being indifferent – they are forgetting that they have forced people into paying attention and asking questions.

  6. Athraighdeirinn

    Well David, what can you say?, other than “I was right, and you (the politicians and that clown Austin Hughes) were wrong”, and so you should.

    These eejits smirked at you and Morgan Kelly when you predicted the collapse and the crunch, now who’s smiling out of the other side of their mouths?

    Unfortunately, this is what you get when you have greedy, incompetent, self-serving, careerist gobshites in these postions of importance.

  7. BiggyWiggy Rogers

    Amazing how people can simply ignore basic economics isn’t it? – David, you should post this everywhere possible, as a warning to folk to not be conned again by the illusionary drivel spewed out by those with vested interests

    You called it exactly right – how can the cost of housing be ‘umptynumpty’ times your salary and be sustainable!!! (I don’t know what the multiple was at the mad end?)

    I’m still listening to your sage advice David – and I hope many more will too.

  8. DarraghD

    You couldn’t make it up, the guy buying the 2 bedroom apartment off the plans with his girlfriend, he reckoned the worst case scenario was that he might have to sell the place at a loss in the future, the furthest thing from his mind seems to have been that selling would not have actually been possible in a market with no buyers and he’d have been stuck with the place…

  9. aodhanc

    Well done, David. You hit the nail exactly on the head in 2003, when so many people didn’t want to hear a word of it.

    Any if property was overvalued in 2003, it was far worse by 2006/2007 when the market hit its peak.

    Of course banks, government and estate agents had a vested interest in talking up the property market.

    We need more people like you David – independent economists who have the foresight, intelligence and most of all, impartiality, to express their view. And in your case, it has turned out to be exactly correct.

  10. sorcha

    I really wish David McWilliams would run in the elections,he’d be elected by the majority! He would be the best man to be our Finance Minister.I am sick at the thoughts of us all being lumbered with the BANKS DEBT!!

  11. Deco

    When Austin Hughes started talking, it was like listening to Comical Ali. Pure rubbish. However, that is with the benefit of hindsight.

    How did the absurd opinion of Austin Hughes become the mainstream story about the Irish property bubble from 1997 to 2007 ? Why did Ireland suddenly lose the plot around 1995/1996, and suddenly slide into becoming a herd of lemmings ? There is a force-field analysis explanation in the context of the role of advertising money in the media. And there are psychological reasons.

    Well, I reckon that Hughes and Co simply saturated the media with their views. The news was full of views of such people.

    In addition you had Austin Hughes writing an article in the Irish Times Business Supplement every Friday, for year upon year upon year. And Dan McLaughlin was at it for even longer.

    We defined a silly pointless celebrations arrogant public culture that regarded absurd property prices as some sort of victory. We believed in some unbeleiveable rubbish. And the media coverage so far is designed to ensure that we will be capable of believing in rubbish again.

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