Thursday 19 October 2017

Jerome Reilly: Lone, defiant voice predicted future hardship

The Age of Indulgence

PROPHET OF DOOM: Morgan Kelly bravely dismissed talk of a soft landing for the economy as mere ‘wishful thinking
PROPHET OF DOOM: Morgan Kelly bravely dismissed talk of a soft landing for the economy as mere ‘wishful thinking
Jerome Reilly

Jerome Reilly

He was the prophet of doom, born of the boom, but UCD Professor Morgan Kelly, a naturally reserved academic who let the figures do the talking, got nothing but dog's abuse for warning that the country had gone mad.

In 2006, with the vast majority of Irish economists bullishly confident of a soft landing, Kelly was already predicting a halving of house prices, a banking crisis and a deep recession.

As a lone and defiant voice, he bravely dismissed all the talk of a soft landing as mere "wishful thinking" and went on to forecast that house prices would plummet by between 40 and 60 per cent.

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