Wednesday 22 August 2018

Laura Noonan: Gloomy, ill-informed 'experts' are talking through their hats

Laura Noonan

Laura Noonan

IN the dying days of pre-bailout Ireland, UCD economist Morgan Kelly claimed the mortgage crisis was so severe it put Ireland "on the cusp of a social conflict on the scale of the Land War".

Since his dramatic warning in late 2010, the headline numbers around mortgages have gotten solidly worse; 10.2pc of households are in arrears now, as against 5.66pc in December 2010, according to official figures.

Mr Kelly's fears of a mortgage timebomb have been almost universally adopted, as politicians of every ilk speak of the acute suffering of struggling homeowners and economists warn of the impending armageddon that will engulf our banks.

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