Via commenter Canny, here's a few choice quotes on the Irish property bubble, the language is instructive.
Sunday Times Money section, 31 July 2005:
"The lenders who have come up with the 100% [mortgage] have balanced the risk. Of 100 people that take out these mortgages, maybe 95 will be okay and five will get in serious trouble and the banks can take care of that trouble."
AskAboutMoney.com post, 8 Nov 2006:
"You can find extensive, informed, articulate, balanced and entertaining commentary on the impending collapse of the Irish property market [at thepropertypin.com]."
AskAboutMoney.com post, 9 Nov 2006:
Further speculation about the future direction of house prices is banned on Askaboutmoney.
Irish Independent, 18 August 2007:
I would invest in AIB or Bank of Ireland rather than putting money on deposit with them.
via Quotes from the Irish Property Bubble: Brendan Burgess, Founder, Ask About Money (askaboutmoney.com).
Well Stephen, Brendan was previously head of the Consumer Panel for the Financial Regulator and is currently the consumer advisor on the Pat Kenny Show and a member of the government's debt advisory committee. So obviously the media and government have more confidence in his opinions than in negative people such as Kelly.
That may the the case Canny, I'm not one to be the judge of this situation (or Brendan, for that matter), and Morgan certainly doesn't need anyone to defend him. He has, in my view, been right about the consequences of the construction bubble bursting, NAMA, and now, our nearly-certain sovereign default. His solution seems pretty obvious now, and even Barclays, the FT, etc, are coming around to his point of view. If you search the site, you'll find articles where I initially lambast Kelly for being too negative. Then I looked at his data, and came around rather rapidly to his point of view.