Nonsense - the country has turned a corner, and Kelly has never ever been right.
I beleive that he called the property bust correctly but was widely vilified at the time.
Nonsense - the country has turned a corner, and Kelly has never ever been right.
I think you can add a "I beleive that he called the property bust correctly but was widely vilified at the time.
Given his prognostics this time, I can only hope his current critics are correct, but I'm not so sure they'll have more luck than the last time.
That article is absolutely terrifying, especially considering it's source.
Why is it nonsense?Didn't he says that it would be better to incinerate €1.5bn than to put it into Anglo? Wild nonsense.
I've followed this website for some years but have hesitated to post.
Firstly, I think it's a pity there isn't a well defined "deeply ironic" smiley for the above posters to use.
Secondly, whereas other boards have been discussing Morgan Kelly's article to many pages,there seems to be a relative silence here on Askaboutmoney.
That's you, isn't it, Morgan? Come to rub our faces in it. I reckon you should be tried for economic treason.
I disagree that we are on the verge of mass mortgage default. A more likely path, but still astounding, is that there will be a shift of assets back from people in the 50-80 age bracket to those in the 25-45 age bracket. The family unit will extend where part of a parent's pension will be paying part of the adult children's mortgage.
I think that Kelly contributes significantly to the discussion however I think that the potential for a catastrophic economic collapse if the banks had been allowed to fail is ignored. If the government had let Anglo fail we may have been commended for that decision or we may have been crucified, who knows?
I've followed this website for some years but have hesitated to post.
Firstly, I think it's a pity there isn't a well defined "deeply ironic" smiley for the above posters to use.
Secondly, whereas other boards have been discussing Morgan Kelly's article to many pages,there seems to be a relative silence here on Askaboutmoney.
Why dat?
I have popped back to this thread a few times today hoping that someone would have some good reasons why the article is wrong - still waiting and hoping...Secondly, whereas other boards have been discussing Morgan Kelly's article to many pages,there seems to be a relative silence here on Askaboutmoney.
Why dat?
I think it is much more likely that the "children"will plead inability to pay and let the banks do what they will.
This is a bit like Enda's plan to save €5bn, it is half a story. You assume that there would have been no cost to state if the banks had failed. I do not know what the cost would have been but I do not think it is plausible that it would have been zero.If the government had let the banks to fail we would be saved the huge cost of saving them ...at least 80e billlion+
I have popped back to this thread a few times today hoping that someone would have some good reasons why the article is wrong - still waiting and hoping...
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?