When UCD Professor Morgan Kelly warned, in April 2007, that Irish house prices were likely to fall by 40-60 per cent over the following eight to nine years, very few people really believed him. His article and similar warnings (such as the RTE Future Shock programme presented by this paper’s Richard Curran) were dismissed as the products of the fevered minds of perennial pessimists.
Then, the then Taoiseach, Bertie Ahern, said: ‘‘Sitting on the...
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