Central bank chief: Fall in house prices inevitable

€350k a year salary. Money well spent. XX

Jean-Claude get’s paid €345k.
Bernanke gets €134,910

source:Irish Independent

Why does John Hurley still have a job?

Good question. Lots of far more competent people have lost theirs, and at only a tiny fraction of the pay.

Van Damme? :laughing:

Sorry, couldn’t resist :smiley:

irishtimes.com/newspaper/bre … king18.htm

Awe crud :frowning:

Typo surely, should read ‘We’re expecting to see the benefits of that in 2020’

He might be referring to unemployment benefits…

John Hurley wouldn’t know how to spell “unemployment benefit”.

-Rd

Shhh… the public can’t handle the truth, you know. It’s damaging the recovereh. We’ll be OK as long as we don’t “talk ourselves down” :unamused:

independent.ie/opinion/analy … 64795.html
By Marc Coleman, Sunday June 07 2009

Yeah right. Finally coming to his senses and realising that there’s a problem with house prices.
That’s why history is going to be unkind to him.

Give me strength.

The guy repeatedly predicts soft landings, tells prospective buyers not to worry, just because house
prices are overpriced doesn’t mean the prices will fall. Buy away, no fear of negative equity.

History will forgive all that because he was doing his patriotic duty of talking up the market.
Hmmmm.

I wonder what history will have to say about Marc Coleman?
Actually, that’s not correct. I don’t wonder at all.

-Rd

Dry your eyes Marc! :smiley:

WTF - why didn’t the correspondent ask him “if the central bank KNEW prices would fall, why didn’t they insist on banks giving a maximum mortgage of say 92%”
Surely it is inconsistent for the Central Bank to have allowed 100% mortgages at a time when they knew prices would fall.

I just don’t get it - Why is Enda Kenny not asking these questions? Thats his job!

People are no longer refraining from buying houses because they can’t afford them.

WTF kind of statement is that?? If they can’t afford them they can’t afford them!!

They haven’t fallen by enough to make that kind of blanket statement. FFS. :imp:

Hurley washed his hands of the whole thing back in 2005 (and perhaps even before that)
viewtopic.php?f=4&t=8897&p=74519&#p74519

Hurley’s ability to have escaped not only the axe but even criticism is astonishing.
A bumbling waffler as bad as Neary.
His only escape is that unlike Neary he at least looks intelligent, fooling people with that dry as shite senior civil servant demenaour.

In July 2008 he stated that the fall in Irish Bank share prices was “overdone” as they were financially strong.
This is incredible on two fronts.

  1. For it’s downright stupidity and
  2. The head of a central bank is expressly forbidden from commenting on share prices but this lad sees nothing wrong with effectively tipping up Irish shares.

I’s ironic that Marc Coleman has come up on this topic.
In a crowded field of contenders this self promoting expert takes the biscuit in having got everything wrong.
To be still getting gigs all over the place as an economics guru having written a book in 2007 titled “Ireland, The Best is Yet to Come” (and basing most of his optimism on a further surge in construction) is tribute to how bluffing, self promoters can always survive in Ireland.

Yes they are Mark. They can’t afford them. That’s still the issue.

What has changed is that Irish people are no longer speculating on property. Somebody has killed their capital appreciation golden goose. That’s the reason they are no longer willing to leverage themselves up to their eyeballs to roll the dice on that million euro on a semi-D in Rathfarnham. Once bitten and all that. :unamused:

Coleman and his fellow cheerleading ‘economists’ of the Irish property bubble need to get over the past 10 years and re-read their college lecture notes. Somewhere behind all this is a set of economic fundamentals which will determine the inevitable conclusion to the madness.

Sellers have realised the authorities are not going to let prices fall much further than here,consequently,the daftwatch total for sale chart has been flat now at 75,000 for almost a year.Hence the refusal to drop prices further, and so the standoff continues.

https://daftwatch.thepropertypin.com/daftwatch/static/sales_total.png

You are using record inventory levels as an argument that prices are due to bottom out soon? Classic. :laughing:

Interesting point - I take it that from the buyer’s perspective that despite the drops in interest rates and the apparent “improved affordability” of property, the number of properties for sale is staying more or less the same.