The game is up for the housing hype-peddlers - D McWilliams

[*The game is up for the housing hype-peddlers * (The game is up for the housing hype-peddlers - Independent.ie)

published in the Independent, the leading housing hype-peddler.

Happy New Year!

I’m sure they will still try and spin this one, or better still let’s blame the global credit crunch

Good to see David getting stuck in there. There now seem to be loads of people who “Saw this coming”…

David McWilliams takes his revenge…

A no holds barred article alright. I’m surprised the Indo carried it seeing as the Indo Group is one of those he blames by implication.

Probably part of the Indo’s self-absolution so that they can round on the VI’s in due course.

People like Comical Austin and Desperate Dan should not be allowed to call themselves economists. They are a disgrace to the profession.

‘Chief Property Shill’ would be a far more appropriate title for these clowns.

I used the Economist/Doctor and ill patient analogy on the Pin a few months back. Can’t be bothered to find it now.

A cracking article. As good as one of Morgan Kelly’s.

I think the commentators McWilliams refers to fall into two groups.

The first group are the earnestly deluded. Those whose opinion on the market was based on nothing more than misty eyed cognitive bias, coupled with a fundamental ignorance of the subject they discussed.

The second group are the knowing charlatans. Those who knew of the existence of a damaging speculative bubble, but who provided advice and attempted to influence opinion at variance to their genuine beliefs.

yep, thats how I see it 100%.

I divide it into “pipers” and “children”.

I get the sense that this is a cathartic piece for Dave.

Yes it seems a bit cathartic alright but the man deserves it. Himself and to a lesser extent Morgan Kelly where the few public commentators to say what had to be said. Although many paid way over the odds for their home and will suffer for decades as a result those fortunate enough to be exposed to the reasoned anlaysis from these gentlemen will not have to suffer the consequences of this mess.

Yes the pinsters did their part but lets be honest the forum never had the exposure or the credentials to alter the mindset of the masses (although the work put in here saved me from a whopper of a mistake). Also we all hide behind anonymous user names myself included. They put themselves up for ridicule and criticism and thus have every right to say i told you so. I am sure they did a lot of good by arguing against the cheerleeding tide of BS that was the general media sentiment, hopefully saving some couples less knowledgeable of IR’s, market pschology, lending practices, economic hostory etc, from making life changing financial mistakes.

Although all the phrases, new terms, the saab, the quiff in fact most things about his presentation bug me no end, the man did a lot of good by standing up and saying what he did. I bought his books and will buy any more he cares to write.

**Enjoy being right Mr. McWilliams you deserve it :smiley: **

The Saab and the Quiff.
Sounds like a good title for his next book.

Not sure why either would annoy anyone, but given some of the stupid things that annoy me I can hardly criticise.

-Rd

the first comment on the Indo site has to come from a pinster.

I really like that. The Pied Pipers of Property.

One point from a personal POV, these types of professional challenges for guys like Comical etc. are a true test of your integrity and ethics. As a very young and inexperienced grad. I encountered the pressure of being employed in a VI. I was in no position then to swing “policy” as it were, but it left me with a lot of strength when I faced similar issues later in my career. At that later time (the tech bubble) I suffered an inordinate amount of pressure by swimming upstream against the prevailing consensus. Of course I was proved right and still believe I played my part in saving the shareholders of my firm hundreds of millions of pounds. But it could have been so easy just to stick with the crowd. I wouldn’t have lost a great deal (as Comical an Co. won’t this time), because the consensus just wants to move on and forget their collective idiocy. To crucify someone like Dan would be like holding up a mirror to the overwhelming majority of the adult Irish population; something best left until the lights are out.

RandomWalk will like this post:

In 1990 the Japanese could have bought all of the property in California, just by selling the Imperial Palace and it’s grounds at their appraised value. Selling Tokyo would have paid for all the property in America.

The explaination for the huge valuations on Japanese Property:
“Japan is Different”.

Those who claimed that prices could only go up were lauded and compared to Copernicus (Earth moves around the Sun). Those who objected and warned of a crash were compared to Ptolemy (Sun moves around the Earth).

Comparisons with Copernicus and Ptolemy were exactly the wrong way around. It was those who went against the cosy consensus that were following in Copernicus’ footsteps. Galileo wasn’t placed under house arrest and threathened with death because he told people what they wanted to hear.

We can only be greatful that we live in more enlightned times, because if we didn’t Mr McWilliams and his like might not be still around.

-Rd

Fair point those comments are a tad pathetic. But as a diabetic decklander conceived around 1978 I carry a bit of baggage :slight_smile:

yes dvid - years ago - as in early 1990s , when you said the celtic tiger would crash and burn in the next year to 18 months.
you were ridiculed then and rightly so.
to say you were calling a crash 2 years ago is fine - but please qualify that by saying you were calling a crash 15 years ago - and every year since. stopped clock etc.

You’d be mad to buy a house in 2008-- particularly with so many charlatans desperate to get paid at your expense.
could not agree more , and i have said the same of 2007.

indeed , and revenge is best served cold - however this one seems to have been in permafrost for the best part of 2 decades :slight_smile:

Can you provide any verifiable evidence for that?