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 Post subject: Jim Power Apologises to Morgan Kelly
PostPosted: Fri Apr 16, 2010 2:28 pm 
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Properly. This hopefully completes Jims journey from over on the dark side where he used to sound just like Comical Austin and Desperate Dan.

http://www.irisheconomy.ie/index.php/20 ... ment-45613

"# Jim Power Says:
April 15th, 2010 at 9:34 am

There are many things in my life that i regret. Spending 9 years with Bank of Ireland is one of them, but appearing on RTE’s Prime Time with Morgan Kelly early in 2007 is top of the pile. Despite my deep scepticism about Fianna Fail’s stewardship of the economy since 1997, I went on and argued that Morgan Kelly’s views on the housing market and the banking system were over the top. I was totally wrong and he was totally right. I haven’t met Morgan since, but when I do I will offer him my sincerest apologies for doubting his prescience. I now realise that I was totally duped by what the regulator and the banks themselves were telling us about the health of the banking system. I had no idea that the banks could possibly engage in the quality of lending that they did or indeed that they could possibly get away with the quality of guidance that they were providing up until very recently. I also realise that i need to educate myself on the workings of a bank balance sheet and the credit cycle. Contrary to what the IT said, Morgan is a past pupil of Templeogue College, of which I am now on the Board of Management. The College is quite proud of its former pupil, as indeed it should be. Fair play to you Morgan and have some sympathy for us lesser mortals who have to ply our trade in the awful financial services sector."

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Last edited by What Goes Up... on Fri Apr 16, 2010 3:41 pm, edited 1 time in total.
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 Post subject: Re: Jim Power Apologises to Morgan Kelly
PostPosted: Fri Apr 16, 2010 2:37 pm 
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I'll go ya one better... Marc Coleman maintains he called not only the property bubble but also the general economic crisis...

http://www.mulley.net/2010/04/10/marc-c ... y-tribune/

Quote:
Dear all,

Below is a letter written to the Sunday Tribune by myself in a personal capacity in response to an article published on Sunday 4th April last.

Kind Regards,

Marc Coleman

Dear Editor,

“What did you do in 1916, fight? Cower under the bed? Or side with the Brits?” To distract from their own inaction, sleeveens would asked this question of others after the Easter Rising. On the anniversary of it a similar question is being posed now. “What did you do during the boom, warn us of disaster or hob nob with the bankers?” The loudest answers come from self-promoting “Boys who cried wolf”. Those who did the real fighting don’t feel we need to justify ourselves. Until that is, lies are told about us. Last Sunday you insinuated that I was a “player” (causer, presumably) of the recession because I had written a book entitled “The Best is Yet to Come”. Only fools judge a book by the cover. Here is my war record, of which I am proud:

Only a few days in the media after leaving the ECB to become Economics Editor of the Irish Times, I wrote on 13th July 2005 that lending threatened the economy. On July 29th 2005, I wrote that growth was “not sustainable”. On August 19th 2005 I wrote that construction was “hugely disproportionate” in the economy. On March 31st 2006 in a piece that began “Stop the economy I want to get off” I warned that financial regulation had broken down. On July 6th 2006 I warned of an imminent collapse in public finances. On July 17th 2006 at a Fianna Fail conference I challenged Brian Cowen to draw up contingency plans for a possible recession. In October 2006 I told ISME’s annual conference (chaired by George Lee) that a downturn would start in 2008. In the 2007 election campaign I relentlessly wrote about how all party manifestos were based on illusory growth assumptions.

Later that 2007 – in a book praised by TK Whitaker and others – I warned again of the downturn but added that our population would keep growing. With the right policies we could restore prosperity by 2020, which I still believe. The first two predictions have come true. To offset the books short term pessimism, I called it “The Best is Yet to Come”. Judging by Tribune figures, though, I’m sorry to say it won’t apply to the Tribune unless you restore the paper’s reputation for fact based reporting and analysis.

Sincerely,

Marc Coleman

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 Post subject: Re: Jim Power Apologises to Morgan Kelly
PostPosted: Fri Apr 16, 2010 2:42 pm 
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About time those who were wrong, publicly admitted their mistakes and came clean on the matter.
Full credit for him for doing so (although I do see he's trying to shift part of the blame to others).


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 Post subject: Re: Jim Power Apologises to Morgan Kelly
PostPosted: Fri Apr 16, 2010 2:43 pm 
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Brendan could learn from this guy. Talk about getting things spectacularly wrong.

http://www.askaboutmoney.com/showthread ... 159&page=4


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 Post subject: Re: Jim Power Apologises to Morgan Kelly
PostPosted: Fri Apr 16, 2010 2:55 pm 
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Very sincere apology, but I don't get the following

"I now realise that I was totally duped by what the regulator and the banks themselves were telling us about the health of the banking system."

Erm, you were the banks.

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 Post subject: Re: Jim Power Apologises to Morgan Kelly
PostPosted: Fri Apr 16, 2010 2:57 pm 
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Location: Over Macho Grande? I don't think I'll ever be over Macho Grande...
whizzbang wrote:
Very sincere apology, but I don't get the following

"I now realise that I was totally duped by what the regulator and the banks themselves were telling us about the health of the banking system."

Erm, you were the banks.


Quote:
Jim Power, a native of Waterford, joined Friends First in 2000, as Head of Investment Strategy and Chief Economist. Prior to that he was Chief Economist at Bank of Ireland and Treasury Economist at AIB.

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 Post subject: Re: Jim Power Apologises to Morgan Kelly
PostPosted: Fri Apr 16, 2010 2:59 pm 
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Fair dues to Jim Power. Anyone can make (multiple, repeated, illogical) mistakes, but at least admitting to them goes some way to making amends. If only the likes of Coleman and Burgess would do the same.


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 Post subject: Re: Jim Power Apologises to Morgan Kelly
PostPosted: Fri Apr 16, 2010 3:00 pm 
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So it was ignorance rather than conspiracy all along!

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 Post subject: Re: Jim Power Apologises to Morgan Kelly
PostPosted: Fri Apr 16, 2010 3:00 pm 
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Jim will be one of probably a few exceptions or possibly the exception.

Simply put those who saw it where in the minority as always and the majority where wrong or simply ignorant. You can argue over the breakdown of who makes up the majority.

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 Post subject: Re: Jim Power Apologises to Morgan Kelly
PostPosted: Fri Apr 16, 2010 3:03 pm 
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Uh, people, authenticity?


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