House prices back at 2002 levels - Where are the banks cheer leading economists?

andrewdeerpark

Leading RTE.IE this morning:

http://www.rte.ie/news/2010/0729/houses.html

Remember during the boom times this monthly report was used to whip the housing market into a frenzy. Buy now or you will never get on the property ladder, anyone for the last of the choc ices!?

Lead by the banks economists such as Dan McLoughlin, Austin Hughes etc; basically stating that this bubble is sustainable and worst case would be a "soft landing".

Wonder will Dan be on the SIX ONE news tonight since he seems to be out of economic rehab and still has his job at BOI, as I saw him on the news last week.

Hope RTE drop one of his (Dan’s) boom years (07-08 take your pick) 30 second sound bites on the next reeling in the years for the noughties.

Maybe he and the banks other economic “experts” will be calling the bottom of the market. Of course the 5 figure salary, expense accounts, plush air con offices and perks will not be clouding their judgement…. Surely anyone does not listen to these discredited experts anymore!

Lets see what expert is available...

cyclopath2001

Where are the banks cheer leading economists?

Calling for a property tax.

Dob74

They should have been the first to lose there jobs. How can top management justify paying these guys. If they dont get rid of these clowns they should go as well.

Japer

The editor of the property suppliment in the Sunday Independent during the tiger years has a lot to answer for to....remember his editorials and comments ? Anyone seen him lately ? A lot of people who have sleepless nights due to negative equity / no income or pension now have him to thank, as well as the banks, regulator, central bank, economists + government.

deanh

I heard from a reliable source that these bank economists (Colin Hunt is one name you forgot) employed P.R. agents to ensure that their name and 'soundbytes' were carried in the media. They made no pretence at unbiased, logical economic commentary. Their job was to increase business for their employer.

nesf

Did these guys actually believe what they were saying at the time or were they simply going out and doing what they were told (i.e. talk up the market)? It's an interesting question.

cyclopath2001

Japer wrote: »

The editor of the property suppliment in the Sunday Independent during the tiger years has a lot to answer for to..

He did the job the Indo hired him for...pushing the agenda of the Indo's backers & advertisers (banks, speculators and property developers).

Any notion that the Indo is on the side of ordinary citizens is patently absurd, you should always keep it in mind if you decide to read anything that it passes off as 'journalism'.

bijapos

cyclopath2001 wrote: »

He did the job the Indo hired him for...pushing the agenda of the Indo's backers & advertisers (banks, speculators and property developers).

Ehhhhhh........... let's not forget that main cornerstone of the property boom.. the Estate Agent.

A bunch of people who contributed as much as anyone else to the overpricing of houses and who seem to have gotten away with murder since the end of the boom. Their own short sighted greed contributed massively to our problems today.

PeterIanStaker

cyclopath2001 wrote: »

He did the job the Indo hired him for...pushing the agenda of the Indo's backers & advertisers (banks, speculators and property developers).

Any notion that the Indo is on the side of ordinary citizens is patently absurd, you should always keep it in mind if you decide to read anything that it passes off as 'journalism'.

well said. the Spindo and its pet hacks are nothing but tools

Scarab80

bijapos wrote: »

Ehhhhhh........... let's not forget that main cornerstone of the property boom.. the Estate Agent.

A bunch of people who contributed as much as anyone else to the overpricing of houses and who seem to have gotten away with murder since the end of the boom. Their own short sighted greed contributed massively to our problems today.

Why people still use estate agents is beyond me. We have a wonderful thing called daft now. Put the house up yourself, negociate with potential buyers yourself, liase with solicitors yourself.

It's not rocket science and you will save yourself a packet.

Zambia

Once I sold a house

I paid my solicitor who was fantastic about 2 Euro*

I paid my esatate agent close to 5 Euro*

On the deal comparing the education requirements of the two I dont see the logic at all.

* Prices are relative

Dob74

Zambia232 wrote: »

Once I sold a house

I paid my solicitor who was fantastic about 2 Euro*

I paid my esatate agent close to 5 Euro*

On the deal comparing the education requirements of the two I dont see the logic at all.

* Prices are relative

I dont think the lawyer needs to be a genius to do the legal side of a house sale.
Was charged 300 dollars when I sold my house in the states. They wanted 1800 euro of me in this country.
Like everything else in this country we make simple things complicated. And then we have someone but there hands in our pocket to rip us off.

dynamick

House prices are back at mid 2000 levels when you compensate for inflation.

It wasn't just the banks' pet economists who had rosy predictions for the housing markets, some of the academic boys now cheerleading the crash have switched teams
http://archives.tcm.ie/businesspost/2006/02/12/story11769.asp

Adults took out bets on the housing market and they lost and now they want to blame someone else.

Laminations

dynamick wrote: »

House prices are back at mid 2000 levels when you compensate for inflation.

It wasn't just the banks' pet economists who had rosy predictions for the housing markets, some of the academic boys now cheerleading the crash have switched teams
http://archives.tcm.ie/businesspost/2006/02/12/story11769.asp

Adults took out bets on the housing market and they lost and now they want to blame someone else.

Firstly with regards to adults taking bets, I have little sympathy for those that bought as an economic investment but most adults bought homes and they did this on the advice of economists, economists who were paid to give advice and who got it very wrong. They should each and every one be out in the media eating humble pie on their performance related reduced salaries, lucky to still have a job. And if you think it's not their fault and they were being paid to say xyz, it's a funny little trick that, once we are aware that an economists job is to merely instil confidence in a Market, we cannot then trust what they say and they lose confidence of the people- their role becomes redundant

Lucey claimed that demand would continue to be supported by rising earnings, a low interest rate regime and limited supply

This is why we need an inquiry. Someone pulled a big con hiding the over supply and keeping prices inflated. Someone in planning or construction or central government must have known it was only a matter of time before we all found out supply far out paced demand

the_dark_side

on a separate thread, it was revealed that in 2009, a certain FF td for Galway West was advising first time buyers at a meeting, that now was a good time to buy... I wonder what developer he was lobbying for? There were people who acted on his 'advice' that night. Not sure of his name but I think it rhymes with Shmank Shmahey

dynamick

Laminations wrote: »

They should each and every one be out in the media eating humble pie on their performance related reduced salaries, lucky to still have a job.

What good does it do if a bank economist admits he was wrong? It doesn't get anyone out of negative equity or save someone from being evicted. The market was wrong. The market valued bank of ireland shares at €18 in 2007 but only 85 cents today.

Here's Jim Power ex Bank Of Ireland economist confessing his sins in public. What good does that do? If you paid over the odds for a house on the advice of Jim Power, then you should have listened to David McWilliams or Rossa White or whomever.

And if you think it's not their fault

Yeah they made mistakes but then all financial analyst predictions are bullshít. Every day you can read professionals in the press predicting the future movements of asset prices and if they were accurate even 51% of the time we could sit back and follow their recommendations and grow rich. But they're not accurate they're just guessing. Ultimate responsibility for purchasing decisions is with the person who spends the money.

Someone pulled a big con hiding the over supply and keeping prices inflated. Someone in planning or construction or central government must have known it was only a matter of time before we all found out supply far out paced demand

Details on number of houses being constructed is published by the CSO on the internet every quarter and cover the whole pipeline from planning applications to housing completions. There is no conspiracy to hide the supply of houses - how the fsck can you hide a house? Come off it. There was a bubble and a lot of people got the horn and thought they were going to get rich and now reality is dawning. The great demand for housing came from the general public who were speculating on future house prices. Like all Ponzi schemes, eventually we ran out of new entrants and the house of cards collapsed. Boo hoo. Now grow up.

Zambia

In 2006 a mate of mine was going to buy a monster of a house with a huge amount of cash. After several pints and emailing him the daftwatch trend he pulled out but it was a close run thing.

I'm with dynamick its your cash and only you can spend it.

Rockshamrover

the_dark_side wrote: »

on a separate thread, it was revealed that in 2009, a certain FF td for Galway West was advising first time buyers at a meeting, that now was a good time to buy... I wonder what developer he was lobbying for? There were people who acted on his 'advice' that night. Not sure of his name but I think it rhymes with Shmank Shmahey

lol:D

Yeah, I think Shmank and his pals have been telling us the markets bottomed out for at least 2 years now.

Einhard

Japer wrote: »

The editor of the property suppliment in the Sunday Independent during the tiger years has a lot to answer for to....remember his editorials and comments ? Anyone seen him lately ? A lot of people who have sleepless nights due to negative equity / no income or pension now have him to thank, as well as the banks, regulator, central bank, economists + government.

No, they have themselves to thank. Jesus Christ, is the notion of personal responsibility so antiquated and quaint that people are now blaming journalists for how they spend their own money?!

Liam Byrne

Einhard wrote: »

No, they have themselves to thank. Jesus Christ, is the notion of personal responsibility so antiquated and quaint that people are now blaming journalists for how they spend their own money?!

Bull.

Whatever about the individuals who invested, some people wanted to buy a home, and the "experts" were advising them that prices would continue to rise forever.

I'm one of those who had the cop-on to tell the bank "not a hope - I'm not borrowing more than I can afford", but I still believe that people who were conned into borrowing more - based on the past trust that was involved with banks, who "knew about money" - are not that much at fault.

Banks abused their positions and people hadn't realised that their sensible, responsible and ethical ethos had changed.

oceanclub

the_dark_side wrote: »

on a separate thread, it was revealed that in 2009, a certain FF td for Galway West was advising first time buyers at a meeting, that now was a good time to buy... I wonder what developer he was lobbying for? There were people who acted on his 'advice' that night. Not sure of his name but I think it rhymes with Shmank Shmahey

No need to be coy about it - Frank has openly talked up the property market in 2008, 2009 and 2010:

http://quotesfromthebubble.blogspot.com/2009/07/frank-fahey-fianna-fail-td-property.html

Irish Independent, March 15 2008:

"If I was to give advice to people, I would say, go out and buy some property now. It's great value."


Galway Independent, 28 Jan 2009:

"This is a great time for first-time buyers to buy. It is now a buyers' market. There is unbelievable value out there at the moment [...] "The banks are giving loans at the moment. But be ready to make your move."


Irish Times, 1 September 2009:
"The property market will rebound... it has already started [...] Look at what the foreign banks have done to Ireland at the moment....


Irish Independent, 6 Sept 2009:

"With regard to declarations of interest, I confirm that I do not own any bank shares and that my shareholding in property has been declared in my declaration of interests and will not be of any interest to Nama"


Irish Mail on Sunday (via The Story blog), 21 March 2010:

"[A] clerical oversight"

Fahey explaining why he didn't declare a 50% interest in the construction firm Sage.

Newstalk radio, 12.45pm, 7 July 2010:

"All the assumptions are that property will go back up [...]

I have no doubt that NAMA will make a profit [...]

I heard economists from one of the universities making predictions and you can't make predictions about what's going to happen to the property market."

"NAMA will be transparent"

"I tell you one thing, Damien, [...] if I could get my hands on money at the moment, I'd be buying property"

P.

Einhard

Liam Byrne wrote: »

Bull.


I'm one of those who had the cop-on to tell the bank "not a hope - I'm not borrowing more than I can afford", but I still believe that people who were conned into borrowing more - based on the past trust that was involved with banks, who "knew about money" - are not that much at fault.

*Cough*

jmayo

Japer wrote: »

The editor of the property suppliment in the Sunday Independent during the tiger years has a lot to answer for to....remember his editorials and comments ? Anyone seen him lately ? A lot of people who have sleepless nights due to negative equity / no income or pension now have him to thank, as well as the banks, regulator, central bank, economists + government.

As with their so called political correspondents look behind the writer and check out the connections.
corcoran, sheehan, drennan, harris are all connected with ff.

Laminations wrote: »

Firstly with regards to adults taking bets, I have little sympathy for those that bought as an economic investment but most adults bought homes and they did this on the advice of economists, economists who were paid to give advice and who got it very wrong. They should each and every one be out in the media eating humble pie on their performance related reduced salaries, lucky to still have a job. And if you think it's not their fault and they were being paid to say xyz, it's a funny little trick that, once we are aware that an economists job is to merely instil confidence in a Market, we cannot then trust what they say and they lose confidence of the people- their role becomes redundant

This is why we need an inquiry. Someone pulled a big con hiding the over supply and keeping prices inflated. Someone in planning or construction or central government must have known it was only a matter of time before we all found out supply far out paced demand

Come on it was patently obvious to anyone that the volume of housing being produced was crazy and far outstripped FTB and trader upper/downer requirements.
As I was informed by small developer, they were necessary to house the multitudes of incoming immigrants that were going to be flooding into the country for the next 20 years. :rolleyes:

It weasn't a con, enough sensible people were warning that it was a bubble, but a lot of people just got caught up in a frenzy of greed and somtimes desperation.
Yes there were people who wanted to buy for family reasons, but a lot of others bought lest they supposedly get left behind and they wanted to get their chance to get on board the gravy train to easy money.

I do agree that the banking economists and the other lackies that workerd for other vested interests, including media outlets, should be fired for not having the decency to at least attach some warnings to their predictions.

AFAIK at least Jim Power refused to be an all out cheerleader on BOIs behalf unlike his replacement dan mclaughlin who should now only be employed empting sewage tanks where his abilities would be truly put to work.

the_dark_side wrote: »

on a separate thread, it was revealed that in 2009, a certain FF td for Galway West was advising first time buyers at a meeting, that now was a good time to buy... I wonder what developer he was lobbying for? There were people who acted on his 'advice' that night. Not sure of his name but I think it rhymes with Shmank Shmahey

I thought I was the only one that ever heard that story ?
Why be coy about naming the leeching shi*ehawk scumbag ?

frank fahey, multinational landlord, on the Oireachtas Finance Committee (I kid you not :rolleyes:), luancher of the famous "Lost at sea" scheme which gave 75% of it's €2.8 million to two of his constituents, seller of Coillte lands to Shell for undisclosed sum, approving the foreshore license for the controversial Corrib gas pipeline and trying to influence An Bord Pleanála's decision on the pipeline.

Anyone catch his attempt at Dail Committe to discredit Peter Matthews who rightly pointed out what a spoofing disengenous person he is.

Rockshamrover

jmayo wrote: »

As with their so called political correspondents look behind the writer and check out the connections.
corcoran, sheehan, drennan, harris are all connected with ff.



Come on it was patently obvious to anyone that the volume of housing being produced was crazy and far outstripped FTB and trader upper/downer requirements.
As I was informed by small developer, they were necessary to house the multitudes of incoming immigrants that were going to be flooding into the country for the next 20 years. :rolleyes:

It weasn't a con, enough sensible people were warning that it was a bubble, but a lot of people just got caught up in a frenzy of greed and somtimes desperation.
Yes there were people who wanted to buy for family reasons, but a lot of others bought lest they supposedly get left behind and they wanted to get their chance to get on board the gravy train to easy money.

I do agree that the banking economists and the other lackies that workerd for other vested interests, including media outlets, should be fired for not having the decency to at least attach some warnings to their predictions.

AFAIK at least Jim Power refused to be an all out cheerleader on BOIs behalf unlike his replacement dan mclaughlin who should now only be employed empting sewage tanks where his abilities would be truly put to work.



I thought I was the only one that ever heard that story ?
Why be coy about naming the leeching shi*ehawk scumbag ?

frank fahey, multinational landlord, on the Oireachtas Finance Committee (I kid you not :rolleyes:), luancher of the famous "Lost at sea" scheme which gave 75% of it's €2.8 million to two of his constituents, seller of Coillte lands to Shell for undisclosed sum, approving the foreshore license for the controversial Corrib gas pipeline and trying to influence An Bord Pleanála's decision on the pipeline.

Anyone catch his attempt at Dail Committe to discredit Peter Matthews who rightly pointed out what a spoofing disengenous person he is.

Ah, Irish politicians, where would we be without them?

I'm constantly amazed at how much these guys get away with. Any other civilized country would have thrown most of them out of office or even into jail by now.

doc_17

Rockshamrover wrote: »

Ah, Irish politicians, where would we be without them?

I'm constantly amazed at how much these guys get away with. Any other civilized country would have thrown most of them out of office or even into jail by now.

But sure as long as they fix the potholes down me lane sure it'll be awwwright and I'll give him a wee vote!

Liam Byrne

Einhard wrote: »

*Cough*

Bad cold you have there. Do you want a drink of water so that you can make a point ?

Rockshamrover

Rockshamrover wrote: »

Ah, Irish politicians, where would we be without them?

I'm constantly amazed at how much these guys get away with. Any other civilized country would have thrown most of them out of office or even into jail by now.

I wonder do they ever wake up at night and cry with shame for how they let their country and people down?

Not likely.

Only 90 odd years ago people were willing to die for this country, how times have changed.

deanh

Liam Byrne wrote: »

Bull.

Whatever about the individuals who invested, some people wanted to buy a home, and the "experts" were advising them that prices would continue to rise forever.

I'm one of those who had the cop-on to tell the bank "not a hope - I'm not borrowing more than I can afford", but I still believe that people who were conned into borrowing more - based on the past trust that was involved with banks, who "knew about money" - are not that much at fault.

Banks abused their positions and people hadn't realised that their sensible, responsible and ethical ethos had changed.

Totally correct. I am always amazed at comments and txts to radio shows where people attempt to blame borrowers for being in negative equity. Of course, there is an issue with personal responsibility but when people were bombarded 24/7 with the message that property was a great investment and to buy now in case you couldn't afford to later on, its no wonder that they acted the way they did. The blame for this mess should always be directed towards the banks, regulators, Government, estate agents etc. We do everyone a dis-service as a nation if we try and turn the blame on ourselves, as that is they way that the system will go unreformed and the guilty will escape punishment. Is that what commentators really want?

Pittens

In some ways it was the Euro wot did it. Reducing rates to below the inflation rate meant that to make money the banks had to loan out money ( or else their deposits held on account with other banks would lose money) and it is appears wise to borrow when the interest rates are low - and in the short term it is.

So blame the ECB.

Zambia

deanh wrote: »

Totally correct. I am always amazed at comments and txts to radio shows where people attempt to blame borrowers for being in negative equity. Of course, there is an issue with personal responsibility but when people were bombarded 24/7 with the message that property was a great investment and to buy now in case you couldn't afford to later on, its no wonder that they acted the way they did. The blame for this mess should always be directed towards the banks, regulators, Government, estate agents etc. We do everyone a dis-service as a nation if we try and turn the blame on ourselves, as that is they way that the system will go unreformed and the guilty will escape punishment. Is that what commentators really want?

Utter nonsense , Dean property was a great investment in ireland for years. Nothing beat the returns you could make circa 1994 - 2006. You could make 100% in some cases over 6-7 Years. In fact if you had the money to buy in 2000 and someone told you not too. How dirty would you be on them?

As for responsible lending thoughout the boom as far as I experienced the banks worked on how much you could re-pay at the time. Plus what their security was to re-coup the loss if the lender defualted.

An investment property is just that an investment like all investments it can fall as well as rise. If you know a way of high returns risk free by all means share it.

As Kenny Rogers said
"You got to know when to hold em"
"You got to know when to fold em"
"You got to know when to walk away"
"Know when to run"

deanh

Property may have been a good short term investment in 2000. Remember that this tread is about house prices back at 2002 levels. Nobody sold property in 2000 on the basis that you should sell within 2 years to make returns. I did not invest in property at the time for a number of reasons, so I can now approach this discussion from a somewhat detached position.

rightwingdub

I wonder how much further property prices sill have to fall, I had one guy in work calling me lazy for not going out and buying a house, I said to him "at least I didn't buy some overpriced shoebox":D and the next 10 years in negative equity.

Colonel Sanders

"Comical" Austin Hughes was quoted on Todayfm news today talking about interest rates

I didn't listen to him but a read of this and this will leave you wondering how the hell anyone would rely on him for economic sound bites

Zambia

Lads you realise you are both coming or appearing to come from the position of oh look I did nothing. Wasnt I clever?

Prices are indeed close to 2002 levels , but you stated you where amazed at why people followed the banks advice when they stated property was a good investment.

You have to admit pre-2005 it was.

If you purchased 6 3 bed houses in 1999-2000 for 130,000 (165100 eu) each including stamp.

Initial outlay 156,000 punt roughly eu 198,000 approx

Rented them till 2005-2006 then sold them all.

Estimated value 2006 eu 360,000 each.

Total return 2,190,000

Profit minus some running costs 2 Millon Euro in 5-6 years.

If you sold them now you could make 1 million.

The only piont I am making is you said people where foolish to listen to the banks , why would you think that when for 10 years previous the advice they gave was pretty good [see above]. However like all decisions you sign the dotted line so its your neck.

rightwingdub

Colonel Sanders wrote: »

"Comical" Austin Hughes was quoted on Todayfm news today talking about interest rates

I didn't listen to him but a read of this and this will leave you wondering how the hell anyone would rely on him for economic sound bites

I wonder did all these economist who were talking up the property market actually believed what they were coming out with.

Laminations

Zambia you can go back to advice given in 2002 but that's like aquitting a doctor of malpractice because for years he gave good advice and sure it was only the last 2 years where he misdiagnosed numerous cancers. We are talking about the talk shop economists who were out at the height of the boom spouting nonsense. In any other job if you mess up so bad you get fired, if a weatherman came out advising trips to the beach to bask in the forthcoming weekend sunshine and instead the weekend brought hurricanes, he'd be done for especially if people following his advice died - and thats how serious this is, people in this recession burdened by debt are committing suicide.

I couldn't be bothered to go back and check the name of the person who told me to 'grow up'. Firstly I didn't buy a house nor did I vote FF so I've no real baggage on this issue. Secondly it's a bit of a hypocritical hobby horse that fella was on to lambaste me for calling for 'personal responsibility' for the economists that heralded ( or didn't herald, that's the problem) the bust. Continuing to yap on about the responsibility of the borrower and buyer is pointless, you'd swear that mortgage holders en masse weren't living up to their responsibility and paying their mortgage, even as banks put up the rates. Personal responsibility is taken care of by their mortgage. If you advise me to jump down a hole, my punishment for listening to you is quite apparent - I'm at the bottom of a hole. Now I fully deserve that, especially if I'm listening to the advice of some randomer off the net, but when the advice comes from authoritative figures with columns in papers and slots on radio and television, when the advisors are government members, economists and banks then where is the personal responsibility for then giving bad advice? How many holes did they advise people to jump down? And what's the consequence for them? Some people on here think they don't even owe an apology?

I wouldn't say grow up, I'd say get real

Zambia

Laminations wrote: »

Zambia you can go back to advice given in 2002 but that's like aquitting a doctor of malpractice because for years he gave good advice and sure it was only the last 2 years where he misdiagnosed numerous cancers. We are talking about the talk shop economists who were out at the height of the boom spouting nonsense. In any other job if you mess up so bad you get fired, if a weatherman came out advising trips to the beach to bask in the forthcoming weekend sunshine and instead the weekend brought hurricanes, he'd be done for especially if people following his advice died - and thats how serious this is, people in this recession burdened by debt are committing suicide.

Well I cant say I would aquitt them, their advice past 2005 was indeed crap.

But you will admit they where right till that piont, so dismissing their advice completely would have also been a mistake.

I would also agree chances are most of them had a vested interest in keeping the bubble going. Just like now they are probably trying to talk the market back to strength. The BMW is probably not been changed in 2 years and it must be getting embrassing for them.

Laminations

Zambia232 wrote: »

Well I cant say I would aquitt them, their advice past 2005 was indeed crap.
.

Well what would you do? Embarrass them by making them drive round in an 08 Beamer? Many thousands of people are suffering financially because of lousy advice, job losses should be order of the day.

Zambia

Laminations wrote: »

Well what would you do? Embarrass them by making them drive round in an 08 Beamer? Many thousands of people are suffering financially because of lousy advice, job losses should be order of the day.

Depends what is these people job ?

cursai

Hey. Am looking at a site at the moment. In the midlands area. Site(3 Acre) is priced(starting) at €60,000. States it has full planning permission. I don't have much regard the 'permission' the site is being sold with as i know this expires next June 2011. And the permission is also for family members of the site owners only. I think at the moment agricultural land is priced at around €7,000 an acre. Does anybody here have any accurate information that i could base a decision on and any offer price that would be realistic. I was thinking it would be worth around €35,000????

deanh

You could also add newstalk journo andSindo 'columnist' Mark Coleman to the list. Didn't he recommend in 2007/8? that the 'best was yet to come'? Anyone who followed his advice then would be in serious negative equity now. Did he apologise? He did in his f**k. Anyway he strikes me as a particularly odious turd.

oceanclub

deanh wrote: »

You could also add newstalk journo andSindo 'columnist' Mark Coleman to the list. Didn't he recommend in 2007/8? that the 'best was yet to come'? Anyone who followed his advice then would be in serious negative equity now. Did he apologise? He did in his f**k. Anyway he strikes me as a particularly odious turd.

Is Marc related to Joe Coleman? Both are ultra-Catholics given to making bizarre predictions (I would trust Joe's more, though).

P.

deanh

I don't Know if they are related or not. Although if Marc's property predictions were the result of a Knock vision, it would explain a lot!

mgmt

Heard Eddie Hobbs on the radio yesterday. I wonder when he is going to talk about his property investment scheme. Why does the media still allow this Snake Oil Salesman on the air?

Laminations

Hobbs would argue that German and British property hasn't gone through the floor like here, he was also advocating buying commercial property.

Mr Hobbs, who has repeatedly discouraged investment in Irish property, is hoping to raise up to €250m from Irish people for the fund.

So it depends on whether it was a bad investment for the people who invested

jmayo

deanh wrote: »

You could also add newstalk journo andSindo 'columnist' Mark Coleman to the list. Didn't he recommend in 2007/8? that the 'best was yet to come'? Anyone who followed his advice then would be in serious negative equity now. Did he apologise? He did in his f**k. Anyway he strikes me as a particularly odious turd.

And there is always brendan burgess, of Askaboutmoney.com fame and former chairman of the Financial Regulator’s consumer panel, who advised in 2008 that the banks' shares were better investment than their deposit accounts:

http://www.youtube.com/watch?v=z2q7bBVAo74

and who advised in 2009 that people should buy houses since even if their jobs were shakey the banks would not foreclose for a year or more.

He also banned all discussion of a possible housing bubble and probable burst on his website even though it has two forums for discussing property investment.

The real twist in this tale is that he was given a job on the the expert group to come up with recommendations on rescue plans for heavily-indebted homeowners that bicycle man ryan came up with.

Recently he was brought on the Pat Kenny RTE1 Radio show as an expert to talk weekly about personal finances.
Now can anyone tell me why this tool has managed to slither his way into so many plush little jobs where the fees come out of our pockets ?

oceanclub wrote: »

Is Marc related to Joe Coleman? Both are ultra-Catholics given to making bizarre predictions (I would trust Joe's more, though).

P.

There is alos shane coleman politcal correspondent.

Laminations wrote: »

Hobbs would argue that German and British property hasn't gone through the floor like here, he was also advocating buying commercial property.

so it depends on whether it was a bad investment for the people who invested

Hey didn't he also try and flog investments in Cape Verde ?

oceanclub

jmayo wrote: »

And there is always brendan burgess, of Askaboutmoney.com fame and former chairman of the Financial Regulator’s consumer panel, who advised in 2008 that the banks' shares were better investment than their deposit accounts:

http://www.youtube.com/watch?v=z2q7bBVAo74

I got a chuckle out of reading this blast from the past:

http://diarmaidcondon.blogspot.com/2008/09/brendan-burgess-calms-nerves.html

It was refreshing to hear some reality spread across the airwaves this morning on the Ray d'Arcy show on Today FM.
In response to the hype flooding the media about banks crashing, the sky falling in, world ending, etc. the show sought some expert opinion from none other than Brendan Burgess (who those in the finance industry will know from his sterling work on the Ask About Money financial forum).
Brendan's advice was calm, succinct, well presented and based on the realities of the Irish market rather than a lot of the over-hyped waffle you'll find flooding newsprint, the airwaves and particularly the internet (it has its uses but calming an inflamed marketplace isn't one of them unfortunately).

This was 18th September 2008, 2 days after his RTE appearance. I'd love to hear the "calm" "reality" he espoused; I presume it was more along the lines of the banks are "well-regulated" and "sound".

Diarmuid ends with:

Mind you, if you have a substantial sum sitting in a bank about which you are a little concerned then you could probably do worse than consider a property investment of some description for at least some of it. But then that's a subject for another day.

I suppose you could have done worse. You could have burnt it.

Diarmaid is Ireland's foremost authority on the overseas property industry.

Ah, I see.

P.