Morgan Kelly (Irish economist)
Encyclopedia
Morgan Kelly is a Professor of Economics at University College Dublin
. He is noted for his pessimistic predictions regarding the Irish economy. The Irish Times
has described him as Ireland's official soothsayer
.
.
Kelly was implicitly criticized by the then Taoiseach
, Bertie Ahern
in July 2007 for his articles predicting a property crash; "Sitting on the sidelines, cribbing and moaning is a lost opportunity. I don't know how people who engage in that don't commit suicide because frankly the only thing that motivates me is being able to actively change something." Ahern subsequently apologized for the reference to suicide in his remark.
Kelly takes the view that the Irish state should not have put itself forward as guarantor for the Irish banks in September 2008.
As of May 2011, Kelly is now suggesting that bankruptcy for the state of Ireland is a possibility.
University College Dublin
University College Dublin ) - formally known as University College Dublin - National University of Ireland, Dublin is the Republic of Ireland's largest, and Ireland's second largest, university, with over 1,300 faculty and 17,000 students...
. He is noted for his pessimistic predictions regarding the Irish economy. The Irish Times
The Irish Times
The Irish Times is an Irish daily broadsheet newspaper launched on 29 March 1859. The editor is Kevin O'Sullivan who succeeded Geraldine Kennedy in 2011; the deputy editor is Paul O'Neill. The Irish Times is considered to be Ireland's newspaper of record, and is published every day except Sundays...
has described him as Ireland's official soothsayer
Soothsayer
Soothsayer may refer to:* One practicing divination, including:** Fortune-teller** Oracle* The Soothsayer, an album by Wayne Shorter* "Soothsayer", a song by Buckethead from Crime Slunk Scene...
.
Irish Property Bubble and Banking Crisis
Kelly predicted in 2007 that property prices were going to crash by 60% based on empirical evidence of past property crashes. Kelly has garnered praise from fellow economists for his prediction of the collapse of the property marketIrish property bubble
The property bubble in the Republic of Ireland began in 2000 and peaked in 2006, as with many other western European countries, with a combination of increased speculative construction and rapidly rising prices....
.
Kelly was implicitly criticized by the then Taoiseach
Taoiseach
The Taoiseach is the head of government or prime minister of Ireland. The Taoiseach is appointed by the President upon the nomination of Dáil Éireann, the lower house of the Oireachtas , and must, in order to remain in office, retain the support of a majority in the Dáil.The current Taoiseach is...
, Bertie Ahern
Bertie Ahern
Patrick Bartholomew "Bertie" Ahern is a former Irish politician who served as Taoiseach of Ireland from 26 June 1997 to 7 May 2008....
in July 2007 for his articles predicting a property crash; "Sitting on the sidelines, cribbing and moaning is a lost opportunity. I don't know how people who engage in that don't commit suicide because frankly the only thing that motivates me is being able to actively change something." Ahern subsequently apologized for the reference to suicide in his remark.
Kelly takes the view that the Irish state should not have put itself forward as guarantor for the Irish banks in September 2008.
As of May 2011, Kelly is now suggesting that bankruptcy for the state of Ireland is a possibility.