A record of some of the more choice quotes from the era of the Irish Property Bubble.
"Every age has its peculiar folly: Some scheme, project, or fantasy into which it plunges, spurred on by the love of gain, the necessity of excitement, or the force of imitation.
Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one!"
Wednesday, July 1, 2009
Austin Hughes, Chief Economist, IIB Bank
Speech to Irish Home Builders Association, 12 May 2006:
"In recent months an acceleration in Irish house price inflation has raised concerns that the property market might be developing in a way that threatens not only the stability of that market but also the health of the broader Irish economy. I think these fears are exaggerated.
[..]
I think it is only slightly provocative to suggest that a more pertinent question is to ask why Irish house prices are rising so slowly.
[...]
However, a range of supportive influences should ensure house prices will continue to increase. We expect house prices will rise by 10 percent on average in both 2006 and 2007. As a result housebuilding will remain a key sector of this economy."
RTE News, 14 July 2009:
"We are past the low point of the downturn, and things will get a little easier in the next six months"
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