Susan O'Keeffe (Labour) | Oireachtas source

In 2007 Professor Ahearne wrote in the Sunday Independent, "If the degree to which new homeowners had to stretch themselves to buy property last hear doesn't convince you that the housing market has overheated badly then nothing will." And he went on to say:

It's obvious to everyone, that is except the economic commentators who this time last year seemed to think that rapidly increasing house prices and rising interest rates were perfectly consistent. Five minutes with a simple calculator would have told them differently.

Why does Professor Ahearne think the economists did not spend five minutes with a simple calculator?