Oireachtas Joint and Select Committees
Wednesday, 11 March 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Joe Higgins (Dublin West, Socialist Party) | Oireachtas source
The professor referred to critics and contrary views to those prevailing, by common consent, in the inflation of the bubble period, being ignored.Yesterday, Mr. Simon Carswell, who is a correspondent for The Irish Times, said the following about banks, Government, builders and regulators in his written evidence on page 2:
In Professor Hardiman's view there were more than just those four parties that ignored or contradicted the so-called contrarians. In her view, why were they ignored?
For these parties, it was too comfortable - and indeed self-serving for some - to stay in the crowd and stick with the consensus, particularly when so many people were making so much money. The result of this was that contrarians were ridiculed, silenced or ignored to ensure the credit-fuelled boom continued for years as their past warnings did not come true.
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