Oireachtas Joint and Select Committees

Thursday, 7 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Joe HigginsJoe Higgins (Dublin West, Socialist Party) | Oireachtas source

But ... gentlemen, rather than put contrarians into a box, as you've just done now, Mr. McArdle, I would suggest perhaps ... that's what I take from what you said ... that we look at the substance of what was being said. And, could I put it to you, you know, learned gentlemen and experienced economists, but a child socialist with a very basic knowledge of some of the fundamentals of Marxism, would know that prices cannot defy the economic law of gravity, especially if they are driven into the stratosphere by endless credit and other factors.

And could I ask you in relation to, Mr. Morgan Kelly came, I think one of you suggested perhaps, late, but in an article of great perspicacity, it was almost 40 housing booms he had analysed, and could I just put it back to you, that really economists, bankers and everybody else, should have known, and again-----

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