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

Yet we had a witness in front of this, an economic commentator, David McWilliams, who said: "I think the Irish property crash and the banking crash were both incredibly predictable and absolutely preventable." And then he made reference to statements he made in 2003 in relation to the bubble and the banks and the huge extension of loans we had. Another witness, Alan Ahearne, referred to a 2005 report that was published by the US Fed, a study of dozens of booms and busts. And, finally, we had Professor Morgan Kelly in late 2006 and again in 2007 similarly, studies of international boom and bust, and drawing the conclusions that it was inevitable. We had all the same features in Ireland. It was, therefore, inevitable that it would end in a disaster. Why ... that was their conclusion. Why did an organisation like yours, as I said, with resources and expertise not draw the same conclusion?