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

But may I put it to you, Mr. Hurley, that it's not a question of seeing things differently; it's a question of analysis. Now you have long experience in the financial sector. You know, for example, the implosion of the banking system in Sweden in the late '80s and early '90s as a result of a speculative bubble.

Alan Ahearne gave evidence here. He published, in 2005, or the Federal Reserve in America published for him, a study of 44 housing bubbles. Professor Morgan Kelly studied also. All could tell us that there was a tried and trusted historical precedent here of bubble, banks making massive profits and lending, and then a crash. How could the institution supposedly responsible for controlling, supposedly controlling, and stopping all that not see the same thing?