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

Yes. Mr. Cowen, last question: in evidence to this inquiry, Mr. David McWilliams relayed a contribution to "Prime Time", RTE TV, that he made in October 2003, and a brief quote on what he said in October 2003 is as follows:

The Irish housing market is a scam. It is an enormous financial swindle that could potentially confine an entire generation of young Irish workers to years of bad debt. Far from being a reflection of economic vitality and fundamental demand the housing bubble is, in the main, a vacuous financial confidence trick that has been foisted upon us by an alliance of banks and the landowners. ... Behind this nonsense is excessive and irresponsible lending from our financial institutions.

Would you agree that that was a very perceptive analysis at that time? And in your view, why didn't the establishment, political, departmental etc., cause to examine much deeper what was going on in the banks and in the property sector with views like this coming forward?