Dr. Julien Mercille:

If one gets heard after working on it for some time, it is not the same as being welcomed and actively sought. The media could have reprinted the article from The Economistor quoted Dean Baker, one of the top economists in the world, who called the bubble in 2002 very systematically and precisely. He has never been mentioned anywhere in the Irish media. Why would the Irish media not do a bit of work to find those few analysts? The Deputy is correct that there were more people among the experts saying there was no bubble. That is because they are also part of elite institutions, and the media is just one factor in that.

It would not have been hard for the media to do their homework, however. If it had been a one-time event over six months, one could have argued there was no time. However, this was over several years and there is no excuse for not having enough time. If you did not know what a housing bubble was in 2001, you had a few years to learn about it. Journalists are not just recorders of others’ views. They have to think on their own.