When 46 economists all agree on something and sign their name to it for publication in the Irish Times, you have to sit up and take notice. When it is in relation to the future economic well-being of this country, it is absolutely required reading.
Alan Ahearne, a “special economic advisor” to Brian Lenihan (obviously more special than all these other 46 and many more), knows better though. He has criticised them saying they are using careless numbers relating to the value of loans you and I are supposed to take on.
Some selected quotes of what he says:
“The problem I have with the article is that it comes up with this valuation for the loans. They have put a value on what they think the loans are worth, of €30 billion.”
“I can assure you what is going to be used is not optimistic about property prices.”
“The analysis all shows this thing [Nama] can break even or even make a profit.”
Has this man got a crystal ball that no one else has? The language of his criticism is one of extreme ego, and this is not a time for ego.
I don’t trust this government to do right by me and my countrymen/women and children.
I don’t trust “special economic advisors” allied in any way to the government
I don’t trust ego
I don’t trust anything that is cloaked in secrecy about valuation methods
What valuation would a special economic advisor put on apartments in Bundoran, Co. Donegal this morning?
How about €50,000 – fully furnished.
And according to Cllr. Joe Ryan’s blog post, the whole complex was empty.
What magic Crystal Ball could have predicted that I wonder?