# Morgan Kelly releases paper on Irish Credit Bubble



## bogle (23 Dec 2009)

As posted on the The Irish Economy Blog http://www.irisheconomy.ie -

Morgan Kelly of UCD has released a working paper titled the "Irish Credit Bubble" dated Dec 2009 

You can download/read it here...

http://www.ucd.ie/t4cms/wp09.32.pdf

I'm not qualified to argue for or against his findings and conclusions but I would definitely recommend reading through it.


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## tiger (23 Dec 2009)

Some scary phrases there:
"it is starting to appear that the Irish banking system is too big to save"
"the Irish state can do nothing but watch as the second wave of mortgage defaults sweeps in and drowns them"
"..can attempt a NAMA II for mortgage losses that will end in a bond market strike or a sovereign default."

Anyone who believes the worst is behind us....


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## canicemcavoy (23 Dec 2009)

A well-researched paper quoting data and statistics to back up its arguments, from an independent academic whose predictions have been proven to be more correct than those of the vested interests.

Needless to say, some will ignore his argument, selectively quote one or two phrases, and dismiss him as hysterical.


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