Interesting comments from Noonan about economists

“There was lots of very serious input telling us the bailout was the wrong idea. ‘Default, don’t pay the bondholders, do what Iceland is doing, what Argentina did and you’ll be fine, write off your debts’. Quick fix, easy solutions.


“It was promulgated by very popular broadcasters, but also by economists, particularly those out of the business schools. But we won the argument. As we became successful the adverse comments fell away.


“They find it hard now to get economists to go on radio in case they are asked why their prophecies were so incorrect,” said Mr Noonan, with a chuckle and a smile, even if both the laugh and the smile were as cold as ice.

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