An article last week in the Sunday Tribune entitled “The Blame Game” questioned where were the realists during the past few years. Marc Coleman (former Irish Times writer and Newstalk economist) was mentioned in the article in this paragraph:
Outside the political spectrum, former Irish Times writer and Newstalk economist Marc Coleman published a book titled, The Best is Yet to Come. And Bank of Ireland economist Dan McLaughlin slammed negative reporting about the economy. He was adamant that we were in for a “soft landing”.
Note: Profits of said book were donated to the Forgotten Irish fund
Subsequent to this he has sent a letter into the Sunday Tribune and CC’d a copy to a large number of people in the Irish Media, check out the dig at the end too, here’s the letter:
Below is a letter written to the Sunday Tribune by myself in a personal capacity in response to an article published on Sunday 4th April last.
“What did you do in 1916, fight? Cower under the bed? Or side with the Brits?” To distract from their own inaction, sleeveens would asked this question of others after the Easter Rising. On the anniversary of it a similar question is being posed now. “What did you do during the boom, warn us of disaster or hob nob with the bankers?” The loudest answers come from self-promoting “Boys who cried wolf”. Those who did the real fighting don’t feel we need to justify ourselves. Until that is, lies are told about us. Last Sunday you insinuated that I was a “player” (causer, presumably) of the recession because I had written a book entitled “The Best is Yet to Come”. Only fools judge a book by the cover. Here is my war record, of which I am proud:
Only a few days in the media after leaving the ECB to become Economics Editor of the Irish Times, I wrote on 13th July 2005 that lending threatened the economy. On July 29th 2005, I wrote that growth was “not sustainable”. On August 19th 2005 I wrote that construction was “hugely disproportionate” in the economy. On March 31st 2006 in a piece that began “Stop the economy I want to get off” I warned that financial regulation had broken down. On July 6th 2006 I warned of an imminent collapse in public finances. On July 17th 2006 at a Fianna Fail conference I challenged Brian Cowen to draw up contingency plans for a possible recession. In October 2006 I told ISME’s annual conference (chaired by George Lee) that a downturn would start in 2008. In the 2007 election campaign I relentlessly wrote about how all party manifestos were based on illusory growth assumptions.
Later that 2007 – in a book praised by TK Whitaker and others – I warned again of the downturn but added that our population would keep growing. With the right policies we could restore prosperity by 2020, which I still believe. The first two predictions have come true. To offset the books short term pessimism, I called it “The Best is Yet to Come”. Judging by Tribune figures, though, I’m sorry to say it won’t apply to the Tribune unless you restore the paper’s reputation for fact based reporting and analysis.
I like Marc Coleman – he’s a good commentator in my opinion and the tribune’s dig was cheap.
Net migration Coleman you plank!
You are, as ever, demonstrably wrong!
The fundamentals, dear boy! You FUNDA-MENTALIST!
ESRI confirms net migration of 60,000 period April to April… And predicts a further 40,000 over the coming year (that’s a low end estimate for my money…)
Marc, your Irish Catholic agenda is taking a right hammering and only copperfastening your reputation as one of the worst pundits of the Boom / Bust!
See today’s write up on MKULTRA Morgan Kelly in the IT about someone whose reputation was not available for sale on the after dinner circuit and wasn’t beholden to positions that were laughable and could let the analysis do the talking…
If Marc Coleman was an ice-cream he’d lick himself to death*
*partly nicked from the Tony Cascarino autobiography. He was referring to Glenn Hoddle.
To steal a quote: the level of chutzpah on display here could only be equalled by someone who murdered their parents pleading for mercy because they’re an orphan.
Sorry Marc – you got it wrong time and again and you were one of the media pundits who gave people woeful advice – so be a man and admit your were complicit with the bubble.
“Despite some overvaluation in the market, [a downturn in the market] is unlikely.” Marc Coleman, Daft.ie report, Aug 2006
“I predict that the market will turn itself around, with growth resuming by September 2008” Marc Coleman, Irish Times, Jan 2007
“”Does all of this mean you should wait until 2009 before buying a house? For several reasons, that idea is nonsense.” Marc Coleman, Irish Independent, Jan 2008
and worst of all….
“It’s always a good time to buy a house” Marc Coleman, Newstalk Radio, Jan 22, 2008