David McWilliams: Stop the recession talk. It’s not happening

Burned by the 2008 bust, today’s Irish officials preach caution and warn of crashes

NTMA head Conor O’Kelly stated with “100 per cent” certainty that Ireland will enter a recession. When the man charged with borrowing money for the State announces such calamitous news, people sit up and worry.’ Photograph: Nick Bradshaw

NTMA head Conor O’Kelly stated with “100 per cent” certainty that Ireland will enter a recession. When the man charged with borrowing money for the State announces such calamitous news, people sit up and worry.’ Photograph: Nick Bradshaw

Strange things happen to countries’ establishments after serious crashes. Before the 2008 crash, it was deemed patriotic to talk up the economy and paint Panglossian scenarios about the future.

Back then putting on the “green jersey” meant cheerleading the credit/housing boom and vilifying the doubters. The disposition of the establishment was cavalier; these insiders could see the runway and a “soft landing” was imminent.

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