on October 3rd 2007, Jody Clarke wrote an article in Money Week regarding Ireland's economic future. the article was called "Is Ireland heading for a recession?".
This type of heading also appeared on the front page of the Irish times at around the same time. George Lee and Eddie Hobbes along with various other economic experts were warning the public to thread gently as the boom times were nearing an end. everyone knew what was coming except our elected leaders, Taoiseach Bertie, Taoiseach Cowen.
Jody Clarke's article tells us what we already knew; we turned from being a Celtic tiger economy into a bob the builder economy. we knew it, but ignored it, just like our leaders in government. looking at Clarke's article now, one would think the man is a fortune teller, he wrote that if the construction sector goes down, then so too does the economy, while less building means less builders which means very long dole ques.
everything Clarke said in his article has come true, the property crash, rising interest rates and the inevitable bailing out of banks. everything except for what he said about unemployment. he said it will rise to 12%.
he was wrong, it rose to 30%.
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