Brendan O'Connor in Sindo 2007: "it makes sense to buy property now"

readytogo

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Hat tip to Toxic Avenger for spotting this in the Sunday Independent, July 29th, 2007. It literally begs belief.

The smart, ballsy guys are buying up property right now - Analysis, Opinion - Independent.ie

SO THE sky is falling in again. The Irish stock market is apparently in meltdown, because of the housing market, which is also apparently in meltdown. The level of property horror stories is at an all-time high and everyone is tripping over each other to predict even greater gloom than the next guy.

Tell you what, I think I know what I'd be doing if I had money, and if I wasn't already massively over-exposed to the property market by virtue of owning a reasonable home. I'd be buying property. In fact, I might do it anyway. You don't even need money to buy property these days. Imagine if you walked into the bank and said, "Listen, guys. I want to gamble a million on the stock market. I have 100 grand myself, will you guys lend me 900 grand at really low rates and I'll pay you back over 40 years? In fact I won't even pay off the principal, I'll just pay off the interest." They'd laugh you out of it. But substitute gambling on the property market for gambling on the stock market and they'll fall over themselves to give it to you.

So why would I be buying property right now if I could? Well, for starters, property is good value these days. It's certainly cheaper than it was six months ago. While the official figures on aggregate surveys are talking about drops of two to three per cent in property prices, anyone who is out there in the jungle will tell you that it is a buyer's market bigtime.

[...]the big picture suggests a 3 per cent drop

[...]When you think about it, it makes sense to buy property now. Though of course some people say it always makes sense to buy property. There is no such thing as a good or a bad time to buy. It's always a good time to buy.

[...]Every smart, rich bloke (the two can, in fact, occur in the same guy) I've spoken to for the last few years has been, to some extent, hoarding cash, waiting for this. And now they're around picking up bargains.

[...]The vultures of doom who have been circling for years waiting to be right eventually are having a field day.

It was another week of gloom and doom in the headlines.

[...] (Journalists) know that bad news is good news and a headline that's going to scare the crap out of people is more fun than one that just says things are still OK.​
 


Icemancometh

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Hat tip to Toxic Avenger for spotting this in the Sunday Independent, July 29th, 2007. It literally begs belief.

The smart, ballsy guys are buying up property right now - Analysis, Opinion - Independent.ie

SO THE sky is falling in again. The Irish stock market is apparently in meltdown, because of the housing market, which is also apparently in meltdown. The level of property horror stories is at an all-time high and everyone is tripping over each other to predict even greater gloom than the next guy.

Tell you what, I think I know what I'd be doing if I had money, and if I wasn't already massively over-exposed to the property market by virtue of owning a reasonable home. I'd be buying property. In fact, I might do it anyway. You don't even need money to buy property these days. Imagine if you walked into the bank and said, "Listen, guys. I want to gamble a million on the stock market. I have 100 grand myself, will you guys lend me 900 grand at really low rates and I'll pay you back over 40 years? In fact I won't even pay off the principal, I'll just pay off the interest." They'd laugh you out of it. But substitute gambling on the property market for gambling on the stock market and they'll fall over themselves to give it to you.

So why would I be buying property right now if I could? Well, for starters, property is good value these days. It's certainly cheaper than it was six months ago. While the official figures on aggregate surveys are talking about drops of two to three per cent in property prices, anyone who is out there in the jungle will tell you that it is a buyer's market bigtime.

[...]the big picture suggests a 3 per cent drop

[...]When you think about it, it makes sense to buy property now. Though of course some people say it always makes sense to buy property. There is no such thing as a good or a bad time to buy. It's always a good time to buy.

[...]Every smart, rich bloke (the two can, in fact, occur in the same guy) I've spoken to for the last few years has been, to some extent, hoarding cash, waiting for this. And now they're around picking up bargains.

[...]The vultures of doom who have been circling for years waiting to be right eventually are having a field day.

It was another week of gloom and doom in the headlines.

[...] (Journalists) know that bad news is good news and a headline that's going to scare the crap out of people is more fun than one that just says things are still OK.​
Yeah that one's gonna follow him around for a while.
 

an innocent abroad

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actually I think he was trying to talk up the market, I think he did go out and buy a whopper mortage in the same area where he lives!
 

bokonon

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Oooh he won't like this one getting any attention. Some poor Tribune sap deigned to mention it recently and this is what happened next with Ballsy O'Connor:
I mention an article he wrote in 2007 in which he suggested it might be a good time to invest in property. At this point, possibly remembering my review and suspecting a journalistic stitch-up, he gets very angry. He doesn't let me speak for a few minutes as he talks at me and even does a bit of pacing around the Sunday Independent's kitchen. On the dictaphone recording you can hear me in the background saying things like: "I'm just trying to..." "If you'd let me..." "Could I..." but I never get beyond that. This extract sums up the gist of what he says:

"I'm doing a chat show here and you want to ask me if I was wrong in this one piece I've written. Will we go back over your work and see where you've been wrong or indeed if you've ever had the balls to come out and say anything important? This is ludicrous. It's ridiculous. I'm meant to be sitting here doing an interview about a chat show I'm doing on Saturday week and you want to talk about something you probably found on Wikipedia. Don't ************************************************ me. I came here and opened up out of respect. And you know why? Because I believe in freedom of speech. Anyone else would have said 'I'm not sitting down with that c**t'. Seriously they would. You went away and found a piece in Google and harangued me on this one piece I wrote in 15 years of writing."
Of course he doesn't mention how he was Obergruppenführer on the Bertie Rehabilitation Team which helped lubricate the chute so the current FF government could be shat into position.
 

Green eyed monster

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actually I think he was trying to talk up the market, I think he did go out and buy a whopper mortage in the same area where he lives!
It's sometimes hard to know which ones out of our glorious ruling class are corrupt and evil and which ones are just dumb as planks.

Stupidity and incompetence are the only things FF and our media can use in their defence now.
 

NewRepublic

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He was right to though. If only ye doomsayers would listen, we would'nt be in the mess we are. He is a true patriot.
 

Don Herron

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Goldencircle

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McCain have just launched this thing called Oven chips
 

Luigi Vampa

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I wonder what all the SMART BALLSY GUYS (SBG's) are doing now ?

[ame="http://www.youtube.com/watch?v=MRcyZeh_smw&feature=related"]YouTube - Brendan O'Connor - Who's In The House (Live)[/ame]
 

Boy M5

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He's dreadful, well suited for that nest of vipers that is the Sindo.
His knowledge of economics is proportionate to his skills as a chat show host & humourist.
 

mido

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typical of the sindo anti public sector crowd - attacking the public sector while guzzling at the nepotistic FF trough that is rte with turgidy et al paid for via the public sector
 

ocoonassa

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Nobody can be that stupid, it's wilful evil.
 

newell666

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Never ever buy the Irish Independent, the Sunday Independent or any regional titles owned by O'Reilly.

They are propaganda rags and have been so for many tears.

The fact that the nobody Brendan O'Connor has been given a prime time programme on RTE indicates that they are no better than the Independent Group. For God's sake, people, will you cop on at last?
 

blanket

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Ahh Ballsy, the gift that keeps on giving.

What kind of country would have him as the face of Saturday night on the state broadcaster, as well as fronting the best-selling oligarch-owned Sunday rag?

Oh.
 

TradCat

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July 29th should be named Smart Ballsy Guy Day.
Excellent idea. Because it's not that he got one thing wrong in 15 years but that everything he has stood for over 15 years led him to this horrendous article which destroyed his credibility completely. This being Ireland of course he is still pontificating to the readers of the Sunday Independent. But in terms of economic commentary it was a Prediville moment and it can never be forgotten.
 

collina

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Brendan O'Connor is part of the problem.
A significant part. I remember the Sindo running an article that Drogheda was only half an hour from Dublin in an attept to talk up the housing prices. Like ************************ it is.
 


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