PROPHETIC: Our 2014 story on Prof. Kelly’s warning
You can see the terrifying detail of how and when this will happen by listening to
the Professor’s UCD lecture, which you can find » here on YouTube.
The good news is that Professor Kelly also tells us how to stop this catastrophe.
by Paul Kelly
His solution has been tried in the US, and has worked. He would triage the thousands
of SMEs that currently have large property loans. The viable ones would be given
a five-year “reprieve” during which repayments would be cut or paused.
Most, he said, would emerge unscathed, and the cost to the taxpayers would be minimal.
Unfortunately, he warns, politicians barely recognize the existence of small and
medium size enterpises, let alone bother about their problems: “They [SMEs] don’t
hold press conferences, they don’t give out free drink to journalists, they don’t
make political contributions.” But, as the Professor warned the Irish public:
“Most of you work there!”
In his prophetic 2014 lecture, Prof. Kelly warned that the crisis would hit
when the ECB’s Mario Draghi began to do a “stress test” on Irish banks. Draghi
would demand a cleanup of loan books, with borrowers forced into bankruptcy.
But ECB enforcers may have to wait in line:
While some are busy counting votes and doing Dáil deals, vulture funds like Goldman
Sachs, Cerberus and CarVal will be smashing in SME doors by the thousand, collecting
IOUs bought for a pittance from government-owned AIB and BoI .
Last week we contacted the larger parties and asked them to make SME survival, and
vulture-fund protection, an election issue. True to Professor Kelly’s prophesy, we
Only AAA/PBPA took us seriously. Bríd Smith pledged to act. And thanks also, Aengus
Ó Snodaigh (SF), for your support.
So now only the “New Left” have even a prayer of solving a crisis that Fine Gael,
Labour and Fianna Fáil are too dim or distant to recognise, much less tackle. That’s
why we need Bríd Smith in the Dáil. Let’s hope we elect fifty more like her.
That way, we’ll have someone on our side of the door, saving our jobs, when the goon
squads come calling.
THE PROFESSOR who predicted the housing bubble of 2008 has predicted an Irish small
business crash — and it’s already started to happen.
This site repeated his warning nearly two years ago. Just before the local elections
of May 2014, we said, “VOTE, and make your job the number one election issue.”
We explained that UCD’s Professor Morgan Kelly spotted something that economists,
politicians and journalists had ignored: Ireland’s greatest jobs providers — small
and medium sized businesses (SMEs) — were up to their necks in debt. His message:
“If they crash, thousands of jobs will go.”
• NEW MINISTER: Simon Harris • DENIED ASSESSMENT: Brendan O’Connor
• Even media dad O’Connor could not get look-in for Downs daughter • Astounding HSE
admission: “System is designed to fail” • Parents can sue new Minister and demand
assessment under 2005 Act • We reveal the “6-month letter” that’ll push Minister Harris
THE HSE has confessed that their Assessment of Needs system is “designed to fail”.
The Disability Act 2005 has built-in clauses intended to ensure that all parents
may have their mentally handicapped children assessed within 6 months of putting
in a request.
On the HSE site, those waiting for longer than 6 months are told that deadline issues
will be “dealt with”. But Local News has learned that no such help is at hand. HSE
officers are so overwhelmed with complaints that the “6-month promise” is being
deliberately, knowingly and consciously ignored.
A senior HSE insider, working in Dublin HQ, explained that he was terrified of blowing
the whistle about the “broken system”. But he added that he was glad about our campaign:
“Maybe, if people do sue, something will be done,” he said.
Brendan O’Connor, whose new show Cutting Edge started on RTE on Wednesday (May 18),
revealed on the Late, Late Show that he had been unable to secure an assessment for
his 6-year-old daughter Mary, who has Down syndrome.
But in 2013 Local News learned of a parent jokingly advised by a former Minister
to “sue the government” when her child’s assessment was continually delayed. She
did not laugh.
Her lawyer wrote a letter and the assessment — denied for years — was delivered.
Others can now follow suit: in our South edition, out on May 26, we’ll show harried
parents how to get results, » first with their own letter [click here], then with
a follow-up produced, at a pro bono rate, by an eminent solicitor. We will fight
the Minister and the HSE until they stop breaking the law, and start abiding by the
legally-binding terms of the Disability Act 2005.
• Has the 6-month deadline for your handicapped child’s assessment come and gone?
Phone me now on 087 913 3614 to learn how you can fight back — and win!