McCreevy’s declaration proves economists are realists, not pessimists

ECONOMICS is known as the dismal science. And economists, practising the dismal science, tend to be viewed as pessimists.

So this week I'd like to extend a note of thanks to Finance Minister McCreevy for proving we're actually realists not pessimists. Watching events unfold in the global market, we've long warned that economic conditions were deteriorating.

And we've long warned of the inevitable slowdown in Ireland. The minister finally corroborated this view last week when he unequivocally declared "the boom is over".