Dr Chris Luke, an A&E specialist based at Cork University Hospital, Cork, said he believed the drug led prominent figures in financial and political circles to make irrational decisions as a result of megalomania brought on by cocaine usage.
“In financial centres and political centres the rampant use of cocaine lead to a kind of megalomania — a sense of master of the universe — which lead to what economists call irrational exuberance. People were making insane decisions and thinking they were 110% right, they could not be persuaded from that, which lead to the current chaos,” Dr Luke said.
Referring to George W Bush’s assessment of the emerging financial crisis in July 2008 in which he said “Wall Street got drunk,” Dr Luke said he was only half right.
“I think Wall Street got drunk and Wall Street got off its head on cocaine,” he said.
Speaking on a radio interview with Cork’s 96fm yesterday, Dr Luke said that he &had spoke of the dangers of drugs on Gerry Ryan’s RTÉ radio morning chat show a number of times.
“I never warned him personally, I would never do that. I think it would be utterly inappropriate. I heard lots of rumours as I have friends and family in south Dublin.
“Gerry said to me, ‘you know Chris I used to think you needed a holiday because you were so wound up about this stuff but I am actually beginning to think you were right all along’.”