In spring 2007, a year before the bubble burst and the country was thrown into a disastrous recession, the ESRI warned of the danger of a collapse in the construction sector, and a resulting big economic shock.
This followed on from earlier warnings of overheating. The risk of a collapse was echoed forcefully in an RTÉ documentary from George Lee.
However, the government and the wider political system was deaf to such warnings. The opposition failed to show concern about the dangerous path of economic policy.
The 2007 election was fought on the basis of who would most improve services and cut taxes.
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