Thursday, November 25, 2010


And while I understand times are hard for many of us, it's good to keep some perspective in mind.  In Ireland, the banks there are being bailed out and the balance of the pain is being put on the backs of working-class Irish.  Marcy Wheeler:

The Fianna Fail government in Ireland has released the austerity plan it promised in response for the big bank bailout the rest of Europe forced on it.

There’s a lot that’s awful in it: big cuts in pension, huge increases in tuition costs, and a ludicrous claim that this austerity plan will help Ireland’s economy grow.

But I think the most telling aspect of it is that it lowers minimum wage from 8.65 euro to 7.65, a cut of 11.5%. But it retains Ireland’s controversial 12.5% corporate tax.

Meanwhile, the bond markets are none too impressed with Ireland’s plan.

There are lot of reasons to treat the plan with skepticism, if not outright derision. But I think the lack of confidence that this will work is the increasing likelihood that the governments on which the banksters are relying to push through this bankster bailout may not survive.

Imagine what would happen here if the minimum wage was lowered in order to cut corporate taxes.  You'd have riots...well, that is if anyone knew about it or cared.  Like Marcy I don't see Brian Cowen's government being able to pass anything like this without being tossed out on their arses.

And they're not even pretending to be for "the common people" here.  This will not end well.

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