Sunday, November 28, 2010

Never Make A Working Class Irishman Mad

Does this sound familiar...  

Ireland's current banking crisis has been blamed on the misdeeds of Banks and greedy speculators. Also the business favoring politicians now in power in Ireland have been more then willing to keep business and personal taxes on the rich low and financial regulations lax. Their reasoning being that such policies attract investors and investments in the the Irish economy. But rampant speculation, especially in real estate, and lack of regulation created banks that are too big to fail.

Now faced with a banking and financial meltdown the government has to bail out the greedy bastards, not with the speculator's or bank's assets, but with money provided by taxpayers. They've decided to pay for the bailout through tax increases, cuts in pensions and services that will predominantly impact the middle and working class.
 “The 5.8 per cent interest rate (on the bailout loan) is unaffordable , The decision to force the state to take €17.5 billion out of the Pensions Reserve Fund to pour into the black hole that is our banking system is a disaster. The costs of this deal to ordinary people will be deep and will result in hugely damaging cuts to public services, social welfare and wages.” Sinn Féin Party President Gerry Adams

What maybe different about this crisis from the one we've experienced here in the US could be that Irish voters who are angry are politically astute enough to know where the blame should be placed.  What we may see in upcoming elections in Ireland will be the election of significant numbers of candidates from left and left of center parties like Sinn Fein or Labor.  Of course in the US we saw the opposite effect in our recent elections, where the voters rewarded the greedy who caused the crisis here with the election of more of their Republican enablers.

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