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| Irish fury; proposed austerity | |
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| Tweet Topic Started: Nov 29 2010, 06:24 PM (258 Views) | |
| brenda | Nov 29 2010, 06:24 PM Post #1 |
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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8165146/Irish-fury-as-EU-nationalises-Bank-of-Ireland.html |
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“Weeds are flowers, too, once you get to know them.” ~A.A. Milne | |
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| Piano*Dad | Nov 29 2010, 06:32 PM Post #2 |
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Bull-Carp
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Irish eyes aren't smiling. |
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| brenda | Nov 29 2010, 06:37 PM Post #3 |
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No kidding! Most unhappy they are. |
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“Weeds are flowers, too, once you get to know them.” ~A.A. Milne | |
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| Mikhailoh | Nov 29 2010, 06:39 PM Post #4 |
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If you want trouble, find yourself a redhead
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Was theirs brought on by Blarney Frank too? |
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Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball | |
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| ivorythumper | Nov 29 2010, 07:28 PM Post #5 |
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I am so adjective that I verb nouns!
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So much for the Irish miracle. |
| The dogma lives loudly within me. | |
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| Piano*Dad | Nov 29 2010, 07:35 PM Post #6 |
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Bull-Carp
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The Irish 'miracle' actually was quite solid. The banking crisis was not an inevitable consequence of the basic policy framework that allowed rapid real growth. |
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| ivorythumper | Nov 29 2010, 07:39 PM Post #7 |
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I am so adjective that I verb nouns!
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P*D: What went wrong? 4 years ago they were the new model economy. Tea Partiers are claiming that they stopped watching the store... other claim it was a superheated bubble... others suggest that the tax haven model was smoke and mirrors... Your thoughts? Edited by ivorythumper, Nov 29 2010, 07:39 PM.
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| The dogma lives loudly within me. | |
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| Piano*Dad | Nov 29 2010, 08:07 PM Post #8 |
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Bull-Carp
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Oh, I think a lot of things conspired to ruin a good run. The problem now is that the "solutions" may prevent any real recovery for a long time. On the one hand, there is no real magic to attaining economic growth. A country doesn't have to reinvent the wheel that other countries have long used. Catch up can be quite rapid if the stars align properly. One prerequisite is stable institutions that allow people to take the long view. Without that long term perspective, investment is meager, inefficient and short-sighted. The long run view is aided if countries have stable politics and sensible macroeconomic policy coupled with independent and efficient courts to handle important things like contracts and bankruptcy. On the other hand, stable politics, uncorrupted institutions, and sensible macroeconomic policy are a holy grail that few nations actually seem to grasp for any sustained period of time. Ireland really benefitted from embracing the European Union. Yes, they got some subsidies (agriculture). But they also used that assistance to develop physical and human infrastructure. They benefited from sensibly reducing corporate taxes. Once inside the EU and its institutional embrace, that encouraged firms to come in to take advantage of a relatively well-educated labor force, and one that spoke English (of a sort ). That foreign investment helped create nice feedback that encouraged more education and investment. For a while, Ireland actually ceased hemorrhaging it's bright young labor force.In addition, the development of contemporary outsourcing -- what Krugman has called "slicing up the value chain" -- worked in Ireland's favor. Ireland could be a platform for assembly, and for white collar activities (processing billing, etc) that could be shipped to firms elsewhere in the world over fiber optic connections ... the stuff Tom Friedman has written about in his books. Ireland's position as an English-speaking low-wage nation inside the EU, but with deep North American connections certainly worked to increase its value as an investment platform. All of this is still true, BTW, and provides cogent reasons why the 'miracle' really wasn't so miraculous. More later. I'm going to bed now. |
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| ivorythumper | Nov 29 2010, 08:15 PM Post #9 |
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I am so adjective that I verb nouns!
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Thanks for those thoughts. I look forward to reading your views on why it all so suddenly crashed. Sweet dreams. |
| The dogma lives loudly within me. | |
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| Frank_W | Nov 30 2010, 06:18 AM Post #10 |
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Resident Misanthrope
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Man... When the Irish get angry, look out! Give it 5 minutes and a couple o' pints, and they're over it. (But that 5 minutes!!) *shudder* |
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Anatomy Prof: "The human body has about 20 sq. meters of skin." Me: "Man, that's a lot of lampshades!" | |
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| John D'Oh | Nov 30 2010, 07:28 PM Post #11 |
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MAMIL
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My Irish sister in law (now living in the UK) who I've just been visiting put it a lot more simply. She just said 'Oh, it's back to normal, then'. |
| What do you mean "we", have you got a mouse in your pocket? | |
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). That foreign investment helped create nice feedback that encouraged more education and investment. For a while, Ireland actually ceased hemorrhaging it's bright young labor force.


10:59 PM Jul 12