Inquiring minds are noting similarities between the implosion in Ireland and the implosion in California. Let's take a look starting with In Ireland, "the game is up".
DUBLIN — At 2 a.m., with time for compromise running out, the Irish prime minister finally presented his emergency plan for the floundering economy to the country’s trade union leaders.
He proposed an average 7 percent reduction in gross pay for bureaucrats, teachers, police, firefighters, road cleaners and everyone else on the public payroll, in the form of a levy to finance their pensions.
He made clear that without an agreement the government would do it anyway.
Peacknik is noticing a sense of resignation in the blogosphere and the media that there is no acceptable solution to the economic crisis. It seems like nothing has changed.
Check out Denninger. Obama is spinning his tires and the Democratic controlled Congress is acting like they are in the minority. The "bad bank" solution probably won't work, and after weeks of talking about it, there still isn't even a plan. The U.S. senate just removed health care benefits for the unemployed from their stimulus plan. Republican wingnuts continue to dominate the airwaves. The UK is on the verge of the deepest slump in 60 years. The world is in a state of economic collapse.
Obama thought he could work with the Republicans in crafting a solution. That was a mistake. The republicans are only interested in obstruction. And now Obama is stuck with a cabinet and a bunch of advisors who are ill-suited to the task. What task you ask. The task of recognizing reality and coming clean with the American people and the world. And the task of instituting policies that will help the workers and not protect the criminals on Wall St. Peacenik asks again. Is anyone going to jail for the crimes that contributed to this financial crisis? An editorial in the Washington Post is not leadership.
