While things look pretty bleak in America, we can take comfort from the fact that we aren't alone in letting our economy get looted by multinational financial institutions. In Ireland, where eyes are doing anything but smiling, things are getting really dire:
The cost of bailing out the Republic of Ireland's stricken banks has risen to 45bn euro (£39bn), opening a huge hole in the Irish government's finances.
Oh. That sounds bad.
The increased cost will see the government run a budget deficit equivalent to 32% of GDP this year.
Yeah, that's pretty bad. But how much will this hurt Seamus Average?
Mr Lenihan defended the cost of the bail-out measures, which will cost the Republic's two million taxpayers the equivalent of 22,500 euros each
Holy crap! And the Irish have already implemented austerity measures to raise taxes and cut public services. Does this mean they'll have to do even more of that to pay for yet another massive bank bailout? Why, yes it does:
Minister for Finance Brian Lenihan today warned that further austerity measures will have to be imposed after the Central Bank revealed the total cost of the bailout for Irish banks will be almost €50 billion.
Speaking separately, Taoiseach Brian Cowen refused to rule out further tax increases in the forthcoming Budget and said "revenue raising" options would be required as well as spending cuts in the Budget, which is due to take place in December.
Speaking on RTE radio at lunchtime, Mr Cowen refused to outline how much would have to be found through austerity measures.
Ireland, then, is becoming a feudal state where people are taxed not to pay for police, fire departments, schools, hospitals or pensions. Instead they're taxed to bail out failed financial institutions. And what's more, they're having their taxes increased to bail out failed financial institutions. The banks are the feudal lords living in castles and the taxpayers are the serfs.
But hey, some people are happy about this charming turn of events! Here's Danny McCoy, the director-general at the Irish Business and Employers Confederation (which I gather is their version of the Chamber of Commerce):
The announcement of the final scale of its bank rescue plan concludes a month in which the troubles of Ireland’s economy have again been centre stage. Rating agencies and analysts have questioned the capacity of our small economy to cope with its emerging debt. Ireland has also become a test bed for state recovery strategies, including the introduction of austerity measures and the resolution of complex banking problems.
Thursday’s figures reveal the undeniably high, but manageable, costs of the domestic bank bail-out. The one-off impact is to push the ratio of deficit to gross domestic product to 32 per cent. However, the Irish government has also committed to framing a budgetary plan to reduce the underlying deficit to 3 per cent by 2014. This plan will help to satisfy market concerns by providing clarity on the scale of the painful, but deliverable, fiscal adjustments needed in coming years. And underneath, Ireland’s economy is much stronger than it at first appears.
Well yeah, you definitely don't want to go by how it "appears," do you? Because it appears that Ireland has unemployment of almost 14%. That's, like, pretty bad and stuff. But Mr. McCoy tells us the Irish are eating their crap sandwich and loving it:
Difficult though the situation is, the state has reacted swiftly. Stern measures to address the public finances – including public sector wage cuts, expenditure cuts and increases in personal taxation – have been introduced with widespread acceptance by the public.
Acceptance. Riiiiiiiight. That's why the ruling Fianna Fáil party is facing a nine-point deficit against the center-left Labour Party. After all, who doesn't love having their taxes jacked up even as their pension gets slashed? It's like having an angel eat whipped cream off your nipples!
Measures to fix the banking crisis through a new National Asset Management Agency have received a more mixed reaction. However, the aim of taking bad property loans off bank balance sheets to enable recapitalisation is sound.
Oh joys! The Irish have their own version of Timmy Geithner's cash-for-trash initiative! I can't imagine why that would get a mixed review! After all, buying worthless housing securities is almost as much fun as having your pension looted!
Of course, I shouldn't mock the Irish too much for their impending enslavement by the financial industry. After all, as Digby notes, we're about to get the same treatment here in the US:
Rep. Paul Ryan (R-Wis.) slammed Democrats Thursday for campaigning against Republicans on Social Security.
At an event for the Committee for a Responsible Federal Budget Thursday morning, he took on Democrats who have gone after Republican candidates for supporting Ryan’s Roadmap for America’s Future. The plan includes partial privatization of accounts for those under 55.
What! How dare you campaign against policy proposals I made! The opposition party isn't supposed to oppose things!
“We’ve got to get beyond weaponizing these issues for political gain in the short run,” he said, adding that Congress and President Barack Obama aren’t offering any solutions on Social Security. “We’ve got to get through this political moment. The political weaponization of entitlement reform is very unfortunate. It’s hurting our chances of actually getting bipartisan agreement in the near future. It’s unfortunate but we’ve got to get out there."
Gee, Paul, I'd feel so bad for you, except Republicans have successfully and relentlessly weaponized any and all tax increases for the past 30 years.
Anyway, I hope lots of people are prepared to fight this crap in the coming years. Our corrupt business and political elites aren't satisfied with the looting they gave us with the 2008 financial crisis. They're going to start coming after everything else we have too.
First things first, the good folks over at Corrente are having a fundraising drive. Please go over and give 'em some cash to help 'em stay afloat. Now, onto business:
While things look pretty bleak in America, we can take comfort from the fact that we aren't alone in letting our economy get looted by multinational financial institutions. In Ireland, where eyes are doing anything but smiling, things are getting really dire:
The cost of bailing out the Republic of Ireland's stricken banks has risen to 45bn euro (£39bn), opening a huge hole in the Irish government's finances.
Oh. That sounds bad.
The increased cost will see the government run a budget deficit equivalent to 32% of GDP this year.
Yeah, that's pretty bad. But how much will this hurt Seamus Average?
Mr Lenihan defended the cost of the bail-out measures, which will cost the Republic's two million taxpayers the equivalent of 22,500 euros each
Holy crap! And the Irish have already implemented austerity measures to raise taxes and cut public services. Does this mean they'll have to do even more of that to pay for yet another massive bank bailout? Why, yes it does:
Minister for Finance Brian Lenihan today warned that further austerity measures will have to be imposed after the Central Bank revealed the total cost of the bailout for Irish banks will be almost €50 billion.
Speaking separately, Taoiseach Brian Cowen refused to rule out further tax increases in the forthcoming Budget and said "revenue raising" options would be required as well as spending cuts in the Budget, which is due to take place in December.
Speaking on RTE radio at lunchtime, Mr Cowen refused to outline how much would have to be found through austerity measures.
Ireland, then, is becoming a feudal state where people are taxed not to pay for police, fire departments, schools, hospitals or pensions. Instead they're taxed to bail out failed financial institutions. And what's more, they're having their taxes increased to bail out failed financial institutions. The banks are the feudal lords living in castles and the taxpayers are the serfs.
But hey, some people are happy about this charming turn of events! Here's Danny McCoy, the director-general at the Irish Business and Employers Confederation (which I gather is their version of the Chamber of Commerce):
The announcement of the final scale of its bank rescue plan concludes a month in which the troubles of Ireland’s economy have again been centre stage. Rating agencies and analysts have questioned the capacity of our small economy to cope with its emerging debt. Ireland has also become a test bed for state recovery strategies, including the introduction of austerity measures and the resolution of complex banking problems.
Thursday’s figures reveal the undeniably high, but manageable, costs of the domestic bank bail-out. The one-off impact is to push the ratio of deficit to gross domestic product to 32 per cent. However, the Irish government has also committed to framing a budgetary plan to reduce the underlying deficit to 3 per cent by 2014. This plan will help to satisfy market concerns by providing clarity on the scale of the painful, but deliverable, fiscal adjustments needed in coming years. And underneath, Ireland’s economy is much stronger than it at first appears.
Well yeah, you definitely don't want to go by how it "appears," do you? Because it appears that Ireland has unemployment of almost 14%. That's, like, pretty bad and stuff. But Mr. McCoy tells us the Irish are eating their crap sandwich and loving it:
Difficult though the situation is, the state has reacted swiftly. Stern measures to address the public finances – including public sector wage cuts, expenditure cuts and increases in personal taxation – have been introduced with widespread acceptance by the public.
Acceptance. Riiiiiiiight. That's why the ruling Fianna Fáil party is facing a nine-point deficit against the center-left Labour Party. After all, who doesn't love having their taxes jacked up even as their pension gets slashed? It's like having an angel eat whipped cream off your nipples!
Measures to fix the banking crisis through a new National Asset Management Agency have received a more mixed reaction. However, the aim of taking bad property loans off bank balance sheets to enable recapitalisation is sound.
Oh joys! The Irish have their own version of Timmy Geithner's cash-for-trash initiative! I can't imagine why that would get a mixed review! After all, buying worthless housing securities is almost as much fun as having your pension looted!
Of course, I shouldn't mock the Irish too much for their impending enslavement by the financial industry. After all, as Digby notes, we're about to get the same treatment here in the US:
Rep. Paul Ryan (R-Wis.) slammed Democrats Thursday for campaigning against Republicans on Social Security.
At an event for the Committee for a Responsible Federal Budget Thursday morning, he took on Democrats who have gone after Republican candidates for supporting Ryan’s Roadmap for America’s Future. The plan includes partial privatization of accounts for those under 55.
What! How dare you campaign against policy proposals I made! The opposition party isn't supposed to oppose things!
“We’ve got to get beyond weaponizing these issues for political gain in the short run,” he said, adding that Congress and President Barack Obama aren’t offering any solutions on Social Security. “We’ve got to get through this political moment. The political weaponization of entitlement reform is very unfortunate. It’s hurting our chances of actually getting bipartisan agreement in the near future. It’s unfortunate but we’ve got to get out there."
Gee, Paul, I'd feel so bad for you, except Republicans have successfully and relentlessly weaponized any and all tax increases for the past 30 years.
Anyway, I hope lots of people are prepared to fight this crap in the coming years. Our corrupt business and political elites aren't satisfied with the looting they gave us with the 2008 financial crisis. They're going to start coming after everything else we have too.
robert shumake detroit
Small Business <b>News</b>: BlogWorld Wrap Up
BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.
UT <b>News</b> » College of Business and Innovation featured in Princeton <b>...</b>
UT College of Business and Innovation faculty, staff, students and graduates were on top of the world — and on top of the Savage & Associates Complex for Business Learning and Engagement — celebrating the news that the college again was ...
ABC <b>News</b> Exclusive: Tea Party Candidate in Nevada Senate May Tip <b>...</b>
Scott Ashjian calls himself the “Tea Party of Nevada” candidate for US Senate, but he tells ABC News that he would be “at peace” knowing he helped re-elect Harry Reid by siphoning votes away from Sharron Angle. The Note, authored by ABC ...
robert shumake twitter
First things first, the good folks over at Corrente are having a fundraising drive. Please go over and give 'em some cash to help 'em stay afloat. Now, onto business:
While things look pretty bleak in America, we can take comfort from the fact that we aren't alone in letting our economy get looted by multinational financial institutions. In Ireland, where eyes are doing anything but smiling, things are getting really dire:
The cost of bailing out the Republic of Ireland's stricken banks has risen to 45bn euro (£39bn), opening a huge hole in the Irish government's finances.
Oh. That sounds bad.
The increased cost will see the government run a budget deficit equivalent to 32% of GDP this year.
Yeah, that's pretty bad. But how much will this hurt Seamus Average?
Mr Lenihan defended the cost of the bail-out measures, which will cost the Republic's two million taxpayers the equivalent of 22,500 euros each
Holy crap! And the Irish have already implemented austerity measures to raise taxes and cut public services. Does this mean they'll have to do even more of that to pay for yet another massive bank bailout? Why, yes it does:
Minister for Finance Brian Lenihan today warned that further austerity measures will have to be imposed after the Central Bank revealed the total cost of the bailout for Irish banks will be almost €50 billion.
Speaking separately, Taoiseach Brian Cowen refused to rule out further tax increases in the forthcoming Budget and said "revenue raising" options would be required as well as spending cuts in the Budget, which is due to take place in December.
Speaking on RTE radio at lunchtime, Mr Cowen refused to outline how much would have to be found through austerity measures.
Ireland, then, is becoming a feudal state where people are taxed not to pay for police, fire departments, schools, hospitals or pensions. Instead they're taxed to bail out failed financial institutions. And what's more, they're having their taxes increased to bail out failed financial institutions. The banks are the feudal lords living in castles and the taxpayers are the serfs.
But hey, some people are happy about this charming turn of events! Here's Danny McCoy, the director-general at the Irish Business and Employers Confederation (which I gather is their version of the Chamber of Commerce):
The announcement of the final scale of its bank rescue plan concludes a month in which the troubles of Ireland’s economy have again been centre stage. Rating agencies and analysts have questioned the capacity of our small economy to cope with its emerging debt. Ireland has also become a test bed for state recovery strategies, including the introduction of austerity measures and the resolution of complex banking problems.
Thursday’s figures reveal the undeniably high, but manageable, costs of the domestic bank bail-out. The one-off impact is to push the ratio of deficit to gross domestic product to 32 per cent. However, the Irish government has also committed to framing a budgetary plan to reduce the underlying deficit to 3 per cent by 2014. This plan will help to satisfy market concerns by providing clarity on the scale of the painful, but deliverable, fiscal adjustments needed in coming years. And underneath, Ireland’s economy is much stronger than it at first appears.
Well yeah, you definitely don't want to go by how it "appears," do you? Because it appears that Ireland has unemployment of almost 14%. That's, like, pretty bad and stuff. But Mr. McCoy tells us the Irish are eating their crap sandwich and loving it:
Difficult though the situation is, the state has reacted swiftly. Stern measures to address the public finances – including public sector wage cuts, expenditure cuts and increases in personal taxation – have been introduced with widespread acceptance by the public.
Acceptance. Riiiiiiiight. That's why the ruling Fianna Fáil party is facing a nine-point deficit against the center-left Labour Party. After all, who doesn't love having their taxes jacked up even as their pension gets slashed? It's like having an angel eat whipped cream off your nipples!
Measures to fix the banking crisis through a new National Asset Management Agency have received a more mixed reaction. However, the aim of taking bad property loans off bank balance sheets to enable recapitalisation is sound.
Oh joys! The Irish have their own version of Timmy Geithner's cash-for-trash initiative! I can't imagine why that would get a mixed review! After all, buying worthless housing securities is almost as much fun as having your pension looted!
Of course, I shouldn't mock the Irish too much for their impending enslavement by the financial industry. After all, as Digby notes, we're about to get the same treatment here in the US:
Rep. Paul Ryan (R-Wis.) slammed Democrats Thursday for campaigning against Republicans on Social Security.
At an event for the Committee for a Responsible Federal Budget Thursday morning, he took on Democrats who have gone after Republican candidates for supporting Ryan’s Roadmap for America’s Future. The plan includes partial privatization of accounts for those under 55.
What! How dare you campaign against policy proposals I made! The opposition party isn't supposed to oppose things!
“We’ve got to get beyond weaponizing these issues for political gain in the short run,” he said, adding that Congress and President Barack Obama aren’t offering any solutions on Social Security. “We’ve got to get through this political moment. The political weaponization of entitlement reform is very unfortunate. It’s hurting our chances of actually getting bipartisan agreement in the near future. It’s unfortunate but we’ve got to get out there."
Gee, Paul, I'd feel so bad for you, except Republicans have successfully and relentlessly weaponized any and all tax increases for the past 30 years.
Anyway, I hope lots of people are prepared to fight this crap in the coming years. Our corrupt business and political elites aren't satisfied with the looting they gave us with the 2008 financial crisis. They're going to start coming after everything else we have too.
First things first, the good folks over at Corrente are having a fundraising drive. Please go over and give 'em some cash to help 'em stay afloat. Now, onto business:
While things look pretty bleak in America, we can take comfort from the fact that we aren't alone in letting our economy get looted by multinational financial institutions. In Ireland, where eyes are doing anything but smiling, things are getting really dire:
The cost of bailing out the Republic of Ireland's stricken banks has risen to 45bn euro (£39bn), opening a huge hole in the Irish government's finances.
Oh. That sounds bad.
The increased cost will see the government run a budget deficit equivalent to 32% of GDP this year.
Yeah, that's pretty bad. But how much will this hurt Seamus Average?
Mr Lenihan defended the cost of the bail-out measures, which will cost the Republic's two million taxpayers the equivalent of 22,500 euros each
Holy crap! And the Irish have already implemented austerity measures to raise taxes and cut public services. Does this mean they'll have to do even more of that to pay for yet another massive bank bailout? Why, yes it does:
Minister for Finance Brian Lenihan today warned that further austerity measures will have to be imposed after the Central Bank revealed the total cost of the bailout for Irish banks will be almost €50 billion.
Speaking separately, Taoiseach Brian Cowen refused to rule out further tax increases in the forthcoming Budget and said "revenue raising" options would be required as well as spending cuts in the Budget, which is due to take place in December.
Speaking on RTE radio at lunchtime, Mr Cowen refused to outline how much would have to be found through austerity measures.
Ireland, then, is becoming a feudal state where people are taxed not to pay for police, fire departments, schools, hospitals or pensions. Instead they're taxed to bail out failed financial institutions. And what's more, they're having their taxes increased to bail out failed financial institutions. The banks are the feudal lords living in castles and the taxpayers are the serfs.
But hey, some people are happy about this charming turn of events! Here's Danny McCoy, the director-general at the Irish Business and Employers Confederation (which I gather is their version of the Chamber of Commerce):
The announcement of the final scale of its bank rescue plan concludes a month in which the troubles of Ireland’s economy have again been centre stage. Rating agencies and analysts have questioned the capacity of our small economy to cope with its emerging debt. Ireland has also become a test bed for state recovery strategies, including the introduction of austerity measures and the resolution of complex banking problems.
Thursday’s figures reveal the undeniably high, but manageable, costs of the domestic bank bail-out. The one-off impact is to push the ratio of deficit to gross domestic product to 32 per cent. However, the Irish government has also committed to framing a budgetary plan to reduce the underlying deficit to 3 per cent by 2014. This plan will help to satisfy market concerns by providing clarity on the scale of the painful, but deliverable, fiscal adjustments needed in coming years. And underneath, Ireland’s economy is much stronger than it at first appears.
Well yeah, you definitely don't want to go by how it "appears," do you? Because it appears that Ireland has unemployment of almost 14%. That's, like, pretty bad and stuff. But Mr. McCoy tells us the Irish are eating their crap sandwich and loving it:
Difficult though the situation is, the state has reacted swiftly. Stern measures to address the public finances – including public sector wage cuts, expenditure cuts and increases in personal taxation – have been introduced with widespread acceptance by the public.
Acceptance. Riiiiiiiight. That's why the ruling Fianna Fáil party is facing a nine-point deficit against the center-left Labour Party. After all, who doesn't love having their taxes jacked up even as their pension gets slashed? It's like having an angel eat whipped cream off your nipples!
Measures to fix the banking crisis through a new National Asset Management Agency have received a more mixed reaction. However, the aim of taking bad property loans off bank balance sheets to enable recapitalisation is sound.
Oh joys! The Irish have their own version of Timmy Geithner's cash-for-trash initiative! I can't imagine why that would get a mixed review! After all, buying worthless housing securities is almost as much fun as having your pension looted!
Of course, I shouldn't mock the Irish too much for their impending enslavement by the financial industry. After all, as Digby notes, we're about to get the same treatment here in the US:
Rep. Paul Ryan (R-Wis.) slammed Democrats Thursday for campaigning against Republicans on Social Security.
At an event for the Committee for a Responsible Federal Budget Thursday morning, he took on Democrats who have gone after Republican candidates for supporting Ryan’s Roadmap for America’s Future. The plan includes partial privatization of accounts for those under 55.
What! How dare you campaign against policy proposals I made! The opposition party isn't supposed to oppose things!
“We’ve got to get beyond weaponizing these issues for political gain in the short run,” he said, adding that Congress and President Barack Obama aren’t offering any solutions on Social Security. “We’ve got to get through this political moment. The political weaponization of entitlement reform is very unfortunate. It’s hurting our chances of actually getting bipartisan agreement in the near future. It’s unfortunate but we’ve got to get out there."
Gee, Paul, I'd feel so bad for you, except Republicans have successfully and relentlessly weaponized any and all tax increases for the past 30 years.
Anyway, I hope lots of people are prepared to fight this crap in the coming years. Our corrupt business and political elites aren't satisfied with the looting they gave us with the 2008 financial crisis. They're going to start coming after everything else we have too.
benchcraft company portland or
Small Business <b>News</b>: BlogWorld Wrap Up
BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.
UT <b>News</b> » College of Business and Innovation featured in Princeton <b>...</b>
UT College of Business and Innovation faculty, staff, students and graduates were on top of the world — and on top of the Savage & Associates Complex for Business Learning and Engagement — celebrating the news that the college again was ...
ABC <b>News</b> Exclusive: Tea Party Candidate in Nevada Senate May Tip <b>...</b>
Scott Ashjian calls himself the “Tea Party of Nevada” candidate for US Senate, but he tells ABC News that he would be “at peace” knowing he helped re-elect Harry Reid by siphoning votes away from Sharron Angle. The Note, authored by ABC ...
robert shumake twitter
robert shumake hall of shame
robert shumake detroit
Small Business <b>News</b>: BlogWorld Wrap Up
BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.
UT <b>News</b> » College of Business and Innovation featured in Princeton <b>...</b>
UT College of Business and Innovation faculty, staff, students and graduates were on top of the world — and on top of the Savage & Associates Complex for Business Learning and Engagement — celebrating the news that the college again was ...
ABC <b>News</b> Exclusive: Tea Party Candidate in Nevada Senate May Tip <b>...</b>
Scott Ashjian calls himself the “Tea Party of Nevada” candidate for US Senate, but he tells ABC News that he would be “at peace” knowing he helped re-elect Harry Reid by siphoning votes away from Sharron Angle. The Note, authored by ABC ...
robert shumake detroit
First things first, the good folks over at Corrente are having a fundraising drive. Please go over and give 'em some cash to help 'em stay afloat. Now, onto business:
While things look pretty bleak in America, we can take comfort from the fact that we aren't alone in letting our economy get looted by multinational financial institutions. In Ireland, where eyes are doing anything but smiling, things are getting really dire:
The cost of bailing out the Republic of Ireland's stricken banks has risen to 45bn euro (£39bn), opening a huge hole in the Irish government's finances.
Oh. That sounds bad.
The increased cost will see the government run a budget deficit equivalent to 32% of GDP this year.
Yeah, that's pretty bad. But how much will this hurt Seamus Average?
Mr Lenihan defended the cost of the bail-out measures, which will cost the Republic's two million taxpayers the equivalent of 22,500 euros each
Holy crap! And the Irish have already implemented austerity measures to raise taxes and cut public services. Does this mean they'll have to do even more of that to pay for yet another massive bank bailout? Why, yes it does:
Minister for Finance Brian Lenihan today warned that further austerity measures will have to be imposed after the Central Bank revealed the total cost of the bailout for Irish banks will be almost €50 billion.
Speaking separately, Taoiseach Brian Cowen refused to rule out further tax increases in the forthcoming Budget and said "revenue raising" options would be required as well as spending cuts in the Budget, which is due to take place in December.
Speaking on RTE radio at lunchtime, Mr Cowen refused to outline how much would have to be found through austerity measures.
Ireland, then, is becoming a feudal state where people are taxed not to pay for police, fire departments, schools, hospitals or pensions. Instead they're taxed to bail out failed financial institutions. And what's more, they're having their taxes increased to bail out failed financial institutions. The banks are the feudal lords living in castles and the taxpayers are the serfs.
But hey, some people are happy about this charming turn of events! Here's Danny McCoy, the director-general at the Irish Business and Employers Confederation (which I gather is their version of the Chamber of Commerce):
The announcement of the final scale of its bank rescue plan concludes a month in which the troubles of Ireland’s economy have again been centre stage. Rating agencies and analysts have questioned the capacity of our small economy to cope with its emerging debt. Ireland has also become a test bed for state recovery strategies, including the introduction of austerity measures and the resolution of complex banking problems.
Thursday’s figures reveal the undeniably high, but manageable, costs of the domestic bank bail-out. The one-off impact is to push the ratio of deficit to gross domestic product to 32 per cent. However, the Irish government has also committed to framing a budgetary plan to reduce the underlying deficit to 3 per cent by 2014. This plan will help to satisfy market concerns by providing clarity on the scale of the painful, but deliverable, fiscal adjustments needed in coming years. And underneath, Ireland’s economy is much stronger than it at first appears.
Well yeah, you definitely don't want to go by how it "appears," do you? Because it appears that Ireland has unemployment of almost 14%. That's, like, pretty bad and stuff. But Mr. McCoy tells us the Irish are eating their crap sandwich and loving it:
Difficult though the situation is, the state has reacted swiftly. Stern measures to address the public finances – including public sector wage cuts, expenditure cuts and increases in personal taxation – have been introduced with widespread acceptance by the public.
Acceptance. Riiiiiiiight. That's why the ruling Fianna Fáil party is facing a nine-point deficit against the center-left Labour Party. After all, who doesn't love having their taxes jacked up even as their pension gets slashed? It's like having an angel eat whipped cream off your nipples!
Measures to fix the banking crisis through a new National Asset Management Agency have received a more mixed reaction. However, the aim of taking bad property loans off bank balance sheets to enable recapitalisation is sound.
Oh joys! The Irish have their own version of Timmy Geithner's cash-for-trash initiative! I can't imagine why that would get a mixed review! After all, buying worthless housing securities is almost as much fun as having your pension looted!
Of course, I shouldn't mock the Irish too much for their impending enslavement by the financial industry. After all, as Digby notes, we're about to get the same treatment here in the US:
Rep. Paul Ryan (R-Wis.) slammed Democrats Thursday for campaigning against Republicans on Social Security.
At an event for the Committee for a Responsible Federal Budget Thursday morning, he took on Democrats who have gone after Republican candidates for supporting Ryan’s Roadmap for America’s Future. The plan includes partial privatization of accounts for those under 55.
What! How dare you campaign against policy proposals I made! The opposition party isn't supposed to oppose things!
“We’ve got to get beyond weaponizing these issues for political gain in the short run,” he said, adding that Congress and President Barack Obama aren’t offering any solutions on Social Security. “We’ve got to get through this political moment. The political weaponization of entitlement reform is very unfortunate. It’s hurting our chances of actually getting bipartisan agreement in the near future. It’s unfortunate but we’ve got to get out there."
Gee, Paul, I'd feel so bad for you, except Republicans have successfully and relentlessly weaponized any and all tax increases for the past 30 years.
Anyway, I hope lots of people are prepared to fight this crap in the coming years. Our corrupt business and political elites aren't satisfied with the looting they gave us with the 2008 financial crisis. They're going to start coming after everything else we have too.
First things first, the good folks over at Corrente are having a fundraising drive. Please go over and give 'em some cash to help 'em stay afloat. Now, onto business:
While things look pretty bleak in America, we can take comfort from the fact that we aren't alone in letting our economy get looted by multinational financial institutions. In Ireland, where eyes are doing anything but smiling, things are getting really dire:
The cost of bailing out the Republic of Ireland's stricken banks has risen to 45bn euro (£39bn), opening a huge hole in the Irish government's finances.
Oh. That sounds bad.
The increased cost will see the government run a budget deficit equivalent to 32% of GDP this year.
Yeah, that's pretty bad. But how much will this hurt Seamus Average?
Mr Lenihan defended the cost of the bail-out measures, which will cost the Republic's two million taxpayers the equivalent of 22,500 euros each
Holy crap! And the Irish have already implemented austerity measures to raise taxes and cut public services. Does this mean they'll have to do even more of that to pay for yet another massive bank bailout? Why, yes it does:
Minister for Finance Brian Lenihan today warned that further austerity measures will have to be imposed after the Central Bank revealed the total cost of the bailout for Irish banks will be almost €50 billion.
Speaking separately, Taoiseach Brian Cowen refused to rule out further tax increases in the forthcoming Budget and said "revenue raising" options would be required as well as spending cuts in the Budget, which is due to take place in December.
Speaking on RTE radio at lunchtime, Mr Cowen refused to outline how much would have to be found through austerity measures.
Ireland, then, is becoming a feudal state where people are taxed not to pay for police, fire departments, schools, hospitals or pensions. Instead they're taxed to bail out failed financial institutions. And what's more, they're having their taxes increased to bail out failed financial institutions. The banks are the feudal lords living in castles and the taxpayers are the serfs.
But hey, some people are happy about this charming turn of events! Here's Danny McCoy, the director-general at the Irish Business and Employers Confederation (which I gather is their version of the Chamber of Commerce):
The announcement of the final scale of its bank rescue plan concludes a month in which the troubles of Ireland’s economy have again been centre stage. Rating agencies and analysts have questioned the capacity of our small economy to cope with its emerging debt. Ireland has also become a test bed for state recovery strategies, including the introduction of austerity measures and the resolution of complex banking problems.
Thursday’s figures reveal the undeniably high, but manageable, costs of the domestic bank bail-out. The one-off impact is to push the ratio of deficit to gross domestic product to 32 per cent. However, the Irish government has also committed to framing a budgetary plan to reduce the underlying deficit to 3 per cent by 2014. This plan will help to satisfy market concerns by providing clarity on the scale of the painful, but deliverable, fiscal adjustments needed in coming years. And underneath, Ireland’s economy is much stronger than it at first appears.
Well yeah, you definitely don't want to go by how it "appears," do you? Because it appears that Ireland has unemployment of almost 14%. That's, like, pretty bad and stuff. But Mr. McCoy tells us the Irish are eating their crap sandwich and loving it:
Difficult though the situation is, the state has reacted swiftly. Stern measures to address the public finances – including public sector wage cuts, expenditure cuts and increases in personal taxation – have been introduced with widespread acceptance by the public.
Acceptance. Riiiiiiiight. That's why the ruling Fianna Fáil party is facing a nine-point deficit against the center-left Labour Party. After all, who doesn't love having their taxes jacked up even as their pension gets slashed? It's like having an angel eat whipped cream off your nipples!
Measures to fix the banking crisis through a new National Asset Management Agency have received a more mixed reaction. However, the aim of taking bad property loans off bank balance sheets to enable recapitalisation is sound.
Oh joys! The Irish have their own version of Timmy Geithner's cash-for-trash initiative! I can't imagine why that would get a mixed review! After all, buying worthless housing securities is almost as much fun as having your pension looted!
Of course, I shouldn't mock the Irish too much for their impending enslavement by the financial industry. After all, as Digby notes, we're about to get the same treatment here in the US:
Rep. Paul Ryan (R-Wis.) slammed Democrats Thursday for campaigning against Republicans on Social Security.
At an event for the Committee for a Responsible Federal Budget Thursday morning, he took on Democrats who have gone after Republican candidates for supporting Ryan’s Roadmap for America’s Future. The plan includes partial privatization of accounts for those under 55.
What! How dare you campaign against policy proposals I made! The opposition party isn't supposed to oppose things!
“We’ve got to get beyond weaponizing these issues for political gain in the short run,” he said, adding that Congress and President Barack Obama aren’t offering any solutions on Social Security. “We’ve got to get through this political moment. The political weaponization of entitlement reform is very unfortunate. It’s hurting our chances of actually getting bipartisan agreement in the near future. It’s unfortunate but we’ve got to get out there."
Gee, Paul, I'd feel so bad for you, except Republicans have successfully and relentlessly weaponized any and all tax increases for the past 30 years.
Anyway, I hope lots of people are prepared to fight this crap in the coming years. Our corrupt business and political elites aren't satisfied with the looting they gave us with the 2008 financial crisis. They're going to start coming after everything else we have too.
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Small Business <b>News</b>: BlogWorld Wrap Up
BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.
UT <b>News</b> » College of Business and Innovation featured in Princeton <b>...</b>
UT College of Business and Innovation faculty, staff, students and graduates were on top of the world — and on top of the Savage & Associates Complex for Business Learning and Engagement — celebrating the news that the college again was ...
ABC <b>News</b> Exclusive: Tea Party Candidate in Nevada Senate May Tip <b>...</b>
Scott Ashjian calls himself the “Tea Party of Nevada” candidate for US Senate, but he tells ABC News that he would be “at peace” knowing he helped re-elect Harry Reid by siphoning votes away from Sharron Angle. The Note, authored by ABC ...
robert shumake hall of shame
robert shumake hall of shame
Small Business <b>News</b>: BlogWorld Wrap Up
BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.
UT <b>News</b> » College of Business and Innovation featured in Princeton <b>...</b>
UT College of Business and Innovation faculty, staff, students and graduates were on top of the world — and on top of the Savage & Associates Complex for Business Learning and Engagement — celebrating the news that the college again was ...
ABC <b>News</b> Exclusive: Tea Party Candidate in Nevada Senate May Tip <b>...</b>
Scott Ashjian calls himself the “Tea Party of Nevada” candidate for US Senate, but he tells ABC News that he would be “at peace” knowing he helped re-elect Harry Reid by siphoning votes away from Sharron Angle. The Note, authored by ABC ...
robert shumake detroit
Small Business <b>News</b>: BlogWorld Wrap Up
BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.
UT <b>News</b> » College of Business and Innovation featured in Princeton <b>...</b>
UT College of Business and Innovation faculty, staff, students and graduates were on top of the world — and on top of the Savage & Associates Complex for Business Learning and Engagement — celebrating the news that the college again was ...
ABC <b>News</b> Exclusive: Tea Party Candidate in Nevada Senate May Tip <b>...</b>
Scott Ashjian calls himself the “Tea Party of Nevada” candidate for US Senate, but he tells ABC News that he would be “at peace” knowing he helped re-elect Harry Reid by siphoning votes away from Sharron Angle. The Note, authored by ABC ...
robert shumake hall of shame
Small Business <b>News</b>: BlogWorld Wrap Up
BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.
UT <b>News</b> » College of Business and Innovation featured in Princeton <b>...</b>
UT College of Business and Innovation faculty, staff, students and graduates were on top of the world — and on top of the Savage & Associates Complex for Business Learning and Engagement — celebrating the news that the college again was ...
ABC <b>News</b> Exclusive: Tea Party Candidate in Nevada Senate May Tip <b>...</b>
Scott Ashjian calls himself the “Tea Party of Nevada” candidate for US Senate, but he tells ABC News that he would be “at peace” knowing he helped re-elect Harry Reid by siphoning votes away from Sharron Angle. The Note, authored by ABC ...
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Small Business <b>News</b>: BlogWorld Wrap Up
BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.
UT <b>News</b> » College of Business and Innovation featured in Princeton <b>...</b>
UT College of Business and Innovation faculty, staff, students and graduates were on top of the world — and on top of the Savage & Associates Complex for Business Learning and Engagement — celebrating the news that the college again was ...
ABC <b>News</b> Exclusive: Tea Party Candidate in Nevada Senate May Tip <b>...</b>
Scott Ashjian calls himself the “Tea Party of Nevada” candidate for US Senate, but he tells ABC News that he would be “at peace” knowing he helped re-elect Harry Reid by siphoning votes away from Sharron Angle. The Note, authored by ABC ...
robert shumake twitter
I have a confession, I am bipolar. Not in the usual context of the term, but financially, I am bipolar. I have a distinct advantage. I am trained in the ways of budget management. At work I analyze balance sheets and profit and loss reports with the best of them, however, I go home and all of that remains at the office. Don't get me wrong, I am responsible. I pay my bills on time, allocate a specific amount to my individual retirement account, and gradually reduce the debt accrued in my younger years. However the management of my personal accounts does not mirror any recommendations that I would make to a small business in my predicament. One day, after lamenting my lack of progress in debt elimination and savings, I had an epiphany: why not handle my personal accounts like that of a business? After all, my personal account is the only one that is mine!
Money management is very basic. Often times, people will make it difficult with cryptic acronyms, but really it all boils down to just a few key concepts: money coming in and money going out.
· What are your resources? For the purpose of this article, I am referring to income, but that is not always the case. This can be your time, relationships or whatever else helps you to accomplish your needs.
· What are your expenses? This includes everything you spend your money (or other resources) on. It is important to include EVERYTHING.
In the accounting, every item you list is also assigned another label depending on whether the line item in question will yield income, or increase in value or incur additional costs, or lose value. These two are referred to assets and liabilities, respectively. An example of an asset is a home, while a car is a liability.
Knowing this accomplishes absolutely nothing, unless you track and monitor this information consistently. Most businesses use financial software to accomplish this. This software is very helpful and many banks' online banking platforms offer the option to export account information to make the tracking much easier, but you may opt to use any basic spreadsheet software as well. To track and analyze, follow these simple guidelines:
· Keep track of all income and expenses. Do this religiously!
· Once a month (or at least once every three months), create a table that compares the amount of money you made to the amount you spent. In the business world this is known as a profit and loss report. The goal is to evaluate how your income compares to your expenses. You always want to maximize this difference.
· Now that you know how this compares, you must decide how to reallocate your spending. You will create a report that will compare assets and liabilities. In the business world, this is referred to as a balance sheet. This may seem less intuitive than the other report.
1. Use the same data and copy it so that you do not lose your profit and loss report.
2. Categorize the data according to whether each item will increase or decrease in value.
3. Compare the two categories as you did with you income and expense report. Are you investing more in appreciating or depreciating goods?
Consistent tracking and analysis are the keys to success. Once you know the manner in which you are investing your income, improvements are much easier to identify. Managing my personal finances as scrupulously as I would a business budget has drastically changed my life and pocket book.
robert shumake detroit
Small Business <b>News</b>: BlogWorld Wrap Up
BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.
UT <b>News</b> » College of Business and Innovation featured in Princeton <b>...</b>
UT College of Business and Innovation faculty, staff, students and graduates were on top of the world — and on top of the Savage & Associates Complex for Business Learning and Engagement — celebrating the news that the college again was ...
ABC <b>News</b> Exclusive: Tea Party Candidate in Nevada Senate May Tip <b>...</b>
Scott Ashjian calls himself the “Tea Party of Nevada” candidate for US Senate, but he tells ABC News that he would be “at peace” knowing he helped re-elect Harry Reid by siphoning votes away from Sharron Angle. The Note, authored by ABC ...
robert shumake twitter
Small Business <b>News</b>: BlogWorld Wrap Up
BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.
UT <b>News</b> » College of Business and Innovation featured in Princeton <b>...</b>
UT College of Business and Innovation faculty, staff, students and graduates were on top of the world — and on top of the Savage & Associates Complex for Business Learning and Engagement — celebrating the news that the college again was ...
ABC <b>News</b> Exclusive: Tea Party Candidate in Nevada Senate May Tip <b>...</b>
Scott Ashjian calls himself the “Tea Party of Nevada” candidate for US Senate, but he tells ABC News that he would be “at peace” knowing he helped re-elect Harry Reid by siphoning votes away from Sharron Angle. The Note, authored by ABC ...
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