Wise up Ireland

So here you are, the poster boy, er poster country for doing the responsible thing. The responsible thing being letting the common folk suffer for the sins of stupid bankers and stupid investors. The Irish people know that if they don’t do the right thing, it will be the end of the world as we know it, again.

 What if you’re asked to do the right thing again? It appears Mr. and Mrs. Average Irish Citizen, you are going to asked again. According to your paper of record, The Irish Times, you may need a new bailout. That’s semi-officialese for you will need another bailout. Anybody surprised. In Les Temps, a Mr. Butler (some association with the Bank Of England) says it’s going to be a great deal. For more money you go from a 6% to 3% interest. It sounds like the debate in that circus called the US congress about the interest rate on student loans, somehow, it don’t make no diff. If you majored in the post modern novel, you ain’t paying it back at 1% or a zillion.

Rather than taking Bailout Part Deux, there is only one word I have for the land of my ancestors, Iceland. Could be wrong there, but since they told the bankers to go fry ice (a subject in their clime they might know something about) they have not sunk beneath the waves.

If you give in now, your are, the phrase au courant here in the new world is “kicking the can down the road.” Eventually it will be bailout 98. Moi, I doubt it will get to that. Some country braver and not smart enough to be completely stupid will say go to hell. The Greeks are a bet.

 According to most Irishmen,I’m a Yank. According to most Americans, due to my Mick surname, I’m Irish. I’ve affection for the land of my ancestors and hardly wish to see it suffer. Yup, there will be suffering no matter which course. If you give in, the suffering will be ongoing. If you say no, you take the medicine, suffer and get up and move on.

Do you really believe Brian Hayes when he knocks on your door?

With all the money spent on education, why is everybody so stupid?

Yesterday, on the car radio I'm listening with all my heart (not) to the news that the two parties are disagreeing about the interest rate for student loans. It's 3 something percent and could double. Oh my gosh, can't these solons be compassionate? Can't they solve anything? Well, no. The whole debate is a joke. The interest rate is a minor annoyance in the scheme of things. Little Brad or Heather spends four years at a nice school studying philosophy. It has been a rewarding experience. Something may have been learned, the brewery industry has been kept healthy. After the graduation ceremony when the relatives have all gushed, it's back to the room with the Muppet decor that they grew up in. If you can't get work that will pay off the $150thou what does a few percent on the debt really matter. Don't get me wrong, there is value to studying the soft majors, but not at any price. Besides, remember the Wizard of Oz granting a degree. You don't need it to actually be a philosopher. That's why Socrates never had to rip up all those please give letters from his alma mater. He was his alma mater. Let's call this bill what it really is, The Let's Keep the Faculty in Clover Relief Bill. Update, From the Huffer, Number Of PhD Recipients Using Food Stamps Surged During Recession.

Case closed, Economists say close your eyes and ears and don't audit the fed.

In an article titled Academics Spar With Populists Over Fed Audits at Jon Hilsenrath at a Wall Street Journal blog a whole slew of economists are saying don't audit the fed. Well, that, according to the author is not it, rather they are , dialing up its call for lawmakers to drop plans to subject the Federal Reserve to more scrutiny by the Government Accountability Office, an investigative arm of Congress. Your man does not use the A word.

The pedants say, to let the GAO review Fed monetary policy would do “serious harm to the economy.” They warn increased congressional oversight would harm the Fed’s independence and ability to fight inflation.

Far be it for me to gainsay their wisdom as our golden age of fed watchdoggedness continues. Most impressive on the list of geniuses are nobel prizewinners.

One of them, Myron Scholes, is mentioned prominently. This is the savant who was a founder of that great success story, Long Term Capital Management.

Case closed. We must heed the warnings of the priesthood, I mean profession.