I wish I knew. Banks and bondholders will be bailed out, but I'd have to know much more about the situation in both countries to know how the general public would be impacted. In the US, the TARP program bailed out the banks, but many thousands of people who bought homes via sub-prime mortgages have lost them.
Ed ----- Original Message ----- From: Ray Harrell To: 'RE-DESIGNING WORK, INCOME DISTRIBUTION,EDUCATION' Sent: Thursday, December 02, 2010 11:03 AM Subject: Re: [Futurework] [Ottawadissenters] Ireland and Greece So what would you suggest being done? REH From: [email protected] [mailto:[email protected]] On Behalf Of Ed Weick Sent: Thursday, December 02, 2010 10:59 AM To: [email protected] Cc: [email protected] Subject: Re: [Futurework] [Ottawadissenters] Ireland and Greece Some time I posted something on the two Irelands my wife and I visited, the dark and disorganized Ireland of the 1970s and the modernized, economically surging Ireland of 2000 -- all those new houses everywhere and all those new cars. Now Ireland is in a state of crisis and has had to be bailed out. Comparisons are made between Ireland and the other PIGS. While I'm not really sure of what I'm saying here, I believe that the situation of Ireland and, for example, Greece are quite different. Greece was deeply in dept because it had become too permissive with regard to social programs and labour practices. It's overwhelming debt was essentially sovereign debt -- debt that the government had to repay but couldn't. In Ireland, on the other hand, all those new houses and cars represented a huge load of personal debt to banks, debt that people expected to be able to pay because good times would surely continue. Well, sadly, they didn't. Ed ----- Original Message ----- From: Steve Kurtz To: [email protected] Sent: Wednesday, December 01, 2010 5:10 PM Subject: Re: [Ottawadissenters] Ultra-rich getting richer while middle class stagnates Great piece, John. Steve On Dec 1, 2010, at 3:39 PM, John Verdon wrote: Arthur you might enjoy Umair Haque's latest blog post http://blogs.hbr.org/haque/2010/11/the_irish_banking_crisis_a_par.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+harvardbusiness%2Fhaque+%28Umair+Haque+on+HBR.org%29&utm_content=Google+International On Wed, Dec 1, 2010 at 2:01 PM, Arthur Cordell <[email protected]> wrote: -- John Verdon 4 Ashbury Place Ottawa, ON K1M1H3 voice 613-744-4278 searching for the pattern which connects.... knowing the difference that makes a difference... Sapere Aude - The true is the whole. Compassion is the natural condition of what one really is. __._,_.___ Reply to sender | Reply to group | Reply via web post | Start a New Topic Messages in this topic (3) Recent Activity: Visit Your Group Switch to: Text-Only, Daily Digest . Unsubscribe . Terms of Use . __,_._,___ ------------------------------------------------------------------------------ _______________________________________________ Futurework mailing list [email protected] https://lists.uwaterloo.ca/mailman/listinfo/futurework
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