Sunday, February 22, 2009
120,000 In The Street
I saw this clip on France24 last night and then found it on YouTube today. Is this what could well become a harbinger of things to come in the United States? The Irish today marched en masse to protest severe cuts in the form of a pension levy on public sector workers. Teachers, nurses, police officers, civil servants and construction workers are bearing the brunt for an economic collapse, largely brought about by a property bubble which burst, while the largest banks received billions of euros in bailouts or were being forced to nationalize rather than collapse. Reports say "the plan could cost the 350,000 public sector workers between 1,500 euros and 2,800 euros [$3600 US] a year". As one protester put it:
“My family will be down 500 euros ($628.8) a month because my husband and I both work in the public sector,” said Sheila O’Shea, a primary school teacher who was also protesting at education cuts that have hit classes for special needs children.
“There is absolute burning vitriol that we feel at the savage way they have hit the most vulnerable in society.”
(Does any of this sound familiar?)
The so-called Celtic Tiger had the highest GDP growth of any european country throughout most of this decade. In 2009 their economy is projected to actually contract by -4.0%. In a nation of only 4 million, over 1500 lose their jobs each day. January had the highest monthly level of unemployment claims since records began in 1967.
I find the Republican opposition to the Stimulus bill a form of willful ignorance of the real feelings of the American people which are beginning to emerge from a long, long period of hibernation and denial. The attempts to racially divide Americans and to use boogeyman lables like socialism to stir up opposition to the bill by the Republicans is beginning to have more and more of a boomerang effect.
Only today, Burger King caved into the reality that they had to allow their employees to Unionize or pay the penalty...It's a house of cards with a delusional foundation.
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I find the Republican opposition to the Stimulus bill a form of willful ignorance of the real feelings of the American people which are beginning to emerge from a long, long period of hibernation and denial.
My friend UptheFlag is in town on business and he and i were discussing the US economy. He is a history professor and says that Obama settled on too small of a stimulus package which might not turn the tide of this downturn.
He noted that FDR, right after his 1936 win, stopped his Keynesian economics policies and the recovery went sour and only the war moved America out of the downward spiral.
Obama whittled away too much just to cull some Republicans to pass the measure and next time, when more is needed, UtF doesn't think he will get any support from the GOP at all.
He and I are very worried about CitiBank this week. Watch it very closely as it may not survive the week. We both think that Obama needs to nationalize the banks while he still has the faith of many Americans.
It isn't just Republicans who are against the scamulus bill. Many Americans are!
People who understand the implications of brainlessly printing a trillion dollars for "stimulus" and what it WILL do to the value of our currency. It's a long term devaluation for a short term duct-tape job...with GM as a prime example of dumping good money after bad. 6.9 billion in losses swallowed up their bailout. Nothing fixed, nothing changed and back asking for more yesterday!
All the arguement is comming from you guys who spent 8 years complaining that Bush created a trillion dollar deficit...which Obama just doubled in less than 30 days...all without a peep of concern other than he didn't increase it enough!
As for Citi's pending nationalization...why are you fearfull and concerned? That's socialism! Exactly what you've been pushing and exactly what you voted for...why all the worry now?
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