[Newsbot]

Title: Euro and shares rise after Irish rescue deal
Category: Business
Posted By: martin14
Date: 2010-11-22 01:13:37

[martin14]

So this is how ficked up things are:

Another 100 billion of bailout money, and it will be more due to the not-well-publicized side deals with the UK, another 10 billion,
and the Euro goes up.



Portugal may be next, and then Spain. Where they get the money for that I have no idea.

But Andy keeps insisting that everything in Europe is just fine, while he keeps on his 'tax the rich' rants, corporate tax rates wont change, but personal income tax will.



It's getting funny over here.

[andyt]

martin14 martin14:

So this is how ficked up things are:

Another 100 billion of bailout money, and it will be more due to the not-well-publicized side deals with the UK, another 10 billion,
and the Euro goes up.



Portugal may be next, and then Spain. Where they get the money for that I have no idea.

But Andy keeps insisting that everything in Europe is just fine, while he keeps on his 'tax the rich' rants, corporate tax rates wont change, but personal income tax will.



It's getting funny over here.

It certainly isn't tax the rich that caused Ireland's problems. They had the lowest corporate taxes in the world. Germany, the Scandinavian countries seem to be doing well. The US, wich so drastically lowered it's tax rates, running deficits except during Clinton - how they doin?

Ireland actually had a high tax rate on incomes over 36k pounds for individuals. Yet before the crash, it was called the Celtic Tiger: "Irish GDP rose dramatically to equal then eventually surpass that of all but one state in Western Europe." Nobody was winging about how the high income tax was causing the flight of capital or was hampering the economy.

And here's what happened:

$1:

Former Taoiseach Garret FitzGerald has blamed Ireland's dire economic state in 2009 on a series of "calamitous" government policy errors. Between the years of 2000 and 2003 the then Finance Minister Charlie McCreevy boosted public spending by 48% while cutting income tax. A second problem occurred when government policies allowed, or even encouraged, a housing bubble to develop, "on an immense scale"

Sounds like Ameriduh.

[bootlegga]

andyt andyt:

And here's what happened:

$1:

Former Taoiseach Garret FitzGerald has blamed Ireland's dire economic state in 2009 on a series of "calamitous" government policy errors. Between the years of 2000 and 2003 the then Finance Minister Charlie McCreevy boosted public spending by 48% while cutting income tax. A second problem occurred when government policies allowed, or even encouraged, a housing bubble to develop, "on an immense scale"

Sounds like Ameriduh.

Or Canada.

Harper cut the GST twice before the recession, all the while boosting spending and eliminating the huge surplus the Liberals had built up.

While it seemed like a good idea at the time, I'm betting Harper would love to have only a $40 billion deficit instead of a $55 billion deficit right now.

[andyt]

bootlegga bootlegga:

andyt andyt:

And here's what happened:

$1:

Former Taoiseach Garret FitzGerald has blamed Ireland's dire economic state in 2009 on a series of "calamitous" government policy errors. Between the years of 2000 and 2003 the then Finance Minister Charlie McCreevy boosted public spending by 48% while cutting income tax. A second problem occurred when government policies allowed, or even encouraged, a housing bubble to develop, "on an immense scale"

Sounds like Ameriduh.

Or Canada.

Harper cut the GST twice before the recession, all the while boosting spending and eliminating the huge surplus the Liberals had built up.

While it seemed like a good idea at the time, I'm betting Harper would love to have only a $40 billion deficit instead of a $55 billion deficit right now.

Some German rich are urging a 5% surtax on high income earners. It would bring in 100 billion euros for two years. Obviously for Canada that figure would be less, if it brought in 15 billion dollars, that would go a long ways.

Tax rates are going to have to go up, and govt spending down in all western countries, including Canada. My only concern is that the pain is a unequally distributed as the gains were in the last decade. The top earners made out like bandits, while everyone else stagnated. Time for the top earners to pay.