I’ll admit to not being an economist; but as the son of a banker, I have almost an innate appreciation for the importance of meeting obligations. The recent discussion in Washington about raising the debt ceiling has brought about serious concerns from the financial community about the consequences of not doing so. (more)
Last month American reporters expressed concern at a recent study published by the Conference Board which claimed that the US economy would be overtaken by China in two short years. This alarming news came just weeks after a ranking of the world’s most powerful people put President Barack Obama at number two — beaten into second place by Chinese premier Hu Jintao. (more)
DUBLIN (AP) — Debt-crippled Ireland formally applied Sunday for a massive EU-IMF loan to stem the flight of capital from its banks, joining Greece in a step unthinkable only a few years ago when Ireland was a booming Celtic Tiger and the economic envy of Europe. (more)
Chauncey and Graff’s song, When Irish Eyes Are Smiling, was published in 1912, seven years before Eire proclaimed herself a republic and captured a romantic optimism that was matched by reality in 1995. For the next twelve years the young republic embarked upon a period of rapid growth and was re-christened the Celtic Tiger. The pride of her people was palpable and a joy to behold. (more)
Google Inc. cut its taxes by $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda. (more)
NEWPORT, Wales — It was tough to say which was the bigger surprise, the fact that the sun finally shone on swampy Celtic Manor or that the foregone conclusion that was the 2010 Ryder Cup came down to the last, nerve-jangling match. (more)
What follows is a rush transcript of highlight’s from Stephen Colbert’s congressional testimony: (more)
Investors will face defaults on government bonds given the burden of aging populations and the difficulty of securing more tax revenue, according to Morgan Stanley. (more)
Gaea Rich and her boyfriend, David Quinn, an immigrant from Ireland, were on board her uncle’s yacht on Long Island Sound when federal officials boarded and began checking papers. (more)
When it comes to government spending, “stimulus” apparently means never having to say “enough.” (more)
If there’s one thing everyone knows these days, whether they’re happy about it or not, it’s that we live in a “global” economy. This fact is taken as so obvious that anyone who disputes it is regarded as not so much wrong, but as simply ignorant—not even worth arguing with. So it may come as a shock to many that, in reality, the cliché that we live in a borderless global economy does not survive serious examination. The key is to ignore the Thomas Friedmanesque rhetoric flooding the media and get down to some hard numbers. (more)
LONDON — Setting the scene for years of potential strife with the powerful public-sector unions and their allies in the Labour Party, Britain’s new coalition government on Tuesday unveiled the most severe package of spending cuts and tax increases since the early days of Margaret Thatcher’s era. (more)
Foreign Minister Micheal Martin said an investigation had proved that eight Irish passports used in the operation were forgeries. (more)
(CNN) — Get a kick out of this: Researchers reported Wednesday finding the world’s oldest leather shoe in a cave in Armenia. (more)
Greece suffers from unsustainable public-sector debt, low productivity, and an overall uncompetitive economy. In 2009, the government’s fiscal deficit was 13.6 percent of Greece’s gross domestic product (GDP) and its outstanding debt stood at 115 percent of its GDP. Lenders were losing confidence in Greece’s ability to repay them. Before the loan agreement with the International Monetary Fund (IMF) and the EU announced on May 2, they were demanding an almost 10 percentage points premium over lending rates to Germany, which worsened Greece’s deficit. Even with the large corrective measures Greece has agreed to undertake, its debt is projected to increase to 149 percent of GDP in 2012 before beginning to shrink in 2014. (more)
If there were ever a moment in time to take a stand for American pride it’s now. If we want to preserve for our children the respect our ancestors enjoyed we need to draw a line in the sand and proclaim “enough.” (more)
Even though Tuesday’s slate of elections featured far more primaries than actual Republican-vs.-Democrat contests, you could be forgiven for having the impression that Republicans had a terrible night. Despite a variety of factors that made the special election in Pennsylvania’s 12th congressional district not particularly useful as a bellwether, it was touted today as proof that Republicans will be unfortunate underachievers in the fall elections. (more)
At the beginning of “National Lampoon’s European Vacation” the Griswold family appeared on a game show called “Pig in a Poke” standing cheek-to-jowl in matching pink pig costumes as Chevy Chase, portraying the clueless family head Clark Griswold, brashly decided to risk the family’s winnings by playing for the grand prize. Unexpectedly pitted against the show’s all-time winningest family, things looked bleak for the Griswolds when they were asked to name the lieutenant who led the famous expedition to the Pacific Northwest in 1804. Completely stumped when asked for the final answer, Ellen Griswold (played by Beverly D’Angelo), certain that the family would lose everything, turned to her husband and plaintively addressed him, saying “Clark.” Of course, that turned out to be the correct answer and the family found themselves the winners of an all-expenses-paid trip to Europe. Mayhem ensued as the family, completely unfamiliar with European customs, stumbled across the continent in a series of madcap escapades before returning home to the good ol’ USA. (more)
In the wake of the incident at the California school wherein students were sent home for wearing the American flag, it has become abundantly clear (to me) that we are too entrenched in political correctness to hold people accountable for bad behavior. And political manipulation is growing dangerous. (more)
Protesters in Ireland are next to protest the forced bailout of their country. (more)
