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Politics : View from the Center and Left

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To: Katelew who wrote (149939)	11/16/2010 11:03:44 AM
From: Mary Cluney	Read Replies (3) of 542148

November 16, 2010, 10:19 am Ireland’s Big Mistake I’ve been thinking about the ongoing Irish mess, and I suddenly realized the true nature of Ireland’s big mistake. It should have been Texas. Think about it: the savings and loan crisis was about runaway banks, which had to be bailed out at (huge) taxpayer expense. And as best I can figure, about half the taxpayer cost came from just one state: Texas. Yet the burden was borne nationally. So it was as if the European Union as a whole were taking responsibility for Anglo Irish etc., which would of course make the whole Irish situation much less serious. The Irish just picked the wrong continent on which to engage in crony capitalism. krugman.blogs.nytimes.com

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