O'Reilly Got The Ireland Economic Crisis Wrong
By: Steve - November 30, 2010 - 8:00am
In his November 28, 2010 column (Borrowed bucks stop here) O'Reilly wrote this:
O'REILLY: Be thankful you don't live in Ireland or Greece. Those countries are in bad economic shape and have to take bailout money from other countries just to survive. There are riots in the streets, and fear and loathing are on display. The luck of the Irish has run out; Zorba the Greek is broke.Wow, is O'Reilly ever wrong. To begin with, the debt problem in America was caused by George W. Bush and the Republican party, who had total control of Congress from 2000 until January of 2007. That is when almost all the debt happened, under Bush.
What happened? The primary problem is the Western European model of providing cradle-to-grave entitlements for the folks is no longer sustainable in a world where recession has replaced expansion. Many countries, including the United States, have so much debt they can't pay it off. America can still borrow what it needs, but not even Zeus would invest in Greek bonds.
With the economic chaos on display, you would think the Democratic Party and liberal America would reconsider their attachment to massive government spending. You'd be wrong.
Let's have a reality check, when Bush took over in January of 2001 he was left a $250 Billion dollar surplus by the DEMOCRAT Bill Clinton. When Bush let office he left the DEMOCRAT Barack Obama a $300 Billion dollar deficit, a housing crisis, a banking crisis, a jobs crisis, and a really bad recession that was almost a depression. So now we have the facts on that, not the right-wing propaganda from O'Reilly.
Now let's get to Ireland, they are not in financial trouble because of the social programs they have. They are in trouble because all the wealthy bankers gaave out bad loans and then they had to pay for it, so the taxpayers got stuck with the debt the bankers caused.
So O'Reilly is lying about that too. Here is part of an article about it from the website www.irishcentral.com:
Ireland had no great debt until it assumed the $100 billion or so that the banking system delivered to it when it collapsed.Earth to O'Reilly, even America is not only in big debt because of social programs, yes some of it is from Social Security, Medicare, etc. But not that much, most of it is from the 2 wars Bush started, the housing crisis, the massive Bush tax cuts, the financial crisis, the wall street bailout, and the banking crisis.
By socializing that debt, in other words, making the taxpayer responsible for it not the greedy and out of control bankers, Ireland then hit the skids.
But it was a capitalism problem to begin with Bill, not a socialist problem.
The banks were like 'Girls Gone Wild' loaning money from European banks then reloaning it to ever more gullible Irish clients who spent and spent and built and built until.....
Well you know what happened next.
Now the banks, who took all the rewards want to avoid the risk too and stick the taxpayers with the bills.
And gullible Ireland has gone along with the IMF in making sure that it is all repaid with the bankers covered.
There is a reason why countries like Canada and Australia did not fall into this near economic collapse like Ireland, the U.S. and other countries did.
They had good government oversight of their banks.
That may be a form of socialism Bill, but I'd gladly undertake it if it made the ordinary taxpayer keep his money and stop it falling into the hands of greedy bankers as is happening in Ireland.
And almost all of it was created by Republicans, we were fine when Clinton was in office for 8 years, and yet, somehow you ignore that. Then Bush comes in, and 8 years later we have massive debt, but you blame it on Obama, the Democrats, and social programs.
Here is my advice to you, stop lying to the people, because most of our problems were caused by the Republicans you love so much. You are a liar, and nothing but a partisan hack of a pretend journalist. And your column on Ireland is full of lies, not misinformation, lies, making you a l-i-a-r.
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Bill O'Reilly make sure to visit the home page: www.oreilly-sucks.com
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