Government bailouts no longer an American idea

The economic crisis has left few nations untouched by its effects, as evident in Europe with the most recent proposed bailout of the Irish banking system. Officials announced on Thursday that more than EUR12 billion into the banks to keep them from failing. This announcement came much to the chagrin of taxpayers, as officials had previously stated it would take more than EUR45 billion to fix the economy of Ireland. Although announcing an additional bailout, the honesty of the government in crying for help has served to benefit, as government bonds rose and losses on the European stock market were minimal. The total sum of EUR45 billion would mean an investment of nearly EUR10,000 for every man, woman, and child in Ireland, and would require the assistance of the EU and IMF to be effective. As a result of the economic downturn, property values have declined between 35-50% since 2007.

-Caleb Ray