Luck of the Irish

Learn from Mistakes; Hopefully!

Brian Cowen and his gullible team of  boom-delusion lackeys can be held accountable for the mess we are in today (Not forgetting Bertie Ahern of course, who cleverly bailed just in time, and left Cowen to take the sole brunt of public anger). It may be stating the obvious, but to look at figures from 2006 back, revenue increased hugely over the boom years, and the government, with gusto, pursued a pro-cyclical fiscal policy, matching the increased revenue with equally increased spending, and pumping money into all areas of the economy, convinced the good times would never end. It was in 2008, with the world market collapsing and Ireland, being the small open economy we are suffered big time, that revenue plummeted and spending was left at a ridiculously high unsustainable level, the cracks began to appear. Ireland had been sustained on the property bubble, and when it burst, all that was left in the country was a high wage rate, to which Ireland lost many Multi-National Companies to more labour competitive countries. A comparison can be made between the Famine and this recession, in both instances, the country relied heavily on one factor (potato, construction industry), and the troubles prolonged by a lack of decisive and efficient action by the government.

Possible Solutions

My solution would be to cut the minimum wage to €6 an hour for new employees hired, in an attempt to alleviate some of the pressure on social welfare, and increase disposable income into the economy. This shouldn’t affect unions or public opinion, as it is not wage cuts. However, failing that, another method could be for companies to decrease workers wages to €6.50 an hour, on the condition that these cuts must be subsidised by increased employment. The Government has lowered the minimum wage, a vital step in regaining international competitiveness, and has also introduced a scheme by which unemployed teachers and graduates can be hired for free. It is a beneficial plan for both parties, student/teacher ratio is resolved, and new graduates get valuable experience, as well as a viable chance at employment as time goes on. There has been a lot of criticism of the IMF/EU Bailout at the high interest rate of 5.8%. The payback of this loan is going to affect the next generation of labour hugely, and indeed is a result of corruption in the banks, another detrimental fault by the Government.

Conclusion

I’m not anti-Fianna Fail on any degree; however, there can be no dispute as to the lack-lustre performance of the Government. Even though external forces helped cause the downturn, the recession’s prolonged success has been contributed to by the Governments poor policy making over the past 10 years. Instead of trying to stabilise the economy by introducing incentives to save and withdraw money from the economy, they did the opposite, resulting in a possible boom bust cycle, instead of even steady GDP growth. Ireland lost its monetary policy tools when it joined the EMU, and as such there is no easy way out of this recession, such as devaluing the currency. No matter who is in Government, the road ahead is littered with harsh fiscal policy’s, such as wage and benefit cuts. To default on our debt would cause untold hardship in the future, there is no easy way out of this mess, and with the looming influence of the IMF, the question remains, where has the luck of the Irish gone?

Con Air Movie Review

When asked what my top 3 films were, Con Air was always present, usually ranking in number 2 behind Shawshank Redemption. When told recently by someone that the movie wasn’t good, I recoiled in horror, as in my view, it is a must-see. For those who do not know (and if you are in this category I strongly recommend watching it), the story follows a newly-released prisoner named Cameron Poe, (an ex-Ranger) who accidentally kills a man while defending his wife in a drunken brawl. On his way back to his family, he is traveling on a transport plane with several other convicts, which is subsequently  taken over by the convicts who try to escape abroad, while Poe tries to prevent it while remaining un-noticed by the other convicts.

Nicholas Cage plays Poe, and delivers an outstanding performance as a honorable man just desperate to see his family, while John Cusack, Steve Buscemi and John Malkovich flourish in the supporting roles. Simon West (director) gets the best performances out of his actors as possible, and with a nominated soundtrack (How do I Live), which, while a slightly cheesy ending, still brings the movie to a satisfying close.

The movie itself is a bit of a cliché, and is indeed your typical action movie; however, with some good direction and superb performances it was able to become one of the elite, being fast-paced, action-packed and fun, that keeps you on the edge of your seat the whole way through. Even when watched a few times, it is still exhilarating and immersing. Of all the fine acting talent Steve Buscemi was a bit of a show-stealer, with his excellent portrayal of a sophisticated psychotic and his stylish quotes.

The movie was released in 1997, and so, was unlucky, in the sense that in the 1998 Oscars it had to compete with the beautifully made “As Good as it Getz” and the blockbuster “Titanic”. It had two nominations in the less important categories, and was not granted either one. Another year, Con Air would have been much more successful, but nonetheless, goes down as a must-see.

*****