Since bank bondholders of GM and Chrysler were decapitated on Geithner's watch, haircut does not go far enough, that's a theory that needs some work.

GM and Chrysler are a story about busting or defending the last serious US unions, and all policies regarding the automaker bailouts have to be viewed in that context. Ireland has no such complication - it's a straightforward case of getting raped by the banksters. This difference should be taken into account by any attempt to explain or predict policy response.

- Jake

Friends come and go. Enemies accumulate.