Ireland is following in the American footsteps of harmful spending mistakes. They closely resemble our own problem with banks and home foreclosures. CNN reports:
Irish banks, like others around the world, loaned money to people who in some cases couldn't pay it back. Cheap loans created extra demand for housing and as prices surged the construction industry raced to build more.
Just as the economy of America is getting back on it's feet, Ireland falls over on itself. The hangover of reckless funds is settling in resembling our recent fall in 08. Ireland is not asking for outside aid though, while America received China's aid. I feel as if history is just repeating itself. It appears that countries around the world need to enact reforms to their spending habits and to revive from their economic slumps. This is easier said than done, but I believe we can learn from our past and move onto more pressing problems.
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