Elections Are Overrated

The Italians, having moistened their pantaloons as they watched their bond yields blast off, heading for who-knows-how-high, are taking things seriously. First, they want a new government, but they're not too interested in waiting to see what the population wants.

(ANSA) - Rome, November 11 - Emma Marcegaglia, the head of industrial employers' confederation Confindustria, on Friday pleaded with Italy's politicians to agree on the formation of a national unity government headed by Mario Monti.

She said the alternative to an emergency government led by the former European commissioner, snap elections, would be dangerous given the financial crisis enveloping the country...

"There are no alternatives (to an emergency government) because a three-month election campaign would ruin the country."

Meanwhile, the Italian parliament is throwing old folks and whole government agencies off a cliff in order to save the country.

(ANSA) - Rome, November 11 - An austerity package paving the way for Premier Silvio Berlusconi to hand over the reins of command passed from the Senate to the House Friday as Italy gathered momentum in addressing its debt crisis.

The package, which contains EU-mandated moves on pensions, liberalisation, administrative cost-cutting and slashing red tape, was passed by 158 votes with 11 nays.

"Liberalisation" means selling off government assets such as whole agencies and their jobs. "Slashing red tape" means removing regulations and regulators.

If socialism worked, wouldn't they be doing more of it now that there's a crisis and not less?

Here, an Italian socialist tries to get the attention of a passing capitalist, hoping he'll stop by and help out.