"'I will restore your judges as in days of old, your counselors as at the beginning. Afterward you will be called the City of Righteousness, the Faithful City. Zion will be redeemed with justice, her penitent ones with righteousness.'" NIV translation
This passage tells of the promise for God's people in that, after they repent and turn back to God, He will restore their relationship. The same promise is true for us today and we can have that right relationship with him through Jesus Christ.
"'But rebels and sinners will both be broken, and those who forsake the Lord will perish. You will be ashamed because of the sacred oaks in which you have delighted; you will be disgraced because of the gardens that you have chosen. You will be like an oak with fading leaves, like a garden without water. The mighty man will become tinder and his work a spark; both will burn together, with no one to quench the fire.'" NIV translation
At this time, Babylon was controlled by the Assyrians and was planning a revolt against them. The ruler of Babylon wanted Judah to join him in that revolt with the promise of freedom. This passage is a warning to Judah about the consequences of trusting in a man instead of trusting in God.
This same warning applies to us today as many Christians put their hope and trust in politicians to provide for them or to protect them. Our hope and trust (just like that of Judah in Isaiah's days) must be in God alone or these same consequences will apply to us.