Iceland has a population of about 100,000 IIRC.
This would have been catastrophic for the US.
Did you watch it? Do you think currency control and taking care of the poor would have passed congress????? Look at how Obama Care is a Right Wing republican riot inducing word.
What r1 said. Talk about false equivalencies. Without bailouts millions of people would have lost work who kept it, millions more lost their homes. Iceland has a strong social safety net already in existence and has a population roughly the size of Green Bay.
Economic policy does not have universal application. Just because something worked in Iceland doesn't necessarily mean that it will work in the US. Iceland's economy is about 1% of the size of the US economy.
“Banks were rendered insolvent in 2008 and are struggling today because they have loans and securities that are a collection of loans on their balance sheets that aren’t worth what they were five years ago. The loans themselves are in some instances non-performing, and then the markets don’t trust the securities that comprise numerous non-performing loans. Also, prisoners of their own past errors, banks are understandably gun shy, though perhaps relieved that they’ve been given a new lease on life on the taxpayer dime.
But imagine if those banks had been allowed to file for bankruptcy? If so, loans and securities alike would have been sold at bargain basement prices to solvent banks, not to mention intrepid investors looking for value.
Considering the solvent banks alone, had they been able to purchase their competitors at the bottom, today they would have highly profitable loans and securities on their books that would have them far more able to aggressively lend to businesses and individuals.”
There are 0.3 million Icelanders. Compare with 7.5 people on a smaller island -- Long Island.
We have 1000 times their population.
The bailouts were about saving the established 1%. They should've just let them fail and used the bailout money to fund public works and clean energy.
We were robbed and hobbled.
What R9 said.
Not disagreeing, R9 but what worked for Iceland wouldn't necessarily have worked here.
Plus, if Iceland were doing so well, they wouldn't have those desperate "Have a layover in Iceland" ads you see for every airline.
In Iceland they arrested the bankers who looted the national treasury.
In America we give them government positions.
Their banks were bailed out by other countries, doofuss.
It worked in Iceland, because their 1 Percenters didn't rig the system to their favor.
In a nutshell the example of Iceland points out all the flaws that cripple the US government and the US economy.
[quote]Their banks were bailed out by other countries, doofuss.
Others countries whose banks got their claws into Iceland and would have bled it dry if permitted to do so.
If we have trillions in debt, who had the trilions in actual existing funds to lend it to us in the first place? No one did. The banks lend nothing tangible therefore they are owed nothing tangible.
Since everybody knows this worked, why won't GERMANY take heed from it?
The HuffPo today reported that American wealth has rebounded past pre-recession levels. Job growth has now exceed jobs lost.
So if you are in trouble, it's YOU, not the economy.
Fuck Iceland--they deserved what they got. I went there in the 1960s on a layover on my way to Europe and saw signs in store windows that said, in English, "no dogs or Americans allowed". They are also responsible for the extinction of the Great Auk. Every one of those fuckers can get covered with boiling hot lava from one of their volcanoes--to hell with them all.
Muffine McSunshine, lesbian extraordinaire
Yeah but let's be honest, R11, Americans are cowed by fear. 9/11, economic collapse...the way they got away with this was convincing us - without *really* explaining anything - that their pain was OUR pain.
Capitalism, investment is about risk, win or lose. But these institutions didn't have the stomach to accept responsibility for their losses so what's that? It's not capitalism anymore when the public purse is used to absorb private losses. The system should've been allowed to collapse. That would've brought about tremendous reform - which was exactly what the establishment was trying to avoid.
Not true R17.
R17 was telling the unemployed the same thing in 2004
Let me tell you that Fox News is so much better than Al Jazeera from which you quoted the video.
"Oh my God. I'm back. I'm home. All the time, it was... We finally really did it ... You Maniacs! You blew it up! Ah, damn you! God damn you all to hell!"
We are switching to the new platform for The DataLounge this weekend. All of our mobile users have been using it for over a week and all first time users have been using it for about a month - which adds up to well over one million users. So we're ready to end this phase of the testing and move everybody to the new site. (more)
And yes, we've changed the look and some of how it operates.
Yes, we know you just *hate* it in well in advance.
Yes, we know we suck.
Yes, we are the biggest suckers that ever sucked.
But it was time for a change and with the huge shift to mobile it was long overdue. We've taken this opportunity not only to update the look but also make major changes under the hood (or "bonnet" if you're either British or pretentious or both). And we have to prepare for 2016 - a presidential election year where we can normally expect to see a 60% jump in traffic (yes, we've seen 5 presidential elections so far…Christ we're old).
The site has a bunch - nay, plethora - of new features which will make the site more usable: better search, the ability to ignore posters and threads, see link previews, to pick up a thread where you left off, spam and malware filtering and more.
If you want you can go explore and see for yourself, Click here.
And while running the tests we've noticed two interesting reactions to the new system - people are spending more time on the site and more people that come stay around longer and look at more stuff. Both good things. Yay!
Possibly we've not slain all the dragons and there will be issues that come up during the switchover. There's a help button in the lower right hand corner of the page which you can use to send us bug reports.
Please include as much information about the hardware (PC, Mac, Tablet, Phone etc), operating system (Windows, Mac OS, Android, iOS etc) and browser (Chrome, Safari, Opera, Internet Explorer etc) that you are using as possible to help us replicate and fix the problem.
Please note that complaints about colors, fonts, icons and the like are not "bugs" - they are design choices that we've made and we expect one or two cases of world-class bitching. But they won't actually cause headaches, scurvy, heart attacks, Restless Leg Syndrome, Morgellon's Disease or the vapors (but have your smelling salts at hand just in case).
Talking to DataLounge servers. Please wait a moment...