Economy
Related: About this forumIceland’s Economy now growing faster than the U.S. and EU after arresting corrupt bankers
At the start of the world wide 2008 economic collapse, Iceland was in worse shape than almost any other country in the world. Now they are one of the fastest growing economies in the world.
Imagine what America would be like today if we bailed out the victims of poor banking practices, while punishing the bankers who were responsible?
After watching this video, what you think? Was Iceland off their rocker for sending the bankers to jail, or on to something that America should have done as well?
Joe Shlabotnik
(5,604 posts)It would take a certain longterm leadership plan (Gasp!...Industrial policy, rethinking hyper-financialism as a legitimate product, introducing protectionism, BOLD preservation of the environment, reducing empire.... etc), congressional will, pragmatism and understanding the reality of the world's condition in 30 years by the populace............. All of which are mostly fluff and denial at the moment.
msongs
(67,459 posts)Scootaloo
(25,699 posts)And my cat's health surely improved after I got her de-wormed that time.
Imagine that. Removing parasites makes an organism healthier.
sally5050
(151 posts)and then go to wallstreet and just spray it at 5pm when they get off work to go drink their martinis with the citizens money?
defacto7
(13,485 posts)and a few other countries as well. But for the US, it would be a different ball game. We are a huge country with many varied cultures and religions. We don't have what it takes to tackle that kind of task in less than generations. Now, firing and jailing the bankers... we could have done that. But since we didn't, it happened all over again; like clockwork it was meant to regenerate itself... and will happen again if we don't get our ass on a stick and teach them a lesson.
jtuck004
(15,882 posts)sally5050
(151 posts)who said the Bailout was 'necessary'
we must use this election mandate of Obama to grow a backbone and start some serious prosecutions of the banking sector or risk the time bomb derivatives still hidden deep within the financial sector threatening as Libor did and others soon will to take us back to that moment in Sept. 2008 where we are on the brink of having no dollars in our ATM machines.
Will someone , anyone of leadership in the US propose doing what Iceland did to recover our economy?
Elizabeth Warren, Alan Grayson, anyone? Takers?