View Poll Results: Is Iceland an example of what we should have done?

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  • It would appear so.

    7 58.33%
  • Definitely not! (explain)

    1 8.33%
  • The two cannot be compared. (explain)

    2 16.67%
  • Bankers are not "banksters."

    1 8.33%
  • Is it about bankonomics or crime?

    2 16.67%
  • We have no input in the decision.

    2 16.67%
Multiple Choice Poll.
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Thread: "too Big to Fail," not

  1. #1
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    "too Big to Fail," not

    Iceland Was Right, We Were Wrong: The IMF - TheStreet


    What was Iceland's approach? To do the exact opposite of everything the bankers running our own economies told us to do. The bankers (naturally) told us that we needed to bail out the criminal Big Banks, at taxpayer expense (they were Too Big To Fail). Iceland gave the banksters nothing.

    Iceland Was Right, We Were Wrong: The IMF - TheStreet

    This article is an example of an economy doing exactly the opposite of the USA and achieving economic success.
    Does that inspire the "thinking cap."
    Perhaps banks are not "too big to fail."
    Banksters maybe should go to jail for re-education.
    Perhaps the inmates are running the asylum.
    Is it too late to alter course here in the USA?

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    Re: "too Big to Fail," not

    Iceland NATIONALIZED the banks, froze their assets and basically took over the economy ...

  3. #3
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    Re: "too Big to Fail," not

    ...and the scale of the U.S. economy and the Icelandic economy cannot really be compared. I'm not saying that TBTF is a good policy, I'm saying that I don't understand enough about the world economic situation to seriously determine if letting the banks fail (or nationalizing them) would have ultimately been good or bad for the world economy.

    At this point I think it is much more useful to determine why we got into the mess and put measures in place to prevent it happening again.
    The morality of abortion is not a religious belief, any more than the morality of slavery, apartheid, rape, larceny, murder or arson is a religious belief. These are norms of the natural law of mankind and can be legislated even in a completely religionless society.

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    Re: "too Big to Fail," not

    Quote Originally Posted by ChuckBerry View Post
    ...and the scale of the U.S. economy and the Icelandic economy cannot really be compared. I'm not saying that TBTF is a good policy, I'm saying that I don't understand enough about the world economic situation to seriously determine if letting the banks fail (or nationalizing them) would have ultimately been good or bad for the world economy.

    At this point I think it is much more useful to determine why we got into the mess and put measures in place to prevent it happening again.
    That is why one of the poll choices is "The two cannot be compared." I don't believe that. I think had we chosen Iceland's option circumstances, survival, and criminal prosecution would have forced actions to control the debacle. I understand the possible downside economic possibility but think that survival and continuity would have been self activating and we would have the satisfaction of having put the "crooks" in jail. As it is, we have assured the continuity of the survival of the "crooks." As I said, "the inmates are running the asylum."

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    Re: "too Big to Fail," not

    Quote Originally Posted by DaveFagan View Post
    Iceland Was Right, We Were Wrong: The IMF - TheStreet


    What was Iceland's approach? To do the exact opposite of everything the bankers running our own economies told us to do. The bankers (naturally) told us that we needed to bail out the criminal Big Banks, at taxpayer expense (they were Too Big To Fail). Iceland gave the banksters nothing.

    Iceland Was Right, We Were Wrong: The IMF - TheStreet

    This article is an example of an economy doing exactly the opposite of the USA and achieving economic success.
    Does that inspire the "thinking cap."
    Perhaps banks are not "too big to fail."
    Banksters maybe should go to jail for re-education.
    Perhaps the inmates are running the asylum.
    Is it too late to alter course here in the USA?

    In regard to telling banks to piss off were not giving you any money, that is the right thing to do. No private company should get tax payer dollars unless that private company is providing a service(road work,construction,waste collection and ext) . There should be no such thing as too big to fail and I believe that the size of companies and corporations should be limited in order to lessen any financial blow they might have to the country should they fall.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

    Cicero Marcus Tullius

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    Re: "too Big to Fail," not

    too big to fail is too big to exist. our short term solution of bailouts won't be enough to prevent it from happening again. banks and other corporations should not be allowed to get big enough to collapse an economy if they fail. we'd be better off with greater competition anyway.

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    Re: "too Big to Fail," not

    I would of preferred Icelands approach...I think Sweden did something similar as well awhile back.

    The government has power to do that! In fact they did it to a huge degree during the Savings and Loan fiasco. I believe the only reason it didn't happen this time is due to the power of those banks on our political process.

    It's never too late to change course. I can't stand Democrats in a lot of ways, the Republican Party has provided an answer to our problems. Double down on deregulation, supply side economics, and the Free Market system. I think it's completely the wrong answer but what have the Democrats proposed? The Democrats proposal look like a weird mismatch of neoliberal theory just not as much as the Republicans.

    The Democratic party doesn't stand for anything anymore rather than as a bullwark against the reactionary right by maintaining the status quo
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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    Re: "too Big to Fail," not

    Quote Originally Posted by Helix View Post
    too big to fail is too big to exist. our short term solution of bailouts won't be enough to prevent it from happening again. banks and other corporations should not be allowed to get big enough to collapse an economy if they fail. we'd be better off with greater competition anyway.
    I think that we are on the cusp of another crash because no change was regulated. Today, tomorrow, next year, but it's gonna happen because the "perps" got away with it, very profitably. That means it's ok to do it again and also because it's gonna be profitable again. That would be simple economics from Bart's Law. (bartcop.com)

  9. #9
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    Re: "too Big to Fail," not

    Quote Originally Posted by ChuckBerry View Post
    'm not saying that TBTF is a good policy, I'm saying that I don't understand enough about the world economic situation to seriously determine if letting the banks fail (or nationalizing them) would have ultimately been good or bad for the world economy.

    At this point I think it is much more useful to determine why we got into the mess and put measures in place to prevent it happening again.
    That's kind of where I am...but more on the side of...."I sure wish I knew what would have happened had we let some of these big banks go out of business." All the money that was used to bail out banks could have been used to bail out homeowners, from my perspective. Directly re-writing their mortgages at their current worth depending upon individual circumstances.

    Someone posted on DP the other day that American's net worth has declined by 28%. If that's true, it is because of the housing collapse, and the fact that the majority of American's largest asset is their home. Homeowners took it in the shorts. Banks got bailed out.

    I have a problem with that.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  10. #10
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    Re: "too Big to Fail," not

    Quote Originally Posted by MaggieD View Post
    That's kind of where I am...but more on the side of...."I sure wish I knew what would have happened had we let some of these big banks go out of business." All the money that was used to bail out banks could have been used to bail out homeowners, from my perspective. Directly re-writing their mortgages at their current worth depending upon individual circumstances.

    Someone posted on DP the other day that American's net worth has declined by 28%. If that's true, it is because of the housing collapse, and the fact that the majority of American's largest asset is their home. Homeowners took it in the shorts. Banks got bailed out.

    I have a problem with that.
    It is not a liberal/conservative/radical issue, so everyone can come to agreement. Now, how can we get issue intomainstream politics as a campaign issue? The Greens have championed the cause but are of minuscle proportion on a National scale. I'm a Green, but it's like a vote for Nader or Perot, sometimes wasted. Worse,sometimes not the lesser of evils.

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