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Be like Iceland.

by Joe Mobley
12 replies
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Don't know how true this is, but I like the idea.





Joe Mobley
  • Profile picture of the author enjamulahsan
    Banned
    Lol, Iceland. This epic was really awesome. Be like Iceland
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  • Profile picture of the author TLTheLiberator
    Been there June or July of 2014 for 4 days. It was still only about 55 degrees tops during the day.

    All of our tour guides mentioned the financial crisis, their response to it and how they are slowly putting their financial lives back in order. (stuff costs a lot more over there for them now)

    I'm not sure the U.S. could/should have allowed those big American financial institutions to fail without even more severe damage to our economy - but prosecution would have been really, really nice in my book.

    BTW...The Icelanders may have lacked the capacity to bail out their big banks - even if they wanted to do so.

    New American legislation is now in place that can/will wind down troubled institutions and put them out of business if it happens again.

    Note:

    I heard those institutions were/are required to submit a wind down plan but none has done so.
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    "It's easier to fool people than to convince them that they have been fooled. -- Mark Twain

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  • Profile picture of the author butters
    Iceland failing and the United States of America failing are two completely different things. If Iceland fails, no one cares. If the US fails, chaos occurs.
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    • Profile picture of the author seasoned
      Originally Posted by butters View Post

      Iceland failing and the United States of America failing are two completely different things. If Iceland fails, no one cares. If the US fails, chaos occurs.
      ACTUALLY, iceland DOES have a partner country! DENMARK! So they aren't entirely alone. From what I understand, iceland had some problems because THEY invested in US "derivatives". And as for the US? The BIGGEST culprits are NOT the regular rich, or the banks! The BIGGEST culprits that so many don't seem to realize, are the POLITICIANS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!

      They have been, for DECADES perverting the idea of "the american dream" and make it only ONE thing! HOME OWNERSHIP! So HOW do you get the poor to have the "NEW AMERICAN DREAM"? EASY! You FORBID banks to reject certain groups simply because of credit, etc...

      THIS came to be known as SUB PRIME!

      The Nature and the Origin of the Subprime Mortgage Crisis

      The subprime mortgage crisis had its origin in the program the directors of Fannie Mae initiated in the late 1990's to pursue social welfare goals rather than maintain financial viability. Lenders were strongly encouraged to reduce the requirements for mortgage below what had been found to be the minimum adequate levels. Having pushed the lenders into the subprime mortgage market Fannie Mae made the financially infeasible feasible by being willing to buy such subprime mortgage and to grant default insurance on such mortgages. When Fannie Mae effectively went bankrupt the lenders who had written such subprime mortgages found that there was no longer a market for them and thus they were stuck with them. Also those lenders who had obtained default insurance now find that insurance is useless if Fannie Mae cannot pay off on the defaulted mortgages. The lenders should have been aware that there is a risk with any insurance company that it might not be willing and able to pay off on claims. The supposed guarantee of Fannie Mae obligations by the Federal Government removed any concern of businesses with the risk of counter-party default. It is unwise to encourage such behavior.
      If people choose to invest is what is SUPPOSED TO BE, and historically HAS BEEN, very secure securities, they shouldn't be find even one PENNY without those responsible for the disaster succumbing to STIFF punishments! Remember that one PRIVATE guy that took a traditionally BAD investment, made it worse, and tried to pass it off as GOOD? HIS career was virtually destroyed and he was THROWN IN JAIL!!!!!!!!! Then again, he WAS still left with an awful lot:

      https://en.wikipedia.org/wiki/Michael_Milken

      Steve
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    • Profile picture of the author Joe Mobley
      Originally Posted by butters View Post

      ... If the US fails, chaos occurs.

      Too late...



      Joe Mobley
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      • Profile picture of the author seasoned
        Originally Posted by Joe Mobley View Post

        To late...



        Joe Mobley
        HERE, let me correct that for you!

        Too late!

        But MAN, if the governments of the world weer subject to any laws on the matter, or even of the jungle or of the subjects, they would be in TROUBLE!

        SERIOUSLY, I wish we knew all the details. Someone somewhere likely has an effective networth of tens of trillions of old dollars!

        Steve
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    • Profile picture of the author Joe Mobley
      I can appreciate the sentiment however, that does not excuse the lack of Public Executions of some government officials, bankers, brokers, individuals at rating agencies, etc. that were responsible for the mess in the first place.


      Originally Posted by butters View Post

      Iceland failing and the United States of America failing are two completely different things. If Iceland fails, no one cares. If the US fails, chaos occurs.

      Joe Mobley
      Did I get the commas in the right place?
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      • Profile picture of the author Joe Mobley
        In 1993. 15 years before the 2008 financial crises...

        (Watch the first minute and fifteen seconds. You will know if it's for you.)



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  • Profile picture of the author kespence
    Posted the exact same one on FB also - prior to seeing this post

    Pity that no other Countries are willing to look after their countries citizens instead of throwing money at all the wrong people/companies.

    I have my own offline biz and if it fails it's because of what I have done wrong - do you thing my government will bail me out - I DON'T THINK SO...
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  • Profile picture of the author seasoned
    ENRON didn't fail, OR go bankrupt! They did JUST what they wanted, and many made LOTS of money.

    At 1:30, the guy in that video says much the same! "GAMESMANSHIP" I wouldcall it something else, but that is how THEY see it!

    Steve
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  • Profile picture of the author seasoned
    As for "arthur anderson"? WHO THE HELL WAS HE! Let's check! Was it THIS guy? https://en.wikipedia.org/wiki/Arthur_Andersen If so, the video is misleading! This was one of the "big 5"! So what sets it apart from the others? NOTHING! They ALL ended up being DISGRACED and changing the names of parts of the company, etc.... WHY? TO STAY IN BUSINESS!

    Steve
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