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Guess Who’s Emerging From the Crisis?

Quote:

Iceland, of course. Kitchen-sinked and cleaned-up, the Icelandic central bank has just decided to push up rates by 25 basis points to combat signs of inflation amidst “robust” domestic demand.

From Statistics Iceland:

http://graphics8.nytimes.com/images/...n3-blog480.jpg

GDP is still below previous peak, but I think one could argue, much more so than in say America, that a significant part of that peak involved a Ponzi financial sector that isn’t coming back.

I think I was one of the first outsiders to notice that Iceland’s heterodoxy was yielding a surprisingly not-so-terrible post-crisis outcome.

And yes, the recovery is better than Estonia, and much better than Latvia.

Chris BennettChicago
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You neglect to mention that Iceland successfully told the bankers to stuff themselves.

If we had let the banks fail and suffered through the likely severe but short repercussions, we'd be on the mend now too.

The financial system would have imploded, yes. But it could have been rebuilt rapidly with shareholders taking most of the blow and bondholders (including pensions) taking a significant hit. Everyone would have suffered a bit, but the most wealthy among us would have taken it on the chin (rightfully so).

Too bad both Dems and Repubs are owned by the bankers.

http://krugman.blogs.nytimes.com/201...gman&seid=auto

Quote:

Originally Posted by Jetdawgg (Post 4494096)

http://krugman.blogs.nytimes.com/201...gman&seid=auto

Don't care for Krugman he thinks spending money is the only thing to do. IMHO.
The simple way to get big money out of government is to get government out of the public sector. The Democrats and Rebublicans have created a monster that must be put out to pasteur. IMHO!

Quote:

Originally Posted by MnJetFan (Post 4494105)

True. They have clearly socialized the losses and passed them on to the American people vice the shareholders whom I am sure a great deal of them are.

Iceland stood up and now they are growing while the US is still faltering.

http://i164.photobucket.com/albums/u...icyfailure.jpg