Cancel 2016.2
The Almighty
Not really shocking....
The point.... Desh's happiest people on earth back in May are now watching their government go through bankruptcy
The happiest people in the world
- Thread starter evince
- Start date
Not really shocking....
The point.... Desh's happiest people on earth back in May are now watching their government go through bankruptcy
That's all understood, but what is the point of bringing this thread back from the dead. Is it just schadenfreude?
charver
You lookin' at my pint?
I think it was in response to something Chap said in this thread.
http://www.justplainpolitics.com/sh...nch-bring-first-government-failure-17074.html
Cancel 2016.2
The Almighty
For the mentally challenged....
The POINT of the THREAD being revitalized is that 8 months ago Desh was commenting about how awesome it was to live in Iceland. The POINT is that the so-called 'happiest' people are now, 8 months later, watching their government implode. DO YOU COMPREHEND THAT NOW??? OR DO YOU NEED TO SEE IT ALL IN CAPS?
No, I comprehend that. I was just wondering if there was something more to it than schadenfreude but there doesn't appear to be. The only lingering question is why people seem to find this so damned amusing.
i think iceland rocks.
Bee Ess.
The original intent of the thread is how much we could "learn from" their socialistic tendencies and how it made them happy. It isn't schadenfreude, it is to point out that it bankrupted them at a faster pace, that rioting in the streets is not a sign of "happy" and what we should learn from them is what not to do in order to be "happy". That fleeting happiness is not worth it.
evince
Truthmatters
http://en.wikipedia.org/wiki/Economy_of_Iceland#Finance
The Icelandic banking system played a central role in the financial crisis. The banks expanded aggressively overseas following financial deregulation, acquiring assets far in excess of the country's GDP and therefore of the government's capacity to rescue them in the event of a run. All three major banks, Landsbanki, Kaupþing Bank andGlitnir went into receivership in early October 2008. The Althing granted the Icelandic Financial Supervisory Authority sweeping powers over banks as its financial system tottered and its currency plunged.[40] Speculation continues about the financial health of the other banks. [41] All of the major banks were publicly listed on Kauphöll Íslands (the Iceland Stock Exchange), though each was either wholly state-owned or merged with previously state-owned banks in the past.
The Icelandic banking system played a central role in the financial crisis. The banks expanded aggressively overseas following financial deregulation, acquiring assets far in excess of the country's GDP and therefore of the government's capacity to rescue them in the event of a run. All three major banks, Landsbanki, Kaupþing Bank andGlitnir went into receivership in early October 2008. The Althing granted the Icelandic Financial Supervisory Authority sweeping powers over banks as its financial system tottered and its currency plunged.[40] Speculation continues about the financial health of the other banks. [41] All of the major banks were publicly listed on Kauphöll Íslands (the Iceland Stock Exchange), though each was either wholly state-owned or merged with previously state-owned banks in the past.
Uh, where is the indication that their social policies bankrupted them as opposed to, say, the fact that their banking industry leveraged the shit out of their debt, running the banks like they were hedge funds?
I mean, I'm willing to be persuaded that their "socialistic tendencies" as opposed to their capitalistic greed ran the country into the ground, I just haven't seen that argument made with any convincing force.
charver
You lookin' at my pint?
Sorry, but their bankruptcy had nothing to do with their "socialistic" tendencies.
It had to do with a government who deregulated their banking sector (sound familiar?) and found themselves having to bail out private institutions when banks ceased lending to each other (sound familiar?)
There are a lot of countries in the same boat, don't you know?
It had a bunch to do with their outspending their GDP by a bunch, as you mentioned earlier. I think this is a bit disingenuous to mention that little tidbit earlier then attempting to say it had nothing to do with the overspending.
And again, it seems to have accelerated the problem and caused it to hit with more force.
It's not schadenfreude, it's a bit of "smelling the cheese"... (Did they make British employees read that book before they started the layoffs there? They did us here.)
You don't know who "they" are. "They" are not the government. "They" are the banking industry in Iceland, as charver originally said:
He was poking fun at you.
Nonsense. The government's inability to get a loan has nothing to do with the greed of the banks and everything to do with their own overspending which does in fact have to do with their government policy.
Cancel 2016.2
The Almighty
That says it all....
Cancel 2016.2
The Almighty
According to what Desh just posted, all of their major banks were wholly owned by the STATE. So are you saying the state had to bail out the state?
LOL.
The State owned Banks "greed" bankrupted the government?
Haysooos!
And you say that I don't know what I am talking about....
The government bankrupted itself with bad policy. But for a minute or two the people were the "happiest on earth"...