The happiest people in the world
- Thread starter evince
- Start date
charver
You lookin' at my pint?
Essentially they once belonged to the State and were merged and privatised, deregulated and left to their own devices.
[ame]http://en.wikipedia.org/wiki/Kaupthing_Bank[/ame]
[ame]http://en.wikipedia.org/wiki/Landsbanki[/ame]
http://en.wikipedia.org/wiki/Glitnir_(bank)
LOL. Yeah. I must read more closely. His fault.
evince
Truthmatters
The overspending by the government was not caused by bank deregulation.
A government does not become bankrupt and unable to obtain a loan because banks are "greedy", that is simplistic even for Desh.
Again, there is something to learn from the "happiest people on earth" and I hope we do. The government can outstrip itself.
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The Almighty
The way I read this thread is that there was a merger between private banks and government banks leading up to the collapse. Damo and SF argue it was the government side that caused the problems and Dung and Desh argue that it was the private side that caused the problems.
My, my, my.......imagine that. Two sides who don't agree.
I corrected my position... I misread what Desh had posted. The banks were deregulated and privatized in 2000. The government is at fault to an extent in that they did what our idiots in DC did... they removed the constraints on the financial sector that were in place to prevent willy nilly lending habits. The Icelandic banks over-extended and the house of cards collapsed as the world financial markets meltdown occured.
Still.... it must somehow be Clintons fault.
evince
Truthmatters
You have no mercy Carver.
It's just evidence of what I've always know; Damo will run to SF's defense whether SF is right or wrong, and whether or not Damo even knows which he is.
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The Almighty
what threw me off was your quote that they were wholly owned by the state that went on to say 'in the past'.... I missed the 'in the past' portion.
I explained in my previous post.
The way I read this thread is that there was a merger between private banks and government banks leading up to the collapse. Damo and SF argue it was the government side that caused the problems and Dung and Desh argue that it was the private side that caused the problems.
My, my, my.......imagine that. Two sides who don't agree.
And imagine further that I am right, once again.
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The Almighty
And I took his posts and ran with them... bastage.
It still doesn't change my main point. It just "added" to it that they were "state owned"... it doesn't change the reasoning.
I agree with Desh, we have something to learn from the "happiest people on earth", just not what she thought.
D'oh...
Again... If the government had an equity position rather than overspent, they would have weathered this just a bit better.
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The Almighty
corrected
Give it up. You're wrong.
At least SF is able to learn the right lesson: tight government regulation is an absolute necessity.
evince
Truthmatters
Now think about this whole example taking into consideration what Charver posted showing they had Gov banks before 2000. That menas their Gov banks worked great. Then htey privatized and deregulated and look what they got. Do you think the Icelandic people will EVER do the same again and privitize thier banks?
I agree that bank regulations are a necessity and never argued otherwise.
Believe me I agree that regulation of banks is necessary.
I also believe that government should maintain spending within their means and that governments do not go bankrupt unless they outstrip their means manifoldly which cannot possibly be solely due to the banks deregulation.
evince
Truthmatters
Believe me I agree that regulation of banks is necessary.
I also believe that government should maintain spending within their means and that governments do not go bankrupt unless they outstrip their means manifoldly.
And the biggest deficits have come under republican control.
I also believe that government should maintain spending within their means and that governments do not go bankrupt unless they outstrip their means manifoldly.
And the biggest deficits have come under republican control.
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The Almighty
Interesting point. They could go back to simply loaning money out to the populace and remove themselves from the international markets. I think that would be a mistake, but I can see your point where they might just do that. The problem was not that they privatized. It was that they deregulated to the extent that there was no oversight. That was the governments fault. Yes, the banks are to blame for their actions, no question... but the Icelandic government made the same mistake our government did.
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The Almighty
I'll agree with the amended version above as 'tight' is a subjective term and thus would need more discussion as to what defines 'tight'.