Interesting point.. You could argue that Britain and the Netherlands
did the same thing as the sub-prime lenders here! Where did they get
off lending 5 billion to 350,000 people? 9about 15,000 a head!)
No. SOME of the Icelanders, a handful, absconded with the fruits of
the Dutch and British banks' greed. Fukkum and repo all the toys from
those who benefitted from the scam. Sorry banks, that's all there is.
What those banks are trying to do is to convert a business loss into a
tax on those people who did not participate actively in the business
decisions. It's extortion. And there is always somebody who tries to
carry the banner "Steal what you can from the serfs."
And then to threaten that they are losing a chance to participate a
full-time raping by the EU, is just nuts.
Didn't the Icelandic government guarantee the bank's solvency? If so, the
public DID have a say when they elected the rascals who approved the deal.
Plus there were all those Icelanders (at least twelve) who profited for many
years on the insanely high interest rates and dividends paid by the banks to
their depositors and shareholders.
Yes they Did , they also encouraged the bank to trade aggresively as
it was bringing in substantial revenue for the country .
The way i see it if they wish to be part of the EU , and trade with
the rest of europe they need to pay the debt back , without europe as
trading partners they are well and truely stuffed .
Yes, they did. It would appear that Iceland is on the hook for the
money, but wouldn't it be nice if they seized the assets of all the
politicians and bankers responsible? Might not make much of a dent, but
it sure would make the rest of the country feel better.
Come to think of it, why didn't we? Instead of them getting bonuses.
Intelligence is an experiment that failed - G. B. Shaw
You're taking a proletarian view of both lobbyists and large donations.
First, it is the lobbyist who is intimately familiar with the venue subject
to legislation. It is he who can inform, educate, and help craft laws that
the average legislator is ill-equipped to understand. Who would you rather
have setting the rail tarrif on hydrogenated yak-fat - your average
representative or a yak herder?
Second, "special interests" are a foil to the fickle insistence of the
unwashed masses. They are the voice of sanity when compared to the
pitchforks and torches crowd.
For example, recent polls say 63% of the public is opposed to the current
renditions of healt-care plans. Very many (most?) of the Congress are moving
contrary to the uneducated and evidently uneducatable mob. In so doing, they
are obviously listening to a handful of their better informed, but largely
At first glance I completely agree. However, the lobbyist doesn't do
this crucial work for the betterment of society, but for his boss, who
wants an advantage over his competitors and a "better" tax rate. It
should be the duty of the unwashed legislator to choose between what is
better for society or for the company paying the lobbyist. But then
there is this thing called running for reelection ...
If I sound like I doubt that the real reason is betterment of society,
you are very perceptive ...
Yeah, imagine thinking the people matter more than corporations, I must be a
radical socialist or something.
You are using a false dichotomy, it isn't a choice between ignorant
legislators and greedy lobbyists. Members of Congress have staffs, and the
various federal agencies have staffs, both capable of researching the
hydrogenated yak-fat issue and advising members of Congress. The notion
that only industry knows enough about industry to write laws regulating
industry is Alice In Wonderland stuff. And Lord haven't we seen what
happens when lobbyists write laws, oh yes we have.
You're one of those guys who assumes if he'd lived in days of yore he'd have
been a member of the aristocracy, aren't you. Lord Heybub, Duke of
Windbaggery. Rather more likely you'd have been an apprentice dung-piler
like all the rest of us.
A short time ago the majority of the voters were in favor of the "public
option," and even today the majority are in favor of most of the components
of the current health legislation, they just get the shakes over the whole
package. Members of Congress are divided between those motivated entirely
by the desire to overturn the results of the last election, and those afraid
of losing their seats--no wonder the lobbyists have such easy pickings
getting legislation twisted to their liking.
I wouldn't want facts to get in the way of a good story but that's not
exactly how it went down.
The"Icesave" Internet bank owned by Iceland's Landsbanki did business
with the English and the Dutch. In order to do business in those
countries they had to participate in the those government's bank
deposit insurance programs. Basically the same as our FDIC.
They did that by enrolling Iceland's bank deposit insurance program
with the English and the Dutch. This was required so that Iceland's
deposit insurance would cover British and Dutch deposits made to
Iceland's bank. This was all done with Iceland government approval so
that the Icelandic bank could do business in those countries. This is
also standard practice with foreign banks operating within the EU and
not at all out of the ordinary.
When the Iceland banks went broke in 2008, the Iceland deposit
insurance program went broke too after it paid the Icelanders back
for their deposits in that bank and paid depositors of two other
failed Icelandic banks. Now, since Iceland's deposit insurance
program had no money, the English and the Dutch governments both
covered their domestic depositors (with the Icelandic bank) with their
own bank deposit insurance programs.
Now, they want that money back from Iceland. Even Iceland's
Chancellor says they will get it but it's a matter of how much and
when. The original agreement which was vetoed by the President (and
caused the referendum) was 5.5% interest over 14 years with the first
7 years interest deferred.
The whole public vote was a political move to show the lack of support
for the original agreement and put Iceland in a better negotiating
position. What the President is looking for here is a better deal.
He'll get it, Parliament will agree to it, the President will sign it
and the public likely won't get to vote on it next time. They will
however still get to pay for it...or at least some of it.
Thanks for the history lesson behind it all, although it still clear
that the Icelanders have no taste to participate in a proposal shoved
down their throat by a government which will be hard put to get itself
re-elected. The next president will get elected based on the platform
that the Icelanders are not going to pay, so they'll repeal whatever
legislation the current idiots will sign. This is not about whether or
not they should pay, it is about WILL they pay? 10cents-on-the-dollar
maybe? Even that would be a bitter pill to swallow. There is only
320,000 of them for chrissakes and all they got is some fish and
If they refuse to pay they will be signing thier economic suicide
note , Britain and Holland have already said publicly that if they
dont pay they will veto any entry to the EU , and as the UK has
influence with the imf , its unlikely iceland will get the bail out
it needs without agreeing to pay up
There is also the issue of trade , Iceland needs the EU markets , the
EU markets dont need Iceland
What about the BEST Icelandic lutefisk? How will you ever go without?
Iceland would make a nice launch pad for those new Iranian missiles.
You get them vikings pissed off enough to start building longboats
I think the biggest problem is that the whole island isn't worth 5
billion... and yet the Dutch and British banks thought it was safe?
With adequate collateral?
Lutefisk is only for enslaved Vikings. No one else will touch it
From what? Concrete, or iceshavings?
Iceland has apparently some very nice people, drinks, and other touristic
attractions. They'll have to make do wth that. I wouldn't mind visiting
Icelanders (at least some) made contract(s) with Ukkies and Dutch. They
better keep their promises. It's too bad that not all Icelanders were
consulted beforehand, but they are still all in it. Same here in the US.
We all are going to pay for the financial meltdown, whether we took
advantage of it or not. The bandits did get away with it.
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