What the hell is going on in Cyprus?

[Superbelt]

Anyway, banking issues in the US couldn't be more related to what Iceland just pulled off. We all paid dearly for a few bankers mistakes. In Iceland they showed the path to avoid that.

They bailed out their own banks in Iceland, and retroactively insured the deposits of their own citizens while forcing the solvency (and losses) of the whole charade on their foreign investors.

They absolutely helped themselves out of their financial problems, but I wouldn't say it was the right way to do it.

[Hyped]

They bailed out their own banks in Iceland, and retroactively insured the deposits of their own citizens while forcing the solvency (and losses) of the whole charade on their foreign investors.

They absolutely helped themselves out of their financial problems, but I wouldn't say it was the right way to do it.

Yep, it definitely hurt future foreign investments....but then again...Iceland had no choice...the bankers screwed up by borrowing too damn much...

[eaglesnut]

Yep, it definitely hurt future foreign investments...

Only of the parasite kind. And those aren't desirable anyway. Which is exactly why they took the steps they did.

And don't forget that if people are making money in Iceland the financial lemmings will get in line again. They don't even choose. Their computers do.

[thelittlecheese]

I read it. The Iceland story is worth a read. There may be better articles out there than that one, but a success story is a success story no matter who reports it.

The most important points are probably that too big to fail is a lie and the bankers don't have as much control as they want you to believe. What bankers went to jail in America? Because in Iceland they strung them up and they are doing great without them involved in the business of finance anymore.

Thanks for posting that cheesey, and thanks for letting the article tell the story.

No problem. Despite that the article was jumbled, I decided to put it into paragraphs for easier reading. I really thought the article was written well enough to let it stand on it's own. I don't care whether people are Republican, Democrat, Libertarian, Green Party, etc. The bank bailouts aren't a partisan issue. They were wrong. Our country's leaders were wrong for forcing the taxpayers to pay for mistakes that banks made. And, when we should have been arresting the crooks and then bailing out the PEOPLE on their destroyed home values, we did the opposite. We propped up the banks, immunized the criminals against prosecution and forced our citizens to pay for the crimes of others.

The United States' elected leaders did us all wrong. It wasn't a Democrat or Republican thing. This was a total failure of our elected representatives on every level. We deserve better. We deserve justice. Existing homeowners should have a bailout and previous homeowners should be awarded money to get into a new home and have their credit records expunged of any wrong-doing from foreclosures and subsequent losses through no fault of their own.