Iceland Arrests Bankers Instead of Bailout

[rob19]

Imagine that in 2008, instead of bailing out bankers who made criminally risky investments with investors' and depositors' money, we arrested them, bailed out the victims, and let better bankers take over. That is what Iceland did, meeting with a remarkably hushed silence in the American media.

You mean you can arrest a banker? Make them feel steel around their wrists just like anyone else? As Sarah Palin would say, you betcha.

Now it comes out, after Bernie Sanders' and Ron Pauls' recent partial audit of the Federal Reserve, that the Fed has issued another $16 trillion in bail-outs to banks, some of them not even American.

Now before anyone starts spinning that what Iceland did reeks of socialism, let's remember that here in the good old US we only socialize the losses, while keeping the profits private. It is the height of hypocrisy to say that arresting banksters is socialism..

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[Spesh]

Arresting those who commit crimes? What a novel concept.

[Rafiki]

I despise the banks that have rigged the system to let them become too big to fail. Then they play fast and loose with investors money, and when they royally screw up, it's the investors and taxpayers that pay for their mistake.

I was against the bailouts from the beginning. Economists and politicians said that bailing them out could cause a systemic failure. I say good. Any system that is designed this way should fail.

It's the same with the auto bailouts. If Obama had let GM fail, then perhaps a new company could have moved into their place and made innovations to the way an American car company runs. But no, we're propping up bad investments and outdated business models for the sake of convenience and political points.

One thing I don't like about the article, though, is the needless attack on the Fed. The Fed, by and large, makes safe investments. I don't buy that the Fed is trying to ruin America, because its success is inextricably tied to the success of the U.S.

[NY8123]

Anybody ever watch "Inside Job"? It coves how Iceland ****ed up the one good thing they had going, financial independence from the world.

[rob19]

Anybody ever watch "Inside Job"? It coves how Iceland ****ed up the one good thing they had going, financial independence from the world.

I've heard it's fantastic. I know it's depressing but I'll have to force myself to sit down soon & watch it.