BBRG: Iceland Found Another Way to Clean Up a Financial Crisis – The Big Picture

Unlike here in the states or in Europe, the Icelanders told the bankers to piss off. Instead of bailing  them out, they were sent into bankruptcy. The results were a fast and sharp decline, followed by a rapid, post-crisis economic recovery — faster and stronger than any other country in the world.

Source: BBRG: Iceland Found Another Way to Clean Up a Financial Crisis – The Big Picture

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The bailout of banks creates what the economists call a “moral hazard” because they don’t learn from their mistakes.

That’s our big mistake.

Argh!

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