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ICELAND'S Economy now growing FASTER than the U.S. and EU after arresting corrupt bankers
Ms Sans Serif
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[quote:Anonymous Coward 25283351:MV8yMDEzMTYyXzMzODI5NjM4XzFGNUZFNkVD] The government could have just redirected the bailout to the clients, not the institutions in order to stave off systematic destruction. Immediate foreclosures should have been limited to only those who never should have qualified in the first place. Wash the mortgage foreclosure from their record and return to their previously and already poor credit rating instead of making it worse. Anyone during the bubble who eventually couldn't pay should still have been foreclosed on, but credit protected. Then very basic credit requirements and income levels should have been instituted for future loans to consumers. Then the big banks should have been splintered into piece meal and sold off in the free market in a way that would not have allowed them to be clumped together anytime soon. During this time, the Treasury could have taken over "the Fed" and finally regulate it and audit it. Competition would have ran rampant ( good for consumers) and the new splintered banks would more than likely focus on investing into small business. [/quote]
Remember when the United States government told the American people that immediate action was required to save the banks, and save our nation from complete collapse? An action in the form of Billions of dollars of National Debt? Yeah, we remember that! Now Trillions of dollars in National debt later, we are in the same position we were in 4 years ago, just more debt. As a matter of fact Federal Reserve Chairmen Ben Bernanke has called for yet another stimulus that will add more debt onto the mountain we already have.
At the start of the world wide 2008 economic collapse, Iceland was in worse shape than almost any other country in the world. Now they are one of the fastest growing economies in the world.
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