Could this happen to Wall Street Bankers in this country?

No it can't happen here. Icelanders are much more consistently well educated. Icelanders are not raised on as steady a diet of misinformation.
They have more solidarity with their neighbors. Here we still have folks being told that poor black and brown people caused this crisis because liberals forced the government to give them mortgages.

They have not been told libertarian bs like taxation is theft and sensible government regulation is well on the road to totalitarian socialism.

 

If they are so smart and well informed, then why did they allow these guys to basically operate a ponzi scheme which wrecked their country far worse than ours was?

 

Beacuse they are much more consistently well educated to the point where they don't have the time to pay attention to whats happenning right in front of them

 

STOP MAKING SENSE!!!!!! BAN HIM!!!1111!!!!

 

When you round up all the achievers, who will there be left to loot?

 

They're just as smart as we are.

The only reason Iceland was hit so hard was because they are such a small country their central bank wasn't big enough to bail them out...unlike us. It also didn't help that England has declared economic war on them in all but name only.

Iceland also had very little sovereign debt before this crisis...unlike us.

 

What, they didn't realize their central bank wasn't huge? They are definitely dumber. They also didn't realize there was a volcano right there.

 

+1. Solid.

 

Yeah they used their 2001 anti-terrorism act to freeze assets held by the central bank and government of Iceland (causing an even further run on Icelandic currency and banks) :grin:

But getting back to the Wall Street Bankers/Achievers, they are not nearly as bad as the Icelandic ones were. I mean the Icelandic ones had mafiya ties back to St. Petersburg while ours only report to London

 

hmm.. It seems our government is operating its own ponzi scheme(IE: social security and medicare) yet our people don't realize its wrecking our country

 

A couple of points:

1. What Sam said.

2. The mortgage crisis has nothing to do with race. It has to do with basic economics. Certain people due to their economic status and credit history could not get a mortgage. Clinton and Bush then signed laws that required banks to write mortgages to them and slashed the capitalization requirements for the Toxic Twins (Fannie and Freddie). Look at the number of subprime mortgages that have gone into default.

3. I am all for sensible government regulation of the markets. I am not for government control of the markets.

4. Nobody has insinuated that we should not pay taxes. But the question arises of how much is enough? I personally believe that there is a point where taxation becomes sufficiently high where it is counterproductive and oppressive. European countries are amongst the highest tax rates anywhere...and now those economies are in serious trouble. Hmmmm....

 

A look business school enrollment statistics probably indicates otherwise. I don't think anyone's spending a high-five- or low-six-figures at Stern or Tuck to do brand management for Sara Lee.

 

This is wrong. It's not the bankers fault.

Everything is his fault...