Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Iceland - Wikipedia, the free encyclopedia
The had State owned banks and in 2000 they thought they would join the trend of private banks with deregulation as a gudeline for successs.
In less than a decade this stable wealthy country is bankrupt.
Deregulation killed them.
Get it right! CDOs killed them like it killed everyone! CDOs combined mortgages of all types and placed a A++ rating on them. The buyers, in this case Iceland, thought no risk only reward investment. There is no saying that government owned or highly regulated banks in Iceland would have not invested heavily in CDOs. Shit, Sweden and Norway invested big time in CDOs and they are both very socialist!
Again the Derivatives were a contributor they were not the cause. The problem was the mortgage industry, and the mortgage industries problems were largely caused by government rules and regulations which compelled them to give out loans that were toxic at birth.
Could a solution be for Iceland to sell the country to America! Let's buy! 51st state of the Union!
Again the Derivatives were a contributor they were not the cause. The problem was the mortgage industry, and the mortgage industries problems were largely caused by government rules and regulations which compelled them to give out loans that were toxic at birth.
BULLSHIT!@
the sub prime option had been arround for years and it did NOT become a threat to the market until GLB1999 act was passed. This law allowed the different sectors of the banking, loan and securites market to consolidate which allowed them to package off the Debt this way.
Before the consolidation if they tried to unload this type of product the other sectors of the industy would not have purchased it from them and could not have passed it on to another buyer to make a profit. This is why the world bought this product like they did. In the past with our regulations on the market these products had a guarenteed saftey valve. GLB 1999 act dismatled the valve and people still trusted the product. It took a few years before people realised that the CEOs of these mega corp securites frims were as dishonest as a pick pocket. Blam we have the sub prime.
Thanks deregulation.
Again the Derivatives were a contributor they were not the cause. The problem was the mortgage industry, and the mortgage industries problems were largely caused by government rules and regulations which compelled them to give out loans that were toxic at birth.
BULLSHIT!@
the sub prime option had been arround for years and it did NOT become a threat to the market until GLB1999 act was passed. This law allowed the different sectors of the banking, loan and securites market to consolidate which allowed them to package off the Debt this way.
Before the consolidation if they tried to unload this type of product the other sectors of the industy would not have purchased it from them and could not have passed it on to another buyer to make a profit. This is why the world bought this product like they did. In the past with our regulations on the market these products had a guarenteed saftey valve. GLB 1999 act dismatled the valve and people still trusted the product. It took a few years before people realised that the CEOs of these mega corp securites frims were as dishonest as a pick pocket. Blam we have the sub prime.
Thanks deregulation.
Don't you also mean, thanks Clinton and thanks House Democrats because that's were the deregulation came from.