Congrats, iceland!!
- Thread starter Mjolnir
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Kudos to them?!? This is pure socialism. This is just another stimulus bill! Someone, meaning the taxpayers, are going to have to pay those mortgages! Or did they stiff the banks for the money, discouraging anyone from ever lending in Iceland again?
Admittedly, its better than giving visa gift cards to the poor to buy tv's.
Admittedly, its better than giving visa gift cards to the poor to buy tv's.
i dont know how i feel about this... what about the people who just paid off their homes? a lending institution doesnt always mean a bank... Iceland is only attacking the symptom, if they dont cure the disease, the malinvestment will return shortly...
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What about the people who live in an apartment and are saving up for a down payment......
This is NOT a good thing..... unless you had a mortgage in Iceland.
Foreign money will not be invested in Iceland for a long time me thinks.
This is NOT a good thing..... unless you had a mortgage in Iceland.
Foreign money will not be invested in Iceland for a long time me thinks.
I guess...don't know that much, but that never stops me. In my perfect USA we would have no foreign interest, along with all the other aspects of isolationism.
Just thinkn we could do fine with out help. It will however require a complete leadership change...however that comes about
The forgiveness of debt is socialism?
And if a majority of the homes were in foreclosure or in danger of being in it, who winds up paying for that in the end? Who knows the cause? Unscrupulous banking practices, severely declining home values? Besides, the banks will have to lend money at some point to stay in business...Me thinks there won't be any government bail-outs for them there, so what other choice would they have?
If you want to stimulate an economy what a better way than too free up more money for people to spend?
No different than if you took the amount of free sh*t and entitlements the government gives now to certain classes (i.e. non-taxpayers) but re-distribute it fairly to all, including the taxpayers...
At some point the haves no longer make enough money and pay enough taxes to support the have-nots so they have to free up money for the economy from somewhere...
Granted, it's only a temporary fix but it's no different than if our government would have taken the money the used to bail-out the banks and handed it out to We The People instead...
Okay, I'm reading a little more about what is really going on in Iceland.... I haven't really finished reading this yet, but the OP link doesn't really give much. It's sounding like they were just allowing the banks in Iceland to fail and releasing the people from the debt and placing the blame on the banks.....
It's long, but so far, many here might agree with what Iceland is doing (again, I haven't finished reading it).
http://articles.businessinsider.com...celandic-financial-crisis-financial-challenge
It's long, but so far, many here might agree with what Iceland is doing (again, I haven't finished reading it).
http://articles.businessinsider.com...celandic-financial-crisis-financial-challenge
there are two ways to understand this... by lending money on interest, they generated a profit that pays for the employees, building, property taxes, general operating costs OR they got started by the fractional reserve system... the first choice is what capitalism is all about (although some people think a company making a profit is evil) but the second one encouraged the malinvestment, it's what lets them take a 200k loan and turn it into 720k over thirty years...
edit: i agree with letting the banks fail... perhaps the title of the article is misleading, the government didn't create treasury bonds to pay off people's mortgages..
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Well, barring the recent taxpayer paid bank failures, banks sell loans, convenience and security for money. They don't take it, they provide a service people who use banks pay for the service. They don't take it from people.
They didn't take it. "Take it" implies by force of coercion. Banks entered into mutually beneficial contractual agreements with home purchasers. Home purchasers overestimated the amount they should or could pay for homes and therefore...crash.
The root of the problem stems from 1995 when the powers that be passed new regulations (not laws) requiring banks to lower their standards for home mortgages. They dangled a carrot of another new regulation allowing the banks to bundle these craptastic loans into seemingly good investments. With all these new cheaper "good investments" floating around, folks bought them like mad, driving their prices up. This made everyone comfy and cozy, encouraging them to pay employees more and to buy more than they could previously afford. This extended to housing.
Question: Do you think home prices would be drastically cheaper if there were no such thing as a mortgage?
Question: Do you think banks are to blame for following the new regulations?
Question: Do you realize ALL those who did this are still in power?
And we keep them there.
Sadly, yes.
