Posted by moy23 on 8/20/2015 2:34:00 PM (view original):

Posted by bad_luck on 8/20/2015 2:06:00 PM (view original):
And what jobs are you talking about?

GM to build Buick overseas.... Those jobs.

"Buick is planning to shift production of the compact Verano sedan from Michigan to China in late 2016, the sources said. Production of the mid-size Regal sedan is likely to shift from Canada to either China or Europe in 2017, they added.

Buick is also planning to add two new U.S. models from overseas plants: The compact Cascada convertible, which will be imported early next year from Europe, and the compact Envision crossover, which will be imported from China in late 2016."

Posted by moy23 on 8/20/2015 2:40:00 PM (view original):

Posted by bad_luck on 8/20/2015 2:07:00 PM (view original):
Also, the auto bailout can still be considered a success even if it cost taxpayers money. The goal wasn't profit. It was economic stability.

Like Iceland... A case could be made that its better to let the big banks fail, actually prosecute the guilty bankers, hit rock bottom faster and recover faster. Instead we are on the Japanese 30 year financial recovery plan, but hey at least we let a bunch of the rich get richer by propping up 'too big to fail' banks (and auto makers) all while preserving the wealthy's existing assets with ultra-low inflation.

Posted by bronxcheer on 8/20/2015 2:59:00 PM (view original):
BAD_LUCK IS KICKING MOY'S *** IN THIS ONE!

NOT EVEN CLOSE!

Posted by moy23 on 8/20/2015 3:11:00 PM (view original):

Posted by bad_luck on 8/20/2015 2:54:00 PM (view original):

Posted by moy23 on 8/20/2015 2:40:00 PM (view original):

Posted by bad_luck on 8/20/2015 2:07:00 PM (view original):
Also, the auto bailout can still be considered a success even if it cost taxpayers money. The goal wasn't profit. It was economic stability.

Like Iceland... A case could be made that its better to let the big banks fail, actually prosecute the guilty bankers, hit rock bottom faster and recover faster. Instead we are on the Japanese 30 year financial recovery plan, but hey at least we let a bunch of the rich get richer by propping up 'too big to fail' banks (and auto makers) all while preserving the wealthy's existing assets with ultra-low inflation.

Iceland isn't an argument for letting banks fail. It's an argument for currency independence.

I don't disagree its an argument for currency independence.... It's also an argument for letting banks fail and prosecuting the crooks that brought down the country. It's an argument for forgiving homeowner debt (mortgages) up to 110% of the property value. It's not an argument for any one thing other than what Iceland did 'collectively' worked VERY well.



"When Iceland’s President Olafur Ragnar Grimmson was asked whether or not other countries – Europe in particular – would succeed with Iceland’s “let the banks fail” policy, he stated the following:

“Why are the banks considered to be the holy churches of the modern economy? Why are private banks not like airlines and telecommunication companies and allowed to go bankrupt if they have been run in an irresponsible way? The theory that you have to bail out banks is a theory that you allow bankers enjoy for their own profit, their success, and then let ordinary people bear their failure through taxes and austerity. People in enlightened democracies are not going to accept that in the long run.”

Grimmson’s “famous” reply to the controversial question, “What is the reason for Iceland’s recovery?” is most remarkable.

“We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the poor, and we didn’t introduce austerity measures like you’re seeing in Europe.”"

Iceland did not engage in fiscal stimulus; it didn’t have to, given the kick from a huge depreciation of the currency. It did, however, have a quite effective program of mortgage debt relief that is a role model for countries like the United States.