Jubilee Iceland Style: Iceland Forgives Mortgage Debt [Foreclosuregate] - MarketTicker Forums


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User Info	Jubilee Iceland Style: Iceland Forgives Mortgage Debt in forum [Foreclosuregate]
Pika-steph Posts: 54908 Incept: 2007-09-11 Live Free Or Die; US Army Est. 1775	http://www.youtube.com/watch?v=uyxzg58Jk.... Quote: The government of Iceland has forgiven the mortgage debt for much of its population. This nation chose a very different way of stopping the crisis from the rest of European countries. It decided to hear the requests of the population and to put politicians and bankers on the bench of the accused three years after their financial excesses would sank one of the most prosperous economies in 2008. ---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org/ "The only regulation that really works is failure."--Rick Santelli 2012-04-14 15:20:34 Permalink
Djloche Posts: 3342 Incept: 2008-07-07 In the Mountains	In the other thread, moral hazard was brought up. I would argue that moral hazard is sufficiently dispelled. Bankers borrow externally and then bankrupt the banks. Iceland nationalizes. Those owed externally wish to cram down the debt on the people of iceland. the people of iceland give the finger to the foreigners, throw the bankers who made the mess in jail. iceland holds mortgage jubilee to resolve the books of the nationalized companies. ---------- "Just because the ** has not yet hit you in the face, does not mean that the ** has not hit the fan." 2012-04-14 15:36:05 Permalink
Pika-steph Posts: 54908 Incept: 2007-09-11 Live Free Or Die; US Army Est. 1775	Precisely. ---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org/ "The only regulation that really works is failure."--Rick Santelli 2012-04-14 15:44:57 Permalink
Jwm_in_sb Posts: 1096 Incept: 2009-04-16 California Desert	Any bets you'll never hear this on the MSM??? 2012-04-22 10:05:40 Permalink
Lemonaid Posts: 9921 Incept: 2008-01-20 Metro Detroit Online	Yup, I haven't seen an expose by the MSM on Iceland and it's recovery after flipping the bird to bankers yet. <----- [***_you] /not holding my breath ---------- "There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." Ludwig von Mises Last modified: 2012-04-22 10:54:25 by lemonaid 2012-04-22 10:51:57 Permalink*
Capeman Posts: 3732 Incept: 2007-07-12 San Diego	They've proven themselves to be the greatest little country in the world. ---------- "I believe all God's creatures have a soul... except bears, bears are Godless killing machines!" - Steven Colbert 2012-04-23 12:36:14 Permalink
Steelhead23 Posts: 2073 Incept: 2008-09-09 Portland OR	Iceland would be a perfect place for this fisherman to ex-pat to. Its self-sustaining energy-wise. Its got Atlantic salmon galore. I hear the language is really tough and I suspect they chum with chopped up immigrants, but still, Iceland is a country I could grow to love. I am ready for a divorce from this one. ---------- "Give me control of a nation's money and I care not who makes it's laws" �~~Mayer Amschel Bauer Rothschild~~ Benjamin Bernanke For-profit commercial banks are a menace and should be eradicated 2012-04-23 16:02:42 Permalink
Etz Posts: 13921 Incept: 2007-06-26 LA	But they don't have hope and change ---------- Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora. 2012-04-23 16:13:25 Permalink
Movedtonz Posts: 955 Incept: 2008-03-09 Hawkes Bay	Let me see if I understand this correctly. Take two people. One bought a house with a rational debt to income and has paying down the mortgage in a responsible manner. The second bought a house with an extreme debt to income and has since been funding a lifestyle beyond their income via refi and and credit lines. With the jubilee, the responsible 1st person isn't materially wealthier. The 2nd irresponsible person just became much wealthier. We are applauding this??? Yes, I understand the desire to penalize the bankers. I do not understand the desire to award the imprudent, or by corollary penalize the prudent. ---------- Americans need to stop claiming stupidity to get out of responsibility. -Tsk 2012-04-23 18:18:17 Permalink
Capeman Posts: 3732 Incept: 2007-07-12 San Diego	Not cheering the act of getting a free house but there's something to be said for coming to the realization that the entire system is so far underwater in debt that it cannot be saved. Resetting everything to zero means not having Greeks starving in the streets in order to keep the bilge pumps running on the titanic for a few extra minutes. ---------- "I believe all God's creatures have a soul... except bears, bears are Godless killing machines!" - Steven Colbert 2012-04-23 18:59:15 Permalink
Mrbill Posts: 7904 Incept: 2008-10-19 North Carolina	Quote: With the jubilee, the responsible 1st person isn't materially wealthier. The 2nd irresponsible person just became much wealthier. What's important to realize is the people lending to the 2nd person became materially poorer. That's the pain that people need to feel the pain to prevent this from happening again. The irresponsible person cannot force anyone to loan to them. Last modified: 2012-04-24 10:32:49 by mrbill 2012-04-24 10:32:17 Permalink
Cirrus Posts: 269 Incept: 2007-07-18 SoCal	I recommend "Boomarang" by Michael Lewis to get a feel how this crap was perpetrated around the world. I also believe in moral hazard but the stuff the bankers did in Iceland was beyond unbelievable. Its a fun read if your interested in this stuff. 2012-04-24 10:43:34 Permalink
Movedtonz Posts: 955 Incept: 2008-03-09 Hawkes Bay	Cirrus wrote.. I recommend "Boomarang" by Michael Lewis to get a feel how this crap was perpetrated around the world. I also believe in moral hazard but the stuff the bankers did in Iceland was beyond unbelievable. Its a fun read if your interested in this stuff. Looked at a review of the Michael Lewis book. An interesting quote from the review: Quote: He is perhaps toughest on his fellow Americans, concluding that the 2008 economic meltdown stemmed in large part from �people taking what they can, just because they can, without regard to the larger social consequences.� �It�s not just a coincidence that the debts of cities and states spun out of control at the same time as the debts of individual Americans,� he says, noting that states like California with ballooning pension obligations and employment costs face deficit problems not unlike those faced by Greece. �Alone in a dark room with a pile of money, Americans knew exactly what they wanted to do, from the top of the society to the bottom,� he goes on. �They�d been conditioned to grab as much as they could without thinking about the long-term consequences. Afterward, the people on Wall Street would privately bemoan the low morals of the American people who walked away from their subprime loans, and the American people would express outrage at the Wall Street people who paid themselves a fortune to design the bad loans.� It sounds like the book would be interesting reading. This may be selection bias though... :) https://myaccount.nytimes.com/auth/login.... ---------- Americans need to stop claiming stupidity to get out of responsibility. -Tsk Last modified: 2012-04-24 22:17:47 by movedtonz Reason: bad formatting 2012-04-24 22:16:43 Permalink
Bozonian Posts: 19952 Incept: 2007-09-01 Saratoga Springs, New York Online	A more equitable solution would be to give the lender part ownership of the property and a proportional cut of the proceeds when the house is sold or the owner dies or transfers ownership, i.e. cramdown. ---------- The most expensive thing you can have is a closed mind. -- Geoffrey Filburt Everything I write is my opinion and not to be considered proven fact. Nothing I write should be considered financial advice. 2012-04-24 23:30:40 Permalink
Arxiv76 Posts: 776 Incept: 2008-06-25 NorCal Banned	Not sure this is so true for all. Where is the fine print. http://www.reddit.com/r/collapse/comment.... 2012-04-25 00:54:51 Permalink
Movedtonz Posts: 955 Incept: 2008-03-09 Hawkes Bay	I've only read a portion of the comments. This one sums it up for me: Quote: It's funny how in a sub reddit where self reliance should be of up most importance, so many believe it is the responsibility of a bank or a government to make sure people make sound financial decisions. Funny, it agrees with my tagline! ---------- Americans need to stop claiming stupidity to get out of responsibility. -Tsk 2012-04-25 03:04:39 Permalink
Mrbill Posts: 7904 Incept: 2008-10-19 North Carolina	Sounds like it was totally fabricated. I'd say bilge the thread, but its clearly too late. 2012-04-25 10:07:36 Permalink