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May 5, 2013

What is the difference between bailing out or helping people at the bottom, or giving corporate welfare to the top 1%? The example of Iceland, compared to the US, provides us with a good comparison. 

"Nobel prize winning economist Joe Stiglitz notes: What Iceland did was right. It would have been wrong to burden future generations with the mistakes of the financial system.

Nobel prize winning economist Paul Krugman writes: What [Iceland's recovery] demonstrated was the … case for letting creditors of private banks gone wild eat the losses....A funny thing happened on the way to economic Armageddon: Iceland’s very desperation made conventional behavior impossible, freeing the nation to break the rules.Where everyone else bailed out the bankers and made the public pay the price, Iceland let the banks go bust and actually expanded its social safety net. Where everyone else was fixated on trying to placate international investors, Iceland imposed temporary controls on the movement of capital to give itself room to maneuver.

What Iceland did instead of taking the homes of people away, was to forgive the debts of those homes that were underwater. Most of the bailout money went to people at the  bottom, and those at the top who caused the crisis through derivatives, went to jail.

People kept making house payments, and kept living in communities, and they kept their jobs. The fabric of society was not ripped apart. The problem was solved, and their financial house is in much better shape now.

In the USA, the banksters who caused the financial crisis got rewarded, and no one went to jail. All of the taxpayer funded bailout money went to the top 1%, and none of it trickled down. The total debts increased, and the total debt burden is now larger than it was before, so the problem actually got worse. The fabric of society is being ripped apart in the USA, as millions of homes were and still are being taken away from people. Millions of people and families got tossed into the street. Millions of people lost their jobs and were left destitute and without any help, from anyone. 

The Republican and Democratic parties represents corporations these days. They think that helping corporations and the 1% at the top is fine. They do not NOT believe in helping PEOPLE at the bottom. They think helping people instead of corporations is 'evil' somehow, because that would lead to an evil 'Socialism'.  Anything social is evil and anything government is evil. They want to drown both of these things. 

Guess what? Government is the people. People vote for government representatives. If Republicans and Democrats think government is so evil, they should abolish the political parties they belong to and go home.

Government is town hall meetings. Government is roads, bridges, military, parks, rivers, schools, fire departments, police, and yes, government workers who keep all of this running. 

Can we do without all of these things? We could go back to the cave man days, with no police force, no military, no fire department, and maybe that is what people want.  Just keep voting in the Republicans and Democrats and we will probably end up there, as they keep trying to get rid of all of these things, while refusing to help the people who they are supposed to represent.

Vote Green Party. It is the only political party that does not take corporate donations. What kind of country would we have if our representatives actually thought about seven future generations, instead of their corporate masters and short term greed?

Iceland Bailed Out People Instead Of Banksters; Is Now Doing Much Better Than EU, or US; via @AGreenRoad

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Posted: Sunday May 5, 2013, 8:25 am
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Good H.
male , single, 1 child
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