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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (460301)3/2/2009 10:35:59 AM
From: tejek  Read Replies (1) of 1585463
 
And wide-open, loosely regulated financial systems characterized many of the other recipients of large capital inflows. This may explain the almost eerie correlation between conservative praise two or three years ago and economic disaster today. “Reforms have made Iceland a Nordic tiger,” declared a paper from the Cato Institute. “How Ireland Became the Celtic Tiger” was the title of one Heritage Foundation article; “The Estonian Economic Miracle” was the title of another. All three nations are in deep crisis now.

And of course, Cato and Heritage are two winger think tanks. Much like their peers, they draw their conclusions first and then develop the argument to fit the conclusions. Consequently, they never noticed that both Iceland and Estonia were in way over their heads.
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