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Politics : View from the Center and Left

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To: Katelew who wrote (140169)	7/2/2010 10:24:30 PM
From: Steve Lokness	Read Replies (1) of 542068

Katelew; Ireland, Greece, or Great Britain....three places that do seem to be "slashing" spending Krugman points out that the austerity programs put in place by Ireland, Latvia and Estonia have done worse that Iceland. Besides the fact that Iceland barely 300,000 people - it should be remembered that their currency collapsed and they had to be bailed out. Easier to do if you are such a tiny place. enormous losses and debt loads that existed throughout those years just had to be worked down and overcome and that takes a lot of time, You are talking the depression here and I believe that is exactly what must occur today. Time - we need time. Great comments! Steve

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