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To: MoneyPenny who wrote (44400)	9/19/2011 12:42:36 AM
From: Madharry	Respond to of 78628

my recollection of what iceland is that with the governments approval ( I assume that means politicians with greased palms) the icelandic banks expanded into global powerhouses with excessive leverage. then as wont to happen with the decline in asset prices it turned out that there was a dearth of proper risk mgmt and the whole populace suffered because of greedy politicos and bankers, and poor or powerless regulators. deja vous all over again? The fed lends out trillion of dollars to save the global bank system, and incompetently run car producers, our deficits are huge and now we are gonna be taxed. what did we do wrong? not go broke? The feds policy of maintaining low interest rates has cost risk averse savers dearly too.