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state, then what does that make the United States of America?

If Iceland, alone, created the housing bubble, the mortgage backed derivatives, the whole solvency problem itself, then what would have been the collateral damage have been? Likely, the collapse would be much more limited to Iceland. They owe, what, $45 billion?

Rather, Iceland bought in to the get rich scheme the American banks had created. Didn't the U.S.A. just pass a $700 billion bailout that was on top of earlier bailouts? The U.S. bailouts have surpassed $1 trillion and will continue.

I think Brown's terrorist accusations are being directed at the wrong country.

Second, is it the state or the few individuals who had the responsibility to provide oversight and regulations and failed to do so due to ideology, incompetence, or negligence?

by Magnifico on Fri Oct 24th, 2008 at 11:05:40 AM EST
what does that make the United States of America?

An Economic Suicide bomber

Any idiot can face a crisis - it's day to day living that wears you out.

by ceebs (ceebs (at) eurotrib (dot) com) on Fri Oct 24th, 2008 at 11:15:54 AM EST
[ Parent ]
Total value of notional derivative contracts increased slightly from 31 March - 30 June 2000. That is among the Top 25 commercial banks (dominated by US-UK firms) from $179T to $181T, while swaps declined.


30 June annotated table courtesy of Jesse

31 March annotated by myself in re: WB-WFC merger; source document here

Note the shift by bank name and value in activity between quarters.

My unofficial theory of low-hanging, over-ripe fruit suggests that HSBC (rivaling HBOS-Lloyds semi-part-nationized merger) is about to make the government of Iceland and offer it can't refuse.

Diversity is the key to economic and political evolution.

by Cat on Fri Oct 24th, 2008 at 11:51:15 AM EST
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So we'll be seeing people who are citizens of HSBC turning up at airports? extradition to the arctic circle for people with problem overdrafts?

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Fri Oct 24th, 2008 at 11:54:30 AM EST
[ Parent ]
Are there citizens of HSBC? In the US, HSBC and BOS were deeply invested in expanding sub-prime mortgage origination here. HSBC in secondary and BOS in primary markets.

My interest (above) was in UK citizens who are customers of Iceland's part-nationalized banks. They have rights to their frozen assets. But of course you know that Mr Darling will do his best to protect their property. If that assurance requires the Exchequer to purchase a controlling interest in any or all of those troubled banks, well, then, bully for Britain.

Diversity is the key to economic and political evolution.

by Cat on Fri Oct 24th, 2008 at 12:52:17 PM EST
[ Parent ]
An Economic Suicide bomber
The US is more like a Suicide Bomber who is Admiral of a fleet of a bulk freighters full of ammonium nitrate fertilizer simultaneously sailing into the major harbors of North America, Europe and Asia.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Oct 24th, 2008 at 10:34:46 PM EST
[ Parent ]
... when the US does it. "There is no alternative".

Or perhaps, in light of Bubbles Greenspan's admission this week, "Operation to Obliterate Prudence and Security".

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Fri Oct 24th, 2008 at 10:25:07 PM EST
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Yes, the U.S. is too big to fail!
by Quentin on Sun Oct 26th, 2008 at 07:01:43 AM EST
[ Parent ]
Ooops!

They tried to assimilate me. They failed.
by THE Twank (yatta blah blah @ blah.com) on Sun Oct 26th, 2008 at 07:57:47 AM EST
[ Parent ]

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