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I've seen the results of Europes "sensible" bank policies. They look even worse than the American experience. Giant reckless real-estate bailouts in
Germany. Feckless bets on US junk mortgages in France. The English - let's not even go there. Have you heard of Ireland? Small nation in the west of the EU - just completely bankrupted the country to bail out banks. What about sensible Iceland? Do you even know about the Belgian banking collapse?

But of course, the first to collapse would have been the Eastern European state banks that got Lehman crap foisted off on them by Societe General and friends.

"All it requires is a willingness to tell the shareholders, the management, the hedge funds and a couple of the transnationals to take a long walk on a short pier. In short, to bankrupt a couple of score Villagers rather than bankrupting the country."

That's a strikingly ignorant statement. Seriously. A sane bank regulator, no matter how stupid, looking at the situation in 2007 and not worrying about a global crash and escalating depression would have been worse than corrupt.

by rootless2 on Sun Dec 20th, 2009 at 11:31:50 AM EST
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