Saturday, 16 June 2012

Iceland proves that bailing out the Middle Class Works Better than Bailing out Banks

Cenk explains why Iceland is a perfect example for how bailing out citizens instead of banks can help an economy recover. Between 2001 and 2010, the median net worth in the United States dropped 20 percent. Meanwhile, Iceland invested in their middle class, provided debt relief for 25 percent of its citizens, and now the economy is on the rebound. “We were told here in the United States, both by Republicans and Tim Geithner, ‘That can’t work; it’ll destroy our economy,” Cenk says, but Iceland disproves that by now doing better than the U.S. and the Eurozone.

The bad (insolvent) Banks can be shut down.

[Posted at the SpookyWeather blog, June 16th, 2012.]

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