2011-01-02 19:53:45.484307+01 by Dan Lyke 2 comments
The Economist: Lessons from Iceland: Coming in from the cold. Comparing Iceland, which let its banks fail, to Ireland, which bailed them out (to absurd extremes). Via this Philip Greenspun blog entry.
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#Comment Re: made: 2011-01-03 18:29:06.084653+01 by: Dan Lyke
Yes.
Given how powerful the banking lobby is, I suspect that's the only way to avoid giving them handouts.
#Comment Re: made: 2011-01-03 18:19:20.19088+01 by: other_todd
Note that the article does point out that Iceland let its banks fail not because they were brilliant (although it turned out to be the right thing to do) but because they had no other choice.
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