Only Iceland approached the financial crisis correctly by allowing The People to choose the path out of the crisis via referendum, focusing on punishing the malevolent actors in the Financial Sector and Elected Office who brought about the collapse, restructuring the laws of Iceland to prevent Bankers from ever crashing the economy again, and providing debt relief to the people of Iceland in order to get the economy back on track. Iceland's GDP has been rising as the rest of Europe, England and the US has been stagnant in meaningful recovery.
Protecting criminals, and putting Governments in the position of covering the bad bets of the Financial Sector is a losing proposition, and worse, creates the same type of Moral Hazard in the Financial Sector that leads to the risky behavior that crashed the Global Economy in 2008.
Final note ... the Banks haven't been saved, their fate has merely been postponed.
Read the Article at HuffingtonPost
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