Gas and Electric Bills

[BillyStubbsTears]

What [Iceland's recovery] demonstrated was the … case for letting creditors of private banks gone wild eat the losses.

By the way Mick. What did Krugman say in that gap that you replaced with ellipses? And before the quote?

Because quoting something entirely out of context is what t**ts who can't craft a sensible argument do.

Let me give you an example.

If I say, "Mick, I really like you. You are an intelligent man. Some people think you are a thick Kitson but I don't" and you quote me as saying, "Mick...I...think you're a thick Kitson," then you'd be misrepresenting me, no?

[IC1967]

So, come on then. As I asked earlier, what do you think would have happened if countries with larger financial sectors had allowed major financial organisations to go bust.

Current and future generations of taxpayers would not have had to foot the bill. Bad banks would have gone to the wall allowing the good banks to pick up the pieces and to move forward in a constructive manner. The banking sector would then behave more responsibly in future and avoid taking silly risks because they would know there would be consequences. There may also have been a world wide depression that would have brought people to their senses and countries would then have started to live within their means meaning a far better world for us all long term.

[BillyStubbsTears]

So, letting a major financial organisation go bust would have been the right thing to do Mick?

Right?

[nice one rovers]

I know I've joined this debate a bit late ,but just thought I'd add a side note. My mum's gone to Iceland. Don't know why.

[BillyStubbsTears]

There may also have been a world wide depression that would have brought people to their senses and countries would then have started to live within their means meaning a far better world for us all long term.

I missed this comment last night Mick

You know what? Something special just happened. For the first time in 2+ years, you just made me laugh out loud. That's a cracker.

[IC1967]

So, letting a major financial organisation go bust would have been the right thing to do Mick?

Right?

I do wish you'd get to the point quicker. You don't half draw things out. I know you are constantly trying to trip me up. Well i've got nothing to hide and am quite happy to express my views whether you think you are being clever by laying traps for me or not.

I think anyone with an ounce of intelligence would say I've already answered that question, but just for you Billy, just so you can feel I've walked into your cunning trap I'll answer yet again. Yes. There. Are you now chortling to yourself?

[IC1967]

By the way. What did Krugman say in that gap that you replaced with ellipses? And before the quote?

Because quoting something entirely out of context is what t**ts who can't craft a sensible argument do.

Let me give you an example.

If I say, " I really like you. You are an intelligent man. Some people think you are a thick Kitson but I don't" and you quote me as saying, "I...think you're a thick Kitson," then you'd be misrepresenting me, no?

I think you'll find if you check the link I didn't remove any ellipses. I copied the statement straight from the website. What about Mr Stiglitz? You conveniently totally ignore what he said.

[BillyStubbsTears]

OK...so you copied something straight from a website. There's a surprise.

So. What do YOU think the context of what Krugman is saying was? Do you think that what he wrote around that quote that the Washington Post selected might be important? Do you?

Of course not. Because you don't do detail, do you Mick. You troll about looking for quotes that you think support your world view. Like the quote that you posted from Vince Cable to "prove" that he had foreseen that our banking regulation was defective. Whereas in fact,that quote was made AFTER the banking crash. Which was obvious to anyone who bothered to read it, but apparently not to you Mick.

HERE is the link to what Krugman himself actually said about Iceland. Not the selective quote that has been bandied around in right wing papers and by useful idiots like you.

http://krugman.blogs.nytimes.com/2012/07/08/the-times-does-iceland/?_r=0

He said:
"I guess I should say some more about the relevance of the Icelandic sort-of miracle. For the most part, Iceland’s lesson is relevant to countries that experienced big capital inflows followed by a sudden stop — that is, the European periphery, not the US or the UK. What it demonstrated was the usefulness of devaluation (and therefore of having your own currency), and the case for temporary capital controls in an emergency. Also the case for letting creditors of private banks gone wild eat the losses."

He is clearly talking about the very specific case of Iceland and a few other smaller, peripheral countries who had specific banking problems. He overtly and clearly NOT saying that countries like the USA and UK should have let their banks go bust. Because we know what happens when countries with systemically important financial institutions do that. Because THAT is what made the 08 crash such a catastrophe, when Hank Paulson let Lehman's go bust. The resutl was that the world financial system froze for a month and the entire developed world was tipped into the biggest economic recession in 80 years. To you, apparently, that would be just a little inconvenience to teach us a lesson. I don;t give a f**k what you think about it to be honest.

Anyway, back to your continuing education on how to be a grown up. You could have found that quote in 10 seconds by typing...let's have a think.."Krugman" and Iceland" into Google. But no. You read what the f**k you want to read and regurgitate it.

As for Stiglitz, I don't understand what you are talking about. What evidence do you have that he is an "idol" of mine, other than your own imagination? So he thinks that banks around the world shouldn't have been bailed out. That's his prerogative.

But, since you asked, I gave my piece on this nearly three years ago.
http://www.drfc-vsc.co.uk/index.php?topic=141711.msg142574#msg142574

Now. I've got more to do than continue to f*** around dealing with you at your most stupendously obtuse. You will not read anything that I post on here so there is no f***ing point.

[IC1967]

OK...so you copied something straight from a website. There's a surprise.

Wrong yet again. I posted the link.