Iceland near Bankruptcy

[Wookie]

Hmmm, should I jump in line before Iceland?

[mykalberta]

Why a country with 1/3 the population of Calgary has 3 banks is beyond me. Maybe the banks in Iceland should take a good long look in the mirror and blame themselves and not anyone else. None of Canada's banks have gone bellyup yet.

I feel sorry for the guy in the email about not being able to buy pasta but have no sympathy at all for the banks. They found a niche and likely exploited it, and now that niche is closing. And what should happen is that stronger banks pick the carcasses of the smaller banks.

[Daradon]

Originally Posted by mykalberta

Why a country with 1/3 the population of Calgary has 3 banks is beyond me. Maybe the banks in Iceland should take a good long look in the mirror and blame themselves and not anyone else. None of Canada's banks have gone bellyup yet.

I feel sorry for the guy in the email about not being able to buy pasta but have no sympathy at all for the banks. They found a niche and likely exploited it, and now that niche is closing. And what should happen is that stronger banks pick the carcasses of the smaller banks.

There are no stronger banks.

But you are probably right about the fact that in a country with such a small population, the banks shouldn't be investing in such risky investments. However, the people of Iceland are the real victims here. It's easy to say you don't feel sorry for the banks, but it hurts everyone.

[mykalberta]

Originally Posted by Daradon

There are no stronger banks.

But you are probably right about the fact that in a country with such a small population, the banks shouldn't be investing in such risky investments. However, the people of Iceland are the real victims here. It's easy to say you don't feel sorry for the banks, but it hurts everyone.

There are stronger banks, maybe not in Iceland but there are banks able to swallow up their profitable assets. Iceland needs to realize what it is in the world. It is a country of less than 350K people. Some decisions need to be made as to what needs to be nationalized in Iceland and what doesnt - its much like Canada's decision to do with its armed forces, how large or modern does a country of 35 mil and a very small player on the world stage army need to be.

How solvent is the country of Iceland? Do they have any gold reserves - one would think that an almost pure importer of everything would need gold on hand to guarantee the continuation of imports. If the country has no reserves of cash or gold then its their own fault and probably their resource assets will be put up for sale quickly.

The food shortages sound like gouging to me personally. Food prices will soon be if not already tanking because of the price of oil. Foods phenomenal rise over the last while has been because of the price of oil and only that. Which is why I think everyone and their dog should have gotten out of all food and food related industries (fertilizer) etc when oil was close to $150. I did and moved my money into 70% ING and 30% company stock. Now today that 30% is now 10% and I moved 1/2 my ING money into more company stocks cause my companies (the company I work for) fundamentals are very strong.

[Locke]

My economics professor told us a joke in class today that I thought was pretty funny:

What is the Capital of Iceland? (answer in white font, so highlight it)

$6.25

He followed that gem up with these two:

What's the difference between a stripper and New York Investment Banker?

Now, a stripper can still afford the deposit on a new Porsche

and:

What's the difference between a homeless alcoholic and a New York Investment Banker?

Nothing.

Just thought I'd share my University educated morning with y'all.

[Iowa_Flames_Fan]

That's pretty good--but I think your prof was highballing the price a little.

Apparently, the nation of Iceland was briefly for sale on ebay, with an opening bid of $1.95. Could have been a real bargain, but some spoilsport took it down.

Of course, in that case what really kills you is the shipping costs.

[badnarik]

Originally Posted by mykalberta

The food shortages sound like gouging to me personally. Food prices will soon be if not already tanking because of the price of oil. Foods phenomenal rise over the last while has been because of the price of oil and only that. Which is why I think everyone and their dog should have gotten out of all food and food related industries (fertilizer) etc when oil was close to $150. I did and moved my money into 70% ING and 30% company stock. Now today that 30% is now 10% and I moved 1/2 my ING money into more company stocks cause my companies (the company I work for) fundamentals are very strong.

If they have a shortage of food, then prices aren't high enough.

[Fozzie_DeBear]

Originally Posted by Locke

My economics professor told us a joke in class today that I thought was pretty funny:

What is the Capital of Iceland? (answer in white font, so highlight it)

$6.25

He followed that gem up with these two:

What's the difference between a stripper and New York Investment Banker?

Now, a stripper can still afford the deposit on a new Porsche

and:

What's the difference between a homeless alcoholic and a New York Investment Banker?

Nothing.

Just thought I'd share my University educated morning with y'all.

Heard this one?

How many stockbrokers does it take to change a lightbulb?

Two-One to take out the bulb and drop it and one who tries to sell the bulb before it crashes

[Table 5]

Originally Posted by mykalberta

I did and moved my money into 70% ING and 30% company stock. Now today that 30% is now 10% and I moved 1/2 my ING money into more company stocks cause my companies (the company I work for) fundamentals are very strong.

Im no financial expert, but having 65% of your assets in the stock of one company sounds really damn risky. Remember, a lot of people though Enron had strong fundamentals too.

As Cramer says...diversity is the only free lunch.

[tvp2003]

Wow. And I though times were scary in the US...

Originally Posted by Locke

Finally getting their comeuppance. That'll learn 'em for trying to take on the Mighty Ducks with their cheap antics!!