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america are nearly broadcasting live from racket vic iceland and willis eight
commentator real our last guess was a reporter
moved in
and kind of giving us the news let's get in some commentary said thoughts on the
news
by it'll held his own is with us he is the moderator of the weekly public
affairs program i panasonic tv
and uh... the the linked to his website ms program is all over there tom harkin
dot com you can easily find it
ankle welcomed the program thank you going to be thank you so much for being
with us
uh... in your take on uh... wat
caused the crash how this whole circus happened
how did the banks
how did you end up with some super with day us handfuls small banks
following
is worth fourteen times the gross national product or something like that
is really a story of
collective madness i was saying i don't know where everybody sort of
uh... got carried away by this is problematic ality in of course everybody
was getting richer nations as well we were
reaping the benefits uh... as a nation we would have
buying houses and cars and s_u_v_'s intended motor sleds and everything and
people who are
it was the right it was a hell of a ride have but of course
somebody treated
monitored the bank wealthy they would get the government of course and the
institutions of course failed in that sense nothing quite like because they
should have been looking of what was happening
and that we in the media we should have notice
would we would not
we were not doing a job well enough so so
but it was a hell of a right and and of course that ended in disaster
daniel inouye it's turning out better than most with a four three nine three
years after it was except
we could have
head out
we could have broke up he had gotten out of the situation could have gotten worse
we didn't have the soup kitchens or anything bradford exch
you have a situation where the u_n_ these banks were privatized just after
the the beginning of twenty first century yes
hands then those privatized banks went nuts and started uh... to running like
crazy in the emptiness all model
and democrat
dash and then the privatized backache cricket any point of things like any
other strong trend super simplify it
and then the private as banks got sold to fault sure banking institutions for i
would refer to them to know who said
okay will buy it for fifty cents on the dollar or ten cents on the balance and
cases
and then
having bought this distressed asset they went back to the
to the creditors answered
you know we bought your
your uh... your hundred-dollar line-item for twenty five sq for twenty five
dollars but we want you to pay as a hundred dollars and so i saunders are
still personal property owners who recently remortgage before the crash
are still stock wheels in our mission dot the problems have been we really
we didn't pay the band of government we didn't pay the banks of the so thankful
just fell into the hands of the great growth going to anything
they could sell to them anybody and and and somebody came knocking and set up
give you five percent
maybe the maybe i i i i don't want stage this look like a good offer yeah sold at
the moment we don't really know who owns a bank
and it has been a disaster you don't know who also high school
vault refunds uh... anybody could eric unfold so the american funds could be
german could be anybody could be the old icelandic uh...
fantasy
those who were coming into the back door
only coming visa two of the panther one is actually government on through
ourselves so we don't really know but uh...
how is it not transcribed
well it's these
things are going to be some
*** bullet decision just things that have been are being bought and sold
somewhere and uh... you know broadband we we *** moment about uh... so it's
uh...
intent
if you look at the state of the homes of the indebtedness of the homes of the
companies this is not a good situation because there have
we have this system indexation of loans so the locals really spiraled out of
uh...
out of control after the crash and plant and at the stricter measures would have
been called for wherever necessary
so there's no there's still a very real problem here but there's a real problem
but yet at the same time as you pointed out by slums doing better than for
example experimentally
why is that by the government finances are in better shape
i think we got them
for nearly good
deal from the i_m_f_ the i_m_f_ did not
ask us to cut the budgets as much as there used to
movie gable
the government a bit of a leave way to save the ah...
the welfare system
so i'd only because the icelandic people voted we already have their moms think i
think that's it still awaits it because that means i have a dime it might have
learned are hard lesson from argentina from uh... from asia
and i think that is
the just differently i noticed this differently managed
and and it has been so
we got abet the big and and the government and we have had the uh...
freest period of history t
but the government finances are much better shape than they were
there has been there have been cuts
uh... but but the problem is that the the wages
are very far behind
from what is happening in in in your opinion for simple norway sweden soapy
privately mental norway
the doctors and moving away the technicians were anybody been for the
job
in norway
is moving away
and the people are left with the issue deaths
which spiraled resort of
out of control doing both of the crash and so that this with the real problem
the the wages have gone found and that that's have gone up right and yet and
then we're stuck with that right and yet you're in better shape than italy
yet i think we are in better shape of italy because the government finances of
better
and we have more
look for some degrees and oakley's uh... went by i don't think we expect the
police have nothing to export
we can export of fish we can export our power a
products energy and and stuff so we have we arent that we have that that ways of
coping with the problems than than many of them in cleaning countries if uh...
and smith in his book well finish in seventeen seventy-six
laid out this uh... what is now actually kind of accepted conventional wisdom
that wealth is
the product of
uh... human labor attitude natural materials from injuries yet if you have
a stick on the ground it has no value no intrinsic value if you had labor and
carve it into an axe handle it now has ballet that we had last regeneration
skin
and so
what i had questioned register he says that greece doesn't have the ability to
actually
well it'll make anything they don't export anything that which increasingly
my decision for the greeks and love the pics and speak some great particularly
effective for because that that they have very little beads of picking up the
bone
and and the only way they seem to have its tourism and
too and that's not the
there's not prosper nitin and the situation like that have increased grant
that we find ourselves in the united states in a situation where we don't
make anything anymore are major export house gasoline
intense aunt gasoline that we're exporting to south america from
uh... from you know imported oil from the middle east
and it's very proper over the transnational corporations that
organized so that in a minute for u_s_ taxes on it
and we get the cancer from the refining processes it's it's it's
it second stating
wonderfully rich people beyond
utilizing these international mm system to to too
to move their assets the way they are from them
from areas like reason of course the move the red their assets away from
iceland yeah and they still haven't brought them back men so
for every where we have the same problem visited this manifest itself differently
what eight you've been around the world in your here of uh... of a well-known
commentator edward we're talking with a will help us in complicated with has a
weekly television program here in ten percent
what advice would you have
for americans
quickening you know our banking system
sorta collapsed it certainly consolidated uh... arguably there's
hundreds of trillions of dollars
ingraham black markets the are not
on the books with c_e_o_'s and things are still out there inspired by a lot of
us are the opinion that the sting is still dark come crashing down and
probably a lot harder in the next few years
what have you learned here in high school and that we need to know
black content i've just come from america i was in the states to
michael there are lots and uh...
and i have the comparison mordechai franklin frightening about america's
hope class differences or are being
are being aggravated over time
right i have heard a rumor that where they are going to be a great getting
greater the bahut class differences
and the week
walking the street in american seeing all these homeless people if i could
when i'd always get this this feeling of shocked and i feel that america's sort
of
it is losing its way to the finance you should have taken over the society
anthem we have this ippolito format american businesses and maybe a cliche
but we have this uh...
we have to remember blood there's no speech from nineteen was in nineteen
sixty about the military-industrial complex financial services and so we
have a corridor financier big companies that
who who've taken over the country have taken over american democracy
and we look at the candidate for the republican uh... nomination bomb iran is
a fine sir value of the world nobama government is controlled by financial
aid requirements and and and and this is just
when you come from europe it's so i'd love america i think i think the plays
so person any use of dynamic and uh...
and therefore the people so
wonderful and i went to a basketball game with the boston celtics' i was
whose fascinating look before so
was a lot of the spirit of friendliness and and and was sort of well being there
and uh... i love being there
and went to concerts and its it's it's it from your side
the fees
tonight too
picketed the fees these horrible class differences that are ruling that are
undermining
well i know their place in the face seem to have
to have been exacerbated ever since a ronald reagan dropper topping jumping
conjecture from seventy four percent to twenty percent
what's the uh... what's your version content rehear national uh... for them
thirty seven i think really thirty eight for the average wager for the average
for the very rich man is not a tired and publisher
what's going on a flight is candidate yet he's communities higher
yet but the scandinavians but some people say that the but the key to the
scandinavian model is that people pay their taxes and they're happy about it
customize leslie we have sweet sound of drifting away in the atlantic we're not
quite scandonm we've gone public with the scandinavian model
but if you have to remember
that we do not have to pay
millions to to graduate school
and we do not have to pay millions
to uh...
to insure ourselves and we do not have to pay millions to work
early to get medical
tension brain that a state so your social security system i think i think
the american they're paying more
grandpa here we are
they're paying more than getting lost and filling it all adds up your paying
more i think with a left with with this fact
their is remarkable
thank you so much legal helpers in uh... end of the link is atomic netbanking