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on the back of our team here with you and rectification and i'm pleased to
have with me and asking draws state broadcasting service
which is are unique
here are you the by greenery johnson
and so
guadalupe river thank you
as a as a reporter
how do you
statement but just give us a reporter's view
of what has happened in this country since the
that the bank failures of the last few months of the bush administration the
u_s_ and and and how tightly data corresponding here to that time
and kim
what's the the stories stories posed to the stand story
i think things kicked off a little earlier here than uh... than elsewhere
obviously the collapse happened happened late in two thousand eight
and um... it had some connection to the mortgage crisis in the united states in
the global credit crunch when we have to have some very specific problems in
iceland
don't really translate that well but you probably heard over the last couple of
hours the inter-american terms
that we have a very small society will have a lot of cronyism
though everybody's somebody's cousin everybody know somebody and so a lot of
food in the trust and i was built into the banking system was built on people
with each other
this guys could could kinda lend him money
i don't mean any credit
uh... the bubble truth will self-perpetuating because everybody
believed they were geniuses when
really they had no
experience of international financial markets they were just hand it
control of backs without any experience in running backs
and there and then sort of like piggy banks and they were selling stock to
their friends in the back
uh... with no credit and never loaning the bank freshly loaning people money to
buy stock in the back raising the value of the bank
and uh... the could never go on like that what happened to the bubble that
have to burst yeah insect sounds awesome musical chairs stump
there was a point
my understanding is he served over three state owned banks rather well after the
company will pay for the country and yes it was a long before they got you know
they were privatized
under very shady circumstances and when will the private
through privatized in their own the years from two thousand you know uh...
after that gradually one of the time
and the political parties all had very uh... used it much control over who
compiled to stockton uh...
they were very critical thinkers who by and large
uh... proportions of the country was close to the public institutions
you know been very small-scale it's a small country you don't need a huge
financial system
but it blew up like a public multiplied in too much much larger than the state
and uh... when it all came down you know guests on the government didn't have the
capital to back it up they didn't have the research
and of course
then we have international obligations that week could not on it
and it also took spiraled down from that but
what happened in the left
maybe two years work last few months
it's an economic indicators in iceland have been going up we've been getting
positive growth on g_d_p_
debt is going down
at the same time things seem to be spiraling downward to new york so it's
sort of
i'm not sure how much you can connect the two situations bills
europe but for a personal generalized by europe is kind of dangerous because
there's still pieces entered they're doing well this can encompass people
seem to be doing fairly well were asleep yet
italy and spain mindy trouble
but the
and and and maintain the in the u_s_ a writes for the broad son has his whole
theory about the baxter's took them you know for a ride tactically goldman but
he'd be it usually takes two other things are getting better here and
their questionnaire
much of europe right now is pursuing and austerity agenda
mentioned applets qatar where prosperity
by eta
economists on my t_v_ program last week and
said do you know
agreement on some becky's icelandic isotoner
he said packed and i said do you know of any country in history the world
that has ever cut its way to prosper
that has used austerity expressions mailto happened
his price launch
pursuing an austerity programmers iceland continuing with a strong social
safety
met and
and continued government spending and you know any quotes and and might that
have something to do with it
or became i'm missing something altogether good depends entirely on who
you ask of course
it is a very politicized issue we have a left-wing government and we have a right
wing opposition
and the right wing opposition obviously says that you know you cannot cut you a
prosperity the generates taxes and expect growth
and a lot of course the solidity validity to that argument but then again
like polling fulfilled and talking about
they were in government for the previous eighteen years before the collapse
so uh... uh... they've lost some credibility in the eyes of the public
but they have gotten it back
unknown people sing
the opinion polls are indicating that people seem to want to write when
government even though
you know expensively things are getting better if you look at the number of
people
wonder la quinta yeah i'd love to implement things do look on the up but
people don't really feel it in the street
and that's uh... that's the key thing then
but you have a lot of of homeowners who are underwater marketers
will remind you that the government did introduce some measures to try to help
them
but they have been a public relations disaster because it wasn't really
people didn't know what which they had to do know that they could apply for
certain things and to move the meeting at uh... their debt problems
and i think uh... you know the government have made a lot of mistakes
but probably the biggest one was the p_r_ failed
people who do not
feel that things are getting better despite looking at the numbers
and maybe it's a mystery use distribution of wealth twelve maybe
meetings are getting better for the wrong people but i don't know i don't
have any figures to back up down
on a letter in the united states is a lot of
yahoo the subject a great discussion but
on the former the failure of the government to tell their own
achievements is uh... frankly for democrats
and uh... and uh...
s and his supporters it's their main criticism of president obama that nobody
knows the things he's actually done mister value i think we have a very
similar situation here mary easy to criticize when everything is going to
help
people into their houses
wages have been cut unemployment is high you know it's coming down slightly
it's very easy to criticize and find out what's going on so what is the national
enquirer briana
i think it's between six and seven percent online i don't know that we
would kill for that
and with whom we went through my tenure four and one two percent unemployment
rate one or two percent we had a kind of a bakery close to where i lived with
close down because they couldn't get in touch with the bakery
finding working for banks for the moment for a friend
sold but i think
was one of your
previous guests and people really want the public to come back
affordable i think so
kirdar johnson johnson thank you so much thank you