The past year has seen the global economy on a life support machine, otherwise known as the bailout. Just as the scars seemed to be healing, Iceland’s decision to hold off repaying billions of dollars owed to the British government has reopened last year’s wounds.
If they don’t pay it back, it may well become yet another bailout – even if that wasn’t the intention.
Should Britain cut the noise and accept that whilst this might be the bailout they never wanted, it succeeded in calming things down?
Likewise, with the dust settling and things not looking as bleak as we might have predicted- should we accept that the bailouts did work?
Many experts are certainly impressed at the speed at which the economy is getting back on its feet.
The crisis has even resulted in some winners according to these economists for whom Asia, Australia and…urm…journalists have come out on top.
The bailouts have given banks a free ride and they should be more grateful according to this article.
‘Last summer, somebody put a bale of hay on a country intersection north of New York City, with this sign taped to it: “I got my bail out.” ‘ With bonuses back on the scene, have bankers learnt any lessons or has the money been taken for granted?
The bailout has been in vain writes Rabbi Shmuley on the Huffington Post
“Welcome to Wall Street, whose bankers, after nearly collapsing the global economy, have learned nothing from their greed and who have become more voracious than ever.”
Has the bailout just fueled bankers’ bad habits?
“Leave bankers alone,” says British banking’s most senior representative.”There are literally tens, if not hundreds of thousands of British jobs directly and indirectly related to banking – bringing billions of pounds in tax income.”
When the bailouts were first announced many of us were fuming. Is it now time to congratulate our governments for making the right decisions? Were the bailouts a risk that paid off?