Icesave Bill Goes Down In Flames

A whopping 93% voted against the Icesave bill which would have repaid failed bank loans to the tune of $5.3 billion to foreign nations. That doesn’t sound like a huge amount of money as our TARP bill was over $700 billion, but to this small nation of only 320,000 it would have meant some extreme measures. According to the AP the deal, brokered by their Congress but intentionally left unsigned by their President so it would go to a vote of the people, would require each person to pay around $135 a month for eight years — the equivalent of a quarter of an average four-member family’s salary. To think that such a deal would be acceptable to ANY population is just absurd and their President was correct to let the public vote on something that would surely make them destitute. They would be so poor that there would be no one getting loans anyways so who gives a rip that their credit rating might be “saved.”

It sure would be nice if We The People could vote on the similar bills that have come out and on the SuperTARP that Vox is predicting will be “necessary” once all the rest of the banks start to fail (actually just to be recognized as having failed)


2 Responses to “Icesave Bill Goes Down In Flames”

  1. March 8, 2010 at 3:29 AM

    Democracy is looking more and more like a sham every day.

    When the Repubs with a little backbone pushed back on the first bailout, they were told in no uncertain terms that WE WERE ALL GOING TO DIE!! if they didn’t knuckle under to the banksters, rather than listen to their constiutents.

    This is why debt money systems are just another alternative form of bondage. The borrower is servant to the lender.

  2. March 8, 2010 at 10:47 PM

    Democracy IS a farce, but at least the Icelanders have a more direct version than we do and are able to counter their bought and paid for legislators. Here in the US all we can hope for is to vote in an unknown evil come the next election cycle.

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