Is Iceland the first economic domino?

[Oddzball]

Iceland has already gone into bank holiday mode. Cash is frozen there.

If it starts defaulting what keeps it's trading partners from falling?

 

[Malice]

No, Freddie and Fannie were.

 

[Oddzball]

WaMu and Merill Lynch and lots of others preceded Fannie and Freddie, which one and all are merely corporations.

Iceland is a NATION. The economic collapse of a nation compares to the collapse of a corporation the way 2000 pounds of TNT explodes compared to a firecracker's explosion.

 

[Malice]

WaMu and Merill Lynch and lots of others preceded Fannie and Freddie, which one and all are merely corporations.

Iceland is a NATION. The economic collapse of a nation compares to the collapse of a corporation the way 2000 pounds of TNT explodes compared to a firecracker's explosion.

Actually no, Freddie and Fannie preceeded any corp collapse...
Also, Freddie and Fannie have more money than most nations...but yes, Iceland is the first nation at this time to really get it

 

[chamber-music]

Banks and countries are staying away from Iceland because they think they are on the brink of collapse. Without incoming investment they are gonna go head on into a ressesion.

 

[Oddzball]

Actually no, Freddie and Fannie preceeded any corp collapse...
Also, Freddie and Fannie have more money than most nations...but yes, Iceland is the first nation at this time to really get it

In McCainland maybe. Bear Stearns went under last may.

 

[Ahura Mazda]

Actually if AIG were to collapse it would have a greater impact on the world economy then the collapse of the Icelandic economy. However, I can tell you that a few banks are closing shop as a result and I know of a few people who are woriied about their savings which they have in an Icelandic bank.

 

[Oddzball]

Actually if AIG were to collapse it would have a greater impact on the world economy then the collapse of the Icelandic economy. However, I can tell you that a few banks are closing shop as a result and I know of a few people who are woriied about their savings which they have in an Icelandic bank.

Latest:
http://www.nytimes.com/2008/10/09/business/worldbusiness/09icebank.html?em