Tuesday, September 30, 2008

How we shoulda did it ...

Krugman, in toto:

Iceland has just bailed out Glitnir Bank, with the government putting in 600 million euros — $859 million — in return for a 75% stake.

Iceland has only a bit more than 300,000 people, about 1/1000th the population of the United States. So this was, per capita, the equivalent of an $850 billion bailout here.

Notice, by the way, that it was an equity injection rather than a purchase of bad debt; I approve. [my em]


So do I. Think someone in Washington will listen and take notice? Me neither.

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