John Best Junior, Please Wake Up!

I don't pay that much attention to JB's Autism Fraud blog because Anthony Lupson seems to have that covered. But I simply have to talk about JB's Facebook page "No More Bankers". In particular the reference to how Iceland got out of the hole. Context, John!

Iceland still have banks. The country couldn't run without them. What got Iceland into hot water from what I could tell was that they privatized the whole sector in one hit and threw open the doors to every man and his dog to start up there, completely without regulation. So of course when the Global Financial Crisis hit, the economy that had changed so much flopped. The freeloaders were rightly arrested. But (this is important, John) it was NOT all of them!

What Iceland did was nationalize the banks. Reverse the decision that was made to privatize. Privatization is a good thing but it has to be done right. Iceland did it wrong. The United States haven't done it wrong.

I started a discussion on the Phil's World forum about the fiscal cliff that we avoided at the start of 2013. Phil has already said on his own blog that Australia is a poster child for banking regulation, and the United States should follow that. Australia avoided the GFC and Phil thinks this is why. Without going into the details it looks like he might be right. Not all bankers are crooks. Sure, they are running profits that border on the ridiculous as do the perks for their executives - but all corporations do that. Even government does it in order to compete for the best people. How can you reverse that? Arrest ALL bankers according to JB. Nope, won't even scratch the surface of the problem.

JB added his own brand of context on Hating Autism, even believing that the banks are behind the resistance to that fake cure for Autism. I think that stands by itself as the breed of lunacy that JB represents.