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Published:October 8th, 2008 15:01 EST
Iceland Bankrupt?  Because I Missed a Loan Payment?

Iceland Bankrupt? Because I Missed a Loan Payment?

By John Lillpop

Who Would Have Thunk? Iceland on Brink of Bankruptcy!


Like George W. Bush, John McCain, Barack Obama, and the other 533 clue less scoundrels in Washington, D.C., I have but a foggy understanding of the global meltdown.

To be perfectly honest, the whole damn mess sounds like a corrupt pyramid scheme. Instead of soap, the fools were selling and trading mortgage loans and using your 401(k) and pension funds like meaningless poker chips.

In truth, the economic situation we find ourselves in is very complex. Phrases like sub-prime loans, derivatives, mortgage backed securities, FICO scores, negative amortization, all of that confusing language makes one head spin.

When the carnage spreads across the seas, the confusion is multiplied many times.

For example, the latest report is that Iceland is on the brink of bankruptcy. Freaking Iceland, for heavens sake!


Just how in the hell can a few barefoot hayseeds in North Carolina who blew their tobacco profits on moonshine, rather than making their mortgage payments, cause a foreign nation to go belly up?

What exactly does my $700,000 starter castle in San Jose--a two bedroom, one bath, 1,000 square foot delight with attached carport--have to do with anything in France? Or Germany?

Next question: Can I decide which country to knock out? I would gladly skip two or three mortgage payments if that would send Iran or North Korea into debtors` hell.

Actually, all of this foolishness is the latest failure resulting from simplistic "progressive" solutions.

This time, liberals decided that having a home is the birthright of all Americans and most illegal aliens as well. Forget about being qualified.

It`s the equivalent of affirmative action in housing.

You are breathing, right? And registered to vote Democrat?

That`s good enough for liberals like Barney Frank and Christopher Dodd who think that credit screens, down payment requirements, and debt-to-income ratios are the evil tools of racists intent on keeping people of color down and out.

So far, unbridled liberals have left people of color black and blue--and in foreclosure and or bankruptcy.

It also has tiny island nations like Iceland about to sink.

Do the global community a huge favor and pay your damn mortgage and taxes on times, and vote a straight Republican ticket on November 4th, OK?

It is the "cool" thing for a global citizen to do!