Ezra Klein: Out of the Ballpark on Inside Job
(Even though I do appreciate the favorable mention).Ezra criticizes the movie for making the story one of corrupt economists blessing the evil doers of Wall Street:
“What’s remarkable about the financial crisis isn’t just how many people got it wrong, but how many people who got it wrong had an incentive to get it right. Journalists. Hedge funds. Independent investors. Academics. Regulators. Even traders, many of whom had most of their money tied up in their soon-to-be-worthless firms.”
This is the right point, but I think Ezra takes it in the wrong direction. Certainly all of these people were not on the take in the same way as some of the film’s heroes (i.e. former Federal Reserve Board Governor Frederick Mishkin who got paid six figures to write a report praising Iceland to the sky in 2006). However, it does not follow that they had incentive to “get it right.”
Get ting it right meant that you had to say that the honchos were wrong. You had to say that Martin Feldstein, Gregory Mankiw, Larry Summers, Alan Blinder, Ben Bernanke, and the Maestro, Alan Greenspan, were missing the largest asset bubble in the history of the world right in front of their eyes.
This would really put you on the firing line if you were an economist at the Fed, the IMF, or even an academic economist hoping to advance in the field. After all, you could be wrong, in which case you might as well spend the rest of your working career wearing a tin foil hat.
On the other hand, what is the cost of going along? It turns out that economists are a remarkably forgiving lot – not in respect to workers in workers in the United States or retirees in Greece – but certainly when it comes to each other. The mantra “who could have known” has provided a pretty much blanket amnesty. Next to no one got fired and very few people even missed a scheduled promotion for missing the housing bubble; the collapse of which may wreck the economy for a decade. In fact, even Daniel Mudd and Richard Fuld, the men who bankrupted Fannie Mae and Lehman respectively, have both found their way back into very high-paying jobs in finance.
In short, there is a serious problem here of asymmetric risk. There is no doubt that saying there was a bubble posed serious dangers to the careers of those who stepped outside of the consensus established by the top thinkers in the profession. However, just going along with the mainstream view carried no risk whatsoever. There is no reason to believe that anything about this story has changed in the years since the crisis.
Jobs In Iceland - News
Certainly all of these people were not on the take in the same way as some of the film's heroes (ie former Federal Reserve Board Governor Frederick Mishkin who got paid six figures to write a report praising Iceland to the sky in 2006).
Then in 2008 the economy blew up like a volcano, smothering Iceland in debt. Within a week in October of that year, Iceland's three major banks went belly-up. The country was suddenly broke. Jobs and wealth disappeared overnight, precipitating “the
PIIGS is an acronym that stands for Portugal, Iceland, Ireland, Greece and Spain - countries that are now in dire economic straits. Some economic observers are wont to spell it with a triple I (PIIIGS) so that Italy can be included in the lot.
“Hopefully, given its location in the town, away from the other superstores, another retailer may be keen to take it over, perhaps the likes of Iceland, whose loss to the town after moving out of the Abbeygate is still felt by residents.”
Iceland, which has closed 85 percent of its gender gap and topped the list last year as well, overtook Norway, Finland, and Sweden because of an increase in the number of women ministers, an almost completely gender-balanced parliament,
85 EU translation jobs in Iceland | IceNews - Daily News
A company called Sagnabrunnur in Seydisfjordur is one business participating in the project which was franchised out by the translation centre at the Icelandic Ministry for Foreign Affairs. According to the company’s director, Rannveig Thorhallsdottir, her company in East Iceland will employ 8-10 translators, RUV reports.
The project will see EU legislation, such as directives and regulations, connected to Iceland’s accession bid translated into Icelandic.
Although legal translation work can be dry and rather difficult, Thorhallsdottir says that the first texts have actually been quite fun. The texts translated so far have been about tractors, and as two farmers are among the translators, the mood has been very good, she says.
The company director adds that the project is very positive for her small East Iceland community to have the requirement for university educated people in new positions. The project takes place online and translators can work from home — making it ideal for parents where it is possible to manage the washing machine in one hand and the computer in the other, Thorhallsdottir says.
” The project will see EU legislation, such as directives and regulations, connected to Iceland’s accession bid translated into Icelandic. ”
This is what happens when you do go form 10% of EU directives ( as we do have under EFTA in EEA ) to 100 %.
The cost of translations is nothing compared to the costs of implementing all this and the new jobs for the burecrats to enforce them if Icelandic voters would be stupid enough to say yes in referendum.
The sooner this EU application that no more than Social Demorcats voters want — is pulled the better.
This 20% voters in country who are Social Demicrats are wlecome to to join EU. Move yourselfs all to Denmark.
Leave the rest of us out of it.
I've handed in my cv for the gayest jobs. Let's face it, I'd rather no job than working in Iceland.
F-secure keeps promoting jobs in Helsinki. It's not Iceland, but it's getting closer to the neighborhood.Jobs In Iceland - Bookshelf
Lonely Planet Iceland
WORK Citizens of EEA countries do not require a work permit to apply for jobs in Iceland; all other citizens must secure a job offer and work permit before ...Iceland
EEA citizens can visit the European Employment Portal (www.eures.is) for a list of jobs in Iceland which don't require Icelandic-language skills. ...Iceland
WORK Citizens of EEA countries do not require a work permit to apply for jobs in Iceland; all other citizens must secure a job offer and work permit before ...Summer Jobs Abroad 2006
This private employment agency originally found horticultural and agricultural jobs throughout Iceland but now also finds jobs babysitting, ...The rough guide to Iceland
Domestically, Iceland has become predominantly urban since 1944, ... you that if people don't have jobs in Iceland, it's because m they don't want them. ...Daily Data Directory
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