Why bail out the banks? As my grandma used to say, it's like bringing coals to Newcastle*.

why not bail out the people who, through no fault of their own, have gotten screwed and are in the most pain...

Cenk Uygur: Iceland Shows Bailing out Middle Class Works, Not Bailing Out Banks

On The Young Turks yesterday, Cenk Uygur spoke about two different approaches to the economic bailout.

There's the US m.o., where we gave "everything to the banks, and nothing to the homeowners" and are, predictably, still struggling. Then there's the divergent example of Iceland, where initial efforts at complete deregulation failed and the government switched course by indicting those who had "caused the mess" and bailing out the middle class instead.

Take a look at what they did, and how it worked.

*Coals to Newcastle - Something brought or sent to a place where it is already plentiful; it is a reference to the English town of Newcastle upon Tyne, historically a major coal exporter.

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