In Iceland they bailed out Main Street, not Wall Street. They let their bad banks collapse, not save them. That caused severe sort term pain to bank customers.

In Iceland they bailed out Main Street, not Wall Street. They let their bad banks collapse, not save them. That caused severe sort term pain to bank customers. They also forced all mortgages to be rewritten to cancel any underwater portion. That is easier do when you three banks instead of 8000 and not the securitization of mortgages.