Limbaugh says that Obama caused the volcano in Iceland to erupt cause of his HC bill but everyone...

[bridgit]

knows it was the 'conservative' whack-a-doodle privatizations of shit-talkers like Rush Limbaugh & Goldman Sachs defiling the landscapes of the earth

With the privatization of the banking sector, completed in 2000, Iceland’s banks used substantial wholesale funding to finance their entry into the local mortgage market and acquire foreign financial firms, mainly in Britain and Scandinavia…In just five years, the banks went from being almost entirely domestic lenders to becoming major international financial intermediaries. In 2000, says Richard Portes, a professor of economics at London Business School, two-thirds of their financing came from domestic sources and one-third from abroad. More recently—until the crisis hit—that ratio was reversed. But as wholesale funding markets seized up, Iceland’s banks started to collapse under a mountain of foreign debt.

http://www.businessweek.com/the_thread/economicsunbound/archives/2008/10/iceland_goes_ba.html