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Iceland blames male ego for financial meltdown

Posted Oct 14 2008, 04:01 PM by Anthony Mirhaydari
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Though there's plenty of blame to go around in this financial crisis, the folks in Reykjavik are pointing the finger squarely at the hot-shot men that ruined that country's financial system.

Excessive risk taking and reliance on foreign capital turned the financial system of a quaint economy of 304,000 people into what some are describing as a hedge fund with a seat at the United Nations. Iceland has a $20 billion economy, yet its three largest banks maintained debts of $61 billion.

Now, with both its currency and stock market crashing, the small Nordic nation is trying to clean up the testosterone-fueled follies by appointing two women to run New Landsbanki and New Glitnir, the nationalized banks created after the collapse of Landsbanki and Glitnir. According to one government minister, this is all too typical: "The men make the mess and the women come in to clean it up."

Since 2003, Elín Sigfúsdóttir was head of corporate banking at Landsbanki. Birna Einarsdóttir was promoted to head of domestic commercial banking at Glitnir last year. It's worth noting that besides these two, there was only one other women on the combined executive teams of Glitnir and Landsbanki. It's no wonder that psychologist Julia Noakes told the Financial Times that there wasn’t enough "femininity" in the business.

There is a scientific evidence to justify the move: Research cited by The Star suggests that women are much more cautious investors, better able to stick to trading rules and recognize the limits of their knowledge. Men, on the other hand, were much more confident and placed greater faith in their trading ability. In the end, studies found that all-female investment clubs outperformed all-male peers by 4.6%.

Related reading:

Is Alan Greenspan to blame?

It's a great time to be afraid

Will this be a depression?

Comments

 

When I was growing up, I had many, many female friends who would have made outstanding stockbrokers, engineers, etc. But the only jobs available to females was teaching and nursing. I still hear the same brainwashing patriarchal crap that women are suppossed to be the "nurturers." I want to vomit whenever I hear that. I don't have a nurturing bone in my body. BUt society (men) like to bully women into low-wage female jobs that they don't want and out of high payinng jobs by claiming women are the "nurturees."

This is why the health care system in the US is falling apart. Teachers and nursers were often the most brilliant members of their community, but were paid less than male ditchdiggers, because they were women. When women sued the federal gov't for the rights to open their own business', get their own lines of credit, and become something other than just "the nurturers", women left those professions in droves. Hospitial and schools had to increase payment to attract people. It went from dirt cheap and high quality to expensive and mediocre. No one wants to address the fact that the state of our crumbling health care system was based on female exploitation.

Organized religions takes much of the blame. Both genders are fed a line of bull that women came out of mens ribs (both genders have the same number, and that

in this planet of duality, God is mysteriously only a male. Ladies, dump organized religion, it's inhuman and humiliating to be expected to be subservient.

And no one knows how  many inventions women have made, women were never traditionally allowed to get patents, their male relavtives took credit for women's inventions.

Female out of control spending and males trying to cater to those insatiable spending impulses are the reason for our debt problems, which resulted in the world's debts problems.

Women are at the root of nearly all money.  

I think we need to consider people's degrees, college, or resume  in this mess, not necessarily their sex.  Are these economic genusis business majors, MBAs, history majors, engineers?  Did they come from Harvard,  the latest web institute, or home grown with/without industry experience?  Were they frat boys?  Religious?I'd be curious to know these profiles.

Blame men again? Look at Germany: Merkel bailout the banks, Chile: Berchelot now has high unemployment in Chile same in Phillipines (Arroyo), etc.

When Iceland goes well in the past years, why people didn't say men create jobs for them?

I think today's people support, help, care too much about women than men! Take for example: International Women's day (but there's no International Men's day), Ladies first (but there's no Men first), Women Studies (but no Men Studies), etc. these may have profound effects on men in the long run (e.g. more women went to University than men, lower birth rates, higher divorce rates, etc.)

But if you look at the history and all the important inventions in the past (e.g. clock, computer, computer operating system like Microsoft, Apple), gun, light bulb, radio, television, microwave, airplane, car, rubber tire, vaccinations, toilet, paper, printer, microscope, piano, even contraceptive pills, condoms, Internet, optic fibers, etc.)... these inventions were invented by men. So we can imagine what women did in the past few hundreds years? Are they (women) just keep talking and talking?

And let's look at the world's top companies like Microsoft, Apple, General Motors, Ford, Goldman Sachs, Nintendo, Mcdonald's, etc. they were also created by men... and create lots and lots of jobs for both men and women. However, many women they just work and work, they don't become boss or create more jobs... and that's may push people salaries lower.

I don't understand why today's people keep bashing men? I would prefer people write more how's the world today becomes if man doesn't exist (so there's no microscope, no airplane, no Internet, no computer, no car, no vaccinations, etc.)

During the the deep economic recession of the 70's and 80's, women were fired in droves as jobs became "for men." Families were larger then, resources were tighter and women got to clean the house while men got to go to college, get jobs, etc. Women who should have been engineers, lawyers, musicians, artist, etc. where forced into whatever crappy low-wage service jobs they could get. Don't think women didn't resent that. When the job market opened up and women bravely took risks and faced sexual harrassment and abuse by entering a world they weren't welcome in, the earned more money. The divorce rate also shot up as women didn't have to kiss male ass to get food on the table. What goes around comes around. Abuse of mother earth and of females is coming back to bite the planet on its's ass. Ever hear of global warming? Increased melting ice caps, hurricanes and tornadoes?

It's crap that females can't take risks. Many women open their own business, myself included. That's a huge risk. Spending a year writing a book and getting it published is a huge risk. So is pursuing a career in the arts. Countless women do all of the above. Again, the arrogant male ego is on display. Don't flatter you take risks and women can't, boys. And women are scoring equally on the math section of the SAT's. It used to be females weren't given jobs in the sciences no matter how qualified, because of egotistical swine like Larry Sommers. I remember taking the top class in math in high school, and cleanly out-scoring men. Half the class were girls. Most knew darn well the good old boys would physically assault them if they even tried to get into a "male job." I remember being threatened constanlty at the university when girls in my state were just allowed in. Men should be ashamed. You don't know what women can do. Men have been too busy assaulting, molesting and bullying them throughout history.

has'nt anyone noticed the pure magical thinking involved in this? ' men messed this up; therefore women will magically fix it'. can we then pull an inverse iceland-- that is , in a situation in which a woman fails any random man will be able to magically succeed? also, the article cites scientific backing for these mindless notions--- so now psychological research is supposed to somehow be science-- but only if we squint real hard? 20 years ago the fad was birth order, 30 years ago it was your inner child,50 years ago it was penis envy/ castration complex--- how can we ascribe science to any of this hustle?

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