We Should Have Gone Swedish . . . | The Big Picture

We Should Have Gone Swedish . . . | The Big Picture: "In light of the Summer’s resignation, its worth looking at the question I still hear from time to time.

This article, Stopping a Financial Crisis, the Swedish Way, published exactly 2 years ago today, provides an answer:

“A banking system in crisis after the collapse of a housing bubble. An economy hemorrhaging jobs. A market-oriented government struggling to stem the panic. Sound familiar?

It does to Sweden. The country was so far in the hole in 1992 — after years of imprudent regulation, short-sighted economic policy and the end of its property boom — that its banking system was, for all practical purposes, insolvent."