Norwegians See Obama as right wing

Here, Obama would be on the right wing." I checked her view with others -- academics, politicians, activists all over the Norwegian spectrum -- and all but one agreed. In Norwegian terms, our President's positions are very conservative.

When Norway hit a major financial crisis in the early '90s (from a real estate bubble and speculating banks), the Norwegians decided against bail-outs. Three of the biggest banks were simply taken by the government, their senior management fired, their stockholders sent packing.

The government nursed the seized banks back to health over time while the economy made a quick recovery.

The other troubled banks were left to declare bankruptcy or find new capital. Norway's action sent a clear message to the banks: mismanagement and greed don't pay. The result is that today its own financial sector is clean and only needs to deal with the impact of other countries' disasters. Norway's strategy was very far from Obama's bank-friendly game plan. More

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