June 2008In the sleepy town of Narvik, the global economic meltdown has caused havoc. Finding itself caught in a spiral of deceit and debt, people are considering leaving town as public services struggle to stay open.There seems to be no place, however small, that hasn't been affected by the downturn in the US economy. This small seaport town of Narvik is home to only 14,000 people but it has become another victim of high-risk sub prime mortgage lending. The local council agreed to this 'loan lemon' that was sold to them by an Oslo based brokerage company, which is owned by 78 different banks including Citigroup. According to the local political opponent to the mayor the town has lost "at least 200 million Norwegian krone (approx million)" and public services such as schools and nursing homes are facing closure.Produced by SBS/DatelineDistributed by Journeyman Pictures
mrdoffyWhy living in Norway then?! Don't you think it is stupid of you to live with "ignorants" ?!I also live among norwegians. I find norwegians to be open-minded and much informed.
dog9000(July 3, 2009 at 9:20 am)
Du Torgeir altså, hadde vel ikke vært dumt med et kveldskurs i engelsk?:P
MrAllthewayornoway(June 25, 2009 at 3:45 pm)
Yeah who the fuck put retards stupid enough to gamble with the economy of a whole community, they should be shoot.It fucking pisses me off so much that they actually voted to invest money in a fucking deal they cut with some "Guys with inside information"
Brambocyu(June 24, 2009 at 12:30 pm)
watch?v=OAB47KVcSOQ
mrdoffy(June 20, 2009 at 4:28 pm)
norwegians are a bit ignorranti know because i live there
patriotsundergod(June 3, 2009 at 10:23 pm)
Norwegians are extremely gullible peopleI live in Norway
kristor49(May 19, 2009 at 3:15 pm)
haha drit tøft narvik ftw :D
joakim1988(May 14, 2009 at 8:59 am)
Utah is not effected
1961sd(May 5, 2009 at 9:17 pm)
Varies by neighborhoods of course, but a 40k loss on a 200k house is in line. Ahhh those were the days is right! I used to get laid off by the R.R. ever fall, run to Colo. and be a ski bum!
jjrglobal(May 3, 2009 at 5:06 am)
How much has real estate dropped in Aurora, I used to live in Breckenridge and Avon, back when I was a ski bum. Ahhhh those were the days
1961sd(May 3, 2009 at 4:21 am)
Unfortunately your logic makes perfect sense, well I guess if there's a bright side you can get some damn good real estate deals about now! I'm in Aurora Colo. east suburb of Denver.
jjrglobal(May 3, 2009 at 3:52 am)
I expect foreclosures to continue and even increase dramatically in the next six months. Option ARMS and ALT A's start resetting next month. We are about a third of the way through housing. Then commercial real estate will be hit hard. Where do you live?
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