Once the public revolted, after realizing that it would be left holding the bag, the Icelandic feds had no choice.

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Nobody knows, but do you want to be left holding the bag if the next one is worse than the last one?

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And unfortunately, you, you're going to be left holding the bag because you've gotten the mortgage that you probably couldn't afford to begin with.

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Kicking the can down the road is morally reprehensible when we know our children and grandchildren will be left holding the bag if we fail.

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In fact, Harris, the Seattle lawyer who has chronicled the issue on his "China Law Blog, " speculates that "honest and legal" companies--particularly American and European ones--could be left holding the bag if Chinese exporters don't pay the tax, as he says is often the case.

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But while they will likely increase the cost of their backstops significantly, no amount of fee income may be enough if they fear being left holding the bag on obligations that face potential default.

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Such a move will be of little comfort to those investors left holding the bag.

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