Who should backtranslate what the US Govt is doing at the moment?
- Before we get carried away on theoretical debates about what can or can not be translated (the tips didn't make it into Czech version by the way, Jamie, there's very little ambiguity about the word zbytky and it has nothing to do with money, so the two heads did not do such a great job, I hate to say, not that my single one can do any better..)... err, where was I, before we go into months-worth of discussions on this one, I thought I could introduce another potentially explosive topic:
Is it just my feeling that what the US Govt is about to do in reaction to the financial crisis is something very close to what Czech Govt did to (some) Czech banks back in the 90's??? I know there are differences (the banks in US did not do any tunneling, they did not "lend" billions to mafia-type characters without any credit or business plan), but what it boils down to (essentially) is: if you're not very good at covering your ass, you invest all or most your money into risky things (the mortgage derrivatives) without diversifying enough to bear the risk if it doiesn't work out, we'll take care of you... It doesn't matter if you've made lots of money in the meantime and put them somewhere else, we'll get you out of trouble if you're big enough and have been stupid enough...
If, on the other hand, you've been careful, invested in lots of different things and only put a few eggs into the risky basket, you're a loser, because we'll give billions and billions of dollars of taxpayers' money to your competitors who'd invested into something which gave them huge profits for a while and then put them down. Your fault, you should have done the same...
Is it just me, or does this sound central-planning, ex-commie economy-like to other people as well??? I know there's lots of other things going, like the constituency, the economy overall, if they don't do this things will get worse, etc. etc., but I still don't get it - and from the Republicans as well... wouldn't mind a comment from our resident experts and or other economically-savvy poeple out there..
Good job we're not as good at jumping at new things, I think our real estate/finance system is so much slower it's not in the same danger, but it's only a question of time before the after effects hit us, end of the real estate boom near? Definitely in Prague, I would think, where prices have been getting out of hand for a while..
Matej the worried multiple mortgage-payer
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