Final Word from Friday, September 26, 2008
If the U.S.'s financial problems were merely the by-product of the excesses of Wall Street, as some claim, the CR would face little potential fallout from the crisis. The problems of the U.S. economy are much deeper, though. They include widespread crony capitalism that at times reeks of criminal capitalism; excessive government borrowing, spending and waste; and a lack of responsible leadership that has led to pervasive mistrust. George Bush said that the market isn't functioning properly, but in fact the market is functioning exactly as it should given the abuses by the participants. A shock-and-awe bailout plan can postpone the equilibrium process, but not avoid it. Many of the same excesses and imbalances exist in the CR, although their magnitude and urgency is considerably reduced. Unless Czech politicians accept the realities of the situation, market forces will do their thing at some point here too.[Czech Republic rescue W. United States of America]
Glossary of difficult words
equilibrating - bringing into equilibrium or balance;
by-product - consequent, side effect;
fallout - adverse side effects or results of a situation;
crony capitalism - an economy in which success in business depends on close relationships between businessmen and government officials;
to reek of - to be suggestive of something unpleasant;
pervasive - widespread throughout an area or a group of people;
shock-and-awe - (a reference to the initial bombing of Iraq) an overwhelming use of military force;
to do one's thing - to do what comes natural or is in one's interest.