Word: swedishly
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...actually recognized them, are enough to wipe out their capital reserves. If that's true it would make more sense for taxpayers to give them cash outright, and take a big ownership stake in return (with the idea of selling it off a few years down the road). The Swedish solution, they call it (and longtime readers of this blog know it was being discussed here long before anybody else in the U.S. was talking about it). The version of the bailout plan voted down in the House Monday seemingly would have allowed Treasury to take such action...
...Department of Slavic Studies. The author, who currently resides in Amsterdam, said that her extensive travels have left her with a sense of cultural “schizophrenia and split-personality.” “I am Bulgarian, Dutch, American, Yugoslavian, Serbian, Macedonian, Bosnian, Slovenian, Croatian, European, Swedish, Mexican...but that is not enough—give me more identities,” said Ugresic, whose collection of essays “Nobody’s Home” was recently translated into English. Svetlana Boym, a professor of Slavic languages and literatures and comparative literature, introduced Ugresicc...
...attractions of this Swedish model is that it reduces so-called "moral hazard" - effectively rewarding poor or reckless risk assessment - by forcing financial institutions that took the highest risks to pay towards their own rescue. And it allows the state to recoup the money that it expends to buy up the bad debt at the core of the problem...
...Swedish experts caution that the Swedish financial system is relatively small compared to the U.S. In 1992 most leading government officials knew the bank chiefs on a first name basis. Still, the Swedish experience could hold other lessons, says Robert Bergquist, chief analyst at SEB, one of Sweden's largest banks. "The Swedish success depended on four factors," he explains. Stockholm acted quickly, in open acknowledgement of the problems, and under a broad political agreement across the party spectrum. "Running parallel with these three factors," he says, "a new economic policy - new goals for inflation and the budget - was developed...
...Sweden's case, he adds, the crisis eventually had silver lining. "It acted as an alarm about Swedish economic policy, which was expanding too much. There was too much focus on defending the currency. The tax system encouraged indebtedness and real estate speculation through cheap loans. The crisis exposed shortcomings, and we had to change tack...