在选举前的数月，默克尔回避一切糟糕政策以避免争议本事似乎十分娴熟。

In the months before the election, Ms Merkel's knack of avoiding controversy by steering clear of any awkward policy issues seemed adroit.

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放贷机构常常与借款者勾结，以扩大抵押贷款规模，或者更糟糕的是，向借款者兜售错误的政策。

Too often lenders connived with borrowers to swell the size of mortgages, or worse, sell borrowers the wrong policy.

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但更重要的教训是，噩运和糟糕的政策一样值得重视。

But the more important lesson is that bad luck is as important as bad policy.

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Herbert Hoover as president understands as president that something terrible has happened, but fundamentally the policies in place are as those of ```and every president before, small federal government, and we see signs that the market began to correct itself.

赫伯特，胡佛作为总统,明白，作为总统,糟糕的事情发生了，但根本上政策,是和之前总统，小型联邦政府，我们看见迹象,市场开始自我修正。

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