Os pobres que paguem a crise!
Governo americano inicia processo de falência vigiada dos gigantes Fannie Mae e Freddy Mac.
As duas maiores seguradoras de investimento imobiliário do mundo, Fannie Mae e Freddy Mac, faliram. Estão desde hoje sob controlo do governo dos Estados Unidos. Quem diria!
Liberalizar a economia e privatizar os lucros quando a economia capitalista e a especulação prosperam, mas socializar os prejuízos e proteger os ladrões quando o sector financeiro e especulativo rebenta como um balão cheio de nada, eis, em resumo, o que já sabíamos desde Karl Marx, mas que o caloiro do PSD (Pedro Passos Coelho), em ridículo contra-ciclo conceptual, desconhece absolutamente. Mais um ponto a favor de Manuela Ferreira Leite (PSD), e contra a tardia e mal-disfarçada moda neoliberal portuguesa, que os anafados spin-doctors do Bloco Central do Betão: António Vitorino (P”S”), Jorge Coelho (P”S”), Manuel Pinho (BES), Augusto Mateus (P”S”), Ângelo Correia (PPD), Mira Amaral (BIC), e outros, disseminam como verdades de Estado. O ano de 2009 vai reduzir a pó a manipulação mediática a que estes senhores se dedicam com zelo (pago a peso de ouro a montante dos próprios “órgãos de comunicação social”), sob os auspícios de empresas de propaganda que agem impunemente ao abrigo da dita liberdade de imprensa.
Nada de novo na declinante América. Só que desta vez os principais credores da pornográfica dívida americana conseguem disparar mísseis intercontinentais e abater satélites em órbita!
A recessão mundial (estagnação+inflação?) já começou e vai durar, pelo menos, até 2010.
A probabilidade de ocorrência de grandes guerras é elevada. Com McCaine ou com Obama, tanto faz. Não tenhamos ilusões!
Cavaco Silva deveria falar com Angela Merkel e impedir que os “socialistas” vendam alegremente os Açores por um prato de lentilhas ao bando de criminosos actualmente na Casa Branca (usando para tal todos os meios constitucionais de que dispõe.) Os Portugueses não querem ser parte da estratégia de agressão mundial e de destruição da União Europeia, há muito seguida pelo trio anglo-americano-israelita — de que os governos georgiano, polaco, ucraniano e checo, são meros agentes provocadores
Comrade Paulson, nationalised banks & socialism for the rich.
You have to admire the spin. The US Treasury Secretary, Comrade Hank Paulson, pictured here, announced today, Sunday 7th September, 2008 that the US government is natonalising two huge US banks, Fannie Mae and Freddie Mac. Which means in effect that Comrade Paulson is socialising the losses of the shareholders and investors in these banks – $5.4 trillion of guaranteed mortgage-backed securities (MBS) (mortgage backed securities) and debt outstanding. These liabilities are equal to all the publicly held debt of the United States. This in the words of Prof. Roubini is ’socialism for the rich, the well connected and Wall St.” (see below).
Only Comrade Paulson didn’t say that he was socialising losses or nationalising banks. He said they were placing them ‘in conservatorship’.
I like it. Please can we place the NHS safely in ‘conservatorship’ – conserve it for the nation, ensuring it is not privatised. And please, please can we place the railways in ‘conservatorship’……No, we’re not a bunch of communists, honest guv. We don’t want to nationalise; we simply want to conserve. That’s my party line from now on…
As Professor Nouriel Roubini argues:” Fannie and Freddie are insolvent and the Treasury bailout plan (the mother of all moral hazard bailout) is socialism for the rich, the well connected and Wall Street; it is the continuation of a corrupt system where profits are privatized and losses are socialized. Instead of wiping out shareholders of the two GSEs, replacing corrupt and incompetent managers and forcing a haircut on the claims of the creditors/bondholders such a plan bails out shareholders, managers and creditors at a massive cost to U.S. taxpayers.”
We know, because of Brad Setser’s sustained and diligent research, that the central bankers of Russia and China have exposed their taxpayers to losses at Fannie and Fred to the extent of about 10% of their countries respective GDPs. Those are huge potential losses. — Ann Pettifor, in Debtonation.
U.S. Rescue Seen at Hand for 2 Mortgage Giants
By STEPHEN LABATON and ANDREW ROSS SORKIN
Published: September 5, 2008
WASHINGTON — Senior officials from the Bush administration and the Federal Reserve on Friday called in top executives of Fannie Mae and Freddie Mac, the mortgage finance giants, and told them that the government was preparing to place the two companies under federal control, officials and company executives briefed on the discussions said.
The plan, which would place the companies into a conservatorship, was outlined in separate meetings with the chief executives at the office of the companies’ new regulator. The executives were told that, under the plan, they and their boards would be replaced and shareholders would be virtually wiped out, but that the companies would be able to continue functioning with the government generally standing behind their debt, people briefed on the discussions said.
It is not possible to calculate the cost of any government bailout, but the huge potential liabilities of the companies could cost taxpayers tens of billions of dollars and make any rescue among the largest in the nation’s history.
Under a conservatorship, the common and preferred shares of Fannie and Freddie would be reduced to little or nothing, and any losses on mortgages they own or guarantee could be paid by taxpayers. Shareholders have already lost billions of dollars as the stocks have plunged more than 80 percent this year.
The declines in the housing and financial markets apparently forced the administration’s hand. With foreign governments increasingly skittish about holding billions of dollars in securities issued by the companies, no sign that their losses will abate any time soon, and the inability of the companies to raise new capital, the administration apparently decided it would be better to act now rather than closer to the presidential election in two months.
Just five weeks ago, President Bush signed a law to give the administration the authority to inject billions of dollars into the companies through investments or loans. In proposing the legislation, Treasury Secretary Henry M. Paulson Jr. said that he had no plan to provide loans or investments, and that merely giving the government the authority to backstop the companies would provide a strong shot of confidence to the markets. But the thin capital reserves that have kept the two companies afloat have continued to erode as the housing market has steadily declined and the number of foreclosures has soared.
As their problems have deepened — and the marketplace has come to expect some sort of government rescue — both companies have found it difficult to raise new capital to absorb future losses. In recent weeks, Mr. Paulson has been reaching out to foreign governments that hold billions of dollars of Fannie and Freddie securities to reassure them that the United States stands behind the companies.
Weaning the banks off the Old Lady’s teat
By The London Banker
Friday, 5 September 2008. There is a warm sense of security that comes from suckling liquidity from the teat of the central bank rather than foraging for capital and earnings in a harsh world full of threats and predators. Nonetheless, there comes a time when a good mother pushes away her importunate young and forces them to fend for themselves subject to her stern guidance and supervision.
Central banks have been suckling their broods of commercial banks since the credit crunch first exploded on the scene in August 2007. Now there are signs that the Bank of England and European Central Bank, at least, are keen to push their broods toward self-sufficiency, even at the risk that not all survive independently.
OAM 427 06-09-2008 13:39 (última actualização 07-09-2008 23:57)