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Pas
grand-chose de que vous n’ayiez
déjà lu dans ces colonnes, et même fréquemment.
Mais là, c’un un prix Nobel d’économie que le dit,
et qui vote Démocrate, qui plus est.
« Les gens qui ont
conçu ces plans sont soit corrompus par les banques, soit absolument
incompétents ».
Il
semblerait bien qu’il parle de Larry Summers
et de Tim Geithner
Joe Stiglitz assume que l’équipe d’Obama veut VRAIMENT réparer
l’économie et sauver la nation. Il semble toutefois possible
que, les démocrates ayant été privés du pouvoir
depuis si longtemps, leurs dirigeants n’ont d’autre objectif que
de rémunérer les contributeurs à leur campagne
électorale et leur préparer des nids douillets pour le futur.
Ensuite
seulement il s’occuperont du bien public, des
réformes à mener, tout ça. On se croirait à Chicago.
Les
banques doivent être mises au pas, et le système financier doit
être réformé, avant qu’on puisse commencer à
envisager un début de reprise dans l’économie.
Jesse
Jesse’s Café American
Tous
les articles du Café Américain
Bloomberg
Stiglitz Says Ties to Wall Street Doom Bank Rescue
By Michael McKee and Matthew Benjamin
April 17 (Bloomberg) -- The Obama administration’s bank rescue efforts
will probably fail because the programs have been designed to help Wall
Street rather than create a viable financial system, Nobel Prize-winning
economist Joseph Stiglitz said.
“All the ingredients they have so far are weak, and there are several
missing ingredients,” Stiglitz said in an
interview yesterday. The people who designed the plans are “either
in the pocket of the banks or they’re incompetent.” (That pretty much covers Larry Summers and
Tim Geithner, respectively - Jesse)
The Troubled Asset Relief Program, or TARP, isn’t large enough to
recapitalize the banking system, and the administration hasn’t been
direct in addressing that shortfall, he said. Stiglitz
said there are conflicts of interest at the White House because some of
Obama’s advisers have close ties to Wall Street.
“We don’t have enough money, they don’t want to go back to
Congress, and they don’t want to do it in an open way and they
don’t want to get control” of the banks, a set of constraints
that will guarantee failure, Stiglitz said.
The return to taxpayers from the TARP is as low as 25 cents on the dollar,
he said. “The bank restructuring has been an absolute mess.”
Rather than continually buying small stakes in banks, the government
should put weaker banks through a receivership where the shareholders of the
banks are wiped out and the bondholders become the shareholders, using
taxpayer money to keep the institutions functioning, he said. (Personally I'd give the bondholders a
very high and tight haircut - Jesse)
Nobel Prize
Stiglitz, 66, won the Nobel in 2001 for showing
that markets are inefficient when all parties in a transaction don’t
have equal access to critical information, which is most of the time. His
work is cited in more economic papers than that of any of his peers,
according to a February ranking by Research Papers in Economics, an
international database....
Bailing Out Investors
“You’re really bailing out the shareholders and the
bondholders,” he said. “Some of the people likely to be involved
in this, like Pimco, are big bondholders,” he said, referring to
Pacific Investment Management Co., a bond investment firm in Newport Beach, California.
Stiglitz said taxpayer losses are likely to be much
larger than bank profits from the PPIP program even though Federal Deposit
Insurance Corp. Chairman Sheila Bair has said the agency expects no losses.
“The statement from Sheila Bair that there’s no risk is absurd,”
he said, because losses from the PPIP will be borne by the FDIC, which is
funded by member banks.
Andrew Gray, an FDIC spokesman, said Bair never said there would be no risk,
only that the agency had “zero expected cost” from the program.
Redistribution
“We’re going to be asking all the banks, including presumably
some healthy banks, to pay for the losses of the bad banks,” Stiglitz said. “It’s a real redistribution
and a tax on all American savers.”
Stiglitz was also concerned about the links
between White House advisers and Wall Street. Hedge fund D.E. Shaw &
Co. paid National Economic Council Director Lawrence Summers, a managing
director of the firm, more than $5 million in salary and other compensation
in the 16 months before he joined the administration. Treasury Secretary
Timothy Geithner was president of the New York
Federal Reserve Bank.
“America
has had a revolving door. People go from Wall Street to Treasury and back to
Wall Street,” he said. “Even if there is no quid pro quo, that is not the issue. The issue is the
mindset.”
Stiglitz was head of the White House’s
Council of Economic Advisers under President Bill Clinton before serving from
1997 to 2000 as chief economist at the World Bank. He resigned from that post
in 2000 after repeatedly clashing with the White House over economic policies
it supported at the International Monetary Fund. He is now a professor at Columbia University.
Critical of Stimulus
Stiglitz was also critical of Obama’s other
economic rescue programs.
He called the $787 billion stimulus program necessary but
“flawed” because too much spending comes after 2009, and because
it devotes too much of the money to tax cuts “which aren’t likely
to work very effectively.”
“It’s really a peculiar policy, I think,” he said. (Peculiar? Perhaps he meant the odor. - Jesse)
The $75 billion mortgage relief program, meanwhile, doesn’t do enough
to help Americans who can’t afford to make their monthly payments, he
said. It doesn’t reduce principal, doesn’t make changes in
bankruptcy law that would help people work out debts, and doesn’t
change the incentive to simply stop making payments once a mortgage is
greater than the value of a house.
Stiglitz said the Fed, while it’s done almost
all it can to bring the country back from the worst recession since 1982,
can’t revive the economy on its own.
Relying on low interest rates to help put a floor under housing prices is
a variation on the policies that created the housing bubble in the first
place, Stiglitz said. (You got that right Joe - Jesse)
Recreating Bubble
“This is a strategy trying to recreate that bubble,” he said.
“That’s not likely to provide a long-run solution. It’s a
solution that says let’s kick the can down the road a little bit.”
(They have been kicking this cow
pie down the road for so long we're almost at the edge of the world - Jesse)
While the strategy might put a floor under housing prices, it won’t do
anything to speed the recovery, he said. “It’s a recipe for
Japanese-style malaise.”
Even with rates low, banks may not lend because they remain wary of market or
borrower risk, and in the current environment “there’s still a
lot of risk.” That’s why even with all of the programs the Fed
and the administration have opened, lending is still
very limited, Stiglitz said.
“They haven’t thought enough about the determinants of the flow
of credit and lending.”
Jesse est contributeur à 24hGold.com. Les vues
présentées sont les siennes et peuvent évoluer sans
qu’il soit nécessaire de faire une mise à jour. Les articles
présentés ne constituent en rien une invitation à
réaliser un quelconque investissement. L’auteur,
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