"Fannie Mae and Freddie Mac are adequately capitalized and are not
in danger of failure." With these words, Ben Bernanke, Fed Governor
, tried to explain to the House of Representatives of the current situation
of the two sisters of U.S. mortgages. And before he even
Henry Paulson, U.S. Treasury Secretary, tried to defuse the tension
with words that sound the exact opposite of those uttered by
Bernanke: "A rescue plan is ;
necessary to respond to market concerns and increase confidence. " But not enough, because
to those who asked to what extent financial
the federal government of the United States would intervene, Paulson said that "
having difficulty determining the exact amount the line of credit
necessary, we do not propose a precise amount. "
The problem is that it seems to be playing a bit 'too much with fire.
On the one hand the attitude of the Federal Reserve was expected, given the policy
held so far, privileging (in his office) the
market stability. Strange, however, that Paulson
talk without having the full picture about what's happening in the U.S.. It is worth remembering how the sisters
FM, classified as a GSE (Government Sponsored Enterprises
), with market shares of 5.2 trillion dollars
(45% of the total), compared to a GDP of 14 000 stars and stripes billion. Almost
two American mortgage is held by Fannie Mae or Freddie Mac
These figures are well known, skilled and unskilled workers. The same notes are
stock prices of both companies, as well as their budgets. But then why Paulson
pretends not to know anything and prevarication,
saying only that the rescue plan will soon be ready? Again, what game is playing
Bernanke? Not satisfied with the rates of scissors to "ensure
confidence and stability to the markets" which we have seen for a year now,
seeks to reassure those who work with Americans and citizens 's
illusion that the market for housing finance is all in all
solid. Too bad that it is not.
course, in America, as in Italy, the solution to existing problems
(but not yet fired) always comes too late.
on the Italian front, in fact, think of the scandal that has made Bancopoli
head up all the newspapers in the summer of 2005. After it, the result
was a significant reorganization of the structure of the Bank of Italy, although certain attitudes
went on for at least several months. Similarly, according to many opinion leaders
American acts also lagging in the SEC (the 'American equivalent
Consob), which on Monday will introduce new
limits on sales of securities in the open, for the initial 30 days.
In the first place, would only apply to large loans sisters and another fifteen
financial companies, major. But not only because it is already
feared the extension to all companies listed on Wall Street
to stem what appears to have become the number one public danger, the
speculation. As if it ever existed, had not helped to create wealth and
had not got a system in which a possibility
not be denied to anyone.
Certainly, despite the shots (but also the rebounds) suffered, Fannie Mae
not lose heart and prepare some counter moves, such as issuing a
maxibond from 3 billion dollars with two-year term that will be ready in the coming weeks
. It is also believed to refer to your wallet
raise the mast on the ten-year bond, to provide confidence
savers.
What surprises, however, are two transactions with Swiss number plate. In fact,
Swiss Re and Zurich Financial Services have provided to Fannie Mae and Freddie Mac
about 10 billion dollars each and some questions are legitimate:
if you are exposed so fast, maybe it's because they have confidence in the work
rebalancing of the market? We try to avoid surgery because
nationalized aware that it would be too great a burden for the whole
U.S. citizenship?
The impression is that the storm has not yet passed at all, especially if
will get in half the long arm (and highly visible) state. With the vain illusion
to distribute benefits on a large scale, often have only
common costs matrix blatantly political choices. The case of
Fannie Mae and Freddie Mac born in the market, and it must find its solution
.
insights on
http://www.loccidentale.it/articolo/spetta+al+mercato+trovare+una+soluzione+
a + + and + Fannie + mae + freddie mac.0054787
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