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Vertaal:

Donderdag, 30 Oktober, 2008

WSWS? | In een ongebruikelijk openhartig artikel dat in de New York Times van de Zaterdag wordt gepubliceerd, openbaart de economische kroniekschrijver van de krant, Joe Nocera, wat hij het „vuile kleine geheim van de bankwereld“ - namelijk roept, dat „het geen bedoeling heeft om het [overheidsbailout] geld te gebruiken om nieuwe leningen te maken.“

Zoals Nocera verklaart, kondigde het plan Oktober 13 door aan Schatkist Secretaresse Henry Paulson om te overhandigen $250 miljard in belastingbetaler geld aan groot bank, in ruil voor non-voting voorraad, was nooit werkelijk voorgenomen om te krijgen hen om te hervatten lenend aan onderneming en consument-schijnbaar doel van bailout. Zijn essentieel doel was een snelle consolidatie van het Amerikaanse bankwezensysteem te bouwen door een golf van overnames van kleinere financiële firma's door de krachtigste banken te subsidiëren.

Nocera haalt een werknemer-enige conferentievraag aan 17 die Oktober door een hoogste stafmedewerker van de Jacht van JPMorgan wordt gehouden, de begunstigde van $25 miljard in openbare middelen. Nocera verklaart dat hij vraag-binnen het aantal verkreeg en aan een opname van de werkzaamheden, buiten het medeweten van de stafmedewerker kon luisteren, die hij daalt om te noemen.

Gevraagd door één van de deelnemers of $25 miljard in federale financiering „ons strategisch lenend beleid zullen veranderen,“ de stafmedewerker antwoordt: „Wat wij, zal het denken ons een klein beetje helpen te zijn actiever aan de aanwinsten zij of opportunistic kant voor sommige banken die nog.“ worstelen

Verwijzend naar de recente overheid-gesteunde aanwinst van JPMorgan van twee grote concurrenten, gaat de stafmedewerker verder: „En ik zou veronderstellen niet dat wij aan de aanwinstenkant enkel wegens Wederzijds Washington worden gedaan en fusies Stearns dragen. Ik denk er het gaan sommige grote kansen voor ons zijn zijn om in dit milieu te groeien, en ik denk wij een kans hebben om dat $25 miljard op die manier te gebruiken, en duidelijk afhankelijk van of de recessiedraaien in depressie of wat in de toekomst gebeurt, u het weet, hebben wij dat als backstop.“

Aangezien nota's Nocera: „Lees dat antwoord zo vaak aangezien u behoefte-u geen één enkel woord gaat daar vinden in over het maken van leningen om de Amerikaanse economie te helpen.“

Later in de conferentievraag de zelfde uitvoerende staten, „wij zouden denken dat het leningsvolume zal blijven dalen aangezien wij krediet blijven aanhalen om op de hoge kosten volledig te wijzen om aan de leningskant de prijs vast te stellen van.“

“It is starting to appear,” the Times columnist writes, “as if one of the Treasury’s key rationales for the recapitalization program–namely, that it will cause banks to start lending again–is a fig leaf…. In fact, Treasury wants banks to acquire each other and is using its power to inject capital to force a new and wrenching round of bank consolidation.”

Early this month, he explains, “in a nearly unnoticed move,” Paulson, the former CEO of Goldman Sachs, put in place a new tax break worth billions of dollars that is designed to encourage bank mergers. It allows the acquiring bank to immediately deduct any losses on the books of the acquired bank.

Paulson and other Treasury officials have made public statements calling on the banks that receive public funds to use them to increase their lending activities. That, however, is for public consumption. The bailout program imposes no lending requirements on the banks in return for government cash.

Already, the credit crisis has been used to engineer the takeover of Bear Stearns and Washington Mutual by JPMorgan, Merrill Lynch by Bank of America, Wachovia by Wells Fargo and, last Friday, National City by PNC.

What the Wall Street Journal on Saturday called the “strong-arm sale” of National City provides a taste of what is to come. The Treasury Department sealed the fate of the Cleveland-based bank by deciding not to include it among the regional banks that will receive government handouts. It then gave Pittsburgh-based PNC $7.7 billion from the bailout fund to help defray the costs of a takeover of National City. PNC will also benefit greatly from the tax write-off on mergers enacted by Treasury.

All of the claims that were made to justify the bank bailout have been exposed as lies. President Bush, Federal Reserve Chairman Ben Bernanke and Paulson were joined by the Democratic congressional leadership and Barack Obama in warning that the bailout had to be passed, and passed immediately, despite massive popular opposition. Those who opposed the plan were denounced for jeopardizing the well being of the American people.

In a nationally televised speech delivered September 24, in advance of the congressional vote on the bailout plan, Bush said it would “help American consumers and businessmen get credit to meet their daily needs and create jobs.” If the bailout was not passed, he warned, “More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account…. More businesses would close their doors, and millions of Americans could lose their jobs … ultimately, our country could experience a long and painful recession.”

One month later, the bailout has been enacted, and all of the dire developments–banks and businesses disappearing, the stock market plunging, unemployment skyrocketing–which the American people were told it would prevent are unfolding with accelerating speed.

While Obama talks about the need for all Americans to “come together” in a spirit of “shared sacrifice”–meaning drastic cuts in Medicare, Medicaid, Social Security and other social programs–and the cost of the bailout is cited to justify fiscal austerity, the bankers proceed to ruthlessly prosecute their class interests.

As the World Socialist Web Site warned when it was first proposed in mid-September, the “economic rescue” plan has been revealed to be a scheme to plunder society for the benefit of the financial aristocracy. The American ruling elite, utilizing its domination of the state and the two-party political system, is exploiting a crisis of its own making to carry through an economic agenda, long in preparation, that could not be imposed under normal conditions.

The result will be greater economic hardship for ordinary Americans. The big banks will have even greater market power to set interest rates and control access to credit for workers, students and small businesses.

While no serious measures are being proposed, either by the Bush administration, the Republican presidential candidate or his Democratic opponent, to prevent a social catastrophe from overtaking working people, the government is organizing a restructuring of the financial system that will enable a handful of mega-banks to increase their power over society.

Have Your Say: The ?Dirty Little Secret? Of the US Bank Bailout
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This entry was posted on Thursday, October 30th, 2008 at 6:14 pm and is filed under Business News . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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