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The “Dirty Little Secret” Of the US Bank Bailout “肮脏的小秘密”的美国银行纾困

Thursday, October 30th, 2008 星期四, 08年一十月30日

WSWS | In an unusually frank article published in Saturday’s New York Times, the newspaper’s economic columnist, Joe Nocera, reveals what he calls “the dirty little secret of the banking industry”–namely, that “it has no intention of using the [government bailout] money to make new loans.” |在以罕见的坦率的文章发表在周六的纽约时报,报纸的经济专栏作家,乔诺西拉,显示他所谓的“肮脏小秘密银行业” ,即“它无意使用[政府救助]钱作出新的贷款。 “

As Nocera explains, the plan announced October 13 by Treasury Secretary Henry Paulson to hand over $250 billion in taxpayer money to the biggest banks, in exchange for non-voting stock, was never really intended to get them to resume lending to businesses and consumers–the ostensible purpose of the bailout.正如诺西拉解释说,计划10月13日宣布,由财政部长保尔森交出2500亿美元的纳税人的钱,以最大的银行,以换取非投票股票,从来没有真正打算让他们恢复贷款给企业和消费者,的表面目的是纾困。 Its essential aim was to engineer a rapid consolidation of the American banking system by subsidizing a wave of takeovers of smaller financial firms by the most powerful banks.其基本目的是工程师迅速巩固了美国银行系统的补贴一波并购规模较小的金融公司的最强大的银行。

Nocera cites an employee-only conference call held October 17 by a top executive of JPMorgan Chase, the beneficiary of $25 billion in public funds.诺西拉引用了一个员工只有电话会议10月17日举行的高层摩根大通,受益250亿美元的公共资金。 Nocera explains that he obtained the call-in number and was able to listen to a recording of the proceedings, unbeknownst to the executive, whom he declines to name.诺西拉解释说,他获得了呼叫次数,并能够收听录音程序,不知情的执行,他拒绝的名称。

Asked by one of the participants whether the $25 billion in federal funding will “change our strategic lending policy,” the executive replies: “What we do think, it will help us to be a little bit more active on the acquisition side or opportunistic side for some banks who are still struggling.”问其中一名参与者是否250亿美元的联邦资金将“改变我们的战略的贷款政策, ”行政答复: “我们确实认为,这将有助于我们有点更积极的收购方或机会主义方一些银行谁仍在苦苦挣扎。 “

Referring to JPMorgan’s recent government-backed acquisition of two large competitors, the executive continues: “And I would not assume that we are done on the acquisition side just because of the Washington Mutual and Bear Stearns mergers.在谈到摩根大通最近的政府支持的收购两个大的竞争对手,行政继续说: “我并不认为我们正在做的收购方是因为华盛顿互惠和贝尔斯登合并。 I think there are going to be some great opportunities for us to grow in this environment, and I think we have an opportunity to use that $25 billion in that way, and obviously depending on whether recession turns into depression or what happens in the future, you know, we have that as a backstop.”我认为,将有一些巨大的机遇,我们生长在这种环境下,我认为我们有机会利用这一250亿美元,以这种方式,显然取决于是否衰退变成抑郁症或发生的事情在未来,你们都知道,我们作为一个支持。 “

As Nocera notes: “Read that answer as many times as you want–you are not going to find a single word in there about making loans to help the American economy.”正如诺西拉指出: “阅读答案多次你想,你不会找到一个字在那里的贷款,以帮助美国经济。 ”

Later in the conference call the same executive states, “We would think that loan volume will continue to go down as we continue to tighten credit to fully reflect the high cost of pricing on the loan side.”后来在电话会议上同一行政指出, “我们将认为,贷款量将继续下去,我们将继续收紧信贷,以充分反映成本高定价的贷款方面。 ”

“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…. “这是开始出现,纽约时报”专栏作家写道, “因为如果一个财政部的主要理由为资本的程序,即会导致银行贷款再次启动,是一块遮羞布... 。 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.”事实上,财政部希望银行收购对方,并利用其权力,注入资本,迫使一个新的和痛苦的一轮银行合并。 “

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.本月初,他解释说, “在一个几乎被忽视行动, ”保尔森,前首席执行官高盛,设立了一个新的减税价值数十亿美元,目的是鼓励银行合并。 It allows the acquiring bank to immediately deduct any losses on the books of the acquired bank.它允许收购银行立即扣除任何损失的书籍收购的银行。

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.保尔森和其他美国财政部官员已公开声明,呼吁银行,接受公共资金,利用它们来增加其贷款活动。 That, however, is for public consumption.然而,这是供公众消费。 The bailout program imposes no lending requirements on the banks in return for government cash.救助计划的实施要求没有贷款的银行,以换取政府的现金。

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.目前,信用危机已被用来工程师收购贝尔斯登和Washington Mutual的JP摩根,美林证券的美国银行,瓦乔维亚由富国和,上周五,全国城市的民警。

What the Wall Street Journal on Saturday called the “strong-arm sale” of National City provides a taste of what is to come.什么华尔街日报周六所谓的“强有力的手臂出售”全国城市提供了一种味道是什么来。 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.财政部密封的命运,克利夫兰的一家银行,决定不将其列入各区域银行,将得到政府的施舍。 It then gave Pittsburgh-based PNC $7.7 billion from the bailout fund to help defray the costs of a takeover of National City.然后给总部设在匹兹堡的民警77亿美元的紧急援助基金,以帮助支付费用,收购国家城市。 PNC will also benefit greatly from the tax write-off on mergers enacted by Treasury.民警也将大大受益于税务注销的兼并财政部颁布的。

All of the claims that were made to justify the bank bailout have been exposed as lies.所有声称,作了辩解纾困银行已揭露谎言。 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.美国总统布什,联邦储备委员会主席伯南克和保尔森也加入了民主党国会领导层和奥巴马中警告说,援助必须通过,并立即通过,尽管大规模流行的反对。 Those who opposed the plan were denounced for jeopardizing the well being of the American people.这些谁反对该计划的谴责危害的福祉美国人民。

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.在全国电视讲话9月24日,提前在国会表决的救助计划,布什说,它将“帮助美国消费者和商界人士获得信贷,以满足他们的日常需要和创造就业机会。 ”如果救助没有通过,他警告说, “更多银行可能会失败,包括一些在您的社区。 The stock market would drop even more, which would reduce the value of your retirement account….股市将下降更有什者,这将减少的价值,你的退休帐户... 。 More businesses would close their doors, and millions of Americans could lose their jobs … ultimately, our country could experience a long and painful recession.”越来越多的企业将关门,数以百万计的美国人可能会失去工作...最终,我们的国家可能会遇到一个漫长而痛苦的衰退。 “

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.一个月后,救助已经颁布,所有可怕的事态发展银行和企业消失,股市下跌,失业率上升,这对美国人民被告知这是开展预防与加速。

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.虽然奥巴马谈论需要所有美国人“走到一起”的精神“共同牺牲” ,这意味着大幅度削减医疗保险,医疗,社会保障和其他社会项目和费用的救助是列举的理由财政紧缩,银行家进行无情起诉其阶级利益。

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.作为世界社会主义网站发出警告时,首次提出在9月中旬, “经济救助”计划已经显示是一个计划,以掠夺社会,造福于金融贵族。 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.美国统治精英,利用其统治的国家和两个党政治制度,是利用了一个危机其本身的决策执行通过一个经济议程的,长期的准备,不能强加在正常情况下。

The result will be greater economic hardship for ordinary Americans.其结果将是更大的经济困难的普通美国人。 The big banks will have even greater market power to set interest rates and control access to credit for workers, students and small businesses.大银行将有更大的市场力量在设定利率和控制获得信贷的工人,学生和小型企业。

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.虽然没有严肃的措施正在拟议中,无论是布什政府,共和党总统候选人或他的民主党对手,以防止社会灾难从超车的劳动人民,政府正在组织调整金融制度,使少数大型银行增加其权力的社会。


Have Your Say: The “Dirty Little Secret” Of the US Bank Bailout 你说: “肮脏的小秘密”的美国银行纾困
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