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Vertaal:
              De schatkist heeft Instantie tot doel om $700 Miljard Activa te kopen
Maandag, 22 September, 2008 Door Alison Fitzgerald en John Brinsley | Het gevraagde Congres van Bush beleid voor ongecontroleerde bevoegdheid om $700 miljard slechte hypotheekinvesteringen van de V.S. in te kopen. financiële bedrijven in wat een ongekend overheidsbinnendringen in de markten zou zijn. Het plan, dat door de Secretaresse van de Schatkist wordt ontworpen Henry Paulson, wordt gestreefd naar het voorkomen van een kredietvorst die het financiële systeem en de economische groei aan een stilstand zou brengen. De rekening zou hoven van het herzien van acties versperren die onder zijn gezag worden gevoerd. „Het klinkt als Paulson vraagt om een financiële dictator te zijn, voor een beperkte tijdspanne,“ bovengenoemde historicus John Steele Gordon, stelt de auteur van de „Zegen van Hamilton,“ van de nationale schuld te boek. „Dit is een veelgevraagde verklaring van macht voor de secretaresse van de Schatkist. Wij kunnen niet tot het volgende beleid in Januari wachten.“ Aangezien de congresassistenten en de ambtenaren het voorstel in detail onderzochten, verduidelijkte de Schatkist laat vandaag de types van activa het zou kopen. Paulson zou gezag hebben om huisleningen, effecten met hypotheek, commerciële op hypotheekbetrekking hebbende activa en, na overleg met te kopen Federale Reserve voorzitter, „andere activa, als geacht noodzakelijk financiële markten effectief om te stabiliseren,“ de Schatkist bovengenoemd in een verklaring. De schatkist zou ook discretie, na besprekingen met Gevoed, hebben om de niet-V.S. te maken. financiële instellingen in aanmerking komend in het kader van het programma. Groter dan Pentagoon Het plan zou het plafond op de nationale schuld opheffen en zou zo veel zoals de gecombineerde jaarlijkse begrotingen van de Ministeries van Defensie, Onderwijs en Gezondheid en de Menselijke Diensten besteden. Paulson vraagt om de bevoegdheid om activamanagers in te huren en contracten aan privé bedrijven toe te kennen. De meeste bepalingen van het voorstel verlopen na twee jaar vanaf de datum van bepaling. Het nalaten door de overheid om de V.S. te steunen. het financiële systeem kon tot een „depressie leiden,“ Senator Charles Schumer vertelde verslaggevers in New York. „Niets doen moet het soort economische daling riskeren dit land niet in 60 jaar.“ heeft gezien De schatkist streeft binnen naar gezag aan stap als koper van laatste redmiddel voor hypotheek-verbonden activa die weinig andere financiële instellingen in de wereld, na overheidsovernames van MAC Fannie Mae en Freddie van hypotheekreuzen en verzekeraar willen kopen Inc. van American International Group. De „democraten zullen met het beleid werken om ervoor te zorgen dat onze reactie op gebeurtenissen in de financiële markten,“ de Spreker van het Huis vlug is Nancy Pelosi gezegd in een verklaring. Snel Spoor The majority party will seek to reduce mortgage foreclosures and create “fast-track authority” for an overhaul of financial regulation, Pelosi said. Democrats will ensure “the government is accountable to the taxpayers in any future actions under this broad grant of authority, implementing strong oversight mechanisms.” The proposal will include curbs on executive pay for the companies whose assets the government will be buying, Steve Adamske, a spokesman for Representative Barney Frank, said today in an interview. Democrats also will include a plan to stem foreclosures, which may involve tapping the loan-modification abilities of the Federal Housing Administration, the Federal Deposit Insurance Corp., and Freddie Mac and Fannie Mae, Adamske said. Frank, a Democrat from Massachusetts, is chairman of the House Financial Services Committee. “The consequences of inaction could be catastrophic,” Senate Majority Leader Harry Reid said in a statement. `Serious Issues’ “While the Bush proposal raises some serious issues, we need to resolve them quickly,” he said. “I am confident that, working together, we will.” House minority leader John Boehner, an Ohio Republican, said today he is reviewing the proposal but didn’t say whether he was inclined to support it. “The American people are furious that we’re in this situation, and so am I,” Boehner said in a statement. “We need to do everything possible to protect the taxpayers from the consequences of a broken Washington.” Congress, which may pass legislation as soon as Friday, needs to “make sure there are protections built in for taxpayers,” said Schumer, a New York Democrat on the banking committee. Lawmakers should ensure “taxpayers who gave the money will be put ahead of the stockholders, bondholders and others.” Paulson is seeking an expansion of federal influence over markets that hasn’t been seen since the Great Depression, said Charles Geisst, author of “100 Years of Wall Street” and a finance professor at Manhattan College in New York. Hoover Era Geisst likened the plan to the Reconstruction Finance Corp., which was chartered by Herbert Hoover in 1932 with the goal of boosting economic activity by lending money after credit markets seized up. President George W. Bush said he called leaders in both houses of Congress and “found a common understanding of how severe the problem is and how necessary it is to get something done quickly.” “This is going to be a big package because it’s a big problem,” Bush said following a meeting with Colombian President Alvaro Uribe at the White House. “We need to get this done quickly, and the cleaner the better.” Democratic presidential nominee Barack Obama said in a radio address that he “fully supports” Paulson and Fed Chairman Ben S. Bernanke’s efforts to stabilize the financial system. The plan, however, should benefit both main street and Wall Street, he said. Republican Presidential nominee John McCain “looks forward” to reviewing the proposal while focusing at least in part on “minimizing the burden on the taxpayer,” said Jill Hazelbaker, communications director for the McCain campaign. Ban Legal Challenges The ban on legal challenges of actions by Treasury is “distasteful, it’s unfortunate and it’s bad precedent, but this is an emergency and you have to act,” said Jerry Markham, a law professor at Florida State University and author of “A Financial History of the United States.” “What you don’t want happen is to have lawsuits that will slow things down and cause problems,” he said. The proposal would raise the nation’s debt ceiling to $11.315 trillion from $10.615 trillion and require the Treasury secretary to report back to Congress three months after Treasury first uses its new powers, and then semiannually after that. Paulson would gain discretion to act as he “deems necessary” to hire people, enter into contracts and issue regulations related to a revival of U.S. mortgage finance, according to a three-page proposal. The Treasury would “take into consideration” protecting taxpayers and promoting market stability. Hiring Authority The Treasury plans to hire managers to purchase the assets through so-called reverse auctions, seeking the lowest prices, a person briefed on the proposal said yesterday. The document specifies that Treasury may buy only assets from U.S.-based financial institutions issued or originated on or before Sept. 17. The House will pass legislation to implement the plan by the end of next week, and the Senate will act soon after, Frank said yesterday in an interview on Bloomberg Television’s “Political Capital with Al Hunt.” Bush today said he’s unconcerned that the price tag on the package may seem high. “I’m sure there are some of my friends out there that are saying, I thought this guy was a market guy, what happened to him,” the president said. “My first instinct was to let the market work, until I realized, while being briefed by the experts, how significant this problem became.” The Bush administration seeks “dictatorial power unreviewable by the third branch of government, the courts, to try to resolve the crisis,” said Frank Razzano, a former assistant chief trial attorney at the Securities and Exchange Commission now at Pepper Hamilton LLP in Washington. “We are taking a huge leap of faith.” To contact the reporter on this story: Alison Fitzgerald in Washingtont ; John Brinsley in Washington at jbrinsley@bloomberg.net Have Your Say: Treasury Seeks Authority to Buy $700 Billion Assets Please read our posting guidelines before posting. 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