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 | Translate: 翻译：               US government takes over mortgage giants to stave off financial meltdown美国政府接管按揭巨人，以避免金融崩溃 Monday, September 8th, 2008 周一， 2008年9月8日 By通过 Bill Van Auken条例草案范auken | In the biggest government intervention in the American economy since the Great Depression of the 1930s, the US Treasury Department announced Sunday that it is effectively nationalizing the two mortgage giants Fannie Mae and Freddie Mac. |在最大的政府干预，在美国经济自经济大萧条的20世纪30年代，在美国财政部宣布，周日，这是有效地国有化两个按揭巨头Fannie Mae的和Freddie Mac 。 Timed to precede the opening of the stock markets in Asia, the announcement that the two firms are being placed in “conservatorship” left no doubt about the depth of the economic crisis confronting American and world capitalism.在时间上先于开幕的股票市场在亚洲，宣布两家公司现正摆放在“ conservatorship ”左毫无疑问的深度经济危机所面临的美国和世界资本主义。 “Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great turmoil in our financial markets here at home and around the globe,” said Treasury Secretary Henry Paulson Jr., at a Washington press conference. “ Fannie Mae的和Freddie Mac是如此之大，所以相互交织，在我们的金融制度，认为是失败的一方他们会造成很大的风暴，在我们的金融市场在这里在家里和全球各地的说： ”库务司司长唐英年保尔森小，在一个华盛顿的新闻发布会。 “A failure would be harmful to economic growth and job creation. “失败，将有害于经济增长和创造就业机会。 That is why we have taken these actions today.”这就是为什么我们已采取这些行动的今天“ 。 Indeed, the bankruptcy of these two companies points to the bankruptcy of American capitalism.事实上，破产的这两家公司的点，以破产的美国资本主义的特点。 Between them they are responsible for funding more than two thirds of all home mortgages in the US.它们之间的，他们负责资金的三分之二以上的所有住房抵押贷款在美国。 While politicians from both parties as well as most media reports have tried to portray the plan as assistance to beleaguered homeowners, it is clear that the intervention will do nothing to ameliorate the crisis confronting millions of average working people.而政客从双方以及大多数媒体报道，曾试图描绘计划，作为援助困扰的业主，这是明确表示，干预将什么也不做，以减轻金融危机所面临的以百万计的平均劳动人民。 As the New York Times acknowledged Sunday, “The plan to bail out the firms will probably do little to stop home prices from falling further.作为新的纽约时报承认，周日“ ，该计划保释出来的公司可能会不大停止住房价格下跌，进一步。 And foreclosures are almost certain to rise.和foreclosures是几乎可以肯定上升。 “The bailout will give the mortgage industry a stability that we haven’t had in a couple of years,” Rich Cosner, president of Prudential California Realty told the Associated Press. “救助会令按揭业的稳定，我们还没有在一，两年， ”富人cosner ，总统审慎加州房地产告诉美联社记者。 “But frankly no, it won’t help (struggling borrowers) to refinance.” “但坦白说没有，它不会帮助（挣扎借款人）再融资” 。 Its real aim is to bail out the banks which bought Fannie’s and Freddie’s unsecured debts as investments with the understanding that the US treasury ultimately stood behind these so-called “government-secured enterprises.”其真正目的是渡过难关的银行购买房利美和Freddie的无担保债务作为投资与谅解，即美国财政部最终站在背后的这些所谓的“政府担保的企业” 。 The immediate cost of the bailout will be borne by taxpayers as well as shareholders, who will see their investments wiped out.立即成本的救助将会由纳税人承担，以及作为股东，谁将会看到他们的投资灭绝。 Part of the plan announced Sunday authorizes the government to buy up existing assets at a nominal price of less than a $1 a share.这一计划的一部分星期日宣布，授权政府购买了现有的资产在名义价格不到1美元的份额。 A significant portion of these investments are held by mutual funds handling 401K plans that constitute the sole retirement savings for large sections of the American workforce.的一个重要部分，这些投资是由互助基金处理401k计划，构成了唯一的退休储蓄大路段，美国的劳动力。 Moreover, the terms of the takeover is expected to precipitate at least some new bank failures.此外，条款的收购，预计沉淀，至少一些新的银行倒闭。 The FDIC (Federal Deposit Insurance Corporation) issued a statement Sunday affirming that “while many institutions hold common or preferred shares of these two government-sponsored enterprises, a limited number of smaller institutions have holdings that are significant compared to their capital.” How “limited” this number was, the agency did not say.联邦存款保险公司（联邦存款保险公司的公司）发表了一项声明星期日申明： “虽然很多机构持有共同或优先股，这两个由政府赞助的企业，数目有限的规模较小的院校有控股是显着的相比，其资本” ，如何“有限的“这个数字，该机构并没有说。 The plan announced by Paulson calls for the investment of up to $200 billion in government funds to prop up the two mortgage giants.该计划宣布，由保尔森呼吁投资高达2000亿美元的政府资金托两个按揭巨人的肩膀上。 The real cost, however, could prove significantly higher.实际成本，但是，可以证明显着高于。 William Poole, the former president of the Federal Reserve Bank of St. Louis, said Sunday that the government could be compelled to spend as much as $300 billion to rescue the two companies.威廉普尔，前总统联邦储备银行圣路易斯说，周日表示，政府可以强制消费高达3000亿美元，以拯救这两家公司。 The action marks the third time since the beginning of the year that the US government has been force to bail out a major financial institution in order to stave off a threat of imminent collapse of the US and global banking system.该行动标志着第三次自今年年初表示，美国政府一直武力保释出来的一个主要的金融机构，以避开威胁迫在眉睫的崩溃，美国和全球的银行体系。 Last March, the injection of $29 billion from the US Federal Reserve was used to subsidize the takeover of Bear Stearns by JPMorgan Chase.去年3月，注资290亿美元从美国联邦储备是用于补贴收购熊士坦由摩根大通。 And in July, the government was granted authority to inject cash into the Fannie Mae and Freddie Mac, while the two government-backed private companies were allowed to borrow money directly from the Fed.和今年7月，政府获得的权力，以现金注资进入房利美和Freddie Mac ，而两个政府支持的私人公司，获准以借钱直接从美联储。 Together, the two companies had recorded $14.9 billion in net losses over the past four quarters as a result of rising foreclosures and plummeting home prices.两者合计，两家公司曾录得一百四十九万点零万美元在净亏损超过过去四个季度中，由于上升foreclosures和住房价格暴跌。 In selling the plan last July to the Senate Bank Committee, Paulson argued, “If you have a bazooka in your pocket and people know it, you probably won’t have to use it.” The idea was that by creating this safety net, private investors would be reassured and would lend money to the two companies, which together own or back more than $5 trillion in home mortgage debt.在出售计划去年7月向参议院银行委员会，保尔森认为， “如果你有一个bazooka在您的口袋和人民知道，你可能不会使用它。 ”当时的想法是，通过创建这个安全网，私人投资者将可以放心，并会借钱给两家公司，共同拥有或回以上5万亿美元，在家庭抵押贷款债务。 As it turned out, the “bazooka” had the opposite effect, convincing investors that Fannie and Freddie were headed for bankruptcy and federal takeover.作为原来， “ bazooka ”了相反的效果，有说服力的投资者认为，房利美和Freddie人为首的破产和联邦接管。 As a result, their share prices continued to plummet, having lost 80 percent of their value this year.因此，其股价继续大跌，失去了80 ％ ，其价值在今年。 In after-hours trading Friday, after rumors of an imminent takeover began circulating on Wall Street, Fannie Mae stocks fell by another 21.9 per cent and Freddie Mac’s by 20.9 per cent.在随后的盘后交易周五后，传言即将收购开始循环在华尔街， Fannie Mae的股票下跌的另一个21.9 ％和Freddie Mac的20.9 ％ 。 One of the triggering factors in the government intervention was apparently the dumping of Fannie-Freddie holdings by Asian and other foreign investors.其中一个触发因素，在政府的干预显然是倾倒房-弗雷迪集团由亚洲和其他外国投资者。 Bank of China, the country’s third-largest bank, announced at the end of August that it had shed some $3.14 billion in debt holdings from the two companies over the previous two months.中国银行，该国的第三大银行宣布，截至八月底，它已摆脱一些三十一亿四千万美元在债务集团从两家公司超过前两个月。 Other central banks were apparently following suit.其他中央银行的显然是效法。 Russia’s central bank, meanwhile, reportedly dumped some $40 billion in Fannie Mae, Freddie Mac and Federal Home Loan Bank securities over the course of this year and further cuts were expected.俄罗斯的中央银行行长，同时，据报道，倾倒大约400亿美元在Fannie Mae的， Freddie Mac的和联邦家庭贷款银行证券超过这个过程在今年进一步削减预期。 The flight from investment in these government-backed companies clearly raises the specter that a similar pull-out could be threatened from US government securities.该航班从投资在这些政府支持的公司提出了明确的幽灵一个类似的下拉列可以受到威胁，从美国政府证券。 At present, the US economy is dependent upon foreign investors, principally in Asia, purchasing up to $20 billion in US agency debt monthly.目前，美国经济是依赖于外国投资者，主要是在亚洲，采购多达200亿美元的美国机构的债务，每月。 Implicitly threatening just such a pullout, China’s leading economist, Yu Yongding, a former senior advisor to the central bank, commented last month: “If the US government allows Fannie and Freddie to fail and international investors are not compensated adequately, the consequences will be catastrophic.含蓄地威胁着这样一个撤离，中国领先的经济学家，余永定，一名前高级顾问，中央银行，评论，上个月说： “如果美国政府允许房利美和Freddie失败和国际投资者是不充分的补偿，其后果将是灾难性的。 If it is not the end of the world, it is the end of the current international financial system.”如果不是年底的世界，这是结束目前的国际金融体系“ 。 Significantly the bond rating agency, Standard & Poors, felt compelled to issue a statement Sunday affirming that the takeovers—adding $5 trillion in debt to Washington’s balance sheets—would not result in the downgrading of the US government’s sovereign credit rating.显着的债券评级机构，标准普尔认为，强迫他发表一项声明星期日申明，收购加5万亿美元的债务在华盛顿的资产负债表-将不会导致降级，美国政府的主权信贷评级。 The depth of the crisis and the scope of the government intervention was underscored by the fact that Paulson briefed not only President Bush before announcing the plan, but also Democratic and Republican candidates Barack Obama and John McCain, as well as senior congressional leaders.对危机的深度和范围，政府干预是强调事实，即保尔森介绍，不仅美国总统布什在公布该计划，而且民主党和共和党的候选人巴拉克奥巴马和麦凯恩，以及高级国会领袖。 Both candidates voiced their backing for the intervention, while criticizing the government’s past handling of the two mortgage companies.两位候选人表达了他们的支持，为干预，而批评政府过去的处理两个按揭公司。 “These entities are so big and they are so tied into the housing market that it is probably true that we have to take steps to make sure they don’t just collapse,” Obama told an audience in Terre Haute, Indiana. “这些实体这么大，他们是如此绑到房屋市场，它可能是真正的，我们必须采取步骤，以确保它们不只是崩溃， ”奥巴马说，观众在特雷霍特，印第安那。 “I think that we’ve got to keep people in their homes,” McCain declared in an interview aired Sunday on the CBS news program “Face the Nation.” He continued: “There’s got to be restructuring, there’s got to be reorganization, and there’s got to be some confidence that we’ve stopped this downward spiral.” “我认为我们已经到了使人们在他们的家园， ”麦凯恩宣布在接受记者采访时播出的周日对美国哥伦比亚广播公司新闻节目“面对全国”他续称： “有到了必须转型，还有的获得要重组，有到了一些信心，我们已经停止这项向下螺旋“ 。 Obama proclaimed that the takeover should not be used to “protect investors and speculators who relied on the government to reap massive profits,” while McCain denounced “executives were making hundreds of—some billion dollars a year while things were going downhill.” The Republican candidate acknowledged, “This is the kind of cronyism, corruption, that’s made people so justifiably angry.”奥巴马宣布收购不应被用来“保护投资者和投机者谁依赖于政府，赚取大量利润” ，而麦凯恩谴责“行政人员作出了数以百计的-一些亿美元， 1年，而事情下坡” 。共和党候选人承认， “这是种任人唯亲，贪污腐败，这使人们有理由感到愤怒，使” 。 All of this is empty demagogy.所有这一切是空的蛊惑。 The speculation, cronyism and corruption that pervaded the operations of Fannie Mae and Freddie Mac are emblematic of the parasitism and criminality of the America’s ruling financial elite as a whole.投机，任人唯亲和腐败弥漫的运作， Fannie Mae的和Freddie Mac是象征性的寄生和犯罪行为对美国的裁决，金融精英作为一个整体。 Moreover, this bipartisan unity in support of the bailout is the clearest expression of the unconditional subordination of both major political parties to the fundamental interests of America’s financial oligarchy.此外，这两党团结在支持的救助是最清楚的表达无条件服从两个主要政党的根本利益，美国的财政寡头。 One of the deciding factors in the government’s intervention Sunday was an audit of the two companies performed by advisers hired from Morgan Stanley.其中一个决定性的因素，在政府的干预，周日是一个审计两家公司的执行顾问，聘请了来自摩根士丹利。 While initial reports are sketchy, it appears that the auditors found that the two firms were employing Enron-style accounting methods to hide the real depth of their crisis, failing to write down the value of securities backed by subprime loans.而初次报告过于简略，似乎审计员发现，两家公司分别雇用安然式的会计处理方法，以隐藏真正深入他们的危机，不写下来，价值证券后盾，次级贷款。 As a result, the amount of capital that the companies had to protect themselves from losses—extremely limited by any standards—was in actuality far less than had been presented.因此，资本数额，该公司已能够保护自己免受损失-极为有限，以任何标准来衡量-是在现状，远远低于已提交。 Their ability to raise new capital had clearly dried up with the dizzying drop in share prices in recent months.他们的能力提出了新的资本已清楚干涸，与令人眼花缭乱的下降，股票价格在最近几个月。 “Freddie Mac had made accounting decisions that pushed losses into the future and postponed a capital shortfall until the fourth quarter of this year, which would not need to be disclosed until early 2009,” the New York Times reported. “ Freddie Mac的取得了会计的决定推到损失的前途和推迟了资本的短缺，直到今年第四季度，这将不须披露，直到2009年年初， ”纽约时报报道。 “Fannie Mae has used similar methods, but to a lesser degree, according to other people who have been briefed.” “ Fannie Mae已经用类似的方法，但在较小程度，根据其他人谁已介绍了” 。 Both of the mortgage giants had been involved in previous accounting scandals.双方按揭巨人曾参与在以往的会计丑闻。 Freddie Mac underwent a shakeup in 2003 after it was revealed that earnings figures had been falsified to the tune of $5 billion, while at Fannie Mae, the company was accused of “accounting errors” totaling $6.3 billion. Freddie Mac的经历了人事变动在2003年后，据透露，收入数字已是伪造的，向调50亿美元，而在Fannie Mae详情，该公司被指控“会计差错” ，共计63亿美元。 Both Freddie and Fannie were forced to pay fines and replace their chief executives, but no criminal investigations were initiated and no substantive change was initiated in the companies’ operations.双方弗雷迪和房利美被迫支付罚款，并取代其行政总裁，但没有刑事调查的发起，并没有实质性的改变，开始在公司的业务。 As the New York Times described these operations, the two firms used the implicit government commitment to bail them out “to borrow money at below-market rates and lend money at above-market returns,” turning them into “what amounted to gigantic hedge funds operating with only a sliver of capital to protect them from unexpected surprises.”正如纽约时报所描述的这些行动中，这两家公司使用的隐含的政府的承诺，保释出来“借钱以低于市场利率，借钱在上述市场回报， ”把它们变为“什么总额为巨大的对冲基金经营只是一个条子的资本，保护他们免受意想不到的惊喜“ 。 Fannie Mae was set up by the federal government in 1938 as part of the New Deal to inject capital into a mortgage market mired in the Great Depression. Fannie Mae的成立，由联邦政府在1938年作为新的处理，以注资，成为按揭市场陷入了大萧条。 It was a public agency with the explicit mission of providing government credit so that average families could buy homes.这是一个公共机构与明确的使命，提供政府信用，使一般家庭可以购买的家园。 In 1968, it was turned into a private but government-sponsored corporation with the aim of getting mortgage debt off of the government’s books under conditions in which the Vietnam War was creating growing fiscal pressures.在1968年，它变成私人，但政府赞助的公司，目的是获得抵押贷款债务抵销政府的图书的条件下，在越南战争中创造了日益增长的财政压力。 Freddie Mac was created in 1970 as a similar “government sponsored enterprise.” By the 1990s, the two agencies became central to the speculative housing bubble that underlay the profit boom on Wall Street that preceded the current crisis of the world financial system. Freddie Mac的创建于1970年作为一个类似“政府赞助的企业。 ”由20世纪90年代，这两个机构成为中央，以投机房地产泡沫背后的利润景气对华尔街之前目前的危机对世界金融体系。 The government’s choice of new chief executives to head the two firms it has taken over makes clear whose interests it intends to defend.政府的选择，新的行政首长负责两家公司，它已接管清楚谁的利益，它打算捍卫。 Placed at the helm of Fannie Mae was Herbert Allison, a former vice-chairman at Merrill Lynch, and to head Freddie Mac, it tapped David Moffett, a former CEO at US Bancorp and current senor advisor to the Carlyle Group.放置在掌舵Fannie Mae的是赫伯特阿利森，前副总裁在美林证券，以及头部Freddie Mac的，它挖掘国宝莫菲特，前任首席执行官在美国bancorp和当前的传感器顾问，凯雷集团。 Have Your Say: US government takes over mortgage giants to stave off financial meltdown 有您这样说：美国政府接管按揭巨人，以避免金融崩溃 Please read our请阅读我们的 posting guidelines before posting发布指引，然后再发布 . 。 Alternatively或者 you can discuss this report here您可以讨论此报告在这里 . 。 Related News 相关新闻
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