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 | Translate: 翻譯：               US government takes over mortgage giants to stave off financial meltdown美國政府接管按揭巨人，以避免金融崩潰 Monday, September 8th, 2008 週一， 2008年9月8日 By通過 Bill Van Auken條例草案範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. |在最大的政府干預，在美國經濟自經濟大蕭條的20世紀30年代，在美國財政部宣布，週日，這是有效地國有化兩個按揭巨頭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.在時間上先於開幕的股票市場在亞洲，宣布兩家公司現正擺放在“ conservatorship ”左毫無疑問的深度經濟危機所面臨的美國和世界資本主義。 “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，所以相互交織，在我們的金融制度，認為是失敗的一方他們會造成很大的風暴，在我們的金融市場在這裡在家裡和全球各地的說： ”庫務司司長唐英年保爾森小，在一個華盛頓的新聞發布會。 “A failure would be harmful to economic growth and job creation. “失敗，將有害於經濟增長和創造就業機會。 That is why we have taken these actions today.”這就是為什麼我們已採取這些行動的今天“ 。 Indeed, the bankruptcy of these two companies points to the bankruptcy of American capitalism.事實上，破產的這兩家公司的點，以破產的美國資本主義的特點。 Between them they are responsible for funding more than two thirds of all home mortgages in the US.它們之間的，他們負責資金的三分之二以上的所有住房抵押貸款在美國。 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.而政客從雙方以及大多數媒體報導，曾試圖描繪計劃，作為援助困擾的業主，這是明確表示，干預將什麼也不做，以減輕金融危機所面臨的以百萬計的平均勞動人民。 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.作為新的紐約時報承認，週日“ ，該計劃保釋出來的公司可能會不大停止住房價格下跌，進一步。 And foreclosures are almost certain to rise.和foreclosures是幾乎可以肯定上升。 “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. “救助會令按揭業的穩定，我們還沒有在一，兩年， ”富人cosner ，總統審慎加州房地產告訴美聯社記者。 “But frankly no, it won’t help (struggling borrowers) to refinance.” “但坦白說沒有，它不會幫助（掙扎借款人）再融資” 。 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.”其真正目的是渡過難關的銀行購買房利美和Freddie的無擔保債務作為投資與諒解，即美國財政部最終站在背後的這些所謂的“政府擔保的企業” 。 The immediate cost of the bailout will be borne by taxpayers as well as shareholders, who will see their investments wiped out.立即成本的救助將會由納稅人承擔，以及作為股東，誰將會看到他們的投資滅絕。 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.這一計劃的一部分星期日宣布，授權政府購買了現有的資產在名義價格不到1美元的份額。 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.的一個重要部分，這些投資是由互助基金處理401k計劃，構成了唯一的退休儲蓄大路段，美國的勞動力。 Moreover, the terms of the takeover is expected to precipitate at least some new bank failures.此外，條款的收購，預計沉澱，至少一些新的銀行倒閉。 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.聯邦存款保險公司（聯邦存款保險公司的公司）發表了一項聲明星期日申明： “雖然很多機構持有共同或優先股，這兩個由政府贊助的企業，數目有限的規模較小的院校有控股是顯著的相比，其資本” ，如何“有限的“這個數字，該機構並沒有說。 The plan announced by Paulson calls for the investment of up to $200 billion in government funds to prop up the two mortgage giants.該計劃宣布，由保爾森呼籲投資高達2000億美元的政府資金托兩個按揭巨人的肩膀上。 The real cost, however, could prove significantly higher.實際成本，但是，可以證明顯著高於。 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.威廉普爾，前總統聯邦儲備銀行聖路易斯說，週日表示，政府可以強制消費高達3000億美元，以拯救這兩家公司。 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.該行動標誌著第三次自今年年初表示，美國政府一直武力保釋出來的一個主要的金融機構，以避開威脅迫在眉睫的崩潰，美國和全球的銀行體系。 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，注資290億美元從美國聯邦儲備是用於補貼收購熊士坦由摩根大通。 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，政府獲得的權力，以現金注資進入房利美和Freddie Mac ，而兩個政府支持的私人公司，獲准以借錢直接從美聯儲。 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.兩者合計，兩家公司曾錄得一百四十九萬點零萬美元在淨虧損超過過去四個季度中，由於上升foreclosures和住房價格暴跌。 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.在出售計劃去年7月向參議院銀行委員會，保爾森認為， “如果你有一個bazooka在您的口袋和人民知道，你可能不會使用它。 ”當時的想法是，通過創建這個安全網，私人投資者將可以放心，並會借錢給兩家公司，共同擁有或回以上5萬億美元，在家庭抵押貸款債務。 As it turned out, the “bazooka” had the opposite effect, convincing investors that Fannie and Freddie were headed for bankruptcy and federal takeover.作為原來， “ bazooka ”了相反的效果，有說服力的投資者認為，房利美和Freddie人為首的破產和聯邦接管。 As a result, their share prices continued to plummet, having lost 80 percent of their value this year.因此，其股價繼續大跌，失去了80 ％ ，其價值在今年。 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.在隨後的盤後交易週五後，傳言即將收購開始循環在華爾街， Fannie Mae的股票下跌的另一個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.其中一個觸發因素，在政府的干預顯然是傾倒房-弗雷迪集團由亞洲和其他外國投資者。 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.中國銀行，該國的第三大銀行宣布，截至八月底，它已擺脫一些三十一億四千萬美元在債務集團從兩家公司超過前兩個月。 Other central banks were apparently following suit.其他中央銀行的顯然是效法。 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.俄羅斯的中央銀行行長，同時，據報導，傾倒大約400億美元在Fannie Mae的， Freddie Mac的和聯邦家庭貸款銀行證券超過這個過程在今年進一步削減預期。 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.該航班從投資在這些政府支持的公司提出了明確的幽靈一個類似的下拉列可以受到威脅，從美國政府證券。 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，美國經濟是依賴於外國投資者，主要是在亞洲，採購多達200億美元的美國機構的債務，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.含蓄地威脅著這樣一個撤離，中國領先的經濟學家，余永定，一名前高級顧問，中央銀行，評論，上個月說： “如果美國政府允許房利美和Freddie失敗和國際投資者是不充分的補償，其後果將是災難性的。 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，這是結束目前的國際金融體系“ 。 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.顯著的債券評級機構，標準普爾認為，強迫他發表一項聲明星期日申明，收購加5萬億美元的債務在華盛頓的資產負債表-將不會導致降級，美國政府的主權信貸評級。 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.對危機的深度和範圍，政府干預是強調事實，即保爾森介紹，不僅美國總統布什在公佈該計劃，而且民主黨和共和黨的候選人巴拉克奧巴馬和麥凱恩，以及高級國會領袖。 Both candidates voiced their backing for the intervention, while criticizing the government’s past handling of the two mortgage companies.兩位候選人表達了他們的支持，為干預，而批評政府過去的處理兩個按揭公司。 “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. “這些實體這麼大，他們是如此綁到房屋市場，它可能是真正的，我們必須採取步驟，以確保它們不只是崩潰， ”奧巴馬說，觀眾在特雷霍特，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.” “我認為我們已經到了使人們在他們的家園， ”麥凱恩宣布在接受記者採訪時播出的週日對美國哥倫比亞廣播公司新聞節目“面對全國”他續稱： “有到了必須轉型，還有的獲得要重組，有到了一些信心，我們已經停止這項向下螺旋“ 。 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.”奧巴馬宣布收購不應被用來“保護投資者和投機者誰依賴於政府，賺取大量利潤” ，而麥凱恩譴責“行政人員作出了數以百計的-一些億美元， 1年，而事情下坡” 。共和黨候選人承認， “這是種任人唯親，貪污腐敗，這使人們有理由感到憤怒，使” 。 All of this is empty demagogy.所有這一切是空的蠱惑。 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.投機，任人唯親和腐敗瀰漫的運作， Fannie Mae的和Freddie Mac是象徵性的寄生和犯罪行為對美國的裁決，金融精英作為一個整體。 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，這兩黨團結在支持的救助是最清楚的表達無條件服從兩個主要政黨的根本利益，美國的財政寡頭。 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.其中一個決定性的因素，在政府的干預，週日是一個審計兩家公司的執行顧問，聘請了來自摩根士丹利。 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.而初次報告過於簡略，似乎審計員發現，兩家公司分別僱用安然式的會計處理方法，以隱藏真正深入他們的危機，不寫下來，價值證券後盾，次級貸款。 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，資本數額，該公司已能夠保護自己免受損失-極為有限，以任何標準來衡量-是在現狀，遠遠低於已提交。 Their ability to raise new capital had clearly dried up with the dizzying drop in share prices in recent months.他們的能力提出了新的資本已清楚乾涸，與令人眼花繚亂的下降，股票價格在最近幾個月。 “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的取得了會計的決定推到損失的前途和推遲了資本的短缺，直到今年第四季度，這將不須披露，直到2009年年初， ”紐約時報報導。 “Fannie Mae has used similar methods, but to a lesser degree, according to other people who have been briefed.” “ Fannie Mae已經用類似的方法，但在較小程度，根據其他人誰已介紹了” 。 Both of the mortgage giants had been involved in previous accounting scandals.雙方按揭巨人曾參與在以往的會計醜聞。 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的經歷了人事變動在2003年後，據透露，收入數字已是偽造的，向調50億美元，而在Fannie Mae詳情，該公司被指控“會計差錯” ，共計63億美元。 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.雙方弗雷迪和房利美被迫支付罰款，並取代其行政總裁，但沒有刑事調查的發起，並沒有實質性的改變，開始在公司的業務。 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.”正如紐約時報所描述的這些行動中，這兩家公司使用的隱含的政府的承諾，保釋出來“借錢以低於市場利率，借錢在上述市場回報， ”把它們變為“什麼總額為巨大的對沖基金經營只是一個條子的資本，保護他們免受意想不到的驚喜“ 。 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，由聯邦政府在1938年作為新的處理，以注資，成為按揭市場陷入了大蕭條。 It was a public agency with the explicit mission of providing government credit so that average families could buy homes.這是一個公共機構與明確的使命，提供政府信用，使一般家庭可以購買的家園。 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，它變成私人，但政府贊助的公司，目的是獲得抵押貸款債務抵銷政府的圖書的條件下，在越南戰爭中創造了日益增長的財政壓力。 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的創建於1970年作為一個類似“政府贊助的企業。 ”由20世紀90年代，這兩個機構成為中央，以投機房地產泡沫背後的利潤景氣對華爾街之前目前的危機對世界金融體系。 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.政府的選擇，新的行政首長負責兩家公司，它已接管清楚誰的利益，它打算捍衛。 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，前副總裁在美林證券，以及頭部Freddie Mac的，它挖掘國寶莫菲特，前任首席執行官在美國bancorp和當前的傳感器顧問，凱雷集團。 Have Your Say: US government takes over mortgage giants to stave off financial meltdown 有您這樣說：美國政府接管按揭巨人，以避免金融崩潰 Please read our請閱讀我們的 posting guidelines before posting發布指引，然後再發布 . 。 Alternatively或者 you can discuss this report here您可以討論此報告在這裡 . 。 Related News 相關新聞
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