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1、The financial crisis金融危机A break in the clouds黑云裂日，曙光显现Sep 22nd 2008 | WASHINGTON, DCFrom E原文出处：http:/ questions abound over a $700 billion rescue plan for Wall Street有关7000亿美元华尔街拯救计划的问题仍然不少THE threat of impending financial disaster concentrates political minds wonderfully. On Thursday a group of Con
2、gressional leaders heard Hank Paulson, the Treasury secretary, and Ben Bernanke, the Federal Reserve chairman, paint a dire economic scenario if they did not approve a more sweeping remedy for the financial crisis. Student and car loans, not just mortgages, would all be harder to get. The economy wo
3、uld sink into a severe recession.破在眉睫的金融灾难引起了相当多的政治关注。上周四，一群国会领袖听了财政保尔森和美联储主席伯南克所描述的，当国会不通过这项全面拯救金融危机的方案，经济上将会出现的可怕场面。那时，不仅仅是抵押贷款，甚至连助学贷款和买车贷款可能都很难获得。经济将陷入严重的衰退。 So by Sunday September 21st support was coalescing around the Treasurys rescue proposal: that Congress authorise it to purchase up to $700
4、 billion in mortgage and other assets in an effort to resolve the root of the financial crisis, which is the mountains of illiquid and uncollectible mortgage debt on financial institution balance sheets. (One senator predicted $1 trillion would be needed.) Passage this week, before Congress breaks f
5、or the election, seems likely.因此，周日（9月21日）国会议员大多支持财政部的拯救提案，国会授权使用多达7000亿美元来购买抵押贷款以及其它资产，从而解决这次金融危机中最根本的问题。这些资产正是金融机构资产负债表上堆积如山的非流动资产和抵押贷款坏账。一位参议员预计大约需要1万亿来处理这些东西。国会有望于本周在因大选休会前通过这项提案。 Democrats in Congress have two priorities in negotiations. They want mortgages written down so that homeowners can a
6、void foreclosure and that any firm selling assets to the Treasury accept limits on executive compensation. This is more contentious. If “its punitiveinstitutions arent going to participate,” Mr Paulson noted.国会里的民主党人有两个优先考虑的问题。他们希望抵押贷款减记从而能避免房主断供，而且任何将资产卖给财政部的公司必须接受限制高管薪酬的规定。这很容易引起争议。保尔森说，如果”这是惩罚性质的
7、那么一些机构就可能不参与了。” Mr Paulsons plan is stunning in its brevity (two-and-a-half pages) and audacity. It would authorise him to purchase any “residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages,” implying the right to ta
8、ke over derivative positions. A fact sheet later distributed by the Treasury broadened it to include “other assets, as deemed necessary to effectively stabilise financial markets.” The government could, in effect, buy anything it wanted: student or car loans, loans, equities, entire companies.保尔森计划的
9、简洁（只有两页半纸）和大胆令人惊讶不已。这个计划授权他可以购买任何” 住房和商业抵押贷款和任何证券、债务，以及其它任何基于或者与抵押贷款有关的票据，”这暗示其有权购买衍生品头寸。稍后由财政部发布的情况说明书将范围扩大包括”其它任何被认为可以稳定金融市场的资产。”实际上，政府可以买任何它想买的东西：助学和购车贷款，贷款，股权，甚至整个公司。 The treasury secretarys decisions “may not be reviewed by any court of law or any administrative agency.” He would report to Cong
10、ress three months after the programme begins and every six months thereafter. It is now conventional wisdom that recent events have guaranteed a heavier regulatory hand for government in the economy. Mr Paulsons programme raises the prospect of it becoming a huge player in the allocation of capital
11、as well. The ability to purchase assets expires after two years, but its management of those assets would continue.财政部长的决定”不会被任何法庭或者行政机构重新检阅。”他将在计划实施三个月后向国会首次报告，并在之后每六个月向国会报告一次。从传统判断来看，近期的事件确保政府有双更有力的手对经济进行宏观调控。保尔森的计划使政府成为市场中分配资本的重要参与者。政府购买资产的期限为两年，但是其对这些买到资产的管理将会继续。 Mr Paulson said that the lack of
12、 oversight gives future administrations “flexibility to run this any way they would like to run it.” And some experts say decisions must not risk being tied up in lawsuits, or confidence could suffer. But the great discretionary power seems to fly in the face of the original rationale for the progra
13、mme, which was for a systematic rules-based approach to resolving the crisis rather than ad-hoc bailouts. Future administrations could find a $700 billion fund a potent tool for various policy goals.保尔森说监察的缺失使得可能使得未来的管理”会非常灵活，使他们想怎样运营便怎样运营。”有些专家认为，这决定不要冒险过多使用法律诉讼，否则会让信心受损。但是太大的自行决定权却与这个计划的原意相悖。这个计划的
14、原意是用一个系统的，基于法律的方法来解决危机，而不是使用特别的接管收购来解决问题。未来的管理可以建立一个7000亿美元基金的强大工具来解决各种问题。 To acquire mortgages the Treasury plans to use “reverse auctions”. But as Lou Crandall of Wrightson ICAP, a research firm notes, “Auctions work well when you have a group of bidders for a single set of identical assets. They
15、work less well when you have a single bidder for a group of disparate assets.”为了得到抵押贷款资产，财政部计划使用”倒拍卖”的方法。但是一家研究机构Wrightson ICAP的Lou Crandall认为：”拍卖在一群竞标人争夺一个单一的资产时比较有用，但是在一个竞标人却又一大堆不同的资产时就不太起作用了。” Another problem is that it would reward the least deserving institutions the most. “Banks that stayed cl
16、ear of this debt or sold such debt at cut-rate prices earlier this year in an effort to move beyond the crisis would receive no direct gain from such a programme,” notes Doug Elmendorf of the Brookings Institution, a think-tank, while banks who had the most junk and had dragged their feet on writing it
