La crise financi\u00e8re et par cons\u00e9quent \u00e9conomique a acc\u00e9l\u00e9r\u00e9 encore la semaine derni\u00e8re avec les annonces de nouveaux effondrements financiers (Carlyle, Bear Stearns). Les analystes financiers parlent d\u00e9sormais de risques de \u00abDepression-era crash<\/em>\u00bb (voir WSWS.org<\/em> du 15 mars<\/a>: \u00abFed rescue of Bear Stearns raises specter of Depression-era crash<\/em>\u00bb). La psychologie est d\u00e9sormais celle qu’on peut d\u00e9finir comme une psychologie de situation renvoyant \u00e0 la Grande D\u00e9pression<\/a>. C’est effectivement le vocabulaire et la psychologie de l’\u00e9poque de la Grande D\u00e9pression aux USA qui sont en train de se r\u00e9pandre, jusques et y compris dans les r\u00e9f\u00e9rences des mesures d’urgence prises par la Federal Reserve.<\/p>\n<\/p>\n \t\u00abThe Federal Reserve Board on Friday took emergency action to prevent the collapse of Bear Stearns, the fifth largest US investment bank and one of the world’s largest finance and brokerage houses.<\/em><\/p>\n<\/p>\n \t\u00bbInvoking a little-used provision added to the Federal Reserve Act in 1932, at the height of the Great Depression, the US central bank agreed to allow the Federal Reserve Bank of New York to insure an infusion of credit to Bear Stearns by JP Morgan Chase. Under the terms of the secured loan facility, to extend for up to 28 days, the risk of a default by Bear Stearns will be borne by the Federal Reserve Bank of New York, not JP Morgan Chase. The latter will serve essentially as a conduit for the cash provided by the US central bank.<\/em><\/p>\n<\/p>\n \t\u00bbThis mechanism was used because only commercial banks, so-called depository institutions, can borrow directly from the Fed’s discount window. Bear Stearns is not a depository bank, and hence the Fed was obliged to invoke a provision of the 1932 amendment to the Federal Reserve Act that applies when unusual and exigent circumstances exist and the borrower is unable to secure adequate credit accommodations from other sources.<\/em>\u00bb<\/p>\n<\/p>\n \tFace aux \u00e9v\u00e9nements, le pr\u00e9sident Bush est entr\u00e9 en campagne, avec une action de communication qui refl\u00e8te l’esprit de la direction US face \u00e0 la crise. Il a fait plusieurs d\u00e9clarations depuis vendredi. WSWS.org<\/em> d\u00e9crit ainsi celle de vendredi, devant le Economic Club<\/em> de New York: \u00abMoving from platitude to platitude, he declared the US economy the envy of the world, referred to the financial crisis as a rough patch, and reassured his audience that in a free market, there’s going to be good times and bad times. That’s how markets work.<\/em>\u00bb Bush s’oppose bien s\u00fbr \u00e0 toute mesure d’intervention en tant que telle pour aider ceux qui sont touch\u00e9s par la crise immobili\u00e8re, tout comme il s’oppose aux demandes de r\u00e9am\u00e9nager le r\u00e9gime fiscal favorable mis en place pour les plus riches.<\/p>\n<\/p>\n \tCes interventions de GW Bush n’ont \u00e9videmment gu\u00e8re d’effets sinon d\u00e9favorables et renforcent les jugements les plus pessimistes, comme celui de Martin Feldstein, un conservateur r\u00e9publicain qui fut le principal conseiller \u00e9conomique de Reagan: \u00abI believe the US economy is now in recession. The situation is bad, it’s getting worse and the risks are that the situation could be very bad.<\/em>\u00bb Ce n’est pas exag\u00e9rer que solliciter l’analogie de la Grande D\u00e9pression pour caract\u00e9riser ce jugement.<\/p>\n<\/p>\n \tL’\u00e9tat d’esprit de la direction est exactement similaire \u00e0 celui de l’administration Hoover durant la Grande D\u00e9pression. La pens\u00e9e est compl\u00e8tement paralys\u00e9e par la th\u00e9ologie du march\u00e9, incapable de se d\u00e9gager du diktat<\/em> qui caract\u00e9rise toute th\u00e9ologie, et celle-l\u00e0 plus encore. Les d\u00e9clarations du pr\u00e9sident, samedi lors d’une d\u00e9claration radiodiffus\u00e9e, sont parfaitement dans ce sch\u00e9ma d’une pens\u00e9e qui se refuse \u00e0 effectuer l’acte de la pens\u00e9e. L’id\u00e9e centrale est qu’il faut \u00e9viter quelque action que ce soit qui puisse entraver les corrections que le march\u00e9 lui-m\u00eame va appliquer pour r\u00e9soudre la crise: `\u00abThe market now is in the process of correcting itself, and delaying that correction would only prolong the problem.<\/em>\u00bb Lorsqu’il fait allusion \u00e0 certaines timides mesures interventionnistes propos\u00e9es par les d\u00e9mocrates, notamment pour aider les gens priv\u00e9s de logements par la crise immobili\u00e8re, il s’\u00e9l\u00e8ve avec force contre cette tentation dont on sent qu’il la juge proche d’\u00eatre obsc\u00e8ne: \u00abIf we were to pursue some of the sweeping government solutions that we hear about in Washington, we would make a complicated problem even worse…<\/em>\u00bb<\/p>\n<\/p>\n \tPlus que toute autre consid\u00e9ration, notamment technique (financi\u00e8re, \u00e9conomique), cette psychologie est la clef de la crise. Elle neutralise la pens\u00e9e comme moyen d’adaptation aux r\u00e9alit\u00e9s du monde et interdit les r\u00e9actions qui pourraient tenter de lutter contre la crise. Le pompier est devant l’incendie qui gronde et recommande avec \u00e9nergie de laisser les flammes se d\u00e9velopper car elles seules sauront \u00e9teindre le feu. Cette logique invitant \u00e0 \u00eatre d\u00e9velopp\u00e9e jusqu’\u00e0 l’absurde, on constatera alors que ce n’est finalement pas faux puisque l’incendie s’arr\u00eatera effectivement lorsqu’il n’y aura plus rien \u00e0 br\u00fbler. \u00abI told you so<\/em>\u00bb, dira alors le pr\u00e9sident.<\/p>\n<\/p>\n <\/p>\n \tMis en ligne le 17 mars 2008 \u00e0 11H35<\/p><\/p>\n","protected":false},"excerpt":{"rendered":" La crise financi\u00e8re et par cons\u00e9quent \u00e9conomique a acc\u00e9l\u00e9r\u00e9 encore la semaine derni\u00e8re avec les annonces de nouveaux effondrements financiers (Carlyle, Bear Stearns). Les analystes financiers parlent d\u00e9sormais de risques de \u00abDepression-era crash\u00bb (voir WSWS.org du 15 mars: \u00abFed rescue of Bear Stearns raises specter of Depression-era crash\u00bb). La psychologie est d\u00e9sormais celle qu’on peut… <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[868,3228,3083,2891,3715,7476],"class_list":["post-69758","post","type-post","status-publish","format-standard","hentry","category-bloc-notes","tag-bush","tag-crise","tag-depression","tag-grande","tag-marche","tag-theologie"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/69758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/comments?post=69758"}],"version-history":[{"count":0,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/69758\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/media?parent=69758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/categories?post=69758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/tags?post=69758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}