{"id":69846,"date":"2008-04-22T00:00:00","date_gmt":"2008-04-22T00:00:00","guid":{"rendered":"https:\/\/new.dedefensa.org\/index.php\/2008\/04\/22\/wall-street-heureux-la-fed-est-la-et-tant-pis-pour-einstein\/"},"modified":"2008-04-22T00:00:00","modified_gmt":"2008-04-22T00:00:00","slug":"wall-street-heureux-la-fed-est-la-et-tant-pis-pour-einstein","status":"publish","type":"post","link":"https:\/\/new.dedefensa.org\/index.php\/2008\/04\/22\/wall-street-heureux-la-fed-est-la-et-tant-pis-pour-einstein\/","title":{"rendered":"Wall Street heureux, la Fed<\/em><\/strong> est l\u00e0, \u2013 et tant pis pour Einstein"},"content":{"rendered":"

Curieux, dira-t-on d’abord. Les mauvaises nouvelles financi\u00e8res et \u00e9conomiques s’accumulent dans une liste sans fin. Wall Street est en plein euphorie, enregistrant de belles envol\u00e9es (4,25% pour le Dow Jones la semaine derni\u00e8re, 4,4% pour le Nasdaq Composite Index et ainsi de suite). Contradiction? Les mauvaises nouvelles devraient effrayer les investisseurs<\/p>\n<\/p>\n

\tPas du tout, puisque nous sommes entr\u00e9s dans l’\u00e8re de l’interventionnisme. Finis le march\u00e9 libre, le lib\u00e9ralisme \u00e0 tout crin, la main invisible du march\u00e9, l’anath\u00e8me contre les interf\u00e9rences des autorit\u00e9s institu\u00e9es. La Fed<\/em> est l\u00e0. C’est ce que WSWS.org<\/em> conclut aujourd’hui<\/a> apr\u00e8s avoir effectivement d\u00e9taill\u00e9 les nouvelles catastrophiques et l’exub\u00e9rance de Wall Street<\/p>\n<\/p>\n

\t\u00abThe newfound bullish optimism among major Wall Street playersas transient as it may prove to becan be traced in large part to the decision by the Fed to rescue Bear Stearns last month and open the Fed discount window for cheap loans to the big investment banks. This move, without precedent since the Great Depression, was taken to avert an imminent collapse of the US and global banking system, and it signaled that the US government would do whatever was necessaryultimately at taxpayer expenseto bail out Wall Street.<\/em><\/p>\n<\/p>\n

\t\u00bbIt is this implicit guarantee from the government that has shifted the mood among big market players and institutions from fear and panic to a measure of confidence, bringing with it a new eruption of risk-taking and greed.<\/em><\/p>\n<\/p>\n

\t\u00bbAs Floyd Norris, the economic commentator for the New York Times, wrote on Friday, … investors are starting to assume that the government stands behind Wall Street. The share prices of investment banks began to recover just after the Fed made it clear the investment banks could borrow from it.<\/em><\/p>\n<\/p>\n

\t\u00bbIt appears that the real way we are going to get out of this crisis is to have the government guarantee lots of things. The universal cry of the bust is, Give me a government guarantee, said Alex J. Pollack, a former president of the Federal Home Loan Bank of Chicago who is now a fellow at the American Enterprise Institute… As private balance sheets are cut back to reduce leverage, he forecast, the government’s balance sheet will grow rapidly.<\/em><\/p>\n<\/p>\n

\t\u00bbThe political and social implications of this government rescue operation are far-reaching. In essence, it means that the consequences of the economic crisis precipitated by the reckless pursuit of super-profits on the basis of vastly inflated home values, leveraged buyouts and various forms of speculation and fraud will be borne entirely by the working class, while the big players, CEOs, accounting firms and ratings agencies will emerge relatively unscathed.<\/em><\/p>\n<\/p>\n

\t\u00bbMeanwhile, the banks and finance houses will carry out a ruthless process of cost-cutting and job-slashing, which will be mirrored in every other sector of the economy. The US financial industry has already shed 38,000 jobs since last summer, not counting the most recent layoff announcements, and some analysts predict the final toll will reach 200,000.<\/em><\/p>\n<\/p>\n

\t\u00bbBig investors are clamoring for just such measures, and are prepared to reward those companies that carry them out. Byron MacLeod, an analyst with Gradient Analytics, said of Citigroup’s quarterly report:<\/em><\/p>\n<\/p>\n

\t\u00bbInvestors want to see aggressive action at this point. You want to make sure the company really cleans house. The provisions are a part of that. The layoffs are a part of that. They appear to be taking aggressive action, taking the company in line with an ideal structure going forward.<\/em><\/p>\n<\/p>\n

\t\u00bbThere is no opposition from any section of the political establishment or either party to this blank check for Wall Street. The Fed’s massive intervention to shore up the banks has received the endorsement of the Democratic Congress. No congressional investigations of any substance have been launched to uncover the unprecedented scale of fraud and swindling that underlay the banking debacle. No one is being called to account.<\/em>\u00bb<\/p>\n<\/p>\n

\tLa progression des consciences et des politiques devant la crise est foudroyante. Parvenir \u00e0 relancer la machine sp\u00e9culative du march\u00e9 libre qui a conduit \u00e0 la crise, gr\u00e2ce \u00e0 une politique interventionniste que d\u00e9nonce en principe avec la derni\u00e8re \u00e9nergie ce march\u00e9 libre et qu’il accepte avec euphorie dans ce cas, conduisant \u00e0 reconduire le m\u00eame cycle catastrophique, tout cela a un c\u00f4t\u00e9 \u00e0 la fois \u00e9pique dans le grotesque, ou bien obsc\u00e8ne dans le tragique, qui permet de ne pas sombrer dans la neurasth\u00e9nie. On ne sait si ce syst\u00e8me va s’effondrer, ou plut\u00f4t quand<\/strong> il s’effondrera, mais on peut \u00eatre assur\u00e9 qu’il faudra examiner avec s\u00e9rieux le choix difficile entre quelques hoquets d’angoisse et un \u00e9clat de rire difficile \u00e0 ma\u00eetriser. Ou bien, rien ne se passera et tout recommencera comme avant, jusqu’\u00e0 la prochaine derni\u00e8re.<\/p>\n<\/p>\n

\tSubsidiairement, il restera \u00e0 trancher la redoutable question de savoir si Einstein doit rester fameux pour E=MC2 ou bien pour sa remarque selon laquelle \u00ab[d]eux choses sont infinies : l’univers et la b\u00eatise humaine ; en ce qui concerne l’univers, je n’en ai pas la certitude absolue.<\/em>\u00bb. Mais il est de plus en plus question que Wall Street adopte cette devise.<\/p>\n<\/p>\n

\tCela dit, au Diable Einstein et revenons aux choses s\u00e9rieuses. Gerard Baker, du Times<\/em>, nous explique aujourd’hui<\/a> que Wall Street va beaucoup, beaucoup mieux, simplement parce que le pire est pass\u00e9, que la crise est finie, que tout est sur le point d’aller mieux dans le meilleur des mondes possibles.<\/p>\n<\/p>\n

\t\u00abWall Street’s reporting season is in full swing and this too has contributed to a sense that perhaps the worst is past. Financial companies’ earnings remain grim, of course, but other sectors seem to be holding up and equities overall have had a surprisingly buoyant April.<\/em>\u00bb<\/p>\n<\/p>\n

<\/p>\n

\tMis en ligne le 22 avril 2008 \u00e0 18H00<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Curieux, dira-t-on d’abord. Les mauvaises nouvelles financi\u00e8res et \u00e9conomiques s’accumulent dans une liste sans fin. Wall Street est en plein euphorie, enregistrant de belles envol\u00e9es (4,25% pour le Dow Jones la semaine derni\u00e8re, 4,4% pour le Nasdaq Composite Index et ainsi de suite). Contradiction? Les mauvaises nouvelles devraient effrayer les investisseurs Pas du tout, puisque… <\/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":[3228,7541,6937,3372,3132],"class_list":["post-69846","post","type-post","status-publish","format-standard","hentry","category-bloc-notes","tag-crise","tag-einstein","tag-fed","tag-street","tag-wall"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/69846","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=69846"}],"version-history":[{"count":0,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/69846\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/media?parent=69846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/categories?post=69846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/tags?post=69846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}