12 juillet<\/a> \u00e9galement. <\/p>\n<\/p>\n\t\u00abCould this be the big one? All market firestorms require a defining, cataclysmic event to mark the bottom and establish a floor from which confidence can rebuild. Northern Rock, in international terms a smallish, regional mortgage bank, was never likely to be it. Personally I thought Bear Stearns might be, but that too has proved insufficient an explosion to put out the flames.<\/em><\/p>\n<\/p>\n\t\u00bbNow Freddie Mac and Fannie Mae, which together account for more than half of all domestic mortgage finance in the US, are teetering on the brink, forcing the White House to consider \u00a0\u00bbconservatorship\u00a0\u00bb, or to use the British expression, nationalisation, to prevent complete meltdown in the US housing market.<\/em><\/p>\n<\/p>\n\t()<\/p>\n<\/p>\n
\t\u00bbMr Paulson will likewise be desperate to avoid the blow to reputation and confidence involved in taking these two companies into national ownership. Yet, in the end, he may have no option, for however embarrassing conservatorship might be, it won’t be half as bad as the damage that would be done if these two linchpins of the US mortgage market were allowed to go to the wall. Deprived of its biggest source of mortgage finance, the US housing market would collapse, economic confidence would evaporate, and the losses currently being sustained on mortgage-backed securities would be multiplied many times over.<\/em><\/p>\n<\/p>\n\t\u00bbIronically, Fannie Mae was born out of the Great Depression, when it formed part of President Roosevelt’s New Deal. Its demise might very well plunge the country back into it again. It therefore cannot be allowed to fail.<\/em>\u00bb<\/p>\n<\/p>\n\tNotons aussi, pour encore plus encore rendre plus respirable l’atmosph\u00e8re emplies de senteurs paradisiaques, que le secr\u00e9taire au tr\u00e9sor Hank Paulson, un ancien de Jeffrey Sachs, a pr\u00e9cis\u00e9 dans un discours au d\u00e9but de la semaine qu’il y avait eu 1,5 million de maisons saisies aux USA, qu’il y en aurait autour de 2,5 millions en 2008 et qu’il ne voyait aucune raison, mais vraiment aucune, pour venir en aide \u00e0 ces sans-abris new age<\/em>; que, d’autre part, le pr\u00e9sident de la commission des services financiers de la Chambre des Repr\u00e9sentants du Congr\u00e8s US, le d\u00e9mocrate de tendance lib\u00e9rale (progressiste, oups) Barney Franks a salu\u00e9 deux de ses t\u00e9moins, Paulson et le pr\u00e9sident de la Fed<\/em> Bernanke, avec ces exclamations: \u00abI congratulate the officials of this administration for doing such a good job. <\/em>[] We don’t want to do anything that would interfere with our wonderful financial system. Done right, regulatory authority<\/em> [] is pro-market.<\/em>\u00bb (Franks, d\u00e9mocrate progressiste, a re\u00e7u $1,2 million de donation cette ann\u00e9e, essentiellement de grands groupes financiers et bancaires.)<\/p>\n<\/p>\n\tL’apocalypse de leur wonderful<\/em> syst\u00e8me financier est tout de m\u00eame plus passionnant que le Tour de France. Elle se fait, comme lui, \u00e9tape par \u00e9tape, avec une alacrit\u00e9 de bon aloi. Elle nous laisse reprendre notre souffle, histoire de se remettre en selle et d’entendre Mr. Strauss-Kahn nous dire que \u00able gros de la crise financi\u00e8re est derri\u00e8re nous<\/em>\u00bb, avant de replonger \u00e0 nouveau, histoire d’entendre Mr. Barnanke nous dire que, cette fois, il va vraiment donner un coup de main s\u00e9rieux \u00e0 Wall Street (\u00absuch a good job<\/em>\u00bb, appr\u00e9cie Mr. Franks, fin connaisseur). <\/p>\n<\/p>\n\tQuant \u00e0 la France, il est temps, en effet, qu’elle s’adapte au mod\u00e8le anglo-saxon, vite, vite, avant qu’il ne s’\u00e9vanouisse en poussi\u00e8res, le mod\u00e8le, et qu’il n’en reste plus rien. Car, en v\u00e9rit\u00e9, sur quoi prendre mod\u00e8le si le mod\u00e8le n’existe plus?<\/p>\n<\/p>\n
<\/p>\n
\tMis en ligne le 12 juillet 2008 \u00e0 16H45<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
Le sort de Fannie Mae et de Freddie Mac ajoute quelque sel \u00e0 la chronique de l’apocalypse financi\u00e8re du monde. D’abord, observons que Fannie Mae, c’est plus charmant et phon\u00e9tiquement assez correspondant \u00e0 FNMA (The Federal National Mortgage Association); pour Freddie Mac, c’est plus tir\u00e9 par les cheveux (FHLMC, pour Federal Home Loan Mortgage Corporation).… <\/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":[6936,3228,7674,7676,7677,7675,7024,6277],"class_list":["post-70040","post","type-post","status-publish","format-standard","hentry","category-bloc-notes","tag-bernanke","tag-crise","tag-fannie","tag-freddie","tag-mac","tag-mae","tag-paulson","tag-systemique"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/70040","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=70040"}],"version-history":[{"count":0,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/70040\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/media?parent=70040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/categories?post=70040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/tags?post=70040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}