[2008.10.11]信贷危机: 拯救系统

The credit crunch
信贷危机


Saving the system 拯救系统
Oct 9th 2008
From The Economist print edition

At last a glimmer of hope, but more boldness is needed to avert a global economic catastrophe
最后还有一线希望,为避免一场全球经济大灾难发生,还需要更大胆

CONFIDENCE is everything in finance. Until this week the politicians trying to tackle the credit crunch had done little to restore this essential ingredient. In America Congress dithered over the Bush administration’s $700 billion bail-out plan. In Europe governments have casually played beggar-my-neighbour politics, with countries launching deposit-guarantee schemes that destabilize banks elsewhere. This week, however, saw the first glimmers of a comprehensive global answer to the confidence gap.
对金融而言,信心就是全部。到本周为止,那些努力应对信贷危机的政要们在重建信心这一基本因素上作为甚少。在美国,国会犹豫不决地通过了布什政府7000亿美元的救市计划。在欧洲,政府间随意地玩着以邻为壑的政治游戏,各国纷纷对本国存款进行担保,没有顾及这样会动摇其他国家的银行。然而,还是让人们看到了第一束希望的曙光——全球将一致行动弥合信心裂缝。

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[2008.9.27]美国的救援计划: 我要用的就是你的钱

America’s bail-out plan
美国的救援计划

I want your money 我要用的就是你的钱

Sep 25th 2008
From The Economist print edition


No government bail-out of the banking system was ever going to be pretty. This one deserves support
政府对银行系统的救助永远不可能完美,但当下的这个理应得到支持。

SAVING the world is a thankless task. The only thing beyond dispute in the $700 billion plan of Hank Paulson, the treasury secretary, and Ben Bernanke, chairman of the Federal Reserve, to stem the financial crisis is that everyone can find something in it to dislike. The left accuses it of ripping off taxpayers to save Wall Street, the right damns it as socialism; economists disparage its technicalities, political scientists its sweeping powers. The administration gave ground to Congress, George Bush delivered a televised appeal and Barack Obama and John McCain suspended the presidential campaign. Even so, as The Economist went to press, the differences remained. There was a chance that Congress would say no.
拯救世界是一个费力不讨好的任务。财长鲍尔森和联储主席伯南克为了阻止金融危机而主张了7000亿美元救助计划,其中只有一点是毋庸置疑的:每个人都能从该计划中挑出些毛病来(不可能让每个人都满意—)。左翼势力控诉该计划无异于抢劫纳税人的钱财去救助华尔街,右翼势力谴责该计划为社会主义运动;经济学家鄙视计划的学术性,政治科学家崇拜它横扫一切的强大威力。执政当局向国会进行了妥协:布什发出了电视呼吁,奥巴马和麦凯恩也暂停了竞选大战。即使如此,经济学人杂志在付印时分歧仍在(还是保留了异见)。国会曾经是有机会拒绝该计划的。
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[2008.09.27] 薪酬和金融危机:公平问题和股权问题

Pay and the financial crisis
薪酬和金融危机

Questions of equity
公平问题和股权问题

Sep 25th 2008
From The Economist print edition

Salary caps are a rotten idea; but the crisis also carries lessons for regulators and workers
薪酬限制是个极糟糕的主意;但是这场危机也给监管者和工作者都上了一课


继续阅读“[2008.09.27] 薪酬和金融危机:公平问题和股权问题”