O sistema capitulou! Estatizaram os ativos podres e salvaram os especuladores com dinheiro público! Os neoliberais jogaram a toalha de vez e assumiram sua face mais hipócrita: “Eu quero é salvar o meu!! Dane-se o contribuinte!”

Calma, muita calma: o blogueiro aqui não endoidou! Ainda…

Eu apenas reproduzi acima, o que vai ecoar pela blogosfera quando for noticiado/postado as idéias que Tio Sam e seus assessores estão debatendo (ou tramando, como dirão muitos).

Notícia fresquíssima – liderados pelo Secretário do Tesouro, Henri Paulson (o Mantega deles), e pelo governor do FED, Ben Bernanke (o Meirelles de lá), altos funcionários do governo americano e políticos iniciaram tratativas para o relançamento de um instrumento utilizado 20 anos atrás, para salvar a antigas financiadoras de imóveis (as Thrifts), que também quebraram naquela época.

Arquitetam a criação de um fundo de até USD 800 bilhões, que compraria títulos podres dos bancos, limpando-os de uma vez. O objetivo primário, obviamente, é acabar com a crise de confiança que paralizou o mercado financeiro mundial – porque ninguém confia em ninguém -, o que vem gerando uma complexa e única desorganização em todo sistema econômico internacional. Exemplos:

  1. Congelamento dos money markets, por conta do pânico nos mercados interbancários;
  2. Bancos sem liquidez sendo socorridos pelos seus bancos centrais, para que possam honrar seus compromissos;
  3. Crise de crédito no setor produtivo, pois os bancos estão paralizados.

Falam em passar o final de semana estruturando este projeto, pois há uma gritante urgência.

Além da enorme complexidade legal que envolve uma iniciativa deste tipo, há também a questão moral: com que recursos serão salvos tais bancos? E a que preço, serão financiados a perder de vista simplesmente, ou terão que fazer “write-off” (lançar os ativos podres a perda, reduzindo o capital dos bancos)? E outras instituições (como hedge funds) que também carregam tais papéis, também serão salvos? E os bancos internacionais que carregam estes papéis “Made in USA”, também podem entrar na fila? E os bancos americanos que já quebraram por conta da crise, serão resucitados? E o monte de moeda que inundará o sistema e que causará inflação, penalizando os mais pobres? Olha, é problema que não acaba. Será um fim de semana longo…

A boa notícia é que os americanos têm experiência no assunto, pois já se utilizaram deste expediente em duas outras mega-crises: em 1929, na Grande Depressão, lançaram o Homeowner Loan Corp, que financiava hipotecas a baixo custo; já em 1989, quando houve a crise das Thrifts, criaram o Resolution Trust Corp., RTC, que comprava ativos podres. Agora vai ser algo do genêro.

Uma outra boa notícia é que isto irá acalmar o mercado – aliás, já acalmou -, o que é bom para todo mundo, inclusive para o Brasil.

Abaixo eu destaco um vídeo do Financial Times, onde entrevistam o mais experiente banqueiro americano, Bill Rhodes, um velho conhecido do Brasil e experiente em crises – ele foi o coordenador, do lado dos bancos, do longo e penoso processo de renegociação da dívida externa brasileira, em moratória, nos já distantes anos 80.

Em seguida, também transcrevo uma notícia da Bloomberg, que trata do assunto. Bom áudio + boa leitura, F.

http://www.ft.com/cms/8a38c684-2a26-11dc-9208-000b5df10621.html?_i_referralObject=860200296&fromSearch=n

Paulson, Bernanke Push Plan to Cleanse Balance Sheets (Update3)

By Alison Vekshin and James Rowley

Sept. 18 (Bloomberg) — U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke met with lawmakers to push a plan that would move troubled assets from the balance sheets of American financial companies into a new institution.

Congressional leaders meeting with Paulson and Bernanke late today in Washington said they will work to pass legislation soon. The initiative, which may insure money-market funds, is aimed at removing the devalued mortgage-linked assets at the root of the worst credit crisis since the Great Depression.

“Absolutely, this is good news,” said Marilyn Cohen, who manages $185 million in bonds as president and chief executive of Envision Capital Management in Los Angeles. “Hopefully, this will give the trading desks the confidence to start making markets again.”

The Treasury and Fed chiefs, after months of trying to aid failing financial companies case by case, want to prevent the crisis that has led to $518 billion in global losses and writedowns from further weakening the U.S. economy.

“What we are working on now is an approach to deal with the systemic risk and the stresses in our capital markets,” Paulson said after the meeting. “We’re coming together to work for an expeditious solution which is aimed right at the heart of this problem, which is illiquid assets on financial institutions’ balance sheets.”

Stocks Jump

After comments from Paulson, Bernanke and the lawmakers indicated a bipartisan commitment, U.S. stock futures gained about 3 percent, the dollar rose versus the yen and the Nikkei 225 Stock Average climbed 3.3 percent.

Options under consideration include establishing an $800 billion fund to purchase so-called failed assets and a separate $400 billion pool at the Federal Deposit Insurance Corp. to insure investors in money-market funds, said two people briefed by congressional staff who spoke on condition of anonymity because the plans may change.

Another possibility is using Fannie Mae and Freddie Mac, the federally chartered mortgage-finance companies seized by the government last week, to buy assets, one of the people said.

To Move `Quickly’

“We will try to put a bill together and do it fairly quickly,” said House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat. “We are not in a position to give you any specifics right now” on the proposals, he said when asked about the potential cost.

U.S. Securities and Exchange Commission Chairman Christopher Cox after the meeting said the commission will gather tonight to consider more rules to guarantee market liquidity. The SEC is considering banning short-sales of the shares of Wall Street brokerages after Morgan Stanley fell 39 percent this week, said a person familiar with the matter.

“We are likely to take additional steps in the days ahead that are more particularly addressed to this urgent situation,” Cox told reporters.

An increasing number of lawmakers are advocating a stronger response to the crisis sparked by record homeowner defaults. The turmoil swept Lehman Brothers Holdings Inc. into bankruptcy three days ago and prompted government takeovers of Fannie Mae, Freddie Mac and American International Group Inc. this month.

Boehner Sees Passage

“I’m hopeful that in the coming days we’ll have a proposal that will pass this Congress,” House Minority Leader John Boehner told reporters tonight.

Senator Richard Shelby of Alabama and other Republicans have criticized the federal takeovers of AIG, Fannie and Freddie for imposing a potentially high cost on taxpayers.

“We cannot protect all risk in the market, and we shouldn’t do it at the risk of the taxpayer,” Shelby, the ranking Republican on the Senate Banking Committee, said yesterday in an interview on Bloomberg Television.

The Fed’s takeover of AIG followed its March agreement to take on $29 billion of Bear Stearns Cos. assets to secure the company’s takeover by JPMorgan Chase & Co.

House Speaker Nancy Pelosi said it was a “very productive” meeting on an “initiative to help resolve the financial crisis in our country.”

Helping Main Street

The goal of the proposal is to help “insulate Main Street from Wall Street,” she said, adding she was “very eager” to see the Treasury-Fed proposal.

Senate Majority Leader Harry Reid, the Nevada Democrat, said the plan would come within “hours,” not days. “We have all committed to work with them on their proposal,” Reid said.

“I thank the congressional leadership for a very, very positive meeting,” Bernanke told reporters after the meeting. “We look forward to working closely with Congress to resolve this financial crisis and get our economy moving again.”

Citigroup Inc., JPMorgan, Bank of America Corp., Goldman Sachs Group Inc., Merrill Lynch & Co. and Lehman Brothers alone had more than $500 billion of so-called Level 3 assets as of June 30, according to data in a Sept. 15 report from New York-based bond research firm CreditSights Inc. The holders of these assets say their values can only be determined through internal models because of illiquid markets.

Senator Christopher Dodd, who chairs the Senate Banking Committee, said it was a “sober” gathering. The plan would likely come from the Treasury and Fed this weekend and “nothing is more important than this,” Dodd said.

To contact the reporter on this story: Alison Vekshin in Washington at avekshin@bloomberg.net; James Rowley in Washington at jarowley@bloomberg.net

Last Updated: September 18, 2008 22:55 EDT

 

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