The mortgage-rescue plan
抵押贷款救援计划
Will the bail-out work?
救援计划会奏效吗？
Oct 3rd 2008 | NEW YORK, WASHINGTON, DC
From Economist.com
The bail-out becomes law after the House reverses its rejection. Money markets call for urgent attention
救援计划在众议院由否决变为通过后成了法案。货币市场亟需重点关切
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“CRISES have the power to unite us in strange ways.” So said Steny Hoyer, the Democratic majority leader in the House of Representatives, in an article on Friday morning that pleaded for passage of the $700 billion bail-out plan. United they were. The House voted by a huge 263-171 margin for the bail-out, a dramatic reversal of the 228-205 rejection on Monday. On Friday October 3rd 172 Democrats backed the bill, up from 140; 91 Republicans did so, up from 65. As the Senate had already approved the bill, it was immediately signed by George Bush.
“金融危机使我们以一种陌生的方式团结到一起。”美国众议院多数党（民主党）领袖Steny Hoyer在周五早上一篇请求国会通过7000亿救援方案的文章里如是说。他们确实团结到了一起。众议院以263对171的大规模票数差距通过了救援计划，这与周一的228对205否决形成了鲜明的对比。在周五（10月3日）的投票中，172位民主党议员赞成，比周一上升了32人；91位共和党人赞成，比周一上升了26人。因为参议院已经批准了此项议案，所以很快就会被布什签署（使之生效）。
The rejection on Monday was caused by conservative Republicans who said it was socialism, by Liberal Democrats who said it did not do enough for poor people, and fears by many that voters would fire them for bailing out Wall Street. The rejection triggered a plunge in stocks and a scramble to sweeten the bill. In the end numerous, mostly unrelated, items have been grafted on, from higher federal deposit-insurance limits to a tax exemption for wooden children’s arrows. The tide was turned because of that, nausea over market turmoil, news that non-farm employment sank by 159,000 in September (the steepest in five years) and because of furious business lobbying.
周一众议院的否决主要是由于两方面的原因，一是共和党保守派人士认为这是社会主义行为；二是民主党自由派人士认为此项方案对穷人帮助不足，并担心选民因为其拯救华尔街而抛弃他们。周一的否决引发了股市的暴跌并促使政府迅速修改美化此项法案。最终，许多不相关的条款被加入其中，从更高的联邦储户保险限制到儿童玩具工厂的免税措施。投票形势之所以改变，是因为众议员不堪市场混乱，非农劳动人口就业数九月下降159，000（这是五年来的最大降幅）的消息而且还有愤怒的商业团体游说的因素。
Now the real test comes: will it help? The Treasury is expected to take a week to set up the auctions for the first mortgage purchases, and the first purchases could therefore take place within weeks. Henry Paulson, the treasury secretary, could act sooner: he has the authority to buy mortgages from individual institutions or inject capital into them if they are nearing failure.
现在，真正的考验到来了：这个法案是否会奏效呢？财政部计划用一周的时间来准备安排第一笔购买抵押贷款资产的拍卖会，因此第一笔购买交易会在几周内完成。财长保尔森很快就会行动：他有权从私人机构购买抵押贷款资产或是给濒临倒闭的机构注资。
Speed is of the essence. Banks are loth to lend to each other, except at record punitive rates and for the shortest of periods. Most want their money back within a day. Massive liquidity injections by the Federal Reserve and other central banks have done little to unclog the pipes.
速度是极其重要的。银行间极其不愿意互相拆借，除非对方能够承受一个破纪录的惩罚性的利率以及最短的期限。许多银行希望他们借出的钱能够在一天内归还。美联储及其它央行的大规模流动性资金注入并未使市场流动性不足的情况改善多少。
