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
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.
Spending a sum of money that could buy you a war in Iraq should not come easily; and the notion of any bail-out is deeply troubling to any self-respecting capitalist. Against that stand two overriding arguments. First this is a plan that could work (see article). And, second, the potential costs of producing nothing, or too little too slowly, include a financial collapse and a deep recession spilling across the world: those far outweigh any plausible estimate of the bail-out’s cost.
花掉相当于伊战军费规模的一大笔银子不应该如此轻松，况且救助的理念令任何一个有自尊心的资本家都感到非常不安。但针对上述论调有两大主要反对观点：第 一，这是一个可能行之有效的方案；第二，那些毫无效果或者收效甚微的潜在支出已经大大超过了救援计划合理的成本预测，上述支出包括蔓延全球的金融崩溃和经 济萎缩所招致的损失。
Mr Market goes to Congress
America’s financial system has two ailments: it owns a huge amount of toxic securities linked to falling house prices. And it is burdened by losses that leave it short of capital (although the world has capital, not enough has been available to the banks). For over a year, since August 2007, central bankers, principally Mr Bernanke, have been trying to make this toxic debt liquid. But by September 17th, following the bankruptcy of Lehman Brothers and the nationalisation of American International Group earlier that week, the problem started to become one of the system’s solvency too. The market lost faith in a strategy that saved finance one institution at a time. The economy is not healing itself. If credit markets stay blocked, consumers and firms will enter a vicious spiral.
美国金融体系微恙有二：过量持有与狂跌房价相关的有毒债券；损失的负担致使体系内呈现出资本短缺（尽管全球拥有很多资本，但是银行可用部分确严重不足）。 自2007年8月以来的一年时间里，以伯南克为主要代表的央行一直致力于有毒债务的清偿。但截止到9月17日，紧随雷曼兄弟的破产和美国国际集团的国有 化，该难题发展成了金融体系清偿能力的麻烦之一。市场对于采取逐个机构救助的方法来挽救金融体系的策略已经失去了信心，美国经济不可能实现自救。如果信贷 市场依然一片僵局，消费者和公司必将卷入更为凶残的漩涡。