DOCSLIB.ORG

Cuaderno De Documentacion

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Cuaderno De Documentacion SECRETARIA DE ESTADO DE ECONOMÍA, MINISTERIO SECRETARÍA GENERAL DE POLÍTICA ECONÓMICA DE ECONOMÍA Y ECONOMÍA INTERNACIONAL Y HACIENDA SUBDIRECCIÓN GENERAL DE ECONOMÍA INTERNACIONAL CUADERNO DE DOCUMENTACION Número 86-16º (alcance) Alvaro Espina Vocal Asesor 29 Octubre de 2008 (20 horas) CD 86-16º de alcance 29 de Octubre de 2008 “Beijing responded favourably to Korea's proposal for a regional bail-out fund, but Tokyo deferred, fearing that this would be dominated by China, given that country's immense dollar reserves. Tokyo then proposed funneling Asian reserves through the IMF, but China deferred, fearing that this initiative would be dominated by Japan, which has long participated in IMF deliberations. Financial diplomacy is evidently more difficult than in 1944. ......, move quickly from the leaders' meeting, which is largely about the photo-ops, to the meeting of finance ministers, where the real business will occur. And once there, focus on pragmatic reforms. Clamp down on regulatory arbitrage. Raise capital requirements. Make the regulatory regime less procyclical. Use taxes and regulation to drive transactions in credit default swaps and other derivative instruments into an organised exchange. This modest approach will not be hailed as a New World Financial Order. But it will be a useful first step toward making the world a safer financial place. And it will minimise the danger that the new Bretton Woods conference will go down in history as a failure.” Barry Eichengreen: “New world pragmatism” Soluciones baratas, limpias, rápidas, arbitrajistas y, a ser posible, sin coste para el contribuyente. Pragmatismo. Eso es lo que necesitamos para salir de la crisis. El CD 86-15º proporcionaba dos fórmulas de este tipo para hacer frente al Armagedón de los hedge funds y de los mercados de divisas (anticipándose al desplazamiento del epicentro de la crisis hacia las quiebras de los deudores soberanos, tras extenderse, dentro de EEUU, a las tarjetas de crédito y a las grandes empresas de automoción y tras la amenaza que ya se cierne sobre la Europa del Este): el “hedgy- corralito”, y el fondo de estabilización gestionado por un fiduciario internacional por cuenta de los países aportantes (al que denominaremos Cristina-proof-IMF). Este último parece gustarle también a Japón, aunque China lo condicionaría, obviamente, a tener algo que decir en ese foro, lo que señala la buena dirección a seguir en la cumbre de Noviembre. (En 1 cualquier caso, la admisión de China en cualquier nuevo foro económico internacional debería condicionarse al respeto por su parte de los derechos laborales fundamentales, supervisado por la OIT. Mientras esto no ocurra, sólo debería participar en iniciativas parciales, como la del consejo de administración del fondo de estabilización, pero no en el del FMI). Una cumbre que para Barry Eichengreenn debe dar paso enseguida a las discusiones técnicas, que es de donde saldrá algo práctico (frente a las elevadas espectativas que ponen en la cumbre-cumbre Paul Rogers y Bernard-Henri Levy: este último considera que hasta entonces el Apocalipsis se encuentra en suspenso). Eichengreen presenta también un paper ante la NBER en la que estudia los riesgos de un boom seguido de un pinchazo en Polonia, a la vista de lo ocurrido con la etapa pre-euro y post- euro en Chipre, Grecia, Irlanda, Malta, Portugal y España. Luigi Zingales –tras hacer la contabilidad astronómica del rosario de planes de rescate que amenazan con asfixiarnos- aporta en Enonomists’ Voice otras dos soluciones, también muy baratitas y capaces de conjugar reestructuración e interés de los partícipes (haciéndoles participar tambien un poquito del riesgo en que han incurrido). Como Zingales es uno de los mayores expertos mundiales en economía y finanzas de la quiebra, sus soluciones son de ese tipo y sólo tienen costo para los reguladores (que deberían actuar deprisa, par que cuando sus normas entren en vigor quede algo por reparar, especialmente en el caso de los hogares hipotecados en las zonas de mayor desigualdad): 1.- Una nueva figura estandarizada de restructuración de deuda hipotecaria, bajo protección judicial (obligatoria para el prestamista, pero voluntaria para el prestatario insolvente): Se reduciría el monto total de la hipoteca en la misma proporción en que han caído los precios de las casas en el correspondiente distrito desde el momento en que se suscribió la hipoteca (utilizando para ello el índice Case-Schiller de precios de la vivienda por distrito postal). En contrapartida, el prestamista adquiriría un derecho al 50% de la diferencia entre el valor de la hipoteca revisada y el precio de venta de la vivienda en el momento en que el prestatario se desprenda de ella, durante el período de vida de la hipoteca. (En caso de cancelación anticipada, con venta posterior, la distribución de la 2 diferencia debería ser proporcional al peso de la hipoteca pendiente de pago en el momento de la decisión judicial de reestructuración, respecto al valor reestimado de la vivienda en esa decisión). 2.- Nueva figura de reestructuración bancaria instantánea (pre-packaged) bajo supervisión judicial, alternativa a la entrada del Tesoro en el capital de los bancos. En caso de grave insolvencia bancaria, se ofrece a los accionistas la posibilidad de abonar la parte alícuota de la deuda pendiente (excluida la deuda a corto plazo). De rechazarse, en todo o en parte, el accionista perdería esos derechos y el juez (con facultades Cramdown) los transferiría a los titulares de la deuda. Un saneamiento de este tipo se exigiría a todos los bancos en dificultades para seguir acudiendo a la ventanilla de redescuento de la Fed. Si los titulares de la deuda son instituciones que no pueden invertir en acciones, se les concede un plazo de dos años para desprenderse de ellas. Esta figura no daría lugar a la activación de los seguros contra quiebra (CDS). Y, siguiendo con propuestas sin coste para el contribuyente, Stephen Roach reaparece en escena y sugiere desde FT, sin alzar demasiado la voz, que el Congreso debería redefinir el mandato político de la Fed, añadiendo a las cuatro palabras que lo han definido hasta ahora (full employment & prices stability) dos más: financial stability. Aunque con gran discrección, el desterrado Stephen Roach (antes llamado el avinagrado, convertido ahora en el que le canta las verdades a América) sugiere cosas muy sencillas para corregir el “enfoque repudiable” de una Fed que acabó especializándose en la “negligencia regulatoria” y en la “patochada sistemática”: Sustituir la convicción ideológica por el sentido común1; la política reactiva por políticas preventivas; la confianza en las verdades ideológicas por la medición objetiva de los fenómenos financieros. Aprender a ir contra la corriente, en lugar de echar leña al fuego de los mercados de activos; a exigir requerimientos marginales para el crédito durante el boom, en lugar de hacer la vista gorda a la aparición de productos financieros exóticos a tipos de interés nulo. Todo ello, sin olvidar que la Fed, como toda institución pública, tiene también una misión de persuasión moral sobre los comportamientos de los agentes financieros, contrapuesta a la manga ancha ante el juego 1 Larry Kudlow piensa que el sentido común actual consiste en aplicar sin dogmatismos una mezcla de políticas: Reagan+Friedman+Keynes. 3 de moral hazard que se practicaba abiertamente bajo sus ojos, haciendo pasar por innovación la peor basura de la ingeniería financiera2. Todo eso cabe sólo en dos palabras, añadidas al mandato de la Fed: estabilidad financiera. Decir esto ahora no tiene mérito, cuando todo el mundo rivaliza en saldar cuentas con la Fed (y con algunos más: véase el rosario de responsabilidades que Steve H. Hanke enumera en Forbes, aunque desde las posiciones fundamentalistas defendidas por CATO). El mérito estaba en decirlo apoyándose exclusivamente en la teoría económica comúnmente admitida y en la evidencia más fácilmente observable, pero cuando nadie quería escucharlo y cuando el que lo decía se arriesgaba al destierro a Asia desde uno de los puestos más brillantes para un economista en la capital financiera del mundo. Porque la crisis no sólo está permitiendo depurar los mercados, sino también las profesiones que se ocupan de ellos, y especialmente la de los economistas (por no hablar de los amos del universo, que no salen de su dorado asombro, retirados a su refugio de Greenwich, todavía conmocionados por la bomba atómica financiera que ellos mismos arrojaron, pero sin el menor asomo de arrepentimiento: eso si, buscando ahora verdades más sólidas...., en la parroquia del lugar). Y entre todos los economistas que se han dejado ver durante los roaring nineties y los no-tan-alegres Twenty-first century beginnings, Roach es probablemente el que ha salido deontológicamente más incólume: se la jugó y pareció salir derrotado, hasta que la debacle vino a colocar a cada uno en su sitio. Sin esa calidad de roca incorruptible no se puede dirigir la nueva Fed. Stephen Roach es el hombre. Si, como dice Natalia Redesberg lo que se ha llevado por delante a Wall Street ha sido la desconfianza, ésta no volverá mientras no se sitúe al frente de la supervisión a alguien de la máxima confianza y experiencia en los mercados. Pero para eso debe haber un cambio en Washington y seguramente lo habrá si 2 A título de ejemplo, véase “La Anatomía de un colapso ficticio de Fondo de alto riesgo”, publicada en 2005 por Rob Kirby (incluida en este CD). 4 no se produce un “desastre para el derecho de voto” el próximo9 día 5, como se teme Christopher Edley Jr, decano de Berkeley. Y ¿qué decir de los hedgies? Sobre la necesidad de una regulación estricta hay mucho papel en este CD. Para David Weidner, mientras no se regule su actuación no habrá verdadera calma en los mercados (porque es bien sabido que son una bomba de relojería, pero nadie sabe de cuánta potencia ni cuando estallará: véase la narración ficticia de Rob Kirby).
Load more

Recommended publications
  • Ethnic Hegemonies in American History
    ETHNIC HEGEMONIES IN AMERICAN HISTORY GEORGE HOCKING ______________________ POLITICAL PHILOSOPHY AND HUMAN GENETIC DIVERSITY Western Political philosophy tends toward moral and political uni- versalism: the idea that norms are valid for all human beings. This presupposes either that human beings are biologically pretty much the same, or that human biodiversity is irrelevant to moral and politi- cal issues. Nevertheless, Western political philosophers initially lim- ited their conclusions to ethnically homogeneous regions they knew and understood. Plato’s Republic, for example, portrays an ideal soci- ety for Greeks, not barbarians, and even well past the Enlightenment John Stuart Mill explicitly excluded many non-Europeans from his conclusions in On Liberty.1 Plato and Mill were prescient to do so. Few pre-modern people could travel widely. Consequently most people they knew were much like themselves. But during the Age of Discovery, which started at the end of the fifteenth century, European voyages throughout the world encountered the full richness of Earth’s botanical, zoological, and an- thropological diversity, and efforts to understand it contributed to the seventeenth century’s Scientific Revolution. By 1735, in the Enlightenment’s full flower, Sweden’s Carl Linnaeus developed the system still used to classify Earth’s biodiversity. He ob- served significant morphological differences between the human popu- lations of the different continents, which led him classify these groups as distinct species.2 Such human populations are now called races. The great controversy of our time rages between those who ac- knowledge or deny the existence of distinct races. The race deniers are motivated by the conflict between human biodiversity and philoso- phical or religious forms of universalism.
    [Show full text]
  • THE ASSETS REPORT 2008 a Review, Assessment, and Forecast of Federal Assets Policy
    April 2008 THE ASSETS REPORT 2008 A Review, Assessment, and Forecast of Federal Assets Policy Reid Cramer, Rourke O’Brien, and Alejandra Lopez-Fernandini* The purpose of this report is to summarize and take stock of the current state of federal policy through an asset-building lens, especially as it affects the asset base of lower-income families with limited resources, which is the focus of our work. 1 The report is divided into three sections. The first is a review of policy developments in the past year related to asset building, highlighting administration action and significant legislation, including assets-related bills introduced in the first year of the 110th Congress; the second is an examination of the president’s budget proposals for Fiscal Year 2009 from an assets perspective; and the third is a forecast of the assets policy issues that may be considered by Congress during the year or two ahead. A companion report, The 2008 Assets Agenda , to be released in April, will offer a detailed description of a range of policy proposals to broaden savings and asset ownership. The Assets Report 2008—Highlights 2007 Review • The administration responded to the housing crisis by creating the Hope Now Alliance to conduct aggressive outreach to homeowners at risk of delinquency and foreclosure. • FHASecure was launched in response to the housing crisis as a refinancing option for homeowners with non-FHA adjustable rate mortgages. • The IRS began allowing taxpayers to directly deposit their tax refunds in a maximum of three accounts, a change expected to encourage and facilitate saving.
    [Show full text]
  • A Business Lawyer's Bibliography: Books Every Dealmaker Should Read
    585 A Business Lawyer’s Bibliography: Books Every Dealmaker Should Read Robert C. Illig Introduction There exists today in America’s libraries and bookstores a superb if underappreciated resource for those interested in teaching or learning about business law. Academic historians and contemporary financial journalists have amassed a huge and varied collection of books that tell the story of how, why and for whom our modern business world operates. For those not currently on the front line of legal practice, these books offer a quick and meaningful way in. They help the reader obtain something not included in the typical three-year tour of the law school classroom—a sense of the context of our practice. Although the typical law school curriculum places an appropriately heavy emphasis on theory and doctrine, the importance of a solid grounding in context should not be underestimated. The best business lawyers provide not only legal analysis and deal execution. We offer wisdom and counsel. When we cast ourselves in the role of technocrats, as Ronald Gilson would have us do, we allow our advice to be defined downward and ultimately commoditized.1 Yet the best of us strive to be much more than legal engineers, and our advice much more than a mere commodity. When we master context, we rise to the level of counselors—purveyors of judgment, caution and insight. The question, then, for young attorneys or those who lack experience in a particular field is how best to attain the prudence and judgment that are the promise of our profession. For some, insight is gained through youthful immersion in a family business or other enterprise or experience.
    [Show full text]
  • The Long New Right and the World It Made Daniel Schlozman Johns
    The Long New Right and the World It Made Daniel Schlozman Johns Hopkins University [email protected] Sam Rosenfeld Colgate University [email protected] Version of January 2019. Paper prepared for the American Political Science Association meetings. Boston, Massachusetts, August 31, 2018. We thank Dimitrios Halikias, Katy Li, and Noah Nardone for research assistance. Richard Richards, chairman of the Republican National Committee, sat, alone, at a table near the podium. It was a testy breakfast at the Capitol Hill Club on May 19, 1981. Avoiding Richards were a who’s who from the independent groups of the emergent New Right: Terry Dolan of the National Conservative Political Action Committee, Paul Weyrich of the Committee for the Survival of a Free Congress, the direct-mail impresario Richard Viguerie, Phyllis Schlafly of Eagle Forum and STOP ERA, Reed Larson of the National Right to Work Committee, Ed McAteer of Religious Roundtable, Tom Ellis of Jesse Helms’s Congressional Club, and the billionaire oilman and John Birch Society member Bunker Hunt. Richards, a conservative but tradition-minded political operative from Utah, had complained about the independent groups making mischieF where they were not wanted and usurping the traditional roles of the political party. They were, he told the New Rightists, like “loose cannonballs on the deck of a ship.” Nonsense, responded John Lofton, editor of the Viguerie-owned Conservative Digest. If he attacked those fighting hardest for Ronald Reagan and his tax cuts, it was Richards himself who was the loose cannonball.1 The episode itself soon blew over; no formal party leader would follow in Richards’s footsteps in taking independent groups to task.
    [Show full text]
  • FHFA Foreclosure Prevention Report – 4Q 2008
    Federal Housing Finance Agency Foreclosure Prevention Report Disclosure and Analysis of Fannie Mae and Freddie Mac Mortgage Loan Data for Fourth Quarter 2008 Federal Housing Finance Agency Foreclosure Prevention Report CONTENTS INTRODUCTION......................................................................................................... 2 OVERALL MORTGAGE PORTFOLIO ............................................................................. 3 DELINQUENT MORTGAGES ........................................................................................ 4 KEY FINDINGS .......................................................................................................... 6 IMPACT OF ENTERPRISE SUSPENSION OF FORECLOSURES...........................................................6 YEAR-OVER-YEAR CHANGES ...........................................................................................7 NEW FORECLOSURES INITIATED .......................................................................................9 FORECLOSURES COMPLETED .......................................................................................... 10 THIRD-PARTY SALES COMPLETED.................................................................................... 10 REAL ESTATE OWNED ACQUISITIONS ............................................................................... 11 REAL ESTATE OWNED INVENTORY ................................................................................... 12 LOSS MITIGATION ACTIONS .........................................................................................
    [Show full text]
  • Journalists As Investigators and ‘Quality Media’ Reputation
    JOURNALISTS AS INVESTIGATORS AND ‘QUALITY MEDIA’ REPUTATION ALEX BURNS (Refereed) Faculty of Business and Law Victoria University [email protected] BARRY SAUNDERS Researcher, Centre for Policy Development [email protected] The current ‘future of journalism’ debates focus on the crossover (or lack thereof) of mainstream journalism practices and citizen journalism, the ‘democratisation’ of journalism, and the ‘crisis in innovation’ around the ‘death of newspapers’. This paper analyses a cohort of 20 investigative journalists to understand their skills sets, training and practices, notably where higher order research skills are adapted from intelligence, forensic accounting, computer programming, and law enforcement. We identify areas where different levels of infrastructure and support are necessary within media institutions, and suggest how investigative journalism enhances the reputation of ‘quality media’ outlets. Keywords investigative methods; journalism, quality media, research skills 1. Research problem, study context and methodology In the land of the blind, the man with a print-out of a Clay Shirky blog is king. (Ben Eltham, Fellow, Centre for Policy Development (Eltham 2009)) 1.1 Study context: The polarised debate on the ‘future of journalism’ It’s currently fashionable in ‘future of journalism’ and similar new media conferences to proclaim the demise of journalists due to social media platforms, and a ‘crisis in innovation’ which may lead to the ‘death of newspapers’. Citizen Journalists who write for local media (Gillmor 2004) and ‘professional amateurs’ or ProAms (Leadbeater and Miller 2004) are portrayed as the preferred future in many university programs on journalism and new media. Some social media proponents even claim, in adversarial language, that journalists co-opt ‘our stories’ from ‘our community’ of bloggers and user-generated content (Papworth 2009).
    [Show full text]
  • Autopsy on a Bubble: Credit Crisis 2008 Who, What, When Where Why, How (In Charts/Graphs, Timelines, Books)
    Autopsy on a Bubble: Credit Crisis 2008 Who, What, When Where Why, How (in charts/graphs, timelines, books) (http://www.bis.org/publ/arpdf/ar2009e2.pdf, p, 16) Richard M. Altman www.businesshistory.com «URLs» Credit Crisis and the Stock Market D I K P P Data - Becomes Information When Interpreted Information - Becomes Knowledge When Understood Knowledge - Becomes Power When Used Power - Becomes Progress When Measured Progress - Becomes Data When Analyzed «URLs» Credit Crisis and Capitalism (http://www.scribd.com/doc/37263162/0061788406, p. 92) «URLs» Credit Crisis and Capitalism (http://www.scribd.com/doc/37263162/0061788406, p. 93) «URLs» Table of Contents 1. Introduction p. 6 a) Cash and Risk p. 6 b) History’s Bubbles p. 7 c) Four Phases of a Bubble p. 8 d) Key Dates p. 12 2. What Happened: Four Stages - Cash, Risk (2) and Rescue p. 13 a) Historical Perspective p. 14 b) Stage 1: 2000-2003 - Cash Grew p. 26 c) Stage 2: 2003-2007 - Credit Risk p. 44 d) Stage 3: 2007-2009 - Market Risk (Event Risk) p. 69 e) Stage 4: 2009-2010 - Rescue: Liquidity and Solvency p. 95 3. People: Who Was Involved p. 115 4. Government/Corporate: When, What, Where (Descriptive) p. 125 a) Government Timeline p. 126 b) Corporate Timeline p. 141 5. Books: Why, How (Interpretive): p. 156 a) Credit Crisis Books (Year, Author) p. 157 b) Credit Crisis: Related Books (Author) p. 180 c) Credit Crisis: Films - (Year, Director) p. 188 d) Wall Street Books (Firm, Year, Author) p. 189 e) Wall Street: Related Books (Author) p.
    [Show full text]
  • Consumer Action
    Non-Profit Org. U.S. Postage PAID San Francisco, CA CONSUMER Permit # 10402 ACTION NEWS Change Service Requested 221 Main Street, Suite 480 • San Francisco, California 94105 • www.consumer-action.org • Winter 08-09 About 8,000 homeowners call the HOPE hotline Foreclosure prevention (888-995-HOPE or 4673) About this issue What’s working, what’s not and why everyday. "e Alliance says that it ince mid 2007, the U.S. has been reeling has succeeded in rework- Sfrom an economic crisis that has hit Wall By Ruth Susswein foreclosure crisis through voluntary ing 2.7 million home Street and Main Street with bad news and measures, with little success to date. loans since 2007. But more bad news. couple of hundred people Treasury Secretary Henry Paulson critics charge that more Predatory mortgages and ill-advised lending gathered at a Methodist church and Federal Reserve Chairman Ben than half of these loan have led to a foreclosure crisis, real estate has in Stockton, CA, in December Bernanke handed banks $350 bil- modifications are in fact lost substantial value, lay-offs are crippling Afor a town hall meeting on foreclo- lion in Troubled Asset Relief Program repayment plans that communities, and the stock market, where sure. One homeowner could not hold (TARP) funds with no strings at- simply extend the life of many people invest their retirement savings, back tears as she told of her struggle tached and no commitment for relief the mortgage to 40 years. shed 40% of its value in 2008. to save her home. from the burden of predatory loans According to MSNBC, "is issue focuses on our current state of She is not alone in her emotion.
    [Show full text]
  • Baker Library Core Collection 2/15/07
    Baker Library Core Collection 2/15/07 1 Baker Library Core Collection - 2/15/07 TITLE AUTHOR DISPLAY CALL_NO Advanced modelling in finance using Excel and VBA / Mary Jackson and Mike Staunton. Jackson, Mary, 1936- HG173 .J24 2001 "You can't enlarge the pie" : six barriers to effective government / Max H. Bazerman, Jonathan Baron, Katherine Shonk. Bazerman, Max H. JK468.P64 B39 2001 100 billion allowance : accessing the global teen market / Elissa Moses. Moses, Elissa. HF5415.32 .M673 2000 20/20 foresight : crafting strategy in an uncertain world / Hugh Courtney. Courtney, Hugh, 1963- HD30.28 .C6965 2001 21 irrefutable laws of leadership : follow them and people will follow you / John C. Maxwell. Maxwell, John C., 1947- HD57.7 .M3937 1998 22 immutable laws of branding : how to build a product or service into a world-class brand / Al Ries and Laura Ries. Ries, Al. HD69.B7 R537 1998 25 investment classics : insights from the greatest investment books of all time / Leo Gough. Gough, Leo. HG4521 .G663 1998 29 leadership secrets from Jack Welch / by Robert Slater. Slater, Robert, 1943- HD57.7 .S568 2003 3-D negotiation : powerful tools to change the game in your most important deals / David A. Lax and James K. Sebenius. Lax, David A. HD58.6 .L388 2006 360 degree brand in Asia : creating more effective marketing communications / by Mark Blair, Richard Armstrong, Mike Murphy. Blair, Mark. HF5415.123 .B555 2003 45 effective ways for hiring smart! : how to predict winners and losers in the incredibly expensive people-reading game / by Pierre Mornell ; designed by Kit Hinrichs ; illustrations by Regan Dunnick.
    [Show full text]
  • The State of Housing in Black America
    The National Association of Real Estate Brokers (NAREB) THE STATE OF HOUSING IN BLACK AMERICA 2013 Commissioned by: Julius Cartwright, NAREB President SHIBA Advisory Board Authored by: James H. Carr, Katrin B. Anacker, and Ines Hernandez NAREB supporting documents compiled by: C. Renée Wilson THE STATE OF HOUSING IN BLACK AMERICA 2013 NAREB 9831 Greenbelt Rd, Lanham, MD 20706 http://www.nareb.com 301-552-9340 Back inner cover graphics examples of work by M2 Magic Media TABLE OF CONTENTS President’s Message ............................................................................................................... iii by Julius Cartwright, President, NAREB Chairman’s Message ...............................................................................................................iv by Lawrence Batiste, Chairman of the Board of Directors, NAREB Foreword .................................................................................................................................v by Dr. Benjamin F. Chavis, Jr, SHIBA Advisor The State of the U.S. Economy and Homeownership for African Americans by James H. Carr, Katrin B. Anacker, and Ines Hernandez Executive Summary Introduction ............................................................................................................................ 1 The Current Housing Market and the U.S. Economy .................................................................. 2 The Foreclosure Crisis and Collapse of the U.S. Economy .....................................................................................2
    [Show full text]
  • The Financial Crisis: a Timeline of Events and Policy Actions February 27, 2007 | Freddie Mac Press Release
    The Financial Crisis: A Timeline of Events and Policy Actions February 27, 2007 | Freddie Mac Press Release The Federal Home Loan Mortgage Corporation (Freddie Mac) announces that it will no longer buy the most risky subprime mortgages and mortgage-related securities. April 2, 2007 | SEC Filing New Century Financial Corporation, a leading subprime mortgage lender, files for Chapter 11 bankruptcy protection. June 1, 2007 | Congressional Testimony Standard and Poor’s and Moody’s Investor Services downgrade over 100 bonds backed by second-lien subprime mortgages. June 7, 2007 Bear Stearns informs investors that it is suspending redemptions from its High-Grade Structured Credit Strategies Enhanced Leverage Fund. June 28, 2007 | Federal Reserve Press Release The Federal Open Market Committee (FOMC) votes to maintain its target for the federal funds rate at 5.25 percent. July 11, 2007 | Standard and Poor’s Ratings Direct Standard and Poor’s places 612 securities backed by subprime residential mortgages on a credit watch. July 24, 2007 | SEC Filing Countrywide Financial Corporation warns of “difficult conditions.” July 31, 2007 | U.S. Bankruptcy Filing Bear Stearns liquidates two hedge funds that invested in various types of mortgage-backed securities. August 6, 2007 | SEC Filing Page 1 of 24 August 6, 2007 | SEC Filing American Home Mortgage Investment Corporation files for Chapter 11 bankruptcy protection. August 7, 2007 | Federal Reserve Press Release The FOMC votes to maintain its target for the federal funds rate at 5.25 percent. August 9, 2007 | BNP Paribas Press Release BNP Paribas, France’s largest bank, halts redemptions on three investment funds.
    [Show full text]
  • Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 112 CONGRESS, FIRST SESSION
    E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 112 CONGRESS, FIRST SESSION Vol. 157 WASHINGTON, TUESDAY, MARCH 29, 2011 No. 43 House of Representatives The House met at 2 p.m. and was I pledge allegiance to the Flag of the Yvette D. Clarke of New York called to order by the Speaker. United States of America, and to the Repub- Best regards, lic for which it stands, one nation under God, NANCY PELOSI, f indivisible, with liberty and justice for all. Democratic Leader. PRAYER f The Chaplain, the Reverend Daniel P. COMMUNICATION FROM THE f Coughlin, offered the following prayer: CLERK OF THE HOUSE Cherry blossoms draw thousands of ROTARY INTERNATIONAL ASSISTS The SPEAKER pro tempore (Mr. POE visitors to the Capitol city, Lord. Their JAPAN silent beauty causes busy residents to of Texas) laid before the House the fol- stop their frenzied motion and simply lowing communication from the Clerk (Mr. WILSON of South Carolina gaze for a moment. Reflected in pools of the House of Representatives: asked and was given permission to ad- or clustered together on lawns, wrin- HOUSE OF REPRESENTATIVES, dress the House for 1 minute and to re- kled with age, their new life displays a Washington, DC, March 17, 2011. vise and extend his remarks.) unified motion of gentle friendship. Hon. JOHN A. BOEHNER, Mr. WILSON of South Carolina. Mr. Today, in our prayer, Lord, we offer The Speaker, House of Representatives, Speaker, all Americans have provided Washington, DC. voice to their song of spring and praise sympathy for the people of Japan due DEAR MR.
    [Show full text]