我曾經在費城居住八年﹐也是天普大學(Temple University)的畢業生; 關心社會低下層民眾生活以及國際大事可以話係所有Temple Owls的共同點。這名Temple研究生也不例外﹗
http://www.cnn.com/video/#/video/politics/2008/09/28/palincheesesteak.cnn
http://www.youtube.com/watch?v=DLHohmFFgXY
共和黨副總統候選人佩林日前在費城進行競選活動。在晚上到南費城一家售賣芝士牛肉三文治(Cheesesteak sandwiches)等待食物的時候與記者談話時﹐冷不提防在身後排隊的其中一名天普大學研究生問他對於美軍是否應該不需要巴基斯坦政府方面同意﹐單方面向恐怖份子在巴基斯坦境內的營地發動進攻。當時佩林回答說 "If that's what we have to do stop the terrorists from coming any further in, absolutely, we should,"
她的答案立即露出她與麥凱恩在外交政策上無夾口供。因為麥凱恩在上次總統候選人電視辯論上指責奧巴馬不顧反恐同盟成員而作單方面行動。
一句簡單的問題就露底﹐佩林真係要多多學習以及多與競選拍檔“統一口徑”先得喇﹗
Tuesday, September 30, 2008
Monday, September 29, 2008
美國國會救市方案“臨門撻Q”
“777”在美國長期以來代表好運﹐但是在9月29日下午﹐這個數字代表著道瓊斯工業平均指數(Dow Jones Industrial Average Index)有史以來最大的單日下跌數字﹗認真諷刺﹗﹗﹗
布殊政府以及國會領袖滿以為七千億美元的救市方案可以在星期一過關﹐點知竟然在共和黨眾議員強力反對下“臨門撻Q”﹐很多人對此大跌眼鏡﹗因為救市方案經過整個週末民主共和兩黨領袖以及美國財政部談判後達成協議﹐理應代表著府院之間的妥協方案﹐不會被容易擊破。眾議員內的資歷淺的議員也會跟領袖的決定。有邊個會想到今次竟然會撻Q﹗更無人想到竟然有共和黨議員會同被他們長期視為“英雄”的小布殊對著幹呢﹗
共和黨長期相信自由市場經濟以及小政府不干預政策。今次這套救市方案形同全盤否定共和黨長期奉行的信念﹐試問有幾多人會輕易放棄﹖在美國中部的保守州份地區﹐當地的共和黨眾議員辦公室罕見地收到大量選民的電話﹐要求議員反對這項救市方案。認為這個方案只會是Wall Street(指金融業)同Main Street(指一般普羅階層)作對。今年又係大選年﹐除了總統大選之外﹐435個眾議院議席都要改選換屆﹐以及三份之一參議院議席都要改選﹔如果救市方案失敗﹐有任何冬瓜豆腐的話﹐這批國會議員點樣面對江東父老﹖政治生涯仲肯定玩完﹗﹗﹗
當然﹐美國很多人認為以納稅人的錢為華爾街的不負責任而埋單而感到不滿以及不公平﹐認為政府應該要救消費者以及可能失去房地產的小業主。不過唔救華爾街的話﹐美國的信貸市場(credit market)可能會大受影響﹐使到信譽良好的企業以及消費者不能夠獲得正常的貸款購買房地產或者消費。長此下去將影響整個美國以及全世界經濟。
美國國會眾議院最快將會在星期四復會﹐到時就知道是否有另外一項替代的救市方案進行投票。
救又死﹐唔救仲死﹐你話依家這個境況死唔死呢﹖
布殊政府以及國會領袖滿以為七千億美元的救市方案可以在星期一過關﹐點知竟然在共和黨眾議員強力反對下“臨門撻Q”﹐很多人對此大跌眼鏡﹗因為救市方案經過整個週末民主共和兩黨領袖以及美國財政部談判後達成協議﹐理應代表著府院之間的妥協方案﹐不會被容易擊破。眾議員內的資歷淺的議員也會跟領袖的決定。有邊個會想到今次竟然會撻Q﹗更無人想到竟然有共和黨議員會同被他們長期視為“英雄”的小布殊對著幹呢﹗
共和黨長期相信自由市場經濟以及小政府不干預政策。今次這套救市方案形同全盤否定共和黨長期奉行的信念﹐試問有幾多人會輕易放棄﹖在美國中部的保守州份地區﹐當地的共和黨眾議員辦公室罕見地收到大量選民的電話﹐要求議員反對這項救市方案。認為這個方案只會是Wall Street(指金融業)同Main Street(指一般普羅階層)作對。今年又係大選年﹐除了總統大選之外﹐435個眾議院議席都要改選換屆﹐以及三份之一參議院議席都要改選﹔如果救市方案失敗﹐有任何冬瓜豆腐的話﹐這批國會議員點樣面對江東父老﹖政治生涯仲肯定玩完﹗﹗﹗
當然﹐美國很多人認為以納稅人的錢為華爾街的不負責任而埋單而感到不滿以及不公平﹐認為政府應該要救消費者以及可能失去房地產的小業主。不過唔救華爾街的話﹐美國的信貸市場(credit market)可能會大受影響﹐使到信譽良好的企業以及消費者不能夠獲得正常的貸款購買房地產或者消費。長此下去將影響整個美國以及全世界經濟。
美國國會眾議院最快將會在星期四復會﹐到時就知道是否有另外一項替代的救市方案進行投票。
救又死﹐唔救仲死﹐你話依家這個境況死唔死呢﹖
Sunday, September 28, 2008
喬治城(Georgetown)食廉價海鮮
講得太多政治與經濟﹐真係好容易人都顛﹗由今日開始﹐我會不定期介紹在華盛頓的日常生活與不同事物。
今晚與女友以及從內布拉斯加州(Nebraska)來華盛頓旅遊的女友雙親到華盛頓市內的喬治城(Georgetown)行街兼食飯。在一家名叫Tackle Box﹐專門食海鮮的店鋪﹐我點了一客炸生蠔﹐附加French Fries 以及芝士通心粉(Mac & cheese)﹐價格大約15美元。
Friday, September 26, 2008
美國兩黨總統候選人首場電視直播辯論終於開鑼
在金融危機的影響﹐以及麥凱恩一度表示要求推遲舉行的情況下﹐麥凱恩與奧巴馬兩人的首場競選辯論終於在星期五晚上九點(即香港時間星期六早上九點)正式在被美國人稱為Ole Miss的密西西比大學(University of Mississippi)舉行。
推遲辯論是絕對無可能的。兩黨候選人辯論是由一個兩黨人士組成的委員會﹐經過超過一年時間的籌備下舉行的﹐唔係任何一個候選人可以“話來就來﹐話走就走”。麥凱恩一開口話要求推遲其實已經是一大敗筆。如果唔來﹐一來就係不戰而輸﹐俾人覺得麥凱恩害怕在辯論到金融問題時無料到﹔第二﹐在這個時候要求推遲辯論就會顯得麥凱恩不能夠在同一時間內處理多項問題﹐就係無“multi-task”的能力﹐試問一個無“multi-task”能力的人點樣做美國總統﹖第三﹐奧巴馬唔聽麥凱恩支笛繼續出席參加﹐造就了一個不用花費一分一毫的競選活動+競選廣告+個人solo表演。結果就當然係增加曝光時間﹐試問麥凱恩在這個形勢下仲會有著數嗎﹖
觀乎整個候選人辯論﹐奧巴馬強調兩黨合作﹐所以有時讚同麥凱恩的一些觀點。不過麥凱恩並不領情﹐在辯論當中多次“持老賣老”毫不客氣地話“Senator Obama doesn't understand..."﹐語調處處貶低奧巴馬。不過他這種策略可能適得其反。CNN在直播辯論時﹐在電視熒幕下方有一個即時的indicator可以見到民主、共和﹐以及獨立無黨派的focus group對於各個候選人言論的即時反應。麥凱恩批評奧巴馬的時候﹐民主黨以及獨立選民的focus group觀眾並不認同他的言論的居多。
總括而言﹐兩名候選人在今次的辯論內的表現中規中矩﹐並無太多火花出現﹐奧巴馬的表現只是些微優勝於麥凱恩。
推遲辯論是絕對無可能的。兩黨候選人辯論是由一個兩黨人士組成的委員會﹐經過超過一年時間的籌備下舉行的﹐唔係任何一個候選人可以“話來就來﹐話走就走”。麥凱恩一開口話要求推遲其實已經是一大敗筆。如果唔來﹐一來就係不戰而輸﹐俾人覺得麥凱恩害怕在辯論到金融問題時無料到﹔第二﹐在這個時候要求推遲辯論就會顯得麥凱恩不能夠在同一時間內處理多項問題﹐就係無“multi-task”的能力﹐試問一個無“multi-task”能力的人點樣做美國總統﹖第三﹐奧巴馬唔聽麥凱恩支笛繼續出席參加﹐造就了一個不用花費一分一毫的競選活動+競選廣告+個人solo表演。結果就當然係增加曝光時間﹐試問麥凱恩在這個形勢下仲會有著數嗎﹖
觀乎整個候選人辯論﹐奧巴馬強調兩黨合作﹐所以有時讚同麥凱恩的一些觀點。不過麥凱恩並不領情﹐在辯論當中多次“持老賣老”毫不客氣地話“Senator Obama doesn't understand..."﹐語調處處貶低奧巴馬。不過他這種策略可能適得其反。CNN在直播辯論時﹐在電視熒幕下方有一個即時的indicator可以見到民主、共和﹐以及獨立無黨派的focus group對於各個候選人言論的即時反應。麥凱恩批評奧巴馬的時候﹐民主黨以及獨立選民的focus group觀眾並不認同他的言論的居多。
總括而言﹐兩名候選人在今次的辯論內的表現中規中矩﹐並無太多火花出現﹐奧巴馬的表現只是些微優勝於麥凱恩。
It's a pay back time!
布殊政府斥資七千億美元的救市計劃受到國會內的共和黨眾議員反對之後，談判變得充滿火藥味。談判在星期四晚間停止，雙方並無達成任何協議。會談計劃在星期五早上恢復。麥凱恩(John McCain)根岸本一早就已經提出反對任何救市建議﹐為了選舉以及穩著保守派的選票﹐他今次索性採取隔岸觀火的態度﹐在 白宮會議上坐埋一邊只講幾句說話就算數﹐明顯唔睇布殊台戲。今次可謂“有仇報仇”﹐以報八年前在黨內初選時被布殊競選團中傷而失去黨內提名。
在星期四傍晚從CNN睇到以下一幕﹕
在白宮內閣會議廳(Cabinet Room)內的記者photo-call結束﹐在場特工“趕”記者離開的時候﹐CNN記者高聲向問布殊“到依家先至做野﹐你是否感到後悔﹖”當時布殊並無回應﹐鏡頭見到在坐的麥凱恩只是乾笑幾聲。當我看到這個情景﹐覺得非常詭異及不寒而慄, 腦內閃起一句說話﹕“It's a pay back time!”
***
正當美國國會仍然就七千億美元救市計劃爭吵不休的時候，美國規模最大的銀行之一--華盛頓互惠銀行 (華互銀行, Washington Mutual) 卻由于無法承受巨大的次級按歇壞帳而宣佈破產﹐並且被美國聯邦儲蓄保險公司(FDIC)在星期四晚接管﹐然後以將近二十億美元的價格轉售給美國投資銀行摩根大通公司。今次美國歷史上破產倒閉規模最大的一家銀行。華互銀行把很多資產投在高風險的次級按歇房地產貸款(sub-prime mortgage)上，但是由於很多貸款者無法償還貸款而使到銀行本身出現負債高達幾十億美元。多個投資評級機構以及FDIC方面早在一年前就已經將華互銀行列為特別留意的觀察對象。所以今次爆煲都無出現任何失控場面。
美國聯邦儲蓄保險公司為存戶的銀行儲蓄賠償上限是十萬美元，但由於轉售交易已經達成，聯邦儲蓄保險公司不必利用本身的資產向華盛頓互惠銀行的存戶支付任何賠償。
在星期四傍晚從CNN睇到以下一幕﹕
在白宮內閣會議廳(Cabinet Room)內的記者photo-call結束﹐在場特工“趕”記者離開的時候﹐CNN記者高聲向問布殊“到依家先至做野﹐你是否感到後悔﹖”當時布殊並無回應﹐鏡頭見到在坐的麥凱恩只是乾笑幾聲。當我看到這個情景﹐覺得非常詭異及不寒而慄, 腦內閃起一句說話﹕“It's a pay back time!”
***
正當美國國會仍然就七千億美元救市計劃爭吵不休的時候，美國規模最大的銀行之一--華盛頓互惠銀行 (華互銀行, Washington Mutual) 卻由于無法承受巨大的次級按歇壞帳而宣佈破產﹐並且被美國聯邦儲蓄保險公司(FDIC)在星期四晚接管﹐然後以將近二十億美元的價格轉售給美國投資銀行摩根大通公司。今次美國歷史上破產倒閉規模最大的一家銀行。華互銀行把很多資產投在高風險的次級按歇房地產貸款(sub-prime mortgage)上，但是由於很多貸款者無法償還貸款而使到銀行本身出現負債高達幾十億美元。多個投資評級機構以及FDIC方面早在一年前就已經將華互銀行列為特別留意的觀察對象。所以今次爆煲都無出現任何失控場面。
美國聯邦儲蓄保險公司為存戶的銀行儲蓄賠償上限是十萬美元，但由於轉售交易已經達成，聯邦儲蓄保險公司不必利用本身的資產向華盛頓互惠銀行的存戶支付任何賠償。
Wednesday, September 24, 2008
布殊﹕“We are in the midst of a serious financial crisis”
剛看完美國總統布殊在白宮就有關七百億美元救市措施的演說。
綜觀他在發表演說時的神情﹐與以往的表情比較可以話非常落漠﹐可能因為他已經係“跛腳鴨政府”﹐今次演說我認為他已經盡力提出理據解釋救市原因。他也用了很多非常嚴重的字眼﹐好似衰退(recession)﹐嚴重金融危機(serious financial crisis)﹐美國將跌入範圍廣泛的金融震蕩(America could slip into a widespread financial panic)等美國總統一向避免使用的字眼。布殊在演說當中也表示﹐今次救市是為了挽救美國經濟以及美國工人職位﹐而並非挽救華爾街投資銀行的高層的個人利益。
當然我也希望這建議中的七百億救市方案可以成功﹐因為今次的金融風暴影響實在太大﹗也希望這七百億用得其所。以下是布殊演說英語全文:
THE WHITE HOUSE
Office of the Press Secretary
For Immediate Release September 24, 2008
ADDRESS BY THE PRESIDENT TO THE NATION
State Floor
9:01 P.M. EDT
THE PRESIDENT: Good evening. This is an extraordinary period for America's economy. Over the past few weeks, many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration. We’ve seen triple-digit swings in the stock market. Major financial institutions have teetered on the edge of collapse, and some have failed. As uncertainty has grown, many banks have restricted lending. Credit markets have frozen. And families and businesses have found it harder to borrow money.
We’re in the midst of a serious financial crisis, and the federal government is responding with decisive action. We’ve boosted confidence in money market mutual funds, and acted to prevent major investors from intentionally driving down stocks for their own personal gain.
Most importantly, my administration is working with Congress to address the root cause behind much of the instability in our markets. Financial assets related to home mortgages have lost value during the housing decline. And the banks holding these assets have restricted credit. As a result, our entire economy is in danger. So I’ve proposed that the federal government reduce the risk posed by these troubled assets, and supply urgently-needed money so banks and other financial institutions can avoid collapse and resume lending.
This rescue effort is not aimed at preserving any individual company or industry -- it is aimed at preserving America's overall economy. It will help American consumers and businesses get credit to meet their daily needs and create jobs. And it will help send a signal to markets around the world that America's financial system is back on track.
I know many Americans have questions tonight: How did we reach this point in our economy? How will the solution I’ve proposed work? And what does this mean for your financial future? These are good questions, and they deserve clear answers.
First, how did our economy reach this point?
Well, most economists agree that the problems we are witnessing today developed over a long period of time. For more than a decade, a massive amount of money flowed into the United States from investors abroad, because our country is an attractive and secure place to do business. This large influx of money to U.S. banks and financial institutions -- along with low interest rates -- made it easier for Americans to get credit. These developments allowed more families to borrow money for cars and homes and college tuition -- some for the first time. They allowed more entrepreneurs to get loans to start new businesses and create jobs.
Unfortunately, there were also some serious negative consequences, particularly in the housing market. Easy credit -- combined with the faulty assumption that home values would continue to rise -- led to excesses and bad decisions. Many mortgage lenders approved loans for borrowers without carefully examining their ability to pay. Many borrowers took out loans larger than they could afford, assuming that they could sell or refinance their homes at a higher price later on.
Optimism about housing values also led to a boom in home construction. Eventually the number of new houses exceeded the number of people willing to buy them. And with supply exceeding demand, housing prices fell. And this created a problem: Borrowers with adjustable rate mortgages who had been planning to sell or refinance their homes at a higher price were stuck with homes worth less than expected -- along with mortgage payments they could not afford. As a result, many mortgage holders began to default.
These widespread defaults had effects far beyond the housing market. See, in today's mortgage industry, home loans are often packaged together, and converted into financial products called "mortgage-backed securities." These securities were sold to investors around the world. Many investors assumed these securities were trustworthy, and asked few questions about their actual value. Two of the leading purchasers of mortgage-backed securities were Fannie Mae and Freddie Mac. Because these companies were chartered by Congress, many believed they were guaranteed by the federal government. This allowed them to borrow enormous sums of money, fuel the market for questionable investments, and put our financial system at risk.
The decline in the housing market set off a domino effect across our economy. When home values declined, borrowers defaulted on their mortgages, and investors holding mortgage-backed securities began to incur serious losses. Before long, these securities became so unreliable that they were not being bought or sold. Investment banks such as Bear Stearns and Lehman Brothers found themselves saddled with large amounts of assets they could not sell. They ran out of the money needed to meet their immediate obligations. And they faced imminent collapse. Other banks found themselves in severe financial trouble. These banks began holding on to their money, and lending dried up, and the gears of the American financial system began grinding to a halt.
With the situation becoming more precarious by the day, I faced a choice: To step in with dramatic government action, or to stand back and allow the irresponsible actions of some to undermine the financial security of all.
I’m a strong believer in free enterprise. So my natural instinct is to oppose government intervention. I believe companies that make bad decisions should be allowed to go out of business. Under normal circumstances, I would have followed this course. But these are not normal circumstances. The market is not functioning properly. There’s been a widespread loss of confidence. And major sectors of America's financial system are at risk of shutting down.
The government's top economic experts warn that without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold:
More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically. And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs. Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And ultimately, our country could experience a long and painful recession.
Fellow citizens: We must not let this happen. I appreciate the work of leaders from both parties in both houses of Congress to address this problem -- and to make improvements to the proposal my administration sent to them. There is a spirit of cooperation between Democrats and Republicans, and between Congress and this administration. In that spirit, I’ve invited Senators McCain and Obama to join congressional leaders of both parties at the White House tomorrow to help speed our discussions toward a bipartisan bill.
I know that an economic rescue package will present a tough vote for many members of Congress. It is difficult to pass a bill that commits so much of the taxpayers' hard-earned money. I also understand the frustration of responsible Americans who pay their mortgages on time, file their tax returns every April 15th, and are reluctant to pay the cost of excesses on Wall Street. But given the situation we are facing, not passing a bill now would cost these Americans much more later.
Many Americans are asking: How would a rescue plan work?
After much discussion, there is now widespread agreement on the principles such a plan would include. It would remove the risk posed by the troubled assets -- including mortgage-backed securities -- now clogging the financial system. This would free banks to resume the flow of credit to American families and businesses. Any rescue plan should also be designed to ensure that taxpayers are protected. It should welcome the participation of financial institutions large and small. It should make certain that failed executives do not receive a windfall from your tax dollars. It should establish a bipartisan board to oversee the plan's implementation. And it should be enacted as soon as possible.
In close consultation with Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke, and SEC Chairman Chris Cox, I announced a plan on Friday. First, the plan is big enough to solve a serious problem. Under our proposal, the federal government would put up to $700 billion taxpayer dollars on the line to purchase troubled assets that are clogging the financial system. In the short term, this will free up banks to resume the flow of credit to American families and businesses. And this will help our economy grow.
Second, as markets have lost confidence in mortgage-backed securities, their prices have dropped sharply. Yet the value of many of these assets will likely be higher than their current price, because the vast majority of Americans will ultimately pay off their mortgages. The government is the one institution with the patience and resources to buy these assets at their current low prices and hold them until markets return to normal. And when that happens, money will flow back to the Treasury as these assets are sold. And we expect that much, if not all, of the tax dollars we invest will be paid back.
A final question is: What does this mean for your economic future?
The primary steps -- purpose of the steps I have outlined tonight is to safeguard the financial security of American workers and families and small businesses. The federal government also continues to enforce laws and regulations protecting your money. The Treasury Department recently offered government insurance for money market mutual funds. And through the FDIC, every savings account, checking account, and certificate of deposit is insured by the federal government for up to $100,000. The FDIC has been in existence for 75 years, and no one has ever lost a penny on an insured deposit -- and this will not change.
Once this crisis is resolved, there will be time to update our financial regulatory structures. Our 21st century global economy remains regulated largely by outdated 20th century laws. Recently, we’ve seen how one company can grow so large that its failure jeopardizes the entire financial system.
Earlier this year, Secretary Paulson proposed a blueprint that would modernize our financial regulations. For example, the Federal Reserve would be authorized to take a closer look at the operations of companies across the financial spectrum and ensure that their practices do not threaten overall financial stability. There are other good ideas, and members of Congress should consider them. As they do, they must ensure that efforts to regulate Wall Street do not end up hampering our economy's ability to grow.
In the long run, Americans have good reason to be confident in our economic strength. Despite corrections in the marketplace and instances of abuse, democratic capitalism is the best system ever devised. It has unleashed the talents and the productivity, and entrepreneurial spirit of our citizens. It has made this country the best place in the world to invest and do business. And it gives our economy the flexibility and resilience to absorb shocks, adjust, and bounce back.
Our economy is facing a moment of great challenge. But we’ve overcome tough challenges before -- and we will overcome this one. I know that Americans sometimes get discouraged by the tone in Washington, and the seemingly endless partisan struggles. Yet history has shown that in times of real trial, elected officials rise to the occasion. And together, we will show the world once again what kind of country America is -- a nation that tackles problems head on, where leaders come together to meet great tests, and where people of every background can work hard, develop their talents, and realize their dreams.
Thank you for listening. May God bless you.
END 9:14 P.M. EDT
綜觀他在發表演說時的神情﹐與以往的表情比較可以話非常落漠﹐可能因為他已經係“跛腳鴨政府”﹐今次演說我認為他已經盡力提出理據解釋救市原因。他也用了很多非常嚴重的字眼﹐好似衰退(recession)﹐嚴重金融危機(serious financial crisis)﹐美國將跌入範圍廣泛的金融震蕩(America could slip into a widespread financial panic)等美國總統一向避免使用的字眼。布殊在演說當中也表示﹐今次救市是為了挽救美國經濟以及美國工人職位﹐而並非挽救華爾街投資銀行的高層的個人利益。
當然我也希望這建議中的七百億救市方案可以成功﹐因為今次的金融風暴影響實在太大﹗也希望這七百億用得其所。以下是布殊演說英語全文:
THE WHITE HOUSE
Office of the Press Secretary
For Immediate Release September 24, 2008
ADDRESS BY THE PRESIDENT TO THE NATION
State Floor
9:01 P.M. EDT
THE PRESIDENT: Good evening. This is an extraordinary period for America's economy. Over the past few weeks, many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration. We’ve seen triple-digit swings in the stock market. Major financial institutions have teetered on the edge of collapse, and some have failed. As uncertainty has grown, many banks have restricted lending. Credit markets have frozen. And families and businesses have found it harder to borrow money.
We’re in the midst of a serious financial crisis, and the federal government is responding with decisive action. We’ve boosted confidence in money market mutual funds, and acted to prevent major investors from intentionally driving down stocks for their own personal gain.
Most importantly, my administration is working with Congress to address the root cause behind much of the instability in our markets. Financial assets related to home mortgages have lost value during the housing decline. And the banks holding these assets have restricted credit. As a result, our entire economy is in danger. So I’ve proposed that the federal government reduce the risk posed by these troubled assets, and supply urgently-needed money so banks and other financial institutions can avoid collapse and resume lending.
This rescue effort is not aimed at preserving any individual company or industry -- it is aimed at preserving America's overall economy. It will help American consumers and businesses get credit to meet their daily needs and create jobs. And it will help send a signal to markets around the world that America's financial system is back on track.
I know many Americans have questions tonight: How did we reach this point in our economy? How will the solution I’ve proposed work? And what does this mean for your financial future? These are good questions, and they deserve clear answers.
First, how did our economy reach this point?
Well, most economists agree that the problems we are witnessing today developed over a long period of time. For more than a decade, a massive amount of money flowed into the United States from investors abroad, because our country is an attractive and secure place to do business. This large influx of money to U.S. banks and financial institutions -- along with low interest rates -- made it easier for Americans to get credit. These developments allowed more families to borrow money for cars and homes and college tuition -- some for the first time. They allowed more entrepreneurs to get loans to start new businesses and create jobs.
Unfortunately, there were also some serious negative consequences, particularly in the housing market. Easy credit -- combined with the faulty assumption that home values would continue to rise -- led to excesses and bad decisions. Many mortgage lenders approved loans for borrowers without carefully examining their ability to pay. Many borrowers took out loans larger than they could afford, assuming that they could sell or refinance their homes at a higher price later on.
Optimism about housing values also led to a boom in home construction. Eventually the number of new houses exceeded the number of people willing to buy them. And with supply exceeding demand, housing prices fell. And this created a problem: Borrowers with adjustable rate mortgages who had been planning to sell or refinance their homes at a higher price were stuck with homes worth less than expected -- along with mortgage payments they could not afford. As a result, many mortgage holders began to default.
These widespread defaults had effects far beyond the housing market. See, in today's mortgage industry, home loans are often packaged together, and converted into financial products called "mortgage-backed securities." These securities were sold to investors around the world. Many investors assumed these securities were trustworthy, and asked few questions about their actual value. Two of the leading purchasers of mortgage-backed securities were Fannie Mae and Freddie Mac. Because these companies were chartered by Congress, many believed they were guaranteed by the federal government. This allowed them to borrow enormous sums of money, fuel the market for questionable investments, and put our financial system at risk.
The decline in the housing market set off a domino effect across our economy. When home values declined, borrowers defaulted on their mortgages, and investors holding mortgage-backed securities began to incur serious losses. Before long, these securities became so unreliable that they were not being bought or sold. Investment banks such as Bear Stearns and Lehman Brothers found themselves saddled with large amounts of assets they could not sell. They ran out of the money needed to meet their immediate obligations. And they faced imminent collapse. Other banks found themselves in severe financial trouble. These banks began holding on to their money, and lending dried up, and the gears of the American financial system began grinding to a halt.
With the situation becoming more precarious by the day, I faced a choice: To step in with dramatic government action, or to stand back and allow the irresponsible actions of some to undermine the financial security of all.
I’m a strong believer in free enterprise. So my natural instinct is to oppose government intervention. I believe companies that make bad decisions should be allowed to go out of business. Under normal circumstances, I would have followed this course. But these are not normal circumstances. The market is not functioning properly. There’s been a widespread loss of confidence. And major sectors of America's financial system are at risk of shutting down.
The government's top economic experts warn that without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold:
More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically. And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs. Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And ultimately, our country could experience a long and painful recession.
Fellow citizens: We must not let this happen. I appreciate the work of leaders from both parties in both houses of Congress to address this problem -- and to make improvements to the proposal my administration sent to them. There is a spirit of cooperation between Democrats and Republicans, and between Congress and this administration. In that spirit, I’ve invited Senators McCain and Obama to join congressional leaders of both parties at the White House tomorrow to help speed our discussions toward a bipartisan bill.
I know that an economic rescue package will present a tough vote for many members of Congress. It is difficult to pass a bill that commits so much of the taxpayers' hard-earned money. I also understand the frustration of responsible Americans who pay their mortgages on time, file their tax returns every April 15th, and are reluctant to pay the cost of excesses on Wall Street. But given the situation we are facing, not passing a bill now would cost these Americans much more later.
Many Americans are asking: How would a rescue plan work?
After much discussion, there is now widespread agreement on the principles such a plan would include. It would remove the risk posed by the troubled assets -- including mortgage-backed securities -- now clogging the financial system. This would free banks to resume the flow of credit to American families and businesses. Any rescue plan should also be designed to ensure that taxpayers are protected. It should welcome the participation of financial institutions large and small. It should make certain that failed executives do not receive a windfall from your tax dollars. It should establish a bipartisan board to oversee the plan's implementation. And it should be enacted as soon as possible.
In close consultation with Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke, and SEC Chairman Chris Cox, I announced a plan on Friday. First, the plan is big enough to solve a serious problem. Under our proposal, the federal government would put up to $700 billion taxpayer dollars on the line to purchase troubled assets that are clogging the financial system. In the short term, this will free up banks to resume the flow of credit to American families and businesses. And this will help our economy grow.
Second, as markets have lost confidence in mortgage-backed securities, their prices have dropped sharply. Yet the value of many of these assets will likely be higher than their current price, because the vast majority of Americans will ultimately pay off their mortgages. The government is the one institution with the patience and resources to buy these assets at their current low prices and hold them until markets return to normal. And when that happens, money will flow back to the Treasury as these assets are sold. And we expect that much, if not all, of the tax dollars we invest will be paid back.
A final question is: What does this mean for your economic future?
The primary steps -- purpose of the steps I have outlined tonight is to safeguard the financial security of American workers and families and small businesses. The federal government also continues to enforce laws and regulations protecting your money. The Treasury Department recently offered government insurance for money market mutual funds. And through the FDIC, every savings account, checking account, and certificate of deposit is insured by the federal government for up to $100,000. The FDIC has been in existence for 75 years, and no one has ever lost a penny on an insured deposit -- and this will not change.
Once this crisis is resolved, there will be time to update our financial regulatory structures. Our 21st century global economy remains regulated largely by outdated 20th century laws. Recently, we’ve seen how one company can grow so large that its failure jeopardizes the entire financial system.
Earlier this year, Secretary Paulson proposed a blueprint that would modernize our financial regulations. For example, the Federal Reserve would be authorized to take a closer look at the operations of companies across the financial spectrum and ensure that their practices do not threaten overall financial stability. There are other good ideas, and members of Congress should consider them. As they do, they must ensure that efforts to regulate Wall Street do not end up hampering our economy's ability to grow.
In the long run, Americans have good reason to be confident in our economic strength. Despite corrections in the marketplace and instances of abuse, democratic capitalism is the best system ever devised. It has unleashed the talents and the productivity, and entrepreneurial spirit of our citizens. It has made this country the best place in the world to invest and do business. And it gives our economy the flexibility and resilience to absorb shocks, adjust, and bounce back.
Our economy is facing a moment of great challenge. But we’ve overcome tough challenges before -- and we will overcome this one. I know that Americans sometimes get discouraged by the tone in Washington, and the seemingly endless partisan struggles. Yet history has shown that in times of real trial, elected officials rise to the occasion. And together, we will show the world once again what kind of country America is -- a nation that tackles problems head on, where leaders come together to meet great tests, and where people of every background can work hard, develop their talents, and realize their dreams.
Thank you for listening. May God bless you.
END 9:14 P.M. EDT
三聚氰胺使華人蒙羞
今日中午時間睇CNN﹐見到報導有關大陸乳製品被人加入三聚氰胺的報導。負責報導的醫學記者在鏡頭前拿著一大包中國製造的大白兔糖﹐表示已經有化驗發現大白兔糖含有三聚氰胺﹐所以警告美國消費者小心。
點解堂堂一個五千年歷史﹐崇尚禮義廉恥的文化大國﹐在二十一世紀竟然為了個“利”字就可以不顧道義﹐一而再再而三地生產出口有問題的產品﹐仲要行銷世界各地危害性命﹖這個究竟是什麼制度之下的產品﹖這些事件簡直令所有海內外的華人蒙羞﹗
點解堂堂一個五千年歷史﹐崇尚禮義廉恥的文化大國﹐在二十一世紀竟然為了個“利”字就可以不顧道義﹐一而再再而三地生產出口有問題的產品﹐仲要行銷世界各地危害性命﹖這個究竟是什麼制度之下的產品﹖這些事件簡直令所有海內外的華人蒙羞﹗
Breaking News:麥凱恩以美國經濟為理由暫停競選活動
麥凱恩在美國時間星期三下午以美國面對金融危機為理由﹐宣佈暫停競選活動﹐並且呼籲奧巴馬同意延期舉行原定在星期五晚舉行的首場候選人辯論。
美國總統布殊在美國東岸時間晚上九點正(香港時間星期四早上九點)將從白宮就目前的金融危機向全國發表電視直播演說。
美國聯邦調查局(FBI)著手調查金融風暴
美國聯邦調查局(FBI)對身處於華爾街金融危機中心的四家美國金融機構展開了調查。據美國在星期二以及星期三的新聞報導說﹐FBI正在調查美國兩大房地產按揭機構房利美(Fannie Mae)和房貸美(Freddie Mac, 名稱又譯作房地美)﹑美國國際集團以及雷曼兄弟證券公司。聯邦調查局懷疑這四家公司可能出現詐騙行為﹐調查將集中在四家機構及他們的高層主管﹐這次是FBI進行範圍廣泛的欺詐調查的其中一部份。FBI目前一共有26宗與美國金融領域瀕于崩潰有關的調查案件。在其中一項調查案中﹐貝爾斯登投資銀行(Bear Stearns)的兩名前經理已經被捕。他們在今年六月被美國司法部以證券欺詐等指控而被捕。
另外﹐被譽為股神的巴菲特(Warren Buffett)同意向華爾街大行高盛證券(Goldman Sachs)注資五十億美元﹐這次終於可以俾佢真正涉足華爾街。因為佢個大寶號Berkshire Hathaway其實之前只係擁有富國銀行(Wells Fargo Bank)一間金融機構而已﹗我對於巴菲特投資落本高盛證券感到高興﹐起碼好過巴菲特投資落一些帳目唔清唔楚的中國企業﹗
另外﹐被譽為股神的巴菲特(Warren Buffett)同意向華爾街大行高盛證券(Goldman Sachs)注資五十億美元﹐這次終於可以俾佢真正涉足華爾街。因為佢個大寶號Berkshire Hathaway其實之前只係擁有富國銀行(Wells Fargo Bank)一間金融機構而已﹗我對於巴菲特投資落本高盛證券感到高興﹐起碼好過巴菲特投資落一些帳目唔清唔楚的中國企業﹗
Saturday, September 20, 2008
美國政府下重藥救市
白宮以及美國國會終於出手。布殊政府向國會提出動用七千億美元救市﹐是自從二十世紀三十年代出現的經濟大蕭條後的罕見措施﹗包括成立機構收購不良資產。有關方案已經提交美國國會﹐可望在星期五(9月26日)國會休會前通過。這一天也是美國在11月4日舉行大選前的最後一天舉行會議。
聽起上來好似實行社會主義﹐不過話分兩頭﹐美國假假地都係全球經濟龍頭﹐無論經過今次事件後美國的地位會否動搖或者拱手送出﹐美國的地位無其他國家可以代替。如果今次事件政府見死不救咪可能仲大鑊﹗到時又會俾其他人話“為富不仁”咪仲衰﹗所以我認為今次政府介入是是非不已之舉﹗
至於今後美國的地位以及局勢何去何從﹐我只有一句說話﹕“爛船都有三分釘”﹗美國不會咁容易清袋離場﹐自由市場不會咁容易就瓜柴﹗因為美國有來自世界各地的人才以及智慧﹐制度可能出現問題﹐不過有完善的改善環境與機製﹐更有自我批評與改善的意識主導﹐這些並非強調國族為主體﹐以及獨裁貪污盛行的國家可以想像得到﹗
聽起上來好似實行社會主義﹐不過話分兩頭﹐美國假假地都係全球經濟龍頭﹐無論經過今次事件後美國的地位會否動搖或者拱手送出﹐美國的地位無其他國家可以代替。如果今次事件政府見死不救咪可能仲大鑊﹗到時又會俾其他人話“為富不仁”咪仲衰﹗所以我認為今次政府介入是是非不已之舉﹗
至於今後美國的地位以及局勢何去何從﹐我只有一句說話﹕“爛船都有三分釘”﹗美國不會咁容易清袋離場﹐自由市場不會咁容易就瓜柴﹗因為美國有來自世界各地的人才以及智慧﹐制度可能出現問題﹐不過有完善的改善環境與機製﹐更有自我批評與改善的意識主導﹐這些並非強調國族為主體﹐以及獨裁貪污盛行的國家可以想像得到﹗
Wednesday, September 17, 2008
聯儲局出手打救AIG
今朝六點幾鐘返到辦公室打開電視機以及電腦﹐頭條新聞就係美國聯邦儲備局決定透過紐約聯邦儲備銀行(The Federal Reserve Bank of New York)打救美國國際集團(American International Group)﹐向AIG提供850億美元的貸款，更罕有地以倫敦銀行同業策息(LIBOR)的利率11.31%來計算﹐並且獲得AIG接近八成的股權﹐一夜之間美國政府成為AIG的大股東。也即是﹕美國以及全球的保險業變相地由美國政府話事﹗
雖然有市場人士認為，美國政府再度出手令眼前一個不明朗因素得到解決，但對經濟表現幫助不大。 不過如果俾AIG破產﹐美國以至全世界都唔惦﹗撇開簡單如個人保險唔講﹐AIG做好多“大刁”﹐包括為銀行業務、石油公司在海上的鑽油臺設施、航空公司的飛機﹐美國人買的彩票(lottery)彩池﹐以及荷李活電影製作承擔風險。如果AIG收皮﹐仲有變間保險公司有份量可以擔保﹖AIG破產將影響各行各業﹐不單只美國﹐更會影響全世界﹐到時就真係會見到全球的經濟衰退。今次聯儲局出手打救﹐只許成功﹐不許失敗。現任聯儲局主席伯南克(Ben S. Bernanke)係研究美國經濟大蕭條的學者﹐希望佢真係“學有所用”, 知道自己應該要做D乜喇﹗
聯儲局聲明全文﹕
http://www.federalreserve.gov/newsevents/press/other/20080916a.htm
Release Date: September 16, 2008
For release at 9:00 p.m. EDT
The Federal Reserve Board on Tuesday, with the full support of the Treasury Department, authorized the Federal Reserve Bank of New York to lend up to $85 billion to the American International Group (AIG) under section 13(3) of the Federal Reserve Act. The secured loan has terms and conditions designed to protect the interests of the U.S. government and taxpayers.
The Board determined that, in current circumstances, a disorderly failure of AIG could add to already significant levels of financial market fragility and lead to substantially higher borrowing costs, reduced household wealth, and materially weaker economic performance.
The purpose of this liquidity facility is to assist AIG in meeting its obligations as they come due. This loan will facilitate a process under which AIG will sell certain of its businesses in an orderly manner, with the least possible disruption to the overall economy.
The AIG facility has a 24-month term. Interest will accrue on the outstanding balance at a rate of three-month Libor plus 850 basis points. AIG will be permitted to draw up to $85 billion under the facility.
The interests of taxpayers are protected by key terms of the loan. The loan is collateralized by all the assets of AIG, and of its primary non-regulated subsidiaries. These assets include the stock of substantially all of the regulated subsidiaries. The loan is expected to be repaid from the proceeds of the sale of the firm’s assets. The U.S. government will receive a 79.9 percent equity interest in AIG and has the right to veto the payment of dividends to common and preferred shareholders.
雖然有市場人士認為，美國政府再度出手令眼前一個不明朗因素得到解決，但對經濟表現幫助不大。 不過如果俾AIG破產﹐美國以至全世界都唔惦﹗撇開簡單如個人保險唔講﹐AIG做好多“大刁”﹐包括為銀行業務、石油公司在海上的鑽油臺設施、航空公司的飛機﹐美國人買的彩票(lottery)彩池﹐以及荷李活電影製作承擔風險。如果AIG收皮﹐仲有變間保險公司有份量可以擔保﹖AIG破產將影響各行各業﹐不單只美國﹐更會影響全世界﹐到時就真係會見到全球的經濟衰退。今次聯儲局出手打救﹐只許成功﹐不許失敗。現任聯儲局主席伯南克(Ben S. Bernanke)係研究美國經濟大蕭條的學者﹐希望佢真係“學有所用”, 知道自己應該要做D乜喇﹗
聯儲局聲明全文﹕
http://www.federalreserve.gov/newsevents/press/other/20080916a.htm
Release Date: September 16, 2008
For release at 9:00 p.m. EDT
The Federal Reserve Board on Tuesday, with the full support of the Treasury Department, authorized the Federal Reserve Bank of New York to lend up to $85 billion to the American International Group (AIG) under section 13(3) of the Federal Reserve Act. The secured loan has terms and conditions designed to protect the interests of the U.S. government and taxpayers.
The Board determined that, in current circumstances, a disorderly failure of AIG could add to already significant levels of financial market fragility and lead to substantially higher borrowing costs, reduced household wealth, and materially weaker economic performance.
The purpose of this liquidity facility is to assist AIG in meeting its obligations as they come due. This loan will facilitate a process under which AIG will sell certain of its businesses in an orderly manner, with the least possible disruption to the overall economy.
The AIG facility has a 24-month term. Interest will accrue on the outstanding balance at a rate of three-month Libor plus 850 basis points. AIG will be permitted to draw up to $85 billion under the facility.
The interests of taxpayers are protected by key terms of the loan. The loan is collateralized by all the assets of AIG, and of its primary non-regulated subsidiaries. These assets include the stock of substantially all of the regulated subsidiaries. The loan is expected to be repaid from the proceeds of the sale of the firm’s assets. The U.S. government will receive a 79.9 percent equity interest in AIG and has the right to veto the payment of dividends to common and preferred shareholders.
Tuesday, September 16, 2008
LATE TUESDAY UPDATE﹕巴克萊宣佈收購部份雷曼兄弟控股
CNN以及CNBC在星期二下午五點半(香港時間星期三清晨五點半)分別報導﹐英國巴克萊銀行集團(Barclays PLC)決定收購部份雷曼兄弟控股(Lehman Brothers Holdings Inc)的股權。
希望有關收購可以加快恢復穩定市場﹗
CNN引用美聯社(Associate Press, AP)報導原文﹕
http://money.cnn.com/2008/09/16/news/companies/barclays_lehman.ap/index.htm?postversion=2008091617
NEW YORK (AP) -- Barclays PLC will unveil a plan to acquire all or part of Lehman Brothers Holdings Inc.'s investment banking and trading operations as early as Tuesday, a person close to the talks said.
The deal could throw a lifeline to more than 9,000 Lehman employees whose future was uncertain after Lehman (LEH, Fortune 500) filed for bankruptcy protection on Monday. Lehman collapsed from massive exposure to risky real estate holdings.
Barclays (BCS) President Robert Diamond has addressed Lehman investment bankers to inform them of his company's intentions, this person said. He spoke on condition of anonymity because a final agreement had yet to be reached.
The third-biggest British bank had withdrawn from weekend talks with Lehman Brothers about a possible outright acquisition. There have been reports that Barclays can pick up the assets it wants for about $2 billion to $3 billion.
The deal must get approval from the bankruptcy court.
A Lehman Brothers request to get initial approval of asset sales from a bankruptcy judge was postponed by one day to a hearing scheduled for Wednesday.
The delay was announced Tuesday, ahead of the company's first hearing in its bankruptcy case. A request to obtain loans to operate while in bankruptcy was also postponed.
A court official did not specify the reason for the delay. The Tuesday agenda had included a motion to start the process of selling certain assets.
The hearing was held at the U.S. Bankruptcy Court in the Southern District of New York, before Judge James Peck.
Also on Tuesday, the House Oversight and Government Reform committee said it would hold a hearing Sept. 25 to examine the "regulatory mistakes and financial excesses" that led to Lehman's bankruptcy filing. It asked Lehman Chief Executive Richard Fuld to testify before the committee.
希望有關收購可以加快恢復穩定市場﹗
CNN引用美聯社(Associate Press, AP)報導原文﹕
http://money.cnn.com/2008/09/16/news/companies/barclays_lehman.ap/index.htm?postversion=2008091617
NEW YORK (AP) -- Barclays PLC will unveil a plan to acquire all or part of Lehman Brothers Holdings Inc.'s investment banking and trading operations as early as Tuesday, a person close to the talks said.
The deal could throw a lifeline to more than 9,000 Lehman employees whose future was uncertain after Lehman (LEH, Fortune 500) filed for bankruptcy protection on Monday. Lehman collapsed from massive exposure to risky real estate holdings.
Barclays (BCS) President Robert Diamond has addressed Lehman investment bankers to inform them of his company's intentions, this person said. He spoke on condition of anonymity because a final agreement had yet to be reached.
The third-biggest British bank had withdrawn from weekend talks with Lehman Brothers about a possible outright acquisition. There have been reports that Barclays can pick up the assets it wants for about $2 billion to $3 billion.
The deal must get approval from the bankruptcy court.
A Lehman Brothers request to get initial approval of asset sales from a bankruptcy judge was postponed by one day to a hearing scheduled for Wednesday.
The delay was announced Tuesday, ahead of the company's first hearing in its bankruptcy case. A request to obtain loans to operate while in bankruptcy was also postponed.
A court official did not specify the reason for the delay. The Tuesday agenda had included a motion to start the process of selling certain assets.
The hearing was held at the U.S. Bankruptcy Court in the Southern District of New York, before Judge James Peck.
Also on Tuesday, the House Oversight and Government Reform committee said it would hold a hearing Sept. 25 to examine the "regulatory mistakes and financial excesses" that led to Lehman's bankruptcy filing. It asked Lehman Chief Executive Richard Fuld to testify before the committee.
美國宣佈利率不變﹐大出市場意料之外
美國聯邦儲備局公開市場委員會(Federal Open Market Committee, FOMC)在美國東岸時間星期二下午兩點十五分(香港時間星期三凌晨兩點十五分)出乎市場意料之外﹐維持聯邦基金利率兩厘不變。
維持利率兩厘不變後﹐華爾街三大指數全面下跌。道瓊斯指數在十分鐘內就下跌了超過一百點。不過在大半個鐘頭後又止跌回升﹐真係好似坐過山車﹗綜觀聯儲局的聲明﹐不減息的唯一原因就係始終害怕美國的通貨膨脹上升。並且認為近期美國政府推出的救市措施已經足夠﹐不願意在現在這個情況下再加重落藥。
究竟聯儲局這招“以不變應萬變”有無效﹐就真係見仁見智﹗不過除了減息之外﹐聯儲局還可以做乜呢﹖
以下是聯儲局聲明全文:
Release Date: September 16, 2008
For immediate release
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent.
Strains in financial markets have increased significantly and labor markets have weakened further. Economic growth appears to have slowed recently, partly reflecting a softening of household spending. Tight credit conditions, the ongoing housing contraction, and some slowing in export growth are likely to weigh on economic growth over the next few quarters. Over time, the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth.
Inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities. The Committee expects inflation to moderate later this year and next year, but the inflation outlook remains highly uncertain.
The downside risks to growth and the upside risks to inflation are both of significant concern to the Committee. The Committee will monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Christine M. Cumming; Elizabeth A. Duke; Richard W. Fisher; Donald L. Kohn; Randall S. Kroszner; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and Kevin M. Warsh. Ms. Cumming voted as the alternate for Timothy F. Geithner.
2008 Monetary Policy Releases
Monday, September 15, 2008
雷曼兄弟申請破產
成立了158年歷史的美國雷曼兄弟證券公司(Lehman Brothers)在星期一宣佈向法庭申請破產﹐表示集團虧損額高達六千三百一十億美元。可能因為這個虧損額實在太大﹐所以原本想趁低收購的英國巴克萊銀行集團(Barclays Plc)都在星期日收兵。同時﹐美國銀行(Bank of America)宣佈以收購美林證券(Merrill Lynch)大約價值五百億美元的股票。
前聯邦儲備局主席格林斯潘也在美國時間星期日早上接受美國廣播公司(ABC)的時事節目"This Week"的訪問時也唔睇好目前的經濟前景。格林斯潘話“這是50年﹐或者100年不遇的重大事件。毫無疑問﹐事情的發展將比我所見過的任何情況更加嚴重﹐而且問題還遠遠沒有解決。”(This is a once-in-a-half-century, probably once-in-a-century, type of event. There is no question that this is in the process of outstripping anything I have seen. And it still is not resolved and it still has a way to go.)
格林斯潘認為﹐政府沒完沒了的救助並非上策。他更認為在房地產市場危機﹐能源價格劇烈動蕩﹐失業率上升的情況下﹐美國和整個世界經濟是否能完全避免一次經濟衰退﹐頗感悲觀。他說﹐避免經濟衰退的機率不到50%。
自己以前讀書時的本科是金融財經﹐也曾經在一家美資銀行工作過﹐我也有一位朋友曾經在雷曼兄弟的日本分公司工作﹐對於公司內部的文化有點兒了解。我個人不願意繼續留在銀行金融業的其中一個原因是認為這行是“三更窮﹐五更富”﹐可以搵得多但係洗錢會洗得仲多﹗雖然對於在美國做金融這行裡面某些文化不敢認同﹐所以不過對於目前美國以至全球出現金融動蕩感到非常不安、感慨與無奈。
ABC 訪問格林斯潘的報導
http://www.abcnews.go.com/ThisWeek/story?id=4008041&page=1
前聯邦儲備局主席格林斯潘也在美國時間星期日早上接受美國廣播公司(ABC)的時事節目"This Week"的訪問時也唔睇好目前的經濟前景。格林斯潘話“這是50年﹐或者100年不遇的重大事件。毫無疑問﹐事情的發展將比我所見過的任何情況更加嚴重﹐而且問題還遠遠沒有解決。”(This is a once-in-a-half-century, probably once-in-a-century, type of event. There is no question that this is in the process of outstripping anything I have seen. And it still is not resolved and it still has a way to go.)
格林斯潘認為﹐政府沒完沒了的救助並非上策。他更認為在房地產市場危機﹐能源價格劇烈動蕩﹐失業率上升的情況下﹐美國和整個世界經濟是否能完全避免一次經濟衰退﹐頗感悲觀。他說﹐避免經濟衰退的機率不到50%。
自己以前讀書時的本科是金融財經﹐也曾經在一家美資銀行工作過﹐我也有一位朋友曾經在雷曼兄弟的日本分公司工作﹐對於公司內部的文化有點兒了解。我個人不願意繼續留在銀行金融業的其中一個原因是認為這行是“三更窮﹐五更富”﹐可以搵得多但係洗錢會洗得仲多﹗雖然對於在美國做金融這行裡面某些文化不敢認同﹐所以不過對於目前美國以至全球出現金融動蕩感到非常不安、感慨與無奈。
ABC 訪問格林斯潘的報導
http://www.abcnews.go.com/ThisWeek/story?id=4008041&page=1
Friday, September 12, 2008
美國兩黨總統候選人
在網友黃世澤的Blog內見到佢講麥凱恩﹐所以就有感而發﹐寫下個人感覺。
請見http://martinoei.wordpress.com/
其實今年選舉真係好難作出選擇。奧巴馬(Barack Obama)雖然形像清新﹐不過只有一個change字而已﹗副手拜登(Joseph Biden)係政治老手﹐在國會參議院內已經二十幾年﹐是美國設立自由亞洲電台(Radio Free Asia)的其中一個幕後推動力。拜登擔任奧巴馬的副手應該可以給予奧巴馬很大的幫助﹐不過與奧巴馬出選所提出的change這個字就真係離天萬仗﹗到目前為止﹐我真係唔知道如果奧巴馬當選後﹐究竟會係另一個約翰甘迺迪(John F. Kennedy)﹐還是另外一個占美卡特(Jimmy Carter)。
至於麥凱恩(John McCain)﹐他絕對是在共和黨的特立獨行人物﹐也是一個願意不分黨派﹐合作推動改革的政治人物。不過為了今次選舉﹐他的立場已經開始慢慢地與共和黨內現在的主流派接軌﹔加上他的年紀也有翻咁上下﹐所以邊個成為他的副手就成為公眾關注的目標。所以當他宣佈挑出剛剛擔任阿拉斯加州州長只有一年半的佩林(Sarah Palin)擔任副手時﹐只是看她在GOP黨大會上的演說表現時覺得“耳目一新”。不過昨晚睇ABC World News時﹐她接受主播Charlie Gibson訪問時露出了對外交政策上的認識不足﹐只說堅持布殊目前的政策﹐即所謂的the Bush Doctrine﹐但她卻對這個所謂的the Bush Doctrine卻不能夠在訪問當中解釋一番。加上最近有Youtube影片顯示﹐她在一個基督教集會上表示﹐伊拉克戰爭是“神的旨意”﹐搞到俾Charlie Gibson問佢“依家美國是否搞緊類似十字軍東征的行動”。在被問到格魯吉亞如果在加入北約後受到俄羅斯攻擊時的反應的問題上﹐佩林的回答讓我想起布殊在2000年競選總統時的表現﹐這一點讓我感到有點擔憂﹗觀乎佩林的表現﹐這名美國政壇新進實在有很多需要改進的地方。
大吉利是講句﹕一旦麥凱恩有任何東瓜豆腐﹐究竟佩林有無能力接任總統大位﹖我真係唔敢答﹐更加唔識答﹗但係如果奧巴馬俾人當做JFK來練靶﹐我會對拜登的能力與經驗較為有信心﹐雖然我對拜登這個人並無好感﹗
請見http://martinoei.wordpress.com/
其實今年選舉真係好難作出選擇。奧巴馬(Barack Obama)雖然形像清新﹐不過只有一個change字而已﹗副手拜登(Joseph Biden)係政治老手﹐在國會參議院內已經二十幾年﹐是美國設立自由亞洲電台(Radio Free Asia)的其中一個幕後推動力。拜登擔任奧巴馬的副手應該可以給予奧巴馬很大的幫助﹐不過與奧巴馬出選所提出的change這個字就真係離天萬仗﹗到目前為止﹐我真係唔知道如果奧巴馬當選後﹐究竟會係另一個約翰甘迺迪(John F. Kennedy)﹐還是另外一個占美卡特(Jimmy Carter)。
至於麥凱恩(John McCain)﹐他絕對是在共和黨的特立獨行人物﹐也是一個願意不分黨派﹐合作推動改革的政治人物。不過為了今次選舉﹐他的立場已經開始慢慢地與共和黨內現在的主流派接軌﹔加上他的年紀也有翻咁上下﹐所以邊個成為他的副手就成為公眾關注的目標。所以當他宣佈挑出剛剛擔任阿拉斯加州州長只有一年半的佩林(Sarah Palin)擔任副手時﹐只是看她在GOP黨大會上的演說表現時覺得“耳目一新”。不過昨晚睇ABC World News時﹐她接受主播Charlie Gibson訪問時露出了對外交政策上的認識不足﹐只說堅持布殊目前的政策﹐即所謂的the Bush Doctrine﹐但她卻對這個所謂的the Bush Doctrine卻不能夠在訪問當中解釋一番。加上最近有Youtube影片顯示﹐她在一個基督教集會上表示﹐伊拉克戰爭是“神的旨意”﹐搞到俾Charlie Gibson問佢“依家美國是否搞緊類似十字軍東征的行動”。在被問到格魯吉亞如果在加入北約後受到俄羅斯攻擊時的反應的問題上﹐佩林的回答讓我想起布殊在2000年競選總統時的表現﹐這一點讓我感到有點擔憂﹗觀乎佩林的表現﹐這名美國政壇新進實在有很多需要改進的地方。
大吉利是講句﹕一旦麥凱恩有任何東瓜豆腐﹐究竟佩林有無能力接任總統大位﹖我真係唔敢答﹐更加唔識答﹗但係如果奧巴馬俾人當做JFK來練靶﹐我會對拜登的能力與經驗較為有信心﹐雖然我對拜登這個人並無好感﹗
又來一個颶風(Hurricane)
剛送走了一個颶風古斯塔爾(Hurricane Gustav) 以及漢娜(Hurricane Hanna)﹐現在又來一個艾克(Hurricane Ike)。美國國家颶風中心更罕有地使用“certain death”這個字眼發出颶風警告。對上一次使用這個“certain death”字眼就在三年前橫掃美國南部路易斯安那州﹐搞到新奧爾良市大水浸的卡特里娜颶風(Hurricane Katrina)。
目前艾克颶風正在向德州休斯頓南部的Galveston Bay方向移動。由於這個地區在幾十年前也曾經受過颶風的巨大破壞﹐所以國家颶風中心都幾緊張﹗
目前艾克颶風正在向德州休斯頓南部的Galveston Bay方向移動。由於這個地區在幾十年前也曾經受過颶風的巨大破壞﹐所以國家颶風中心都幾緊張﹗
Thursday, September 11, 2008
9-11事件七週年
時間過得真係好快﹐今日又到九一一恐怖襲擊事件的七週年日子。
當日我在華盛頓的辦公室內看到電視直播﹐簡直不能夠相信﹐尤其是見到我多次到訪過的紐約世界貿易中心(World Trade Center)倒下的一刻。我曾經在99年初曾經到過世貿中心內的紐約商品交易所見工﹐差D就成為這棟辦公大廈內的一員。現在回想起﹐覺得是否冥冥中有註定......
從美國在911後的聲望最高點﹐到現在伊拉克戰爭後的民意支持度﹐只有感到無奈﹗
當日我在華盛頓的辦公室內看到電視直播﹐簡直不能夠相信﹐尤其是見到我多次到訪過的紐約世界貿易中心(World Trade Center)倒下的一刻。我曾經在99年初曾經到過世貿中心內的紐約商品交易所見工﹐差D就成為這棟辦公大廈內的一員。現在回想起﹐覺得是否冥冥中有註定......
從美國在911後的聲望最高點﹐到現在伊拉克戰爭後的民意支持度﹐只有感到無奈﹗
Wednesday, September 10, 2008
新blog開張: 不經不覺在美國已過二十年﹗
1988年9月10日早上九點正﹐在收到中五會考成積後剛好一個月﹐我在舊啟德機場與家人告別後﹐登上西北航空的客機飛往美國麻省求學﹐當時並不知道這一刻就正式展開我在美國的二十年之旅﹗選擇在今天開始寫blog﹐以作紀念這個特別的日子。希望我會繼續有恆心地繼續寫我對所有事情的感受﹗
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