BERNANKE ABOUT THE SLOWDOWN

Evolucion de la crisis reciente por el Profesor Bernanke, FED

bruno seminario de MACROPERU

J.P. Morgan Investment acaba de publicar un aterrador reporte sobre el avance de la recesión mundial. El lector intereado puede descargar el documento y formar así su propia opin ión de lo que puede acontecer en los próximos seis meses si presiona con el ratón aquí

Incluye el documento un cuadro que permite apreciar la cuan intensa es la contracción mundial y verificar que la depresión en curso se ha extendido a casi todas las economías de la OECD.

--- In MacroPeru@yahoogroups.com, "Bruno Seminario" wrote:
>
> J.P. Morgan acaba de publicar un aterrador informe sobre el progreso de
> la recesiòn mundial. En èl, se incluye un cuadro que resumen la
> evolución de los índices de producción manufatcuerra de todas
> las economías que compionen la OECD. Transcribo algunas tasas de
> crecmiento pra que puedan apreciar la intensidad del descenso:
>
> Estados Unidos : menos 3,3 por ciento; Camada menos 5,4 por ciento;
> Japón menos 6,8 por ciento, Area del Euro menos 2,3 por ciento,
> Mexico menos 2,1 por ciento, manufactura de los paises dsarrolaldos
> menos 2,2 por ciento. La única econom ia que continua creciendo es
> China.
>
> Una curiosad que debe desparecer en los próximos seis meses.
>
> Les sugiero considerar comenzar a discutir las consecuencias que puede
> tener una caísda de 20 o 30 por ciento en las octizacione
> sinternacionales, es decir, lo que puede ocurrir si las exportaciones
> decendiende de 30,000 a 20000 millones de dolares. Todosel precio de las
> materias primas esta inflado por la especulación y por esta razón
> puede descender abruptamente. GBracias a la mipioa aprista, que ha
> permitdo una tas a de crecimeinto de 15 por ciento en el gato públco,
> n o estamos preparados pra enfrentar esta situación. Puede ser
> probable, por esta razón, que ocurra una fuerte con tracción en la
> poroducción local.

CBC NEWS:

cbc news: Desgarrador testimonio de adolescente torturado en Guantanamo..

USA; BLOOMBERG,`Misery Index' in U.S. Climbs to 15-Year High on Inflation Rise

`Misery Index' in U.S. Climbs to 15-Year High on Inflation Rise

By Timothy R. Homan

July 16 (Bloomberg) -- Misery hasn't had this much company in more than 15 years.

The jump in consumer prices reported today by the Labor Department means the so-called Misery Index, the sum of the unemployment and inflation rates, is the highest since President Bill Clinton took office in January 1993. The measure, created by Arthur Okun, an economics adviser to President Lyndon Johnson, rose to 10.5 in June from 9.7 in the prior month.

Surging costs and falling payrolls will cause consumers to slow spending growth to the weakest pace since 1991 by the fourth quarter, according to a monthly survey of economists by Bloomberg News. The figures underscore Federal Reserve Chairman Ben S. Bernanke's comment to lawmakers yesterday that U.S. households are under ``tremendous pressure.''

``You add that to what's going on with home prices and that's just a huge stress on consumers,'' said Robert Dye, senior economist at PNC Financial Services Group Inc. in Pittsburgh.

The year-over-year inflation rate accelerated to 5 percent, the fastest since May 1991, the Labor Department said. A separate report July 3 showed a 5.5 percent unemployment rate for June.

Today's consumer price index data also showed wages fell 2.4 percent over the last 12 months, after adjusting for inflation.

The June unemployment rate held at 5.5 percent after soaring the most in two decades in May from April's 5 percent.

The Misery Index peaked in June 1980, when the jobless rate reached 7.6 percent and consumer prices rose 14.4 percent.

To contact the reporter on this story: Timothy R. Homan in Washington at thoman1@bloomberg.net.

USA: BLOOMBERG,Fannie, Freddie Nationalization May Be an Option, Bernanke Says

Fannie, Freddie Nationalization May Be an Option, Bernanke Says

By Dawn Kopecki and Scott Lanman

July 16 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said nationalizing Fannie Mae and Freddie Mac, the largest U.S. mortgage-finance companies, is among a number of long-term options lawmakers can consider to reduce taxpayer risk.

``There certainly are a number possibilities ranging from outright nationalization, to privatization to breaking them up,'' Bernanke told members of the U.S. House Financial Services Committee in Washington today. ``In the near-term, thinking about the needs of the housing market, I think the right solution is to keep them in their current form but to provide very strong oversight that will assure adequate capital going forward.''

Fading confidence in Fannie Mae and Freddie Mac has ``real effects'' on their ability to borrow money, and Congress must work to reassure Americans the companies are safe, Bernanke said. Restoring confidence in the two government-sponsored enterprises, which own or guarantee almost half of the $12 trillion in U.S. home loans outstanding, is critical to their solvency and to the mortgage markets, Bernanke said.

``As their stock prices fall, it's difficult for them to raise capital,'' Bernanke said. ``If their debt spreads widen, it will increase their borrowing costs.''

Fannie Mae and Freddie Mac are in ``no danger of failing,'' Bernanke said. He said the Office of Federal Housing Enterprise Oversight, which regulates Fannie Mae and Freddie Mac, assured him that the companies are ``fine and they can continue to operate and there's nothing about to happen,'' he said.

Bernanke repeated his concern that the housing market is a ``central element in this whole crisis.'' He said anything to strengthen housing finance would help, and that Congress ``needs to think hard about how to restore confidence in the GSEs.''

To contact the reporter on this story: Dawn Kopecki in Washington at dkopecki@bloomberg.net.

USA: Fed Sees Turmoil Persisting Deep Into Next Year

Fed Sees Turmoil Persisting Deep Into Next Year

Shawn Thew/European Pressphoto Agency

Ben S. Bernanke spoke at a forum in Arlington, Va., on lending for low- and moderate-income households.

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By STEPHEN LABATON

Published: July 9, 2008

WASHINGTON — Federal policy makers have concluded that the turmoil plaguing the housing and financial markets is likely to spill deep into 2009, becoming one of the most significant domestic problems to confront the next president when he steps into the White House in January.

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Related

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Text of Speech by Ben S. Bernanke

Times Topics: Mortgages and the Markets

Managing Globalization Blog (IHT)

Truth or Bias on Wall Street?

Go to Blog »

Ben S. Bernanke, the chairman of the Federal Reserve, publicly indicated on Tuesday that he believes the problems will persist into next year when he outlined a series of steps the Fed is considering in the coming months.

One such step would extend low-interest lending programs to Wall Street’s largest investment banks into next year. The programs, one of which was set to expire in September, can continue only if the Fed issues a finding that there are “unusual and exigent circumstances” that justify them.

Mr. Bernanke also recommended that Congress grant the Fed broader authority to monitor and supervise the financial markets to assure greater stability in the future. But with time running out on this session, lawmakers are unlikely to adopt such legislation before next year.

Treasury Secretary Henry M. Paulson Jr. said in a speech last week in London that the problems of the housing and financial markets might last longer than originally expected.

He followed up in another speech on Tuesday by saying that the Bush administration was working to prevent as many home foreclosures as possible, but that “many of today’s unusually high number of foreclosures are not preventable.” Mr. Paulson said 1.5 million home foreclosures were started in 2007 and that an estimated 2.5 million more would take place this year.

Still, the markets seemed reassured that Washington officials were redoubling their efforts to resuscitate the weak housing sector, despite the downbeat comments. The Dow Jones industrial average, which has fallen sharply in recent weeks, closed up 1.4 percent, or 152 points.

Mr. Bernanke said that the Fed would issue next week long-awaited rules to restrict new exotic mortgages and high-cost loans for people with weak credit. Such mortgages have been a central cause of the current market problems.

The Federal Housing Administration will also begin an expanded effort next week to help a larger group of troubled homeowners refinance their adjustable mortgages. Under the plan, homeowners would be eligible to refinance even if they have missed up to three monthly mortgage payments over the previous 12 months.

Homeowners who have fallen behind on their payments because of job loss, declining wages and family illness would also be eligible, even if their rates have not increased. Homeowners are now eligible only if they were current on their mortgages before their interest rate was adjusted upward.

For its part, Congress is close to completing legislation on a $300 billion foreclosure-rescue plan that would help troubled borrowers refinance into more affordable loans insured by the federal government. The Senate is expected to approve a measure by next week.

The Fed created the lending programs to Wall Street in March as part of a broader effort to prevent financial institutions from collapsing, as Bear Stearns nearly did before it was sold under heavy pressure from the Fed and the Bush administration to JPMorgan Chase.

The lending programs to the investment banks, a broad expansion of the Fed’s historic practice of providing loans only to commercial banks that the Fed supervises, are intended to provide confidence to financial institutions that they will have enough cash to meet their daily needs. And by permitting investment banks to post collateral for Fed loans, including hard-to-sell financial instruments backed by mortgages, the programs have helped prop up the enormous and troubled market in securities sold by Fannie Mae and Freddie Mac, the all-important mortgage-finance companies.

The two buyers of mortgages, which together held more than $1.4 trillion of mortgage-backed bonds as of the end of last year, have struggled in recent months through the wave of foreclosures and declining housing markets. On Tuesday, Fannie Mae closed up nearly 12 percent, and Freddie Mac rose 13 percent, after their regulator said he would probably not force them to raise more capital because of an accounting rule change. The shares of both government-chartered companies had tumbled on Monday amid concerns over the accounting rule and worries that the worst of the mortgage crisis was yet to come.

Officials said that the Federal Reserve remained concerned that the declining housing market would not reach its bottom and financial markets would not become more stable before some time next year, and that the economy would continue to suffer as a result of declining consumer confidence, a sluggish global economy and the widespread effects of the rapid jump in oil prices.

“The financial turmoil is ongoing, and our efforts today are concentrated on helping the financial system return to more normal functioning,” Mr. Bernanke said at a forum in Virginia on lending for low- and moderate-income households. He did not provide a forecast of how soon he expected markets would begin to turn.

“Although short-term funding markets remain strained, they have improved somewhat since March,” Mr. Bernanke said, reflecting both the intervention of the Fed in offering loans to Wall Street and “ongoing efforts of financial firms to repair their balance sheets and increase their liquidity.”

Officials said that the Fed privately reached the view some time ago that weakness in the housing and financial sectors would likely continue well into next year. Mr. Bernanke’s comments Tuesday were not intended to signal any change in interest-rate policy.

In his speech in London, Mr. Paulson emphasized that the financial markets have yet to adapt to the changing climate. “Working through the current turmoil will take additional time, as markets and financial institutions continue to reassess risk, and re-price securities across a number of asset classes and sectors,” Mr. Paulson said.

The Federal Housing Administration’s expanded program to help more troubled homeowners refinance, called F.H.A. Secure, was announced in April at a time when fewer than 2,000 homeowners at risk of foreclosure had been helped by it. Housing Secretary Steven C. Preston said the expanded program would help an additional 100,000 borrowers in crisis by the end of the year. So far, more than 260,000 homeowners have refinanced through the program, the vast majority of them people who have paid their bills on time. Mr. Preston predicted that 500,000 families would be helped by year’s end.

Mr. Preston warned, however, that F.H.A.’s efforts could be derailed if Congress passed housing legislation that failed to safeguard the agency’s financial stability. He said he was concerned about efforts to eliminate the agency’s plans to use risk-based pricing, which would allow F.H.A. for the first time to charge higher mortgage insurance premiums to borrowers viewed as presenting a higher credit risk.

He said he was also concerned about efforts by some lawmakers to maintain an agency program in which the seller finances the down payment on a mortgage. The program has suffered high delinquency and foreclosure rates in recent years, and the F.H.A. hopes to eliminate it.

If the Senate, as expected, adopts housing legislation by next week, differences need to be ironed out in the House, which approved a similar measure in May. Though the White House has expressed some willingness to negotiate, the administration has not rescinded a veto threat.

Senator Harry Reid of Nevada, the Democratic majority leader, urged Republican lawmakers to speed up the bill, which has been slowed by a procedural fight despite broad support among lawmakers in both parties. “Since the last stall on the housing bill, 85,000 more Americans have received foreclosure notices — 8,500 a day,” Mr. Reid said. “Tomorrow it will be over 90,000. Every day they squander the Senate’s precious time, the American people lose.”

Rachel L. Swarns and David M. Herszenhorn contributed reporting.

SPAIN, CAE LA BOLSA, LVR

Bancos y constructoras arrastran a la bolsa a un nuevo mínimo anual

El Ibex cae un 2,55% y cierra en 11.151 puntos aunque ha llegado en algún momento de la sesión a perder los 11.000 puntos...

USA: RGE MONITOR, FANNIE&FRED, ROUBINI

Good Morning!

Neither immediate access to the central bank liquidity, nor an expected large increase in credit lines from $2.25bn each, nor the prospect of recapitalization – effectively a public bailout plan - were able to calm markets about the financial health of FannieMae and FreddieMac, the government-sponsored enterprises (GSE) that own or guarantee $5.3 trillion in mostly prime mortgages. Agency bond spreads widened again and the share prices tumbled further after Moody’s downgraded the GSEs preferred stock and financial strength rating, helping to spread selling pressure on commercial banks and brokers. In order to restore some calm in the markets, the SEC had to step in by putting a limit on short sales of GSE and broker dealer stocks in a move reminiscent of an earlier emergency intervention by the UK FSA. Follow the latest developments in: Despite Liquidity Access, Equity Stake, And Credit Line: Moody's Cuts Fannie's and Freddie's Preferred Stock Rating

By accounting for 80% of all RMBS issuance in Q1 2008 after the private-label issuance practically dried up, the GSEs now are “the” mortgage market. Ignoring their fate or carrying on as before is not an option. In the longer run the main alternatives emerging are threefold: First, full government guarantee on both the $1.6T investment portfolio financed by agency debt and the $3.7T guaranteed off-balance sheet ‘pass-through’ business line. This seems effectively to be the favored version of the U.S. Treasury so far. Second, an explicit government guaranty on the pass-through business, but a restructuring and compression of the highly leveraged investment portfolio by letting agency debt holders take a haircut. The third option is no bail-out at all but a restructuring of the entire $5.3T GSE debt, including a reduction in the face value of the debt by maybe 5% (given the high quality of assets). Or, if leaving the face value intact, the interest rate GSE debt holders receive should not exceed the Treasury bond yield – by now agency debt holders enjoy a yearly subsidy of $50bn in the form of agency bond spreads over Treasuries (100bp on $5.3T is $50bn.). Read about the wide range of proposals by our many contributors to the RGE Finance&Markets Blog

Far from being a purely domestic issue, much of Fannie and Freddie’s debt is held by foreign investors, especially Asian central banks and big Japanese banks, many of which have increased their holdings of U.S. agency debt given its higher yield over Treasuries. The U.S. bailout means that their trust in the government’s implicit guarantee of the GSEs has been rewarded, but will terms be different in the future? And if the agencies debts are called into question, what effect will it have on central banks purchases of U.S. debt? See Will Foreign Governments Keep Buying U.S. Agency Bonds?

The GSEs are not the only ones hitting a rough patch. After the run on the Alt-A lender IndyMac, investors are taking a hard look at regional and commercial banks’ balance sheets and they don’t like what they see. High construction loan and commercial real estate exposures, low coverage ratios and very difficult financing conditions are darkening the solvency outlook for many highly exposed banks fast. OCC Director John Dugan was very frank in his assessment of the situation in January when he warned of many more bank failures to come. In a downturn similar to the late 1980s/early 1990s, the number of failures could reach 300 according to analysts. Read more in: “Bleak Earnings Outlook, No Access To Equity Capital: How Safe Are U.S. Regional Banks?”

Investment banks are also back in the spotlight again. The CDS spread on Lehman debt is back above 400bp, just short of its 450bp peak when Bear Stearns collapsed. A stand-alone survival seems ever farther away and a white knight is still missing. Are policymakers prepared for another potential collapse of a major broker dealer? Secretary Paulson warns in recent speeches that, different from Bear Stearns, the next institution too-big-to-fail might be required to file for bankruptcy in return for government support.

SPAIN, ESTALLO LA BURBUJA, BBC

Primera víctima de la crisis española

Gabriela Torres Barcelona

La empresa sufre de falta de liquidez debido a la crisis.

La crisis o desaceleración económica que afecta España cobró su primera gran víctima en el sector inmobiliario, cuando este martes la empresa Martinsa-Fadesa, una de las más importantes del país, anunció la suspensión de pagos.

La constructora -que carga con una deuda de unos US$8.000 millones- explicó que su decisión se debe a la falta de liquidez que tiene, producto de la crisis que atraviesa el sector.

Lea: "Frenazo económico en España"

Martinsa Fadesa es la primera inmobiliaria que cotiza en la bolsa española que toma esta medida, lo que trajo como consecuencia una fuerte caída en el IBEX-35, que perdió un 2,55%, alcanzando el nivel más bajo en dos años.

Este derrumbe de la Bolsa se debe también a que los bancos acreedores de la inmobiliaria se tambalearon en la jornada de este martes. El mayor afectado fue el Banco Popular, que cayó un 5,63%.

El Banco Popular, Caja Madrid y La Caixa, principales prestamistas de Martinsa, informaron que para cubrir el riesgo de impago realizaron una dotación de US$158 millones, US$397 millones y US$305 millones respectivamente.

"Escandaloso"

El anuncio de las tres entidades bancarias provocó revuelta en la Asociación de Usuarios de Bancos, Cajas y Seguros (ADICAE) del país que calificó de "escandalosa" las actuaciones de Caja Madrid y La Caixa.

La burbuja explotó y los precios, así como las ventas, se desplomaron.

En un comunicado de prensa ADICAE dijo que "dos entidades teóricamente benéfico-sociales han puesto en peligro el dinero de sus impositores cooperando con el engaño".

Por este motivo, la Asociación hizo un llamado al gobierno socialista del presidente José Luis Rodríguez Zapatero para que responda ante la crisis "y adopte las medidas necesarias para garantizar los ahorros a todos los afectados por la situación de Martinsa-Fadesa".

La réplica del Ejecutivo español no se hizo esperar. La vicepresidenta del Gobierno, María Teresa Fernández de la Vega, dijo que están estudiando las vías para "mitigar la situación".

Por su parte, el ministro de Trabajo e Inmigración, Celestino Corbacho, emitió un discurso tranquilizante, pues pidió un tiempo de espera para observar de qué forma evoluciona la suspensión de pagos de la constructora, que va acompañada de un Expediente de Regulación de empleo que afectará a más del 25% de la plantilla.

Más desempleo

En otras palabras, unas 234 personas quedarán en la calle y en busca de trabajo en un sector que cuenta con los índices de desempleos más altos de España y en el que los inmigrantes son los más afectados.

Lea: "España ya no es el paraíso"

Más de 200 empleos desaparecerán.

La crisis económica mundial ha tenido especial repercusión en España debido a que durante la última década ha sido el sector de la construcción el principal motor económico del país.

Los bajos intereses, consecuencia del ingreso del país ibérico a la Eurozona, fue la causa principal de que se produjera un boom inmobiliario cuando los españoles decidieron endeudarse para adquirir viviendas.

Cuando el mercado empezó a resquebrajarse el año pasado, la burbuja explotó y el precio del inmueble, junto con las ventas ha ido en descenso desde entonces.

USA:IndyMac Bancorp Inc, SIGUE EL SALVATAJE

EE.UU.: más síntomas de mala salud

Lourdes Heredia BBC Mundo, Washington

Filas de ahorristas tratan de recuperar su dinero en EE.UU.

Imágenes de largas filas con preocupados ahorristas tratando de recuperar su dinero frente a las puertas cerradas de una entidad financiera vuelven a las principales portadas de los diarios estadounidenses.

Esta vez no se trata, sin embargo, de algún país extranjero como Argentina o México, sino que sucede en el propio territorio del país conocido como "la locomotora de la economía mundial".

IndyMac Bancorp Inc, uno de los mayores prestamistas de EE.UU., tuvo que ser intervenido el pasado viernes después que sus clientes comenzaran a retirar sus depósitos en masa.

Se convirtió, de esta manera, en la segunda institución bancaria más importante en ser nacionalizada, después del Continental Illinois Bank, que fue intervenido por las autoridades en 1984.

Capeando el temporal

La quiebra de IndyMac es tan sólo uno tantos titulares sobre las dificultades económicas que pasa EE.UU. y se une a los problemas de Freddie Mac y Fannie Mae, que financian la mitad de los préstamos para viviendas del país.

La economía está creciendo, hay obviamente incertidumbre financiera... No soy un economista pero sí creo que estamos creciendo George W.Bush, presidente de EE.UU.

Estas instituciones fueron respaldos de emergencia, pero aún así hay mucho nerviosismo sobre la salud de la economía.

Incluso el presidente de EE.UU., George W. Bush, tuvo que salir esta martes a calmar los ánimos y dijo que las prestamistas hipotecarias Fannie Mae y Freddie Mac, deberían ser capaces de seguir dando acceso al crédito, ahora que fueron rescatadas.

"Debemos asegurar que pueden seguir dando acceso al crédito hipotecario durante este tiempo de estrés financiero," indicó Bush.

Pese a todo, el mandatario insistió que la economía esta creciendo y aseguró que si el Congreso acelera la aprobación de una nueva ley que incluye reformas necesarias a las instituciones hipotecarias, la situación puede mejorar.

"La economía está creciendo; hay obviamente incertidumbre financiera... No soy un economista pero sí creo que estamos creciendo," enfatizó Bush durante una conferencia de prensa.

Inflación

Pese al optimismo de Bush, durante su comparecencia semestral ante el Congreso, el presidente de la Reserva Federal, Ben Bernanke, admitió que hay "numerosas dificultades" en el horizonte.

Los precios al por mayor experimentaron la mayor subida desde 1981.

Una de ellas es la inflación, ya que los precios de los productos básicos se han visto afectados por el alto precio de la gasolina.

"Valorar de forma correcta y equilibrar los riesgos para el crecimiento y la inflación representan un desafío significativo para los responsables de la política monetaria", explicó el funcionario.

Según datos del Departamento de Trabajo de Estados Unidos dados a conocer este martes, los precios al por mayor aumentaron casi un 2% el mes pasado y se incrementaron en más de un 9% en los últimos 12 meses, la mayor subida desde 1981.

Los bolsillos de los consumidores no son los únicos que sufren en estos momentos. Este martes, por otra parte, un ícono de la industria automotriz estadounidense, la General Motors, anunció una nueva reestructuración.

Entre las medidas incluye el recorte de un 20% de empleos administrativos, lo que significaría la pérdida que miles de trabajos.

Es por eso que el tema de la economía ha pasado a ser una de las principales inquietudes durante la campaña electoral.

Los estadounidenses saben que sea quién sea el elegido el cuatro de noviembre para ocupara la Casa Blanca, tendrá un enorme reto que enfrentar.

BOLIVIA: TRANSNACIONALES PIDEN 925 MILLONES,BBC

Millonarias demandas contra Bolivia

Mery Vaca La Paz

Morales anunció la nacionalización de Entel el 1 de mayo de 2008.

Cuatro empresas transnacionales han planteado demandas por US$925 millones en contra del estado boliviano, luego de las nacionalizaciones impulsadas por el presidente Evo Morales.

La información fue proporcionada por el Ministerio de Defensa Legal de las Recuperaciones Estatales, creado específicamente para defender al Estado ante tribunales internacionales.

Las deMandantes son la británica Ashmore, la italiana Telecom, la chilena Quiborax y Gas Transboliviano.La demanda más alta corresponde a Ashmore, que pide el pago de US$500 millones por la nacionalización de la empresa petrolera Transredes, transportadora de hidrocarburos que ahora está en manos del Estado. Este caso está radicado en la Cámara de Comercio de Estocolmo, Suecia.

El arbitraje de Telecom es por US$350 millones y fue planteado por la nacionalización de la Empresa Nacional de Telecomunicaciones (Entel), ante el Centro Internacional de Arreglo de Diferencias relativas a Inversiones (CIADI), del Banco Mundial. La chilena Quiborax pide US$40 millones porque el Estado le retiró una concesión minera. El caso está también en el CIADI. Gas Transboliviano, por su parte, exige US$35 millones por la devolución de impuestos.

Lea también: Europa le reclama a Evo Morales

"Precio justo"

El ministro de Defensa Legal, Héctor Arce, dijo este martes que las empresas "pueden pedir el cielo, pero de ahí a que vayan a cobrar parte de eso, son sólo aspiraciones".

Nosotros queremos dar seguridad jurídica a las empresas, pero en marcos legales. Queremos socios y no patrones Héctor Arce, ministro de Defensa Legal

Comentó que es normal que los abogados pidan cientos de millones de dólares, pero que finalmente el Estado termina pagando US$10 millones o US$20 millones. Por lo tanto, aseguró que el gobierno está dispuesto a pagar, pero un precio justo. "Nosotros queremos dar seguridad jurídica a las empresas, pero en marcos legales. Queremos socios y no patrones", dijo en declaraciones a la radio Erbol. Arce señaló que el gobierno asumirá su defensa ante los tribunales, pese a que decidió abandonar el CIADI por considerar que sólo beneficia a las transnacionales.

Por su parte, el analista Humberto Vacaflor, en declaraciones a BBC Mundo, comentó que "las nacionalizaciones hechas por el gobierno de Evo Morales han producido una factura muy, muy grande". Esto, según Vacaflor, no es una situación nueva para Bolivia. En su criterio, "en toda la historia, sobre todo en el siglo XX, Bolivia ha tenido que pagar grandes facturas por las nacionalizaciones".

Por ejemplo, en 1952, el gobierno debió indemnizar a los dueños de las minas que se nacionalizaban; en 1937, le debió pagar a Standard Oil por la nacionalización que permitió la fundación de Yacimientos Petrolíferos Bolivianos.

USA, FANNY MAE..., Senator Bunning

De la red macro, enviado por bruno seminario...
<http://src.senate.gov/public/_files/radio/bunning7_15_08.mp3>

As Prepared For Delivery:
Thank you, Mr. Chairman. I know we have a lot of ground to cover today, but I want to say a few things on the topic of this hearing and of the next. First, on monetary policy, I am deeply concerned about what the Fed has done in the last year and in the last decade. Chairman Greenspan's easy money the late nineties and then following the tech bust inflated the housing bubble and created the mess we are in today. Chairman Bernanke's easy money in the last year has undermined the dollar and sent oil to new record highs every few days, and almost doubling since the rate cuts started. Inflation is here and it is hurting average Americans.

Second, the Fed is asking for more power. But the Fed has proven they can not be trusted with the power they have. They get it wrong, do not use it, or stretch it further than it was ever supposed to go. As I said a moment ago, their monetary policy is a leading cause of the mess we
are in. As regulators, it took them until yesterday to use power we gave them in 1994 to regulate all mortgage lenders. And they stretched their authority to buy 29 billion dollars of Bear Stearns assets so J.P. Morgan could buy Bear at a steep discount.

Now the Fed wants to be the systemic risk regulator. But the Fed is the systemic risk. Giving the Fed more power is like giving the neighborhood kid who broke your window playing baseball in the street a bigger bat and thinking that will fix the problem. I am not going to go along with that and will use all my powers as a Senator to stop any new powers going to the Fed. Instead, we should give them less to do so they can do it right, either by taking away their monetary policy responsibility or by requiring them to focus only on inflation.

Third and finally, since I expect we will try to get right to questions in the next hearing, let me say a few words about the G.S.E. bailout plan. When I picked up my newspaper yesterday, I thought I woke up in France. But no, it turns out socialism is alive and well in America.
The Treasury Secretary is asking for a blank check to buy as much Fannie and Freddie debt or equity as he wants. The Fed's purchase of Bear Stearns' assets was amateur socialism compared to this. And for this unprecedented intervention in the markets what assurances do we get that it will not happen again? None. We are in the process of passing a stronger regulator for the G.S.E.s, and that is important, but it allows them to continue in the current form. If they really do fail, should we let them go back to what they were doing before?

I will close with this question Mr. Chairman. Given what the Fed and Treasury did with Bear Stearns, and given what we are talking about here today, I have to wonder what the next government intervention in private enterprise will be. More importantly, where does it stop?