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格林斯潘承认自己犯错

(2008-10-24 04:38:11)
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‘I made a mistake’ admits Greenspan

  格林斯潘承认自己犯错

    Alan Greenspan, the former Federal Reserve chairman, said on Thursday the credit crisis had exceeded anything he had imagined and admitted he was wrong to think that banks would protect themselves from financial market chaos.

   星期四美联储前任主席艾伦.格林斯潘远远超过了他的想象,并且承认他错误的认为银行可以在金融市场混乱的情形下保护自己!

   “I made a mistake in presuming that the self-interest of organisations, specifically banks and others, was such that they were best capable of protecting their own shareholders,” he said.

   格林斯潘说自己组织机构的利己方面犯了自以为是的错误.他原本认为银行和其他金融机构非常有能力保护股东的权益!

   In the second of two days of tense hearings on Capitol Hill, Henry Waxman, chairman of the House of Representatives, clashed with current and former regulators and with Republicans on his own committee over blame for the financial crisis.

   为期两天的紧张的国会听证会上的第二天,众议院议长亨利·维克斯曼就金融危机批评了现任和前任的监管部门人员以及众议院的共和党议员

    Mr Waxman said Mr Greenspan’s Federal Reserve – along with the Securities and Exchange Commission and the US Treasury – had propagated “the prevailing attitude in Washington...that the market always knows best.”

   维克斯曼先生指出格林斯潘领导下的美联储和证监会以及财政部在华盛顿宣传市场总是最好的

   Mr Waxman blamed the Fed for failing to curb aggressive lending practices, the SEC for allowing credit rating agencies to operate under lax standards and the Treasury for opposing “responsible oversight” of financial derivatives.

   维克斯慢批评美联储没有去抑制过度发展的贷款市场,批评SEC允许信用评级机构在宽松的标准下运行,批评财政部对金融衍生品的职责失察

    Christopher Cox, chairman of the Securities and Exchange Commission, defended himself, saying that virtually no one had foreseen the meltdown of the mortgage market, or the inadequacy of banking capital standards in preventing the collapse of institutions such as Bear Stearns.

   美国证监会主席克里斯托弗·考克斯为自己辩护说,实际上没有人能预料到信贷市场的垮台,在拯救如贝尔斯登类机构的破产上缺少资本金

 

    Mr Waxman accused the SEC chairman of being wise after the event. “Mr Cox has come in with a long list of regulations he wants...But the reality is, Mr Cox, you weren’t doing that beforehand.”

    维克斯曼先生指责美证监会主席是时候诸葛亮说:"考克斯先生一开始就有很多的他所需要的规章修改,但事实是,考克斯先生什么也没有做!"

    Mr Cox blamed the fact that congressional responsibility was divided between the banking and financial services committees, which regulate banking, insurance and securities, and the agriculture committees, which regulate futures.

   考克斯先生指出一个事实,国会的银行和金融委员会应该负责监管银行保险和有价证券,国会的农业委员会监管期货!

   “This jurisdictional split threatens to for ever stand in the way of rationalising the regulation of these products and markets,” he said.

   他说:"管理权的分裂阻碍了这些产品和市场监管的合理化."

   Mr Greenspan accepted that the crisis had “found a flaw” in his thinking but said that the kind of heavy regulation that could have prevented the crisis would have damaged US economic growth. He described the past two decades as a “period of euphoria” that encouraged participants in the financial markets to misprice securities.

    格林斯潘承认这次危机是他思想上的瑕疵,但是他却说能阻止这次危机的严格的监管会损害美国经济的增长,他描述了过去的辉煌的二十年,在这二十年鼓励金融市场参加者给有价证券错误定价.

   He had wrongly assumed that lending institutions would carry out proper surveillance of their counterparties, he said. “I had been going for 40 years with considerable evidence that it was working very well”.

   Republicans on the committee dissented from some of the Democratic attacks, and said the government-backed housing entities Freddie Mac and Fannie Mae had also been to blame.

   “It wasn’t deregulation that allowed this crisis,” said Tom Davis, the senior Republican on the committee. “It was the mish-mash of regulations and regulators, each with too narrow a view of increasingly integrated national and global markets.”

   Mr Greenspan said that when, as Fed chairman, he declined to advocate regulating credit default swaps – derivatives that have been blamed for worsening the crisis – he had been following the will of Congress.

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