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오늘 발표된 Geithner financial rescue plan을 들어보면 한편으론 Obama admin이 무엇을 어떻게 얼마를 들여서 구제할 것인지 나름대로 clear하게 설명한것 같으나 rescue plan 발표후 Bloomberg의 Peter Cook과 interview한 내용을 들어보면 Geithner speech의 행간에 숨은뜻을 알수있을것 같더군요. 그 interview를 들어보면 Geithner는 어떻게 문제를 풀어나가야 할지 구체적 방법을 모른다고 euphemistic하게 말하더군요. Market은 이미 그것을 알고 오늘 곤두박질친거구요. 여기 그 transcript의 일부입니다.
MR. COOK: Can I just say can you explain how this is going to work? Is the government going to buy these assets? Are these private entities going to buy these assets? And how are you going to value them?
SEC. GEITHNER: So let me do the basic concept and let me reassure you and the markets as a whole that this is very complicated to get right. And we’re going to try to get it right before we give people the details so that we don’t add further to uncertainty in these markets. But our basic objective, and why this is so complicated, is to try to make sure we’re doing it in ways that will protect the taxpayer, so the government is taking risks they understand and they we’re maximizing the value of the limited resources we have and our broad capacity to provide financing to these markets.
The basic concept, again, is because the markets now cannot provide the financing necessary to get this to work – that’s sort of the definition of a financial crisis in some sense – that the government will provide that financing alongside some public capital in ways that bring private capital. And that is important because it will help protect the government from the risk that we’re taking on risk and assets we don’t understand, have valued too highly and are leaving the taxpayer with more risk than they should have to bear in this context.
That’s the challenge in normalcy difficult to do, in normalcy difficult to do, and we’re going to be very careful to get it right. We may not get it right exactly at the beginning and we’ll adapt it as we need to, but my judgment is, it’s a critical part of a successful strategy. But don’t lose sight of the program to help make sure banks have enough capital to get through this and this very dramatic expansion of direct financing to help get the markets that are critical to small-business lending, to households and consumers, student lending, consumer lending, automobile financing and the commercial real estate to the point where they have more liquidity. Those things are really important to do.그러니까 결론적으로 아직 무슨방법으로 ‘get it right’ 할지 모른단 이야기 이지요.
거기에 불에 기름붓듯 Mr. Bernanke가 Congress에서 “increased liquidity from the central bank will be ‘no panacea’ for lenders.”라고 했죠. 이 덕분에 오늘 market에서는 financial sector를 중심으로 더 곤두박질 치고….
오늘 Treasure Dept.에서 finacial rescue plan fact sheet도 publish했는데요, 특별한 내용은 없지만 관심있으면 요기가서 함 읽어보시구요.
밑에것은 Financial Times에서 rescue plan을 요약한건데 참고하세요. financial관련주는 아직도 앞길이 탁트여 있는듯하네요.
