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Cheng Shi: Policy saves atone for -- too much too little still

From;  Author:Stand originally
Wind neighs Yi Shuihan, second the dreariness like garrulous waves in borrowing crisis Xin Yibo to pound the international money market below to be like wind queasy, the step saving atone for that Euramerican high official takes one after another appears and expect action without what have make vigorous efforts to turn the situation, so that the market can'ts help exclamation, those who save atone for to come is too little too little.

After-thought rises, make and pass a series of this earthshaking, deliverance bill that saying even is waste man power and money situation because Lei Man's brother applies for to go bankrupt,be necessarily after protection, credit is constrictive already from " monetary phenomenon " rise for " economic phenomenon " . Mix when suspicion, jealousy wait-and-see bring about cherish to borrow when spreading to hypostatic economy from net finance domain, when the most high grade blame financial company obtains sufficient financing hard when, the government must serve as somewhat, help market main body believes to make fluidity true flow rises and do not have bigger risk in the hand than managing money.

But look now, the target appears and not simple. The plan that help city is after patch up and did not rise to rescue the action of market confidence, perhaps at the beginning policy of market expectation finance solves monetary problem itself is a try anything when in a desperate situation, credit is constrictive this second borrow core of percussive of crisis Xin Yibo " epicenter " not only the phenomenon that did not show a firm slow down of look forward to, farther even acuteness aggravation comes " credit is dried up " alarm person state. With the dollar in March period interest rate of short-term loan of LO(Libor London a person of same business and index of Ois of the previous night are dropped period) benefit difference is exemple, second this index before borrowing the crisis is average the level is controlled in 0.2 percent, came in August 2007 at the beginning of September 2008 second borrow the crisis the first wave motion is controlled in 0.7 percent roughly during wave, after concussion comes, Xin Yibo of the middle ten days of a month rose to above of a percent in September 2008, and beautiful on October 3 Boule passes bill of 700 billion aid that day, violent wind of this index unexpectedly rises to 2.89 percent, show market confidence does not rise to fall instead, on October 8, this index has risen to 3.25 percent, this is a sensational breathtaking level almost. Meanwhile, will announce on October 8 in August American consumer credit also a month increased once upon a time 4.6 billion turn into decrease 7.9 billion, index of ABC consumer confidence also glides further to - 43 bits, the collapse of confidence dish already in money market and hypostatic economy two administrative levels are shown adequately.

Since of finance policy saved atone for to break a head already blast, monetary policy is in a new force suddenly rises in chaos army clump has been hasten of general trends place, then, sampling " Gelinsipan is built " the money market that transcends a bitter pill to swallow of low interest rate longed to come emancipator – – " Bainake is built " exceed low interest rate, the handicap that sends celebrated European Central Bank to also disregard inflation to exceed bid considerably right-down with the eagle repeatedly even joined those who save market confidence to lower interest in the action. So, lower interest big stick-means of intimidation whether beat back the devil with constrictive credit? Actually this makes a person very hard hopeful, beautiful couplet store early days lowers interest thick and fast 325 base point are like the overmuch dimple that monetary market did not bring like like a dragonfly skimming the surface of the water-touch on sth without going into it deeply. That is to say, from the point of the market environment that at present confidence breaks down, to alleviating credit is constrictive, showing some deliverance policy to look still is too little, the likelihood is short-term the labour pains inside is already inevitable, and what the market needs truly is confidence advance gradually waits to restore after the risk is released.
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