Tuesday, March 17, 2009

伯南克言論

這很大程度上視乎金融體系。歷史教訓是,金融體系一天處於危機,你便不能有持久的經濟復蘇……我認為我們會令金融體系穩定下來,我們會看到衰退或在今年結束。我們明年會見到經濟開始復蘇。

( I do think that we will get it stabilized, and we'll see the recession coming to an end probably this year. We'll see recovery beginning next year.)

伯南克﹕美衰退或今年告終

【明報專訊】美國聯儲局主席伯南克(Ben Bernanke)首次接受電視訪問,預期美國經濟衰退或於今年底結束,明年開始復蘇,但強調一切要取決於金融體系是否穩定下來。他又稱,美國已避過大蕭條危機,但警告現時最大的危險是缺乏政治意志。

伯南克上周接受哥倫比亞廣播公司(CBS)專訪,訪問在周日晚的「六十分鐘時事雜誌」播出。這是20年來首次有現任聯儲局主席受訪。伯南克稱,聯儲局竭盡全力重振經濟,但經濟何時復蘇要視乎金融體系穩定。他指出,在政府救市努力下,市場已有好轉,「我相信我們會令金融體系穩定下來,我們會看到衰退或在今年結束。我們明年會見到經濟開始復蘇」。他提到,復蘇其中一個早期象,是大銀行能否籌集私人資金。他稱,在政府努力下,不同市場已有好轉。

復蘇象﹕大銀行可籌集資金

伯南克本身是研究30年代大蕭條的專家,他跟很多經濟學家一樣,相信聯儲局當時措施失當,令1929年的衰退演變成全球災害。被問道美國會否重蹈覆轍時,他說﹕「我認為已避免了這風險。我們相信過了那時刻,現在的問題是如何令一切重新運作。」財政部正對銀行作壓力測試,他重申不會有銀行倒閉。

伯南克稱,現時最擔心的是穩定銀行體系的措施失去議員和公眾的支持。他說﹕「最大危機是我們缺乏政治意志﹕欠缺解決問題的承擔。」若那情出現,「我們便不能指望復蘇。」

華府推新措施救小型企業

奧巴馬政府處理經濟危機的做法受到質疑,伯南克這番言論在一定程度上是回應外界批評。除了伯南克外,白宮經濟顧問薩默斯周日亦接受訪問,為奧巴馬的政策護航。白宮與財政部在本港時間昨晚則宣布一系列救助中小企的新措施,包括要求21間接受美國政府援助的大型銀行,每月向政府匯報它們向小型企業的借貸金額。

此外,財政部將購買多達150億美元的小型企業貸款證券,及大幅增加對小型企業貸款的擔保,以增加銀行與信貸機構向小型企業借錢的信心,刺激小型企業信貸活動。白宮發表聲明稱﹕「奧巴馬政府堅定相信經濟復蘇很大程度上取決於小型企業,過去10年美國創造的新職位中,70%由這些企業創造。」

哥倫比亞廣播公司/華爾街日報/美聯社

Monday, March 16, 2009

高级人才逃离华尔街大机构


本文网址:http://www.backchina.com/news/2009/3/15/33010.html
在经济前景收紧、公众对高管薪酬审查逾加严格、办公室内的动荡也日渐升级的情况下,许多著名投资银行家纷纷逃离华尔街大机构。

自去年秋季金融危机恶化以来,华尔街裁员人数达到数万人。但大多数公司都设法留住了自己的顶级“价值创造者”--经验丰富的银行家,他们拥有强大关系网络,能带来债券承销、并购及股票发行的收入。

Rob Shepperson这种情况已经开始发生变化,因为政府对金融领域的干预已经开始终结这类公司普遍存在的那种不受约束的高薪文化。

仅过去一周就有好几个人高调宣布离职:德意志银行(Deutsche Bank)美洲并购业务主管玛纳斯(Jean Manas)、德银媒体银行家泽柯(Fehmi Zeko),高盛集团(Goldman Sachs Group Inc.)合伙人拉维奇(Joseph Ravitch)和瑞士银行(UBS AG)董事总经理辛恩(Jeff Sine)。在他们之前已经有一大堆资深银行家最近离开了大公司,包括摩根士丹利(Morgan Stanley)的斯考利(Robert Scully)、瑞银前任副董事长吉斯派尔(Robert Gillespie)和美林(Merrill Lynch)运输类投资前任主管阿克特(George Ackert)。

伦敦的人才流失程度丝毫不逊于纽约。以美国银行为例,在银行家们忙于应对金融危机和一片混乱的美林收购交易时,一大批美林高层就已经逃之夭夭了。其中许多人都是在还没找到下家的时候离职的,其中包括刚刚被任命为欧洲公司和投资银行业务主管的埃迪(Mark Aedy),他与矿业公司必和必拓(BHP Billiton)这类美林的高价值投行客户关系密切。

一部分离开原公司的人试图加入Evercore、Greenhill或是Centerview Partners这类新兴的小公司,还有一部分人则完全退出了这个行业。

对于有的人来说,离开的动机与最初吸引他们来到华尔街的理由一样:为了钱。

过去,许多银行家用了很多年时间辛辛苦苦地从初级分析师爬到董事总经理级别,在这个过程中累积了大量的股票期权,也因此而被困在自己的职位上脱身不得。如今,过去的经历已经不重要了,因为许多公司都经过了重组或并购,股票期权基本上也一文不值了。市场的崩溃让过去五年里为公司创造巨额利润和巨幅亏损的交易员们与没有拿公司资金冒险的投资顾问之间的关系空前紧张。

一位仍然受到与前公司所签协议限制的资深银行家说,我还是相信投资银行业务,但这块业务变得像虽然保留却已经没有多大用处的东西了。投资顾问无需动用资本就能为公司带来收入,而有自主权的交易员每天都像拿着公司的钱赌博,但现在两者之间似乎已经没有区别了。

华尔街薪酬咨询公司Johnson Associates的约翰逊(Alan Johnson)说,现在,没有人能告诉银行家们,他们在2009年所做的工作能不能得到回报。现在的状况持续时间越长,形势就会越糟糕。

少数人持股公司的银行家们得以幸免于公开上市银行的雇员们所遭遇的公众怒火。但小公司也不完全是安全港。小公司的银行家们的薪水几乎完全是“自食其力”,而规模较大的金融公司往往都提供相对低一些但更为稳定的薪酬。

泽柯说,德银一直以来都比大多数公司更能经受危机考验,将来也会如此,但对当前的我来说,私营模式是一个更好的成功机会。

扭转这种人才流失的局面需要时间。2001-2002年,华尔街公司解雇了大批中层职员,迫使高层银行家们留下来。结果,现在没有多少能够取代老一辈的后来者,他们中的许多人已经身家富足,可以轻松退休了。

瑞士银行的一位银行家最近抱怨说,瑞银前九个月已经留出了发奖金的钱,但他手下员工的奖金还是被大幅削减。

幸存者说,这类举措损害了许多银行的气氛。不久前离开瑞银的那位高层银行家说,我们要求手下干活,却不给他们任何奖励,我觉得自己真不像是个经理。

Matthew Karnitschnig / Heidi N. Moore

Saturday, March 14, 2009

China 'worried' about US Treasury holdings

BEIJING – China's premier didn't say it in so many words, but the implied warning to Washington was blunt: Don't devalue the dollar through reckless spending. Premier Wen Jiabao's message is unlikely to be misunderstood at the White House. It is counting on Beijing to help pay for its stimulus package by buying U.S. bonds. China already is Washington's biggest foreign creditor, with an estimated $1 trillion in U.S. government debt. A weaker dollar would erode the value of those assets.

"Of course we are concerned about the safety of our assets. To be honest, I'm a little bit worried," Wen said at a news conference Friday after the closing of China's annual legislative session. "I would like to call on the United States to honor its words, stay a credible nation and ensure the safety of Chinese assets."

The appeal suggested the outlines of Chinese President Hu Jintao's stance when he meets with President Barack Obama at an April 2 summit in London of the Group of 20 major economies on possible remedies for the global crisis.

Wen gave no indication whether Beijing wants changes in U.S. policy. But economists said his comments reflect fears that higher U.S. budget deficits from Washington's $787 billion stimulus package could drive down the dollar and the value of China's Treasury notes.

"China is telling the U.S. to be careful, not to overspend and keep an eye on the dollar," said Kelvin Lau, regional economist at Standard Chartered in Hong Kong. "There are risks that China cannot control, so they're depending on the U.S. to maintain fiscal prudence and keep the dollar reasonably stable."

In Washington, White House press secretary Robert Gibbs responded to Wen's concerns by saying the Chinese should rest assured because investments in the U.S. are the safest in the world.

Gibbs also said Congress can help by passing Obama's budget for next year, which promises to halve the deficit by the end of his term.

Analysts estimate China keeps nearly half of its $2 trillion in foreign currency reserves in U.S. Treasuries and notes issued by other government-affiliated agencies.

"Inside China there has been a lot of debate about whether they should continue to buy Treasuries," said Frank Gong, chief China economist for JP Morgan.

Beijing is trying to increase its leverage at the London G-20 meeting by reminding its partners of its role in financing U.S. spending, Gong said.

"Without China's buying (Treasuries) and continuing to fund U.S. deficit spending, interest rates could have been much higher. That could be very destabilizing in this very recessionary environment," he said. "By attracting a lot of attention to this issue, China is already increasing its influence ahead of the G-20 meeting."

Finance officials from the G-20 meet this weekend. U.S. Treasury Secretary Timothy Geithner is pressing for a new coordinated global stimulus. Japan is supportive but European governments are reluctant to make expensive commitments before they see how current plans are working.

Wen also offered an unqualified defense Friday of his government's policies in Tibet, ignoring questions about a massive security buildup in the Himalayan region.

Tensions have spiked ahead of two key anniversaries this week — the 50th anniversary of a failed Tibetan uprising that sent the Dalai Lama into exile and Saturday's one-year anniversary of violent anti-Chinese riots in Lhasa that sparked the largest protests in decades.

Asked whether the massive security presence pointed to failings in Beijing's policies, Wen said: "The situation in Tibet is on the whole peaceful and stable. The Tibetan people hope to work in peace and stability.

"Tibet's continuous progress (has) proven the policies we have adopted are right," he said.

Wen expressed confidence the world's third-largest economy can meet its official growth target of 8 percent this year and emerge from the crisis "at an early date." But he said Beijing is ready to expand its 4 trillion yuan ($586 billion) stimulus if needed.

"We already have our plans ready to tackle even more difficult times, and to do that we have reserved adequate ammunition," he said. "That means that at any time we can introduce new stimulus policies."

Communist leaders worry about rising job losses and possible unrest amid a trade slump that saw Chinese exports fall 25.7 percent in February from a year earlier. They have promised to spend heavily to create jobs and boost exports.

Chinese bank lending and power demand have risen, suggesting the stimulus is taking effect. But growth in retail sales is weakening, indicating it has yet to spur private sector spending and investment, which analysts say will be key to its success.

Private sector economists expect growth as low as 5 percent this year. That would be the strongest of any major country but could lead to more waves of job cuts.

"I really believe we will be able to walk out of the shadow of the financial crisis at an early date," Wen said. "After this trial, I believe the Chinese economy will show greater vitality."

Wen also said Beijing wants the G-20 summit in April focus on helping the poorest countries.

The premier said Beijing has met its own commitments to help developing countries by erasing a total of $40 billion in debt owed by 46 countries and giving out 200 billion yuan ($29 billion) of aid to developing countries."

"We must see to it that we show concern for developing countries," he said.

___

AP Business Writer Jeremiah Marquez in Hong Kong contributed to this report.

【明報專訊】美國布魯金斯研究所(Brookings Institution)3月9日評論

作者:Christina D. Romer(羅默─現任美國總統經濟顧問委員會主席)

雖然目前美國的經濟狀確實不佳,但其實遠比1930年代大蕭條理想。當然,我們仍應汲取「大蕭條」的教訓以助今天的經濟走出谷底。

第一個最重要的教訓,是小型的財政擴張只會帶來小型的效果。我的看法是財政政策在大蕭條時無法帶動經濟復蘇,「不是因為無效,而是因為根本沒有嘗試過」。

羅斯福的財政方案雖然較過往大膽,但相對當時問題的規模來說,其財政政策規模其實太小。當羅斯福在1933年履新時,當時美國的實質國內生產總值已較正常水平走勢線低30%(目前美國經濟約低於正常水平5%至10%),羅斯福推行的緊急開支在當時來說雖是史無前例的─平衡預算是當時的慣例,不過,幅度仍是很小。

在1934年,美國政府的財政赤字上升佔國內生產總值1.5%,升幅不高的其中一個原因,是羅斯福執政的後期政府大幅加稅,另一原因則是財政擴張並不持久。

同時,羅斯福與現時奧巴馬總統一樣:面對各地區政府、州政府的同向循環行為─為了達到平衡預算,州政府及地區政府被迫要在經濟疲弱以至稅項收入減少的環境下,削減開支及增加稅收。當羅斯福推動史無前例的赤字財政案,地方政府卻反而是推行盈餘方案。對於每一個官員來說,這都是重要的教訓。

目前美國通過的經濟刺激方案,其實是有史以來規模最大、最重的逆轉周期財政行動,近8000億美元的刺激方案約相等於美國未來兩年每年國內生產總值的3%,而且這方案的一大部分金額將撥到州政府,令州政府毋須為平衡預算而加稅以及削減護士、教師等職位。我們預期刺激方案將是對抗高企的失業率非常重要的手段。

第二個教訓是在利息接近零的環境,寬鬆的貨幣政府仍然能拯救經濟。羅斯福當時大刀斧地暫時棄守金本位政策,讓美元升值;再加上投資者尋求安全的資金出路,最後導致30年代中期大量的黃金從海外流入美國國庫。大量的黃金流入讓國庫可以毋須動用聯邦儲備而大幅增加貨幣供應,於是在1933年至1936年期間,貨幣供應增加了17%。

勿太快叫停經濟刺激方案

這增幅無助降低實質利率,因為當時已接近零;不過,增幅卻有助打破坊間對於通縮的預期。在1929年至1933年期間,物價下跌了25%,人們已習慣預期價格會繼續下跌,於是借貸及投資的實質成本就變成異常地高,消費者以及商家都不肯用錢,因預期其購買力將會隨價格下跌而上升。

美元貶值以及急速的貨幣擴張打破人們對通縮的預期,這就令實質利率大幅下降。這預期的變化最快在消費者及企業行為上反映,利率敏感的消費品率先反彈,1933年夏天汽車的銷售開始回升。

第三個教訓,是不要太快叫停經濟刺激方案。1936年,聯儲局開始擔心通脹問題,為了增加監控的空間,聯儲局分3階段倍增儲備要求,但脆弱的銀行經過擠提後已變成驚弓之鳥,它們大幅增加儲備,遠高於聯儲局要求,造成利息上升及借貸急跌。於是,美國的經濟在1937年升了5%,但在1938年卻倒跌3%。最後有關官員懸崖勒馬,經濟才重拾升勢,但這就令大蕭條延長了兩年時間。

第四點,是真正的復蘇必定與金融市場復蘇同步。羅斯福當年重振市場對銀行的信心,並且推出存款保障政策,業主貸款方案,這些措施在在穩定坊間對金融市場的信心。在1933年3月至5月,股市的實質升幅高達40%,這些財富效應亦是日後經濟回升的重要因素。