QvdD: Dualisme

Governments need to be ready to use public funds to prop up struggling financial markets. We must keep all options on the table, including the potential use of public funds to safeguard the financial system. While I am not advocating the use of taxpayer funds for individual banks, I fully recognize an appropriate role for public sector intervention after market solutions have been exhausted. [..] Policy makers as a matter of course need to ’think the unthinkable’, and to consider how they would plan to react if contingencies arise. The need to prepare more systematically for potential risks has been demonstrated amply during the past few months. [..] After seven months of credit turmoil, there is little doubt that risks could escalate and decisive policy action is needed.

Aldus John Lipsky, First Deputy Managing Director van het International Monetary Fund (IMF).

If the Fed hadn?t acted this morning and Bear did default on its obligations, then that could have triggered a very widespread panic and potentially a collapse of the financial system.

James L. Melcher, directeur van Balestra Capital, een hedge fund uit New York verklaart een ongebruikelijke ingreep van de New Yorkse Federale Bank. De bank besloot Bear Stearns, een van de belangrijkere zakenbanken op Wall Street, financieel te ondersteunen nadat het bedrijf onderuit dreigde te gaan. Toen dit bekend werd halveerde de koers van het aandeel direct.

Zou een complete ineenstorting echt dreigen of is dit iets wat maar al te graag door de noodleidende hedge funds wordt gecultiveerd om hun eigen hachje te kunnen redden?