In giro si dice che il peggio sia passato...
L'FDIC (il fondo di garanzia bancario dei correntisti americani) ha pubblicato un paio di giorni fa il Rapporto delle sue attività di salvataggio banche e le sue previsioni per il futuro (vedi Come le mosche...e siamo a 37).
Nel suo articolato rapporto troviamo una bella tabella che riassume il quadro degli Aiuti Governativi stanziati nel 2008 e previsti per il 2009.
Il totale è stellare: quasi 14mila miliardi di dollari!
Scritto in numeri appare così 14.000.000.000.000........
Il bello è che, in buona sostanza, non sono "soldi cash" ma "carta"..."debito"...
Sia ben chiaro: questa cifra è un tetto di spesa, è la disponibilità massima messa a disposizione (che però è possibile espandere con un voto al Congresso).
Non è detto che questa marea di soldi dei contribuenti verrà spesa integralmente: miliardi sono già stati spesi, miliardi saranno spesi, altri miliardi sono stati solo approntati ma non è detto che verranno usati.
Però se uno vuole curiosare nella tabella "dell'ossigeno di Stato" somministrato alla finanza ed all'economia "in rianimazione", può farlo tranquillamente.
Per esempio scoprirà che "ufficialmente" le Banche USA "sono ben capitalizzate": parola del segretario al Tesoro Geithner e del Presidente della FED Bernanke. Sono in buona salute tanto che hanno iniziato a restituire il fondo TARP ovvero il prestito dei contribuenti...
Però...nella listona risultano ancora pronte all'uso svariate migliaia di miliardi di dollari per le banche ed il programma di riacquisto degli assets tossici in pancia alle banche, il PPIP, è ancora attivo...
Perchè queste "voci" non sono state ancora cancellate dalla tabella se le banche USA sono realmente ben capitalizzate?
Eccesso di prudenza? Mmmmmmmm.....
Il peggio sarà anche passato ma un enorme "paracadute" è ancora pronto all'uso....
Così...en passant: ieri la società di rating S&P ha emesso il downgrade su 22 banche USA...tutte rigorosamente "ben capitalizzate"...
Government Support for Financial Assets and Liabilities Announced in 2008 and Soon Thereafter ($ in billions) | |||
|---|---|---|---|
| Important note: Amounts are gross loans, asset and liability guarantees and asset purchases, do not represent net cost to taxpayers, do not reflect contributions of private capital expected to accompany some programs, and are announced maximum program limits so that actual support may fall well short of these levels | |||
| Year-end 2007 | Year-end 2008 | Subsequent or Announced Capacity If Different | |
| Treasury Programs | |||
| TARP investments1 | $0 | $300 | $700 |
| Funding GSE conservatorships2 | $0 | $200 | $400 |
| Guarantee money funds3 | $0 | $3,200 | |
| Federal Reserve Programs | |||
| Term Auction Facility (TAF)4 | $40 | $450 | $900 |
| Primary Credit5 | $6 | $94 | |
| Commercial Paper Funding Facility (CPFF)6 | $0 | $334 | $1,800 |
| Primary Dealer Credit Facility (PDCF)5 | $0 | $37 | |
| Single Tranche Repurchase Agreements7 | $0 | $80 | |
| Agency direct obligation purchase program8 | $0 | $15 | $200 |
| Agency MBS program8 | $0 | $0 | $1,250 |
| Asset-backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF)9 | $0 | $24 | |
| Maiden Lane LLC (Bear Stearns)9 | $0 | $27 | |
| AIG (direct credit)10 | $0 | $39 | $60 |
| Maiden Lane II (AIG)5 | $0 | $20 | |
| Maiden Lane III (AIG)5 | $0 | $27 | |
| Reciprocal currency swaps11 | $14 | $554 | |
| Term securities lending facility (TSLF) and TSLF options program(TOP)12 | $0 | $173 | $250 |
| Term Asset-Backed Securities Loan Facility (TALF)13 | $0 | $0 | $1,000 |
| Money Market Investor Funding Facility (MMIFF)14 | $0 | $0 | $600 |
| Treasury Purchase Program (TPP)15 | $0 | $0 | $300 |
| FDIC Programs | |||
| Insured non-interest bearing transactions accounts16 | $0 | $684 | |
| Temporary Liquidity Guarantee Program (TLGP)17 | $0 | $224 | $940 |
| Joint Programs | |||
| Citi asset guarantee18 | $0 | $306 | |
| Bank of America asset guarantee19 | $0 | $0 | $118 |
| Public-Private Investment Program (PPIP)20 | $0 | $0 | $500 |
| Estimated Reductions to Correct for Double Counting | |||
| TARP allocation to Citi and Bank of America asset guarantee21 | – $13 | ||
| TARP allocation to TALF21 | – $80 | ||
| TARP allocation to PPIP21 | – $75 | ||
| Total Gross Support Extended During 2008 | $6,788 | ||
| Maximum capacity of support programs announced through first quarter 200922 | $13,903 | ||
Table notes:
1 $300 is as of 1-23-2009 as reported in SIGTARP report of February 6 2009; EESA authorized $700. 2 Year-end reflects Treasury announcement of September 7, 2009, capacity reflects Treasury announcement of February 18, 2009; funding authorized under Housing and Economic Recovery Act. 3 Informal estimate of amount guaranteed at year-end 2008, provided by Treasury staff. 4 Year-end balances from Federal Reserve Statistical Release H.R. 1, “Factors Affecting Reserve Balances” (henceforth, H.R. 1); capacity from “Domestic Open Market Operations During 2008” (Report to the Federal Open Market Committee, January 2009), page 24. 5 Year-end balances from H.R. 1. 6 Year-end balances from H.R. 1; capacity from “Report Pursuant to Section 129 of the Emergency Economic Stabilization Act of 2008: Commercial Paper Funding Facility,” accessed May 26, 2009, from http://www.newyorkfed.org/aboutthefed/annual/annual08/CPFFfinstmt2009.pdf. 7 Year-end balances from H.R. 1; see also “Domestic Open Market Operations During 2008” (henceforth “DOMO report”) report to the Federal Open Market Committee, January 2009, page 11, summary of activity in program announced March 7 by the Federal Reserve. 8 Year-end balances from H.R. 1, capacity from Federal Reserve announcements of November 25, 2008 and March 18, 2009. 9 H.R. 1. 10 Year-end balances from H.R. 1; capacity from periodic report pursuant to EESA, “Update on Outstanding Lending Facilities Authorized by the Board Under Section 13(3) of the Federal Reserve Act,” February 25, 2009, page 8, henceforth referred to as “Update;” Federal Reserve AIG support is separate from Treasury support that is included in the TARP line item. 11 Year-end balances reported in DOMO report, page 25. 12 Year-end balances from H.R. 1; capacity from Federal Reserve announcement of March 11, 2008, Federal Reserve Bank of New York press release of August 8, 2008, and discussion at page 22 of DOMO report. 13 From “Update,” page 2. 14 From “Report Pursuant to Section 129 of the Emergency Economic Stabilization Act of 2008: Money Market Investor Funding Facility,” accessed May 26, 2009, from http://www.federalreserve.gov/monetarypolicy/files/129mmiff.pdf; Federal Reserve to fund 90 percent of financing or $540 billion. 15 Program and capacity announced by the Federal Reserve, March 18, 2009. 16 FDIC Quarterly Banking Profile, Fourth Quarter 2008, (henceforth, “QBP”) Table III-C. 17 Year-end outstanding from QBP, Table IV-C; total estimated cap for all entities opting in the program from QBP, Table II-C. 18 Announcement by FDIC, Treasury, and Federal Reserve November 23, 2008. 19 Announcement by FDIC, Treasury, and Federal Reserve of January 16, 2009. 20 To purchase legacy assets, as described in Treasury, FDIC, and Federal Reserve announcement of March 23, 2009. $500 refers to maximum capacity of Legacy Loans Program; funding for the Legacy Securities Program is believed to be subsumed under the TALF. 21 SIGTARP quarterly report of April, 2009, page 38. 22 Year-end 2008 amounts plus the amount by which announced capacity exceeds the year-end 2008 amount, minus the amount of known double counting.
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