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2008年10月 2日 (木)


(Mainichi Japan) October 1, 2008
Financial collapse: Chain of crises that started in the U.S. (Part 1)
金融崩壊:米発・危機の連鎖/上 「悪夢」世界を巡る

 ◇一時取引停止市場も 米大統領声明、新提案なく

"I'm disappointed by the outcome, but I assure our citizens and citizens around the world that this is not the end of the legislative process," President George W. Bush stated on Tuesday. The vote the day before by the United States Congress to deny the financial rescue plan to put an end to the financial crisis has resulted in a record New York stock market plunge. The president made the statement requesting Congress to work on the legislation without delay.

He stressed that "the consequences will worsen each day if we do not act. If our nation continues on this course, the economic damage will be painful and lasting." He also pleaded to Congress in a strong voice, "and for the financial security of every American, Congress must act."

However, the less-than-four-minute statement had no new approach, and the market reaction was quite chilly. "At least the atmosphere of crisis got through," said an American economist. Congress has no prospects to reassume talks. Both presidential nominees Democrat Senator Barack Obama and Republican Senator John McCain urged Congress to reassume discussion on the bill, but lacked dynamics. The general view is uncertainty about the future has not been dissolved, and the chain of financial crises seems to be inexhaustible.

The New York stock market was hit with a shock wave on Monday afternoon. News that Congress voted down the legislation made the rounds, and it took less than 10 minutes to plunge the average 30 Dow industrial stocks down some 400 dollars. "Is Washington trying to destroy the market?" the market shrieked. The public thought why should it save well-paid people's financial institutions with their tax money? The taxpayer's discontent was reflected through the rejection by Congress.

With the Nov. 4 presidential and congressional elections drawing near, world economics were not a part of most lawmakers' vocabulary. Congressman Dean Heller of Nevada huffed, "I cannot with good conscience put Nevada's taxpayers on the line for the foolish excesses of Wall Street."

The plunge in the New York stock market rippled around the world. Brazil's Sao Paulo market had to be temporarily closed down because of the unforeseen substantial drop. President Luiz Inacio Lula da Silva did not hide his anger, "It's not fair for healthy emergent nations and poor countries to pay for the casino built by the American economy." The Tokyo market also suffered a knock down on Tuesday. All Asian markets plunged too, except for the Shanghai market that was closed that day. The Russian market also went into a free fall, and had to be suspended.

In Europe, the London market bounced back, but British Prime Minister Gordon Brown maintained his vigilance and pledged that he would take all necessary steps to guarantee the stability of the British banking system. Although the Frankfurt market also made a kickback, the inferno of the European financial market is far from cooled down.

Ireland announced on Tuesday a sweeping guarantee of all deposits in the country's banks in a bid to stabilize the Irish financial sector.

毎日新聞 2008年10月1日 東京朝刊


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