He is not here of naivety but experiencesAnd then a sort of bag Céline model NautilHow to better express its spirit of opennessThese novels often won great popular successes in their countryIt is time to settle with gable on street This hinders our ability to transmissionLalique has a very strong global reputationStudies have taken late finds bitterly in VNFThe Court said limited number of candidatesTF1 and M6 have for their part made no commentThe US Congress has decided to invite in the debate on the crisis of the real estate. At a time where the risks and anxiety rise, elected officials mostly Democrats first announced that they were planning to pass a law to limit the number of seizures. These could potentially affect, according to their calculations, up to 2 million homeowners unable to repay their debts in the months or years to come. Others have also welcomed that be adopted a more stringent regulatory framework, so are better framed the practices of credit agencies.
The last, finally, suggested that the banks have benefited from the boom in real estate are heard and, in Massachusetts, local justice requested documents the research departments shares of Bear Stearns and UBS that they justify the content of recent relatively positive reports concerning the real estate market.
Caution
"All of this, it's a lot of posturing that will perhaps allow to limit the expansion of the problem and the human consequences of this crisis but that will not solve the issue on the merits." "Evil is done," said a banker.
For now, the Bush administration as Republican elected officials remain them on a more cautious line. The White House stressed that the risk appears to be mastered and elected officials of Colorado Wayne Allard, who sits in a commission in charge of the banking sector, advocates "let market mechanisms".
The Fed intervention
No one seems to consider for the moment a massive intervention by public authorities or federal support for the financial sector. Indeed, the risks appear to be localized to the less careful stakeholders on the "subprime" said segment (lending to households most at risk) and it is still far from the crisis of the "savings & loans" 1980s (read above). "If the Government does not intervene, the Fed (the Central American Bank, Editor's note), it, will intervene." "The market was on a decline in the rate towards the end of the year but this decrease will probably earlier, begin as early as June, if the real estate crisis of the magnitude," says the same banker.
The most pessimistic economists are nonetheless to make themselves heard in a concert of macroeconomic comments seeking until then rather to minimize the crisis.
In the camp of the pessimists convinced for a long time, David Rosenberg, an economist at Merrill Lynch, believes that the crisis of the "subprime" market could lead to a decrease in the price of 10 on a real estate market that has not undergone annual decline at the national level since the 1930s. According to him, even if it is too early to speak of a "classic recession" could still be considered a less than 2 of the gross domestic product growth in 2007.
Because of this "growth recession", the latter would be the time too low to contain a slight increase in unemployment to 5 (compared to 4.5 currently). Goldman Sachs economists emphasize their side after the segment of the "subprime", the crisis could touch the segment of credits issued to borrowers with considered variable rate as creditworthy.
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