vrijdag 23 januari 2009

Every Breath Bernanke Takes

Bernanke is de gek die gelooft dat de dalende huisprijzen een te groot effect hebben op de huisprijzen en dat daarom de huisprijzen artificieel moeten opgekrikt woden. Zijn speech van afgelopen 4 december kan je hier lezen.

Ik ben het absoluut niet eens met Bernanke's logica, zijn artificieel opkrikken van de vastgoedmarkt zal voor latere bubbels zorgen. De visie die Bernanke heeft op wat hij noemt "market faillure" is vermakelijk:
"[A]necdotal evidence suggests that some foreclosures are continuing to occur even in cases in which the narrow economic interests of the lender would appear to be better served through modification of the mortgage. This apparent market failure owes in part to the widespread practice of securitizing mortgages, which typically results in their being put into the hands of third-party servicers rather than those of a single owner or lender. The rules under which servicers operate do not always provide them with clear guidance or the appropriate incentives to undertake economically sensible modifications. The problem is exacerbated because some modifications may benefit some tranches of the securities more than others, raising the risk of investor lawsuits. More generally, the sheer volume of delinquent loans has overwhelmed the capacity of many servicers, including portfolio lenders, to undertake effective modifications."

Onderstaande videoclip over Ben Bernanke is even vermakelijk:



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