Βέρτιγκο

Κάποια στιγμή θα γίνονταν κι αυτό. Στις ΗΠΑ έχουν αρχίσει να μπερδεύουν τα “πακέτα βοηθείας” και το πού πάνε ποια κεφάλαια. Ο Κρούγκμαν, πάντως, περιγράφει ήδη ένα … βέρτιγκο. Διαβάστε:

OK, so the Fed is planning to buy obligations of the GSEs — as well as securities guaranteed by the GSEs. This is in an effort to lower spreads. The Fed will in effect pay for these purchases by having the Treasury issue U.S. government debt.

But the GSEs have been nationalized. Their obligations are already U.S. government debt. What’s going on here?

It’s true, as the Fed’s statement says, that

Spreads of rates on GSE debt and on GSE-guaranteed mortgages have widened appreciably of late.

But that’s presumably because the Bush administration, weirdly, has refused to declare that GSE debt is backed by the full faith and credit of the US government. Why not just make that declaration, turning GSE debt into Treasury obligations, rather than stuff the obligations onto the balance sheet of the Federal Reserve?

Is this some kind of strange political game? Is there something else going on here? Inquiring minds want to know.

I’m

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