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chine aussi
02/12/2008 19:28
Dec. 2 (Bloomberg) -- House prices in Shanghai, Shenzhen and Guangzhou are plunging, and the global economy may grind almost to a halt next year because of it.
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02/12/2008 19:27
Ford, Toyota Say November Sales Tumbled More Than 30% (Update2)
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Commentaire de salie001 (11/12/2019 10:41) :
Merci pour ce très bon site, vraiment un panaché de bonnes et intéressantes
idées. Surtout continuez ainsi. Bon courage
Cordialement
voyance
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ouffff
02/12/2008 17:57
Treasury Should Consider 100-Year Debt, BlackRock’s Fisher Says
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By Thomas R. Keene and Michael J. Moore
Dec. 2 (Bloomberg) -- BlackRock Inc.’s Peter Fisher said the U.S. Treasury should consider selling 100-year bonds to ease the federal government’s borrowing costs as it faces a budget deficit expected to top $1 trillion.
“If you issued a 100-year bond and had principal and interest pay down smoothly over the last 50 years, you create a great borrowing device for the Treasury that would let us move this hump of borrowing over the generational retirement that’s coming up,” Fisher, managing director and co-head of fixed income at BlackRock in New York, said in a Bloomberg Radio interview.
The Treasury last month tripled its estimate of planned debt sales in the final three months of the year to a record $550 billion as it attempts to fund bailouts for banks and fiscal stimulus programs to jump start economic growth. Treasury Secretary Henry Paulson told a conference in Washington Nov. 17 that the U.S. will issue some $1.5 trillion worth of Treasury securities in the fiscal year that began Oct. 1.
Fisher, Treasury undersecretary from August 2001 to October 2003, eliminated 30-year bond auctions in 2001 to reduce government borrowing costs after four years of federal budget surpluses. The U.S. hasn’t been in the black since. The government revived sales of the security in February 2006.
Treasury yields have plummeted as investors have flocked to the safety of U.S. government debt during the worst financial crisis since the Great Depression. Bonds rallied for a fourth day yesterday, sending yields on two-, 10- and 30-year debt to the lowest since the Treasury began regular sales of the securities.
100-Year Bonds
Federal Reserve Chairman Ben S. Bernanke said yesterday that he may use less conventional policies, such as buying Treasury securities, to revive the economy.
The 30-year Treasury bond, the U.S. government’s longest maturity debt, has higher borrowing costs because of the uncertainty caused by a lump-sum payment of the bond’s principal at the maturity date, Fisher said. He said the Treasury would have to eliminate that volatility on a 100-year bond by paying down the principal over time.
In 1993, Walt Disney Co. became the first company since at least 1954 to issue 100-year bonds. In 1997, Ford Motor Co. sold $500 million of 100-year bonds, exploiting a decline in Treasury yields. Demand for the Ford bonds, priced to yield 7.81 percent, was so high that it sold out within 25 minutes of the start of the sale.
“There are a lot of investors, pension funds, endowments, who would love to get a long-term annuity like that,” Fisher said. “They love to get an interest-only stripped off the 30- year, and they’d love to get something even longer. I think there would be a lot of demand from investors for that.”
To contact the reporter on this story: Thomas R. Keene in New York at tkeene@bloomberg.net; Michael J. Moore in New York at mmoore55@bloomberg.net
Last Updated: December 2, 2008 10:16 EST
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suite
02/12/2008 13:13
Les immatriculations de voitures neuves ont été quasiment divisées par deux en Espagne, leur recul le plus important depuis près de 16 ans et le septième mois consécutif de baisse, dans un climat de montée du chômage et de restriction du crédit.
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acceleration !
02/12/2008 08:09
"Alors que l'économie a déjà enregistré la perte de 1,2 million d'emplois cette année, des données récentes font penser que ce mouvement de baisse est en train de s'accélérer. C'est pourquoi le président élu Obama s'est donné pour première priorité d'adopter un programme de redressement économique", note Summers dans un communiqué.
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Commentaire de coeurdorizon (20/02/2017 11:05) :