кѥ˥塼

޸Ρкѥ˥塼̤ưͻ֥Ǥϵ岹Ȳ˻ߤΤúи󾧤ޤиӽиȤϰ㤤ޤߤʴ㤤ΤǤ

2008ǯ10

꤬ɲ÷ккȯɽޤ

4Ͳ²ˤϡ6Ķεնդ롣

2ܰʹߤλҶˤϡ36ߤ̼ٵ뤹롣

®ƻϩˤĤơ1000ߤˤ롣

ȼԤ󽷤3%夲롣

ʤɤʤɡ


ɤäޤĥƤȤʬݤ߹Ǥ褦Ǥ


ޤˤƤ⡢⤬ٵ뤵ΩΩƤаϤʤ

줬ɤ٤ηʵȸ̤뤫ȸС

 

TAROϡۤɷкѤˤϼΤ褦Ǥ
ƻϪޤ
ѡ̣

Ǥ⡢TAROϡ̱ƬʤǤʤ顢ۤäڤҤäѤ褦
ʤȤ򤷤Ƥޤޤ


4Ͳ²ˤϡ64߻ٵ뤷ޤ

äѤꡢTARO

3ǯˤϡǤ10%ˤ

֡

֡󥰤

Ǥ⡢Ǥ夲ȤϤäȤȤޤǤȤȤ
Ȱ㤦
˿ⴶ롣

֤Ǥ⡢顢ʤη


̤ϷʵкȤäơ۵նٵ롣

Ǥ⡢3ǯˤϡǤ夲ơɤʾ
㤦ȤǤ顢̱ϴ򤷤ʤǤ礦

ʸʤΤϡ3ǯ˼̿ޤ褦ʿͤ

顢뤿ǤɬפTAROȽǤ
ȤƤ⡢3ǯФäˡǤ夲Ȥ³Ǥ夲
ȤΤǤС̱ǼϤǤ

־褬ڤˤʤ뤫פ

Ǥ⡢ɡ̱ǤȤǤȤΤǤ
С䤹ɤɱŪˤʤäƤޤǤ礦

⤷Ƥʤȡפȡ


Ǥ⡢TAROϡΡ3ǯäפȤΤǤ礦

Ǥ͡ϡTAROλΡ3ǯפȤȽǤ
ƤΤǤ

ܷкѤϡ3ǯԶ˴٤äƤ롢ȡ

ȽǤΤǤ礦

TARO󤬡פĤǤäΤǤϤʤΤǤ礦

줬䤬ȽǤȤΤǤСϤäȤ餷
ޤ

ϡܤλ˴ŤܤȤȽǤȤΤǤ
С

Ǥ⡢ȤϤޤ͡

ñˡΤȤ3ǯפȷ֤ƤǤ

ϷкѤ̾ȻפäƤ뤫Τ褦Ǥ


TAROϡΥåפ400̤߰Ȥǧ
äƤͤǤ

ĤϡФΤʤͤǤΥۥƥΥСФꡣ

⤽񤷤ƤΤǤϤʤΤǤ

ͤкѤΤäƤȤϻפʤ
ȤǤ

ΥåפʤΤʤȤȤϡΥåפ
Ԥ;夲礭ȤΤʤϤǤ
饤١ȥ֥ɾʤƤ뤳ȤΤʤϤǤ
͡


ηккεϤϡ26.9ߤȸƤޤ

ۤȡtoo small ɾȤʤɤΤ򶲤
ۤĤޤƤ뵤ۤޤ

Ǥ⡢ۤˤФꤳ뤫顢ηʵкϼԤƤΤ

㤨Сȡ

ʵкɬפ顢ȤˤۤѤ߾夲ȡ

Ȥϲޤ

ʤȤ򲼤顢̵̤ʻȤ礷ƤޤäΤǤ

ʵȸ̤ϰڤʤɤ夫ݻô
ŤΤǤ

ܤκ⸻ϸ¤ƤΤǤ

ä顢ɤƤäڤ˻Ȥ褦ʤȤ򤷤ʤΤǤ礦

ĤޤꡢΩĤΤ˻Ȥ褦ˤ뤳ȤǤ

澮ȤؤͻȤ˳ˤƤ⡢ͻ򤹤٤Ȥȡͻ
ƤþäȤӤˤʤ褦ʴȤ⤢ΤǤ

򸫶ˤ褦ʤȤɬפǤ

֤ˤƤ⡢ޤ᤿ΧλٵϡɤͤƤ
ŪǤϤʤΤǤ

ϡۤߤ˲󤹤Ȥ餫Ǥ뤫Ǥ

Ǥ⡢ˤٵ뤷ʤȡʸƤޤȤ餫
ʤΤǡΧ˻ٵ뤻ʤΤǤ͡

ä顢¤ƤԤΰô
Ƥ褦֤äݤɤޤǤ

ϡϰθѳݤ˹׸Ƥ褦ʴȤ˸¤äƸǤ
»ܤȤ


TAROϡʹפθ׾Ǥΰ夲ԤȸäƤޤ

פϡäƤ餤

㤨С꤬ʪʤꡢȤȯꤹݤΰ̶
äŰ줹٤Ǥ

졢ϡ̯ˤȴƤΤǤ

ʤȡŷΤ˻ŻäƤʤš


ʤȤ򤷤Ƥ뤫顢ŤǶ⤬̵̤˻Ȥ졢ޤкѤ
ƤޤΤǤ

100ǯ˰٤ΰʤ顢ŷΤܤ褦;͵ʤ
ʤϤǤ

̯äǤ




ˤƤ⡢ϡǤ夲Ȥ褯äΤ褷
ƻʤɡŤȻפäå򤪴ꤤޤ

͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

ƹꤷޤ

ĤƤϡ5.25%ޤǰ夲ƤFF졼ȤͶƳɸͤ
1ǯδ֤1.0%Ȥޤǰ줿ΤǤ

ơꥫˤȤäƤϡ1.0%Ȥϡο
Ǥ⤢ޤ


ܿͤˤƤߤ顢ޤʪ­ʤȤˤʤäƤͤ
¿⤷ޤ

ΤʤС桹ܿͤϡиƤ뤫Ǥ
ݡǤ˰­餺ŪޤǺѤи
뤫Ǥ͡


Ǥϡꥫ衼åѤϡɤƤä˶
ΤǤ礦

֤ϥեˤʤä麤뤫顩

Ǥ͡Զˤʤ뤳Ȥ򤷤ʤФޤ󤬡ե
򾷤Ƥ⺤ޤ

פФƤߤƲǯ7ξ

ʤϡ褢Ȥ֤1Х147ɥˤޤãƤ
ޤޤ

եȷʵबƱ˵롢ե졼󤬿ۤ
ޤ

Ǥ顢פڤäԤƤ⡢٤
äΤǤ


ޤͳϤޤ

9ʹߡƤζͻϤ˿ﲽޤ
ˤơͻƱΤλΤ꤬ȥåפƤޤäơ
FF졼ȤͶƳɸ򲼤뤳Ȥΰ̣ؤɤʤʤäƤޤä
Ǥ

ͶƳɸͤ褦ȡʤȻפͻؤϡ
ǡˤ餺ʤʤ뤳Ȥ񤷤ʤä
Ǥ


ˡϥꥫͤϸ˽ФʤͳʤΤǤ

פڤäϡ®ʥɥ¤򾷤¨ܤƨ
ƤޤȤꥹΤǤ


ݤäơɤܤĹĶѤ뤳ȤǤ

ϡܤˤƤϡĹ֡ʪ㲼ʤФȤä
֤³ƤǤ

Ƥޤܤζ㤯ơη̡ܤ鳤˻
ܤȤ⡢⤽ܤηо٤Ϲι¤ˤʤäƤ
뤿ᡢݤʤäΤǤ

षܤꥫֻեʥ󥹤Ƥ뤳Ȥ
ˤʤäȤȤǤ

 

ˤƤ⡢ꥫϡꤷޤ

Ͼ˵󤲤΢֤ǡǶθʤεΤ
ǥեζ줬ʤʤäƤ뤫Ǥ˷ʵβǽ

Ƥޤɥ⡣

֥ɥ¡߹⤬ʤǤ뤸ʤΡ

ȶĤ⤢Ȼפޤ


Ǥ⡢桼ФƤϡɥϺƤӶʤäƤΤǤ

ȡʾΤ褦Ƨڤä櫓Ǥ


FOMCϡϻ29ˡԤȤ˷ꤷȡ
ȯɽޤ

Ǥ⡢̤äƤϤޤ

¤ϡ⤦顢ϰƤȤ٤
Ǥ


׿򤪼ޤ

FF졼ȤͶƳɸ2.0%1.5%˰줿Τϡ108

ƱԤäȡ硹Ū˿ʹ󤸤ޤ

ʹߤFF졼ȡʼ͡ýʿѡˤߤƤߤޤ礦

1091.4%100.79%141.10%151.04%
160.83%170.6%200.70%210.67%
220.81%230.93%240.95%270.92%
280.67%

  ͶƳɸͤ1.5%Ǥʤ顢ؤ1%򲼲֤³Ƥ
櫓Ǥ

顢ԤޤȸƤšȤƤޤ
ޤ

ơμͤǤ졢ꥫǶϤ᤿Ϣͭ
¶˶Ϳ٤ƶƤ뤳Ȥ⸫ƨƤ
ޤ

⤷٤ѤƤʤȤСͤϡ⤦
㤯ʤäƤǤȻפΤǤ


ơܤǤ䤬ԤΤǤϡŤȤͽۤޤäƤ
ޤ

Ȥܤϡγ٤褦ȤƤޤ

Ϳäʤɤϡʾ򤷤Ƥ̤Ȥϻפ
ʤȤζĴȤ̣뤫šʤɤȯƤ

ʹƻȤˤСԾϴ򿥤߻Ϥ
Ȥ⤢ޤ

̵ôݥʪμ͡ʲýʿ͡ˤߤƤ⡢1028ޤ
0.51%Ϥ˾äƤΤ29ˤ0.439%ˤޤ㲼
ޤ

ʤ롢ϤϤϩȤߤ⤷ޤ


Ǥ⡢ܤۤ˾ޤ뤳ȤʤΤǤ礦

夲ˤäƲ٤α߹򿩤ߤƶԤǤǤ礦

ȡˤäƴȶӤΰ򿩤ߤ뤳ȤǤ
⤷ޤ


Ǥ⡢߰¤ͶƳȤȤϡĿͤιϤ뤳Ȥ
̣ޤ

ΤʤС߹ǥ󤬰¤ʤäꡢʤ¤ʤäꤹ
СԤβ;͵Ǥ뤫Ǥ

ơԤȡԤβäƤҼ
뤳Ȥ̣ޤϤ뤳Ȥˤʤޤ


ˡĹĶܤѤ餳¿
ĿȤFXʤɤäΤǤ͡

ưFXȼԤ٤»Ȥиޤ


ФǤϤʤܤĶꥫνХ֥
ȯ뤿˰äȤΤǤ

Ȥ򷫤֤ȤΤǤ礦


ܶԤѰϡ褯ͤƷꤷߤȻפޤ


줫Ǹˡ⤦ġ

ܶԤϡꥫ٤򿿻ơԤͭ
¶˶Ϳ뤳ȤƤƤȤޤ

Ǥ⡢ܤɤƤʤȤ򤹤ɬפΤǤ礦

Ԥ붤ˤ
ƤΤΤȤǤ줬ΰջ֤˴ŤΤǤ
СʤդΤϤȤȤˤʤޤ

ꥫܤ⡢Ūơޤ֤ܤ򽸤
Ƥޤ󤬡䤬դƤȤΤϡɡԤ
򤯤ƤȤΤƱȤˤʤޤ


⤷Τ褦ʤȤ򤹤ΤǤС̴ȤԤ¤
Ƥ¶ˤĤ٤ǤϤʤǤ礦

䤬ԤФͿ褦ʤȤ򤹤Сû
ͻԾϵǽʤʤ붲줹餢ޤ

 

 

䤬Ԥ¶˶դ뤯餤ʤ顢̱
¶ζäȾ夲٤Ȼפå򤪴ꤤޤ

͵blog󥭥󥰤



Υȥ꡼ϤƤʥ֥åޡɲ

8000ޤ

ʹ֤οäơԻ׵ĤʤΤǤ

ʿѤ8000äơȤƤĤʤ㤤ʤΤǤ
Ǥ7000߳иƤޤȡ8000ߤǤ򤷤ʡŤȡ

ޤξ夲ϡNY徺ΤǤ顢ʬ
ͽۤĤΤǤǤϡNYȤȡ
ɬ⽽ʬĤȤΤǤϤʤΤǤ

ΤʤС28ȯɽ줿8νʻؿϡ10Ի
ǡ17.7%βȲͲȤʤޤޤ10ξ
Կ괶ؿ38.023.4ݥȤ㲼
ϿƤ뤫Ǥ

ǤNYȤȤϡޤǤβ;ˤ
ޤΤǤϤȤפޡåȤ˽夬äƤȻ
ޤ


ܤϡζػߤʤɳкǤФƤޤ
ŪʳⲼФƤϡбǤϸ³
ޤ


Τ

ϡԾ㤤򤷤ƤΤȤǤ
ʤǤݡषȤʬ褦ˤʤä
ޤ

ԾǤϤޤγԾ줬Τ褦ˤʤä
ΤǤ

ơ䡢ܤϡ񶭤ۤơֻ褦
ʻˤʤäƤޤ

ĤޤꡢޡåȤĶ롢ϡ񶭤Ķή줬®
ˤȤʤ줬Ⲽ䤹ʤäƤȹͤ٤

Ǥ顢ŪˤϡʤʤĤʤ褦ʲʤϿ
ȤȤ⤢櫓Ǥ

2007ǯΩ줿ܷϥեɤͭǤ
ϡƱ¤αƶ񻺤90%Ķ򸽶ⲽ󤸤
ƤޤإåեɤδƱ˰ȤǤ
Ȼפޤ


ĿȤ«ˤʤäƤΩȤǤʤ褦ʡ
ʥեɤƤ˽ФˡƱ¤
ΤǤ


Ǥ⡢η̡ĤˤޤDzƤޤäơơ
ȿư褦ȤƤΤȻפޤ

ʤ顢äѤäƤʡŤȡ

ĿȤΤߤʤ⡢ʤΤǤ

Ծγ徺ˤϡ߰¤˿Ƥ뤳Ȥ礭
ͳˤʤäƤ褦Ǥ

ޤ˱߰¤˿ʤǤΤϲΤʤΤǤ礦


G7ζ۵Τ

ƹγȼɥ뤬㤤ᤵ줿餫

ܤز褵ȥޡåȤϸ餫

إåեɤαߥ꡼ȥ졼ɤδᤷޤ˻ߤޤä餫


ͳꤵޤ

ޤϡǶγ¤ȱ߹ϡإåեɤδ꤬⤿
ΤȹͤƤ櫓Ǥ顢βȱ߹νƱ
˵ΤϡˤˤʤäƤޤ


Ǥ⡢̯˸⤢ޤ

ϡƹμ»뤵Ƥ뤳ȤȤδطǤ

ܻ30̤ˡFOMCθƤ̤ȯɽͽǤ
0.5%ϿߺѤߤȤƤΤǤ

ǡϡ1.0%Υ٥ޤǰ뤳Ȥˤʤ

ǡʤȡסƴ֤ζ̤ޤꡢɥ°Ϥ
ȤפΤǤš

ꥫǤϡ®ܤˤɥ㤤򴿷ޤ
ƤȤޤ

ITХ֥塢ꥫ1.0%ޤǰ줿
ˡܤϡ̤ͭΰز»ܤꥫĶ
ݡȤޤ

ꥫĶ򤤤»ܤƤƤ⡢⤷ζ㤵
Τ˥ꥫιĤƤ館ʤʤä顢Ѥäƥꥫ
ζ޾徺붲줬äΤǤܤز
ʷ̤ȤƤΡƹĤιˤǽƾ夲ΤǤ

ηиޤꥫδطԤˤߤä
Τ⤷ޤ


ꥫˤȤäơܤȤϡͻι뾦Τ褦ʤΤʤΤǤ礦

 




ܤܷϥեɤΩƳ߽Ѷ˱ѤƤ顢
»ƤʡȻפäå򤪴ꤤޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ʿѤ7000ߤäƤޤޤ

ί©ĤƤͤ¿Ȼפޤ

Ǥ⡢³ƤͳˤĤƤϡۿΥޥ
˽񤭤ޤΤǡǤϿޤ

񤯤Ȥϡ¤ȱ߹δطǤ

󡢤Ȼפޤ󤫡

ֲ

顢¤ȱ߹δطǤ

ֱ߹⤬®˿ʤǤΤǡ줬͢дȤμפ˱ƶͿ
ƤΤǤ礦

ޤ˹ͤͤ¿⤷ޤ͡

Ǥ⡢߹ϡܷкѤФŪɾޤäƤ뤳Ȥ
̣Ȳ᤹뤳ȤǤޤ

ͽۤϰϤϤ뤫Ķβϡޤ
кѤФɾʰȤȤˤʤޤ

Ǥ硩

ԾȰػԾǤܷкѤɾۤʤʤơ


TAROϡ߹ܷкѤФɾιޤ̣Ȥ
褦ʤȤäȤ󤸤Ƥޤ͢Ωβ椬񤬡
кѤμ®ǰƶ뤳ȤɬʤΤˡܷкѤɾ
夬ȤϡɤͤƤǼޤ

ˡ¤ŪˤϾҹ𲽤ʹԤƤ뤳ȤǤš

Ǥϡ߹˹ʤΤ

¤ϡ߹ˤʤäƤȤȤϡ¾ι̲ߤ夯ʤäƤ
Ȥ΢֤ʤΤǤ

Ǥ顢ܤηʵ褯ʤƤ⡢¾ηʵС
DZ߹ˤʤäƤޤȤ⤢ΤǤ

ˡƹηʵȤϴطʤإ졼Ȥư뤳Ȥ⤢


߹ȤϡߤäƱߤ㤤ȤͤȤ¿ȵ
ݤǤ

Ǥ顢߹⤬ƤȤȤϡͳϲǤ졢ߤμ
פ礷Ƥ뤳Ȥˤʤޤ

Ǥϡαߤμפ礷ƤΤ

ͳϡإåեɤꤸޤƤ뤫Ǥ

¤αߤǻĴã굡˲󤷤ƤΤ
ޥ֥饶þʹߡܵҤβ󤬻Ƥ뤿
ˡơܤڤꤿ߻֤˳
ٻԾDZߤ̤äƤΤǤ

ȤǤСܷкѤɾȤϴطʤ޷
߹⤬Ƥޤޤ

¾ˤ߹ͳϤꤽǤ

ϡƳƹο԰¤Ǥ

¸ΤΤ褦˲Ƥζͻؤϡ®˿ƤƤޤޤ

Ԥˤ¤ƤפȡפäƤޤ

顢ޤǻư꺮𤷤ƤޤäΤǤ

ǺΤ줿Τ¶ݸʤɤ֤Ǥ

Ԥ٤Ƥ⡢ݾڤޤ顢¿Ʋȡ


Ǥꥹ򤱤ȻפΤȤΤ

ԤĤ֤줿顢ݾڤ뤫ȤäƤ⡢⤬긵
ˤϻ֤֤⤫Ǥ礦

ˡ֤ˤʤСηкѤä夷̲ߤ
ͤⲼϤȡ

ϡͤϤǤ

ǤϡʹΤǡͻƥब֤äꤷƤΤϡ
ιʤΤ


줬ܤȤȤǤ


ܤζԤŪʿ򾡤Ƥ櫓ǤϤʤõˡ
ǤܤʤǤϤʤȡ

ȤȤǡܤαߤΤǤ

顢Ƥ޷ʱ߹ϡϡƤζͻƥ
ФԿȿǤ줿ΤȤƲᤷʤФʤޤ

Ǥ⡢ˤؤƤǤ

ߤϡɥФƤ桼ФƤ⤯ʤäƤޤ

줬ȸͳǤ͡

ФɥϡߤФƤϼ夯ʤäƤޤ桼Ф
ƤϺǶᶯʤäƤޤ쾡ԡ

ȤȤϡ桼ϡɥФƤߤФƤͤ򲼤Ƥ
ȤȤǤꥹΥݥɤƱǤ


ĤޤꡢкѤδϡ߹⤬Ȥ⡢衼å
̲ߤǤ桼ݥɤƤ뤳ȤʤΤǤ

ޤ̲ߤβͤȡ͢ФӤ뤫顢ʵβ٤ˤ
ΤǤϤȤ⤢ΤǤͪĹʤȤäƤ
ǤϤʤΤǤ

Ȥˤܤƨ򤷤Ƥ褦ʾ֤Ǥ顣


Something has to be done!


ɤˤʤȤ͡

ȯɽ줿G7ʸɤȴ̯ʽˤʤäƤ
Ǥ


Statement of the G7 Finance Ministers and
Central Bank Governors


We reaffirm our shared interest in a strong
and stable international financial system.

ֲ桹ϡǤǰꤷݶͻƥФؿͭ
뤳ȤƳǧ

We are concerned about the recent excessive
volatility in the exchange rate of the yen and its
possible adverse implications for economic and
financial stability.

ֲ桹ϡǶαߤΰإ졼ȤιԤ᤮ܥƥƥˤĤơ
ޤ줬кѤͻΰ˵ڤܤڤܤƶˤĤƷ
ǰƤ

We continue to monitor markets closely, and
cooperate as appropriate.

ֲ桹ϡԾ򤷤äȴƻ뤷³ɬפ˱ƶϤ򤹤


ʸƤϡʾǤ

˴ʷʸyen;פ˶ĴƸƤ


̯äǤ͡

졢¦᤿ȯ줿󤸤Ƥޤ

Ƥ餹Сʤ˱ߤ̾ؤΤǤС̤ȿФ
ʤȡ

ΤȤСδؿϡ޷ʥ桼¤ݥɰ
򤹤뤳ȤǤ

߹⤬ȤȤϡ桼ݥɤβͤ夯Ȥ
Ȥˤʤޤ

⡢ʬζ줷򤵤餱ФȤʤ줬¸
ȤǤ顣

ܤϡȯۤǡ߹ⶲݾɤȴФȤǤʤ
Τ顢ʤꤤƳƹˤƤޤäΤǤ

 

ޤˤƤ¤ȱ߹⤬³Ƥޤ

Ǥ⡢θϡإåեɤ̤δǤ

δ⤤ĤϽ˶Ťޤ

顢ĤޤǤ¤ȱ߹⤬³Ȥ櫓ǤϤʤΤǤ



̲ߤβͤݻ뤿˰زɬפ񤳤
ѤʤΤȡʬäƤå򤪴ꤤޤ

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ʤ˽ƭȤθ˽Υᥫ˥Ʊ褦ʤΤǤ
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顼θեƯOLػҤβŵȡ֤
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ʤȤǧ뤳Ȥϡǧ׻ΤȤƤϼ԰٤
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äơ۸Ǥϡ俩ʤβʹƭʤɤ
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ϡԾ7649ߤޤǵƤޤޤ

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NYԾϡܻ֤θ10ȾϤޤޤǤ顢
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ʾƬդˤʤäơī8ƥΥ
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811ɥ벼ơš7649ߡ

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ϤȡפΤǤƥӶ¦Υܤ⤵뤳Ȥʤ
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٤ʤȤ⤫˽塢NY夲
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϶Ūä򤷤Ƥ餤Ȼפޤ͡



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ϡŪˤ⡢٤γʺʤ褦ž
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WTOϡƹ˴Ψ򲼤뤳Ȥʤ³Ƥޤ
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ơΤˤϡȤ٤椹륷ƥ˼ľ
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ΤϡˡǤǤɤζϤ
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Ǥ顢Ĵơ褺ˡǤΰʤɤʤ
Ȥ礦ȤɬפʤΤǤϤʤǤ礦ʤƤ⡢G7Υ
СǤˤĤƤϡ

 



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֥ߥкѳؤ狼ܡסʽ¥ƥˤᤷޤ

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ä긫Ƥߤޤ礦


ѸηʿͤϡܸɤDz

 

ALAN GREENSPAN: We are in the midst
of a once-in-a-century credit tsunami.

Central banks and governments are being
required to take unprecedented measures.

ֲ桹ϡ11٤ζͻȤοˤ롣ƹ
ܤϡ̤֤ͭ뤳ȤƤ


REP. HENRY WAXMAN (D), California:
And my question for you is simple:
Were you wrong?

ֻεФñʤȤϴְäƤΤ

ALAN GREENSPAN: Partially.

ְϡ

REP. HENRY WAXMAN: The question
I have for you is, you had an ideology, you
had a belief that free, competitive
-- and this is your statement -- "I do have
an ideology. My judgment is that free, competitive
markets are by far the unrivaled way to organize
economies. We've tried regulation. None
meaningfully worked." That was your quote.

ּȤΤϡšϤ뿮ǰ򤪻Ǥäͳǡ
ŪʡšϼΤ褦˸äƤ롣ػϡ뿮ǰäƤ롣
ȽǤϡͳǶŪʻԾϡкѤȿΤˡ
ޤˡϤʤ桹ϵߤȤ롣 Ԥ
ΤϤʤ١ʾѽ

You had the authority to prevent irresponsible
lending practices that led to the subprime
mortgage crisis.

You were advised to do so by many others.
And now our whole economy is paying its price.

Do you feel that your ideology pushed you to
make decisions that you wish you had not made ?

ֵϡ֥ץ饤ˤĤʤäƤä̵Ǥͻ
ɤ¤ͭƤϡ¿οͤ顢٤ȥɥХ
ƤƺкΤΤĤʧäƤ롣
ϡοǰ򲼤ȻפΤơ
ʤäƤϤǤʤФ褫äȴꤦΤ

 

ALAN GREENSPAN: Well, remember t
hat what an ideology is, is a conceptual framework
with the way people deal with reality.

Everyone has one. You have to -- to exist,
you need an ideology. The question is whether
it is accurate or not.

And what I'm saying to you is, yes, I found
a flaw. I don't know how significant or permanent
it is, but I've been very distressed by that fact.

ֿǰȤΤϡǰŪʤΤǤäơѤƿ͡ϸ¤
н褷ƤȤȤפФߤïǤ⿮ǰäƤ
ΤǤ롣¸ʤФʤʤΤǡǰɬפʤΤ
ϡ줬ɤ䤬ȤƤΤϡϷ
٤򸫤ĤȤȤ줬ǡ˽פDZʱΤΤʬ
ʤϡλ¤ˤä˶줷Ƥ


REP. HENRY WAXMAN: You found
a flaw in the reality...

ָ¤ˤ٤򸫤Ĥȡ

ALAN GREENSPAN: Flaw in the model that
I perceived is the critical functioning structure
that defines how the world works, so to speak.

ֻ䤬ǥη٤ȤϡСɤΤ褦˵ǽ뤫
ꤹ롢ʵǽ¤ΤȤ


REP. HENRY WAXMAN: In other words,
you found that your view of the world, your
ideology, was not right, it was not working?

פˡϡѡǰʤȤʬä
ϵǽƤʤäΤ


ALAN GREENSPAN: That is -- precisely.
No, that's precisely the reason I was shocked,
because I had been going for 40 years or more
with very considerable evidence that it was
working exceptionally well.

֤ΤȤ줬ޤ䤬åͳʤΤ
Ȥ40ǯʾ⤽ǤäƤ줬ְ㤤ʤ
ǽƤȤξڵ⤢ä



REP. DENNIS KUCINICH (D), Ohio:
 Now, Mr. Greenspan, before the collapse
of the housing bubble, didn't you also say t
hat the U.S. has not experienced housing
slumps to justify your policy that there would
be no bubble?

And can you tell this committee when it occurred
to you that there was a housing bubble?

֥꡼󥹥ѥ󤵤󡢽Х֥뤬ϤˡϡƹϽ
ԶиȤʤȸäơХ֥ϵʤǤȤ
ιͤΤǤϤʤˤȤäƽХ֥뤬
äΤϤĤΤȤʤΤס


ALAN GREENSPAN: I knew -- the housing
bubble became clear to me sometime in early
2006, in retrospect. I did not forecast a significant
decline because we had never had a significant
decline in prices.

And it's only as the process began to emerge
that it became clear that we were about to have
what essentially was a global decline in home
prices.

ֽХ֥ϡ2006ǯλϤκϤäȤƤ
Фʤ˲뤳Ȥͽۤʤäϡ
ƤۤɤβиȤʤä


REP. HENRY WAXMAN: Well, I want
smart regulation. But I want to point out that
what I'm hearing from our witnesses today
is that they just didn't know.

They couldn't make projections about what
the future was or they're not always right.

The truth of the matter is that there were
a lot of warning signs. The reasons why we
set up your agencies and gave you budget authority
to hire people is so that you can see problems
developing before they become a financial crisis.

To tell us afterwards, when we are now faced
with the disaster that we're seeing, that you couldn't
have foreseen it just doesn't satisfy me.

֤ޤϡ˾ࡣ䤬ڿͤ餪ʹ
ȤϡʬʤäȤȤΤȤŦƤ

ϡ褬ɤʤΤ̤ΩƤʤäΤĤޤ
ϾȤǤϤʤΤ

ºݤˤϡ¿Ƥ桹ȿ
ΩͽĤۤ¤ͿƤΤϡͻ
ʤˡ򸫤Ĥ뤳ȤǤ褦ˤ뤿ʤ

夫Ƥš仴ľ̤ƤΤšơ
줬ͽۤǤʤäΤǡȤƤ­ʤΤ


ALAN GREENSPAN: So it strikes me that,
if you go back and ask yourself how in the
early years anybody could realistically make
a judgment as to what was ultimately going
to happen to subprime, I think you're asking
more than anybody is capable of judging.

֤⤷ꡢ֥ץ饤ˤĤƺǽŪ˲
ȤȤˤĤơᤤʳǸ¤ͽۤǤΤ
ɤȤ˿ҤͤȤ顢ͤȽǤǤǽϰʾΤΤ
ϵƤ뤳Ȥˤʤ

And we have this extraordinarily complex
global economy, which as everybody now
realizes is very difficult to forecast in any
considerable detail.

֤ơ桹Ϥΰ۾ʤۤʣкѤľ̤Ƥꡢ
ΤäƤȤкѤΤȤ٤ͽۤ뤳ȤѤ˺
ȤʤΤǤ


And, Mr. Chairman, I know -- I agree with
you in the fact that there were a lot of people
who raised issues about problems emerging,
but there are always a lot of people raising issues,
and half the time they're wrong. And the question
is, what do you do?

ֵĹϡ꤬ȯƤ뤳Ȥٹ𤷤͡Ȥ
¤ˤĤƤϵƱդ롣Ĥ󵯤ͤ
ΤΤȾʬˤĤƤϴְäƤ롣ɡ
ϡɤ뤫ȤȤ

I mean, you point out quite correctly that
the Federal Reserve had as good an economic
organization as exists, and I would say, in the
world. If all those extraordinarily capable people
were unable to foresee the development of this
critical problem, which undoubtedly was the
cause of the world problem with respect to
mortgage-backed securities, I have to -- I think
we have to ask ourselves, why is that?

ֵϡϢ䤬кѵؤȤƤ¸ߤƤ뤳ȤŬڤ
Ŧ⤷ޤͥʿ͡νͽ
ǤʤäȤšơν꤬ôݾڷ
ؤεʤǤǤ뤬š桹ϡ
桹Ȥ䤦ɬפ롣ΤʤΤȡ

And the answer is that we're not smart
enough as people. We just cannot see events
that far in advance. And unless we can, it's
very difficult to look back and say, why didn't
we catch something?

ϡ桹ϿͤȤơʬ˸ʤȤȤ桹ϡϤ
椬ɤʤ뤫̤ȤϤǤʤȤȤ
줬Ǥʤʾ塢򿶤֤ꡢɤƻ䤿ϲʬ
ʤäΤȤϸʤΤǤ

 

ɡ꡼󥹥ѥĹϡʬϸʤäǧ᤿Ȥ
Ǥ

Ǥ⡢꤬ȯȷٹ𤷤͡ˤ¸ߤƤ
ơ򥰥꡼󥹥ѥ̵뤷ȤƤޤ

ϲΡ

ϡबԾεǽ򿮤ƤǤ

;פʤȤ򤷤ʤƤ⡢Ծ줬ȵǽ뤫ȡ


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ϡŬڤ˵٤äǥХƥ֤μǤ
ξȤ˸Τǡߤᤵ뤳ȤǤʤäΤǤ

̣ǤϡʬȤǧ᤿褦ˡ꡼󥹥ѥ⽽
ʬ˸ȤǤϤʤäΤǤ





꡼󥹥ѥƤǤ櫓ǤϤʤ
ǼǤʤȻפäå򤪴ꤤޤäơ
ǧȡХ֥뤬ΤϤ褦ʤȤȤˤʤäƤޤ
Ǥ顣

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ưչĤȯԼߤ˴ؤơɼԤɴͤ餴
ޤΤǡޤ͡

ˤƤ⡢Τ褦ʾ񤷤ɤDzꡢʤĤ
ĺơ

󤿤ϡΤ

ǤϡޤƤ顣


䣱䡡
ԤϳդĤ⤤äѤäƤȻפΤǤ
ˤʤäƤΤϡưդʪϢưפβʤ
͡äƤȤϡ֤줫ʪϲꡢⲼפȹͤ
ȤƤȤ̣Ǥ礦Ȥ⤽εդǡ֤줫ʪ
夬ꤽʤΤˡǯưդġʪϢưĤϡ
ե졦إåˤʤۤɶ夬ʤפȤȤǤ


ĹݦפΦ⡢ǷޤΤǤ礦
Ȥ顢ǯʤäȤȤϡϡֹ˶
夬ꥹ򤱤ʤ顢Ǥ⤤פȹͤͤ
¿ä櫓Ǥ

Ǥϡ1ˤĤƤǤɤܤζԤϡưչ
ʪϢưĤΤǤ礦

ϡ褺ˡԤ¿ͻǤȤ¤Ƥ
Ȥ𤬤ޤ

ߤ¤ߤε褯Ƕʹ褦ˤʤޤ

ΤˡߤߤȤȤ¸ߤƤơ
˶¦ɬƤʤΤ¤Ǥ礦

Ǥ⡢ϡ¦餹СζӤȤ
ôݤʤȤͳΤǤ

ܤȤƤ⡢ߤݤˤʤǽ⤤Τʬ
äƤƤߤ櫓ˤϤʤȹͤƤΤǤ

Ǥ⡢޳¶򽸤Ƥ⡢Τޤ޿ƤΤǤϡԤ
פ夲뤳ȤǤޤ

ǡʻⱿѤͤΤǤ

ǡ줬ĤǤαѤʤΤǤ

Ĥϰ¿ۤͭƤޤ

ʾ塢Ĥͭ뤳Ȥ˾ޤΤݤ

ǡưչĤʪϢưĤоǤ


ܤϡʤ餯ǥեξ֤ˤޤ

ǯνκˤϡкѤϡĤʤ
֤˻äƤޤ

кѤϡޤǤˤʤ褦ʳ趷褷Ƥȡ

μʹκ̳äۤϡǧ
ƤΤǤ7Ūʿ԰¤ȯʤͽۤǤ
Ǥ


Τʤǡܤ⤤ʪ徺夬
ǤȤͽۤޤäƤޤ

ǡ夬ȡķϤɤʤǤ礦

ķ졢¨ή̻ԾǷĤβʤɤʤ뤫
ȤǤ

夬ȤȤϡĤβʤȤȤǤ

ʤСĤ򤳤ʾͭ뤳ȤϴȤȤ
ʤޤ͡


ưչĤʪϢưĤξˤϡեˤʤä
⡢Ĥβͤ뤳ȤϤޤ

Τ

ʪϢưĤξˤϡեˤʤСʬ⤬ä
뤫Ǥ

ʪϢưĤͭԤϡեˤʤäƤؤʤΤǤ

षեؤкȤơʪϢưĤ뤳Ȥ
ȤȤˤʤޤ

ưչĤϤɤǤ礦

ϡեˤʤäƶ徺ȡ˱ơ
ĤΨ夲ȤߤˤʤäƤΤǡ⥤ե
ؤкȤƤϥʤΤǤ

ȤȤǡ褬ʤäƤԤˤȤäƤϡưչ
ʪϢưĤϡ̥Ū˱ǤäΤǤ

ˡ٤äǤưչĤʪϢưĤϡ
ˤƤĤǤꡢ񻺤ǤΤǡBISкɬפʻܤ
ǤɬפʤȤ⡢ԤˤȤäƤϤäǤ

ɴͤϡưչĤʪϢưĤ˽Τϡɤ
̣Ȥ䤵ƤޤŪʶͻȯ丶
ʤβʤɤΤˡΥեβǽ㤤ɤߡ
̡Ĥ̥ϤƤΤȻפޤ



ϡ䣲ˤĤƤǤ

ִݦפΦǯʤäȤȤϡ⤷
ǤȤСưչĤŬΨ徺뤳Ȥ̣
ޤ

ŬΨݦȤطǤ뤫Ǥ

ĤޤꡢϤޤѲΰǦʤäƤ
ȤȤϡŬΨϺޤǤ⤯ʤ­ǤʤȤ
̣Ƥޤ


ǤϡɤƤȤäƤ뤫ȸС

ϺŪ˥ɥ֤ΥեåȲȤȤƤ
뤫Ǥ

ɥ֤ȤΤϡļꡢ˴֤ä
ˡ֤˱ġûڷޤˤץåȤ
ΤǤ

ưפĤȻפޤ̤ϡ֤ĹʤФʤ
꤬夬Τ̤Ǥ顢ɥ֤ϱ夬ˤʤ
ޤ

Υɥ֤ˤʤäꡢʿóˤʤä
ꤹ뤳ȤΤǤ

ɤƤǤ礦

ϡʵ®˰Ȥʤɡ´Ѥȯ
Ǥ

塢Զ뤫顢ϲϤȡš

ǡʤȡޤǤŪ㤤ȻפƤĹο
बԶ̥ͤŪ˻פƤΤǤ

㤨Сݥ졼Ȥ1.5%10ǯĤή̤ƤȤơ
Ƥ10ǯĤΥݥ졼Ȥ1%򲼲뤳Ȥ뤫⤷
¿οͤ褦ˤʤСݥ졼15%10ǯĤ
㤤ȤͤϤǤ

ʤСĤβʤϾ夬ޤ͡ǡʤ夬Ȥ
Ȥϡ꤬ȤȤˤʤꡢ10ǯչĤϡ
˲Ϥޤ

ûζϤɤʤǤ礦

㤨С1Ȥ3ûκķϡ10ǯʪ
㤤Τ̤ǤƵ޷˷ʵʤȤʳ
ϡʤ᤯ûαѤĹαѤ˾괹ˤ
ȤȤǡûκķȤưФƤϤǤ
ǡûκķ˽Фȡķβʤ¤ʤꡢ꤬
夬Τǡɥ֤ϡषˤʤäƤޤȤ
ΤǤ


ȤȤǡɥ֤夬η򤷤ƤСš¨
Ĺṳ̂ξ֤ǤСưչĤ
ŬΨ10ǯչĤʴˤ⤢٤
ΥƤƤ˹礦ΤǤɥ֤եåȲ
Сš¨ĹûƱ褦ʿˤС
ưչĤŬΨϡ10ǯչĤʴˤ
ƱǤʤФȤȤˤʤΤǤ


ߤưչĤξ߷פȤơöưչ
ȯԤȡ줬ԤޤǤϦϸꤵ줿ޤޤǤ
ǡȯԤ줿ưչĤŬΨϡͤ
̤ˤʤäƤΤǤ

ȤȤǡưչĤ˽äΤǤ͡


ʤˤޤ뤫ɤˤĤƤϡ绨ĤˤС
ȤȤǤޤθСϹĤȯԤ
ꤷǡԤ뤳ȤˤʤäƤޤ


 


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ǤɤΥС̤ˤ󤬤ĤƤޤ

졢ѡˬ줿⡢ԤääΤ;פΩäΤ
͡

ѡˬ졢̱̣ο򤷤Ȼפä顢äѤꤽ
ϥۥƥΥСǤäơ

Ǥ⡢ʤ󤫤ϡθ岿˵𤷤ΤȤȤ
ˤʤޤ

꡼ޥä顢ĴҤ˾äƸͤˤʤäꤷޤ
š

ȤʤȤ⤤ޤ󡣤Ĥ⡢٤ʤʤ褦
ڤ夲Ƥ뤴ͻҡ

 


㵭ԡ
ҤդDzߤ⤹褦ʹŹ˹ԤäƤ뤬̱δФ
ϤΥƤȻפϤɤΤ褦˹ͤ뤫


ֽ̱Ȥ褯ȤΤǤۥƥ뤬¿Ȼפ
ޤɤ⡣ʤϤޡعա٤ߤäǺؤ
ޤɡϰ㤦

㵭ԡ


֤򡢰ä褦ʸäơ⤦ä
¤¤ϻڤΥ˥󥰥СΡˡϿ
ʤޤˡ٤ĤˤʤääƤߤ
ʸϥᡣƸʤ

㵭ԡ
̹̱餹ȡ⤤ʧäƿ򤹤Ȥ̣ǿ


֤󡣤ȤäƤ͡

㵭ԡ
Ƚ뤳ȤˤĤƤɤͤ뤫


ľäơͤϤޤǤ⤺äȥۥƥϰ¤ȤȻפäƤޤ
͡οͤȲ񤦤Ȥ˥ۥƥΥСϰǰ¤ȤȤ
ޤȤа¤ȤԤäȤޤ衣ŹΡ˼ˡʼ
ˣͤοʹԤΤ衣ٻ⤤Τ衣Ķ˸ä
줿ʤ롩ʹҤȤơ錄θǤäơ
äΩäŹ˸򤷤ʿǤʹƤ衣

㵭ԡ
ǤΤϡ


֤䡢μƤ

㵭ԡ
Ķ˸ʤ褦˼षƤ


֡ʱĶ˸ˤƤäơ¤ˤϤƤäƸƤ뤫顢
졣ؤ͡Ǥ٤äơۥƥ뤬ָʤǤ

㵭ԡ
ʤۤ


֤狼ޤۥƥ뤬ʸʤʥۥƥ˹Ԥ
ΤˤޤǤΥǤ줫ѤĤϺΤȤ
ޤ

㵭ԡ
޽Ϲʿ򤹤ΤǤϤʤȻ
ޤ


ּʬǤФޤ޽⡢⤷Ϥμζ⡢ˤ
ʬΤ⤢ޤ顢ʬʧäƤޤ

㵭ԡ
꤬ѤƤۥƥĴ٤ƤߤȡѤˤ⣱
ʬʧʤƤϤʤ줬ߤˤʤ롣¤
ʤȻפ


֥ۥƥȤäǤɤ⡢ۥƥΥС⤢Ǥ
ƥΥСäơʤ˹⤤ȤʤäƤΤϡ¸
󤸤ʤǤ礦

 

䡢ηк˴ؤͤϡٻޤ󤬡ۥ
ΥС˹ԤˤĤƤϡ̤˲Ȥפޤ


եե֤˲򤷤褦ȡ¾ͤΤäȤǤϤޤ

ˡŪˤθäƤΤäƤ褦
ʡš

 

ηǡīСΤߤΤ󤿻ϡȽŪǤ
󤫻İԤջäƤ褦ʡš

Фơå͡ξһϡ򼨤ޤ


ɤǤ⤤ɡۥƥΥС򤷤ä夦Ѥ뤳ȤФơ
̱ʰäƤΤʤΤǤ礦ޤ

ϤҤäȤ᤬ʤʤˬƤʤ
ǡäζڤΤäߤ⤷ޤ

ۥƥΥСʤ̣ʤȤǤʤݼԤȤͷӤޤ礦
ȡ


񴱼Ȥ⤦ۥƥΥС˰ȻפäƤ뤫⤷


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å򤪴ꤤޤ

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