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As G7 finance ministers urgently discuss measures to ease the financial crisis, investors can't help but wonder what else can the government do?
Some analysts say some sort of blanket guarantee of inter-bank borrowing, along the lines of those offered by Great Britain and Ireland should be adopted worldwide. "That would go a long way for confidence," said Kevin Giddis, managing director of fixed income at Morgan Keegan.
The ministers might also be considering a collective guarantee of bank deposits, allowing central banks to become clearing houses in cash-for-collateral transactions, or creating a super sovereign wealth fund, said Tony Crescenzi, analyst with Miller Tabak & Co., in a research note.
Beyond that it’s anyone’s guess. And Former Federal Reserve Governor Wayne Angell has some thoughts on the issue.
He tells us, “the best option is to entice private capital to come into the banking system. It doesn’t make sense to me to have the Treasury acquire distressed assets when the clear solution is to recapitalize a new GSE.”
Angell recommends a similar arrangement to what Warren Buffett has with Goldman. Like Buffett “the government should take preferred stocks with warrants on the common with others to match,” he says.
Overall, Angell feels fairly positive that the US will emerge from the crisis in solid shape. “Recognize that we have a lot of good things going for us,” he says. “Number one is that the dollar is strong.”
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