Interviewer: A very simple FED watcher will say, “you know what, I mean you gonna be accommodated by 2012.” Is that wrong?
Evans: Well, we’ve said that interest rate will remain low for an extended period of time. No, that’s not until 2012 I would say. But it is a case that monetary policy accommodation is called for. I think that with the unemployment rate declining in 2011 to 7 or 8 percent, there’s still going to be a lot of accommodation that will be required even if we’re recalibrating policy so that rates are rising at that time.
Well, as the statement says the policy will remain for an extended period of time, I’ve said before that to me that seem like it’s 3, 4 meeting and next meeting that evaluate again. I don’t see an urgent need to recalibrate. We’re currently looking at our exit strategy and all the policies that can be applied when we need to adjust our balance sheet. And we’ll do that in a timely fashion.

Interviewer: Is 2010 gonna be a better year than this one?
Evans: Well, I think 2010 will definitely be a better year than this year and the year before that. We’re looking for growth to be on the order of 3 to 3.5% over the next 18 months. The unfortunate aspect of this is that the unemployment rate will continue to be quite high. It’s 10% now. It’s likely to go up a few tenths before it starts coming down in the spring, maybe the summer of next year. I think the unemployment rate will be lower by the end of year, maybe in the mid-nines. And the inflation outlook is that, core inflation has been 1.5% year over year and I’m expecting that to continue for the next couple of years.

Interviewer：「2012年まで緩和的な金融政策を続ける」という見方がありますが？
エバンズ：長期的に異例の低金利政策を行うといっても2012年まで続けるつもりはないし、金融政策を調節する可能性もあるが、2011年に失業率が7～8％程度に下落するまで、緩和的な金融政策をしばらく続ける必要があるだろう。
低金利の「長期的」はＦＯＭＣ3～4回分を意味するが、早急に金利政策を見直す必要はないだろう。出口戦略にはＦＲＢのバランスシートの調整が必要だ。しかしそれは時期を見て行うつもりだ。

Interviewer：来年の見通しを教えてください。
エバンス：来年は間違いなく良い年になるだろう。成長率は今後1年半で3～3.5％になるが、失業率は10％程度で高止まりするだろう。失業率はしばらく緩やかに上昇し、来年の春か夏ごろから下落を始めるだろう。そして来年末に9％半ば程度になるはずだ。現在コアインフレ率は年1.5％程度だが、今後数年はそのレベルが維持されるだろう。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1365158195&play=1

Interviewer: Can you give us your vision of BOA going forward? It seems like the last decade has really been a decade of acquisition, whether Flee, Countrywide, Merrill Lynch, or etc, so many others are creating these Boehme of banking. Is the next decade, one of divestitures?
Brian Moynihan: No it’s one of… taking this franchise that we built up the last 10 years, and Ken help leaded us to build, and getting doing everything we can for our customers, and along so sure to shine, and ultimately return to our shareholders. We don’t need another product. We don’t need another service. We have international franchise. We have domestic franchise, and stick to that. And now just execution. And that’s what I told to my team.
I think our balance sheet would be large as what it is today as we keep working through the recession ultimately. I don’t see dramatic growth in balance sheet just because demand are not there to do it.

Interviewer: What did you learn? What were the regrets from mistakes that you can tell us about that perhaps will not be repeated?
Brian Moynihan: Never again. We’ll never have a company in a position where its capital and liquidity are not so assure even in a toughest recession. That we’re gonna make it through to be there for our customers. Never again we’ll be in that position. We need to have health.

Interviewer: How does the economy in a broad and landscape look to you right now?
Brian Moynihan: They tell us in consistency which is they are feeling incrementally better. Things are a little better. They are spending a little bit more but it’s still not healed. The middle market companies are drawing line of credit, in another word the working capital is the lowest line in history. And the reason why is they don’t have the demand of products. They are not employing more people. They are not building more inventories, they rebuilt them. And so then the consumer side is the same thing. Consumers are struggling and hang in there. So our job is to get people employed. You get about employment and get them to spend as a country, as an economy, as a company. And if we do that, I think the economy will improve. Improving but not robust.

Interviewer：バンカメの今後の展望は何ですか？この10年はカントリーワイドやメリルリンチといった企業の買収を積極的に行っていましたが、今後も買収を進めていく予定ですか？
ブライアン・モイニハン：　そのつもりはない。
築き上げたもの生かして、顧客と株主の満足度を高めるつもりだ。これからは商品やサービスを広げるのではなく、今ある拠点をベースに取引を増やしていきたい。バランスシートはすでに十分大きく、今後急激に拡大させるような需要もない。

金融危機から何を学びましたか？
どんなに苦しい景気後退に陥ったとしても、自己資本や流動性を軽視することは二度としない。

Interviewer：今後の経済の見通しは？
ブライアン・モイニハン：消費者心理は改善しつつあるが完全には癒えていない。それに中小企業の信用枠は、過去にないくらい縮小しており、需要の減少から雇用や投資が増える見込みもない。バンカメとしては雇用を増やして消費を喚起したいが、それでも経済の本格回復には時間がかかりそうだ。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1362834110&play=1

We think it’s a constructive outlook for the US stock market. You know growth right here in the end of 2009 is exceeding many people’s expectations. We are seeing that many consumers are coming back. But very importantly, we are seeing very good growth in exports and also in business investment especially for equipment and things that enhance productivity. The growth this quarter maybe as much as 4.5 percent. And we do think that’s slows a little bit because inventories have already been rebuilt when we get to 2010. And we expect less pop from stimulus. But that’s still a good environment from the stock market.
Under normal post-recession conditions, we would be expecting GDP next year of 3-3.5 percent in 2010. But we have trimmed that number down to 2.5 percent because of continued concern about labour markets and household balance sheets which continue to de-lever.

米国の株式相場は堅調に推移しており、今年後半は予想を上回る成長になっているその理由として消費者心理が改善したことに加え、輸出や設備投資の増加が影響しているだろう。10～12月期は4.5％程度の成長率を予想しているが、在庫処理の遅れや景気刺激策の効果が薄れることで、来年の成長ペースは緩やかになるはずだ。それでも堅調な株式相場は続くことになりそうだ。
通常であれば景気後退の次の年は、3～3.5％の成長率が期待されるが、雇用に対する不安や家計収入の減少を背景に来年のＧＤＰは2.5％程度にとどまるだろう。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1360293770&play=1

Bogel:To begin with, if you look at inflation hedge, it’s a very good major of expectations of inflation is a relationship between inflation government bond and standard Treasury bond. And whether you talking 5 years, 10 years, 30 years, those rates are pretty much expected inflation, around 2.5% a year. That seems frightfully low in any kind of strong economy. We may not have a strong economy. We talked about some of the fundamentals here, suggested that economy recovery is gonna be much more muted than what we used to coming out of recession.
And so I really worry about the dominance of speculation making more talk about fundamentals very difficult to translate stock market.

Interviewer: When you look at markets overall, what’s your outlook for what’s gonna happen next year?
Bogel: Well, next year is always like flipping a coin because stock market can depart radically on a plus side or minus side from business. And I think business is gonna be pretty good. GDP is gonna be OK. I’m very worried about deficit of course. And very worried about a sort of interact ability, about substantially unemployment data. But if you look at where the market is now, yield is only about 2%, maybe even into 1%. That’s a pretty low dividend yield in terms of creating future returns.
I would be very cautious about 2010. And I would be looking for looking at a decade, much more comfortable doing. Looking for maybe 8% return, 7 or 8% return on stocks over the decade.

ボーグル：アメリカのインフレ期待値を考えるうえで、インフレ連動債とアメリカ国債のかい離を見れば、年間2.5％のインフレ率を示している。しかし強い経済の回復を前提とすれば、その上昇率は極めて低いことが分かる。それにファンダメンタルズを考えれば、過去と比べて今回の景気回復は、非常に緩やかなことがわかる。
心配なのは投機的な動きだ。ファンダメンタルズの実態を見えにくくしている。

Interviewer：来年の株式相場の見方を教えてください。
ボーグル：来年について占うのはコイントスのようなものだ。株価は上昇と下落のどちらの可能性もある。企業業績は改善するだろうし、経済成長率も安定してくるだろう。しかし財政赤字の拡大や雇用状況は懸念材料だ。それに株式の配当利回りは1～2％程度で、これは将来的な投資リターンとしては非常に低いものだといえる。来年の景気見通しについては慎重だ。株価は今後10年で7～8％回復する程度だろう。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1360307674&play=1

Yes, I mean that’s a kind of correction that we would expect in bullish environment, we have for almost 1 year now. So 20% should not be surprising. I was thinking that this Dubai situation would result in global 20% correction but it hasn’t happened yet. But I think we may see that. Of course on individual market level, it can happen. China has already corrected by that much. So that could certainly happen.
Yes, in fact we have been. And we continue to buy. Of course we are looking for good prices. So as the markets down, we are trying to get the low points. But over the long term, we expect to have a very good holding year.
But if you look at the big picture in terms of large amount of money we have in large funds, it would be China, it would be Brazil, and following that India and Russia.
Yes, I’m looking forward to a very good 2010 with of course correction along away. It’s not gonna be in percentage terms as exciting as it’s been up to now. But I think we’re gonna have very good 2010.

相場が強気の時は20％の調整が必要となる時期がある。強気相場は1年ほど前から始まっておりドバイショックによって世界中の株式市場で20％の下落が起こるはずだ。
中国はすでにその調整が済んでいるが、他の市場はこれからだろう。ドバイに関してわれわれは強気を予想しており、安値で買って長期保有するスタンスを続けるつもりだ。
今後成長が期待できる市場は中国やブラジル、それにインドやロシアだろう。
今年ほどの急成長ではないが、調整を繰り返しながら来年も強気相場は続くだろう。

VIDEO（英語）：http://www.cnbc.com/id/34483179/site/14081545

And again, we are trying to analyze where we think which sector has probably been beat up the most. And if you look at it, certainly transportation. I think all modes of transportation.
Certainly if you look at ocean vessels right now and containers are really in the trough. If you look at natural gas and if you look at some of utilities, these were early victims of the recession. They are in a trough and I think if you have any optimism of the recovery, those might be some of the sectors that will come out first, has to where we may be looking at, taking out some of those distressed assets or increasing our position in some of those portfolio company that are in those sectors.
　I think you can’t close your eyes to the opportunities in China and to get more global. To bring globality to the businesses.
　Again I think we got to dig deep and rekindle. What means this country great is entrepreneurialism, a passion, rather than entitlement.

今一番苦境にあるセクターは、間違いなく運輸セクター全般だろう。大型船やコンテナ船市場は底をつけているし、天然ガスは景気後退の影響を受けている。景気の回復に楽観的な見方を持つならば、これらのセクターから持ち直しが始まるだろう。これらの傷ついた資産を取り去るか、逆にこれらのセクターへの依存度が高い会社に、投資を増やすかの選択が必要である。中国への投資機会に目をつぶることはできない。ビジネスはよりグローバルになるべきだ。米国はよみがえらなければならない。企業家精神を取り戻すことが必要だ。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1352689796&play=1

O’Neil:Yeah, I have to tell you I’m a little dubious about government’s ability to incent people to hire jobs. Because I think the thing to incents people to hire jobs in big companies and small companies is facing demand that require them to have more people to produce goods or services.
It is true that if the government say through interest rate, effectively lower the cost of capital, that can change the thing that government are interested in investing them.
If we pay citizen pounds to hire unemployed crafts people, off the unemployment role, and put them to work tearing down dialect in abandoned properties all over the countries, it would be quick. You don’t need to design anything.

Interviewer:Do you think now, remaining TARP money should be used towards labor market and to some job creation plan?
O’Neil: I always though TARP was a mistaken idea. I believe we could have taken care of liquidity crisis by putting value on troubled assets and putting government guarantee on them. They would have traded like cash.
So why we should now divert these funds into some other purposes beyond it. I believe we have to be honest. If we want to spend more things, we had to appropriate the money. We shouldn’t try to pull the people into accounting gimmicks. Saying we gonna use fund for accounting gimmick.

政府による雇用対策の効果には半信半疑だ。企業が従業員を雇うには、モノやサービスに対する需要が増えなければ、意味がない。しかし低金利政策を続けることで資本コストが低下し、企業による投資が増えることは評価できる。雇用を増やすには、税金を使って失業状態の技術者を採用し、各地で中断された公共事業に充てることで早期に雇用は改善されるだろう。

Interviewer: 残った公的資金を雇用対策に使うという提案についてどう思いますか？
そもそもＴＡＲＰ自体が間違ったアイディアだった。金融市場の流動性危機に対応するには、不良資産に政府の保証をつけ、現金と同じように売買を活発化させるべきだった。ＴＡＲＰは金融安定化以外の目的で使うべきではない。雇用改善のために資金が必要ならば、別枠でそのための財源を確保するべきだ。ＴＡＲＰの会計を操作するべきではない。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1353625627&play=1

Maria, excuse me. I am longer dollar right now. More than I have in for 2 or 3 months.
　Everybody is pessimistic. Do you know anybody bullish on dollar? I’m pessimistic, too. Everybody’s pessimistic. That’s why there might be a rally.
　No. I mean US markets up 70% in last 10 month? No, no, I don’t like to buy anything like that. I’m skeptical of the economy going forward. And if the world economy gets better, commodity is going to be a great place because there are shortage of developing (?). Maria, if world economy doesn’t get better, they are printing a lot of money. That’s always good for real assets.
　Long term government bond market. That’s the next bubble. Why? Would you lend money to US government for 30 years? At 4% or 5%? In US dollars?
　I sold all of my emerging markets 2 years ago except China. But then it went down. They come back. It’s not a bubble yet. I mean how Chinese economy one kicked a size of Europe and Asia? That’s not a bubble. There will be a bubble in China. They’ll be a bubble in Brazil. But not at the moment.

しばらくドルは買われるだろう。
みんながドルに対して、懐疑的な時は短期的なドルの上昇が予想できる。米国の株式相場は10か月で70％も上昇したが、そこに投資をするつもりはない。今は商品相場に投資するべきだろう。景気が回復してもしなくても現物資産の価値は高まる。これからは長期国債バブルが起こるだろう。
誰も金利の低いドル建て資産に30年も投資しない中国以外の新興国株は2年前に全て売却した。中国市場はアジアや欧州と比べて急激に拡大しているが、バブルと言えるほどではない。いずれ中国やブラジルにバブルが来るが今ではない。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1355548632&play=1

So the fact that central bank has come out and said “we will stand behind the bank” is a good thing. There’s still a lot of thing that we don’t know. We don’t know how the debt payments over the next few months are going to be handled. And we are going to get more information on that going forward. And critically, luckily just said Joe, Dubai has to be looked at in a much broader context which is that we are still dealing with a lag effects of crisis.　So look at Dubai as a signal that we still have to deal with precaution of last year’s crisis.
So over the next few years, we gonna see a lot of supply destruction. Not just demand coming back up but we gonna see supply destruction. Because these things can no longer financed. In the particular thing of China, there’s one big difference. China is a massive creditor. China owns a surplus. So China is able to afford its mistakes much more easily than Dubai can.
Over the next 12 months at least, the global economy has to produce high growth. Global economy has to produce jobs. If it doesn’t, then we gonna have a major adjustment. That’s a multiyear adjustment.

ドバイショックに関してはＵＡＥの中央銀行が、資金繰りを支援する構えを示したことは評価できる。しかし債務返済の行方といった不確定要素も多く、それらは今後明らかにされるはずだ。
ドバイ問題は昨年の金融危機から波及したものであり、依然として危機への対応の必要性を警告している。資金繰りが悪化することにより今後数年で、供給面での混乱が起こるだろう。
しかし中国に関してはその心配はなさそうだ。中国は巨大な債権国であり資金余剰国のため、ドバイと違って自らが犯した間違いを補てんできるだけの余裕がある。
世界経済は高い成長率の確保と雇用の改善を1年以内に、達成できければ調整に数年かかることとなるだろう。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1346140975&play=1

We may be able to be more comprehensive more thorough investment products to next door clients.　Our iShares product has a world class operation in terms of really working towards minimizing tracking error. And I think we get prince’s on a different positions.
The yen has appreciated dramatically. We are at 87, 86 today. It could be very difficult for exporter as Japan to make profit with that very expensive currency. And they don’t have domestic demand to offset the growth of that nation.　I think we are going to have positive GDP in 2010 but much more in nearmic (?) than more people think. 2ish percent. I’m very worried about jobs. And so we are gonna have lots of pressure on job markets. I don’t think it’s gonna be an easy situation. And I’m very worried that jobs and unemployment rate is creep above 10%.

今回の買収によって顧客に対してより幅広い投資商品を提供することが可能となった。「iシェアーズ」は超一流の管理体制を誇っており、運用手法の多様化で業界をリードすることとなるだろう。
1ドル86～87円と円高が急激に進んでいることで、輸出国である日本の成長は難しいだろう。また国内の需要も期待できないため、経済の先行きに不安が残る。
米国は来年はＧＤＰのプラス成長が期待できるが、そのペースはゆっくりで2％程度に留まるだろう。また雇用情勢の悪化は大きな懸念材料だ。失業率の10％超えが続くことが心配される。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1347565653&play=1

Yeah, I think the middle part of the country has done a little better than say California or some of the other parts get harder hit but there’s no getting around and it’s a very serious recession no matter where you are in the nation. And that’s where we are. But things are looking a little better and we hope that we’ll get good 2010 year.
Well, I’m one that worried a lot about getting into deflationary trap in 2009. I think that risk is fading. I’m not quite ready to give it up completely but I do think it’s fading. And that the medium term risk is for inflation. But the medium term is 2 to 4, 2 to 5 years out there.
Well again, labor market’s lag and we know that. I think we would like to see unemployment at going in the right direction. It still might be at very high levels, undesirable levels. And also again, come back to this point, there’s two instruments on the table now. Because you got interest rate but you also got asset purchase program. And you could keep interest rates low and you could start selling off some of those assets if the day came economy very strong. That would be one way to get started.

ベージュブックの結果セントルイスは他の地区より、多少堅調だったが景気後退の影響は大きかった。
しかし米国経済は改善傾向にあり、来年は景気の回復が期待できそうだ。
今年はデフレが続くことを懸念していたがそのリスクは後退しつつある。
2～5年といった中期的な見通しではインフレに対する警戒感が出てくるだろう。
雇用状況は悪化しており失業率は依然高い労働市場の改善が必要とされることに加え、金利水準の正常化や資産買い取りプログラムの処理といった問題も抱えている。
ＦＲＢは金利を低水準に維持する一方で経済の回復次第で資産売却を検討するべきだろう。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1348630080&play=1

In the depth of the market, early part of 09 on March, April, things were really slow. So we had to result to some promotional pricing to get people book again. But current recovery that we’re seeing has more fundamental stream.
I think the challenge for all business managers would be to continue keep cost under management. To manage cost down and also to be flexible to be able to gear up capacity when demand picks up.I think hedging has become very difficult means of managing the volatility of input prices. In our case, specifically jet fuel.　And as a result now, which the cost of hedging now is very high. So again, one of the judgment is that whether the cost of warrant, the risk warrants, warrants the risk of locking ourselves into high price hedges.

3月と4月時点で市場は低迷しており、値下げキャンペーンによって顧客を確保していた。しかし最近の景気の回復は、底堅いものとなってきているだろう。
全ての経営者にとっての課題は、コストをどう管理するかと、需要が回復してきたときに柔軟に対応することだ。資源価格の変動に対するヘッジの判断は非常に難しく、われわれにとっては航空燃料の価格変動が課題だ。今はヘッジコストが非常に高くなってしまっているため、高いヘッジコストを払って航空燃料の価格を固定する正当な理由があるのかどうか判断が難しいところだ。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1341194505&play=1

It does feel better. I think people are cautiously optimistic to probably over use term. But people’s businesses are really getting better at this point. But there’s a lot of worry about what happens after the first steady year when inventories are really looked at.
Our chip equipment business is improving. And we see it improving because of consumption of mobile devices, PC’s, laptops, those kinds of things. And a lot of that consumptions happening in Asia now.
4 years ago, when we started in solar business, China was producing 5% of the solar panels. In 2009, they produce almost 50%.
A lot of things that have to happen here are we got to get a scale and still the small deployment in the US and in China. And in order for large scale and cost to come down, we got to see growth from those countries.
I think renewable energy and the change over the energy infrastructure in the US over the next 30 years is the biggest job creation that we can play in. Any industry can play in.

景気は回復してきているだろう。消費への慎重な見方もあるがビジネスは増えてきている。しかし堅調な1年が過ぎた後、在庫に対する懸念が高まることが心配される。
アジアでの携帯やパソコン需要のおかげで、半導体事業は好調だ。太陽電池事業も堅調で中国での生産は、4年前は全体の5％だったが今年は半分まで拡大した。
太陽電池事業を活発化させるには事業規模の拡大と、事業展開の効率化が不可欠なうえ、米国と中国での需要の高まりがカギとなるだろう。
今後30年で米国の雇用を生み出す一番の成長産業は、再生可能エネルギーとそれに伴うインフラの整備だろう。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1334059197&play=1

Carlos Slim Helú :Well, it was interesting. Very different to US and Europe and developed countries. Because you begin with big financial crisis and then the contamination of the real economy. We have not had any financial crisis. Financial situation in Mexico and Latin America in general is not with financial sector. It’s that decrease of trade in US economy and developed countries economy. We are suffering because of that. But financial institutions are in good shape. Very well capitalized. Possibility to follow given credit is important to the real economy.
I think the main problem in the real economy is employment. I think we need to invest in all Latin America in infrastructure, housing, but mainly in infrastructure. And all activities that support employment and make important for our country. Because as much as you have more people working, you have bigger market, bigger economic activity and that helps a lot.

Interviewer:You made a point recently saying, you’re not gonna making money and you just keeping money in treasuries and not doing anything with that. You looking to get on the band wagon on those infrastructure project for real return?
Carlos Slim Helú :That’s right Maria. What you telling is very important because now and never I have never seen in my professional life, so low interest rates and long term. And when you have more available at low interest rates and long term, most of the projects are profitable, are feasible.

カルロス・スリム：メキシコ経済は欧米や他の先進国とは違う状況にある。今回の景気後退は金融危機から始まり、実体経済に波及していったがメキシコや南米で金融危機は起こらなかった。それよりわれわれが苦しんだのは、米国や先進国との貿易が減ったことであり金融機関は健全な状態にある。金融機関の自己資本比率は健全で、信用力も高いことは実体経済にとって良いことだ。一番の懸念材料は雇用状況の悪化だ。南米において今投資すべきはインフラと住宅だろう。特にインフラへの投資は雇用を生み出すため、国にとっても有益なことだ。雇用が増えれば市場は活性化し、経済を助けることにつながるだろう。

Interviewer:「投資を控え国債に資金をつぎ込む」と話していましたがインフラ投資でリターンを求めますか？」
カルロス・スリム：投資リターンを狙っている。低金利がこれほど長く続く状況は、今まで経験したことがない。それはインフラ事業を成功に導くことになるだろう。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1333032769&play=1

Well, I think it’s important to go back to what we think the problems were. And they had to do with systemic risk and we handle systemic risk. We need changes in capital requirements. We need much stronger overall regulator. But what we don’t need to do is regulate risk taking out of existence. And that’s what I’m worrying about in many of the proposals that I see from administration and the congress.
I still think the right strategy for the treasury in the FED is exit. It’s to getting money back to the tax payers as quickly as possible and getting a smaller AIG in private hands.
I think it’s definitely a damn for two reasons. One, you have higher tax rates on entrepreneurs. Most people paying top rates or business owner or people affiliating with business. And second, I would worry about plans to raise dividend and capital gain tax as that is not good for financial markets. And on top of what administration proposes there, remember that the health care bill on the house will over above that more tax increases. And then if we have to fix entitle month, there’s more coming, we got to watch this one.

金融改革については問題の根源を見直すべきだ。連鎖破綻リスクへの対応や金融機関の資本増強のほか、市場全体を監視する監督機関は必要だが、リスクを取ることについては規制するべきではない。ＦＲＢは出口戦略を探るべきだ。政府もＡＩＧへの介入を減らすべきだ。
オバマ政権は税金を引き上げるべきではない。法人税の引き上げは企業家への負担になるうえ、配当金や金融資産に絡む税金が増えることは金融市場にとっても良くないだろう。また医療保険改革により国民の税金負担が、さらに重くなることも懸念される。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1327214359&play=1

This crisis is so large that we need to take advantage of this moment and not act timidly when we dealing with regulatory reform.
So I’m beginning with that single prudential regulator. Maybe modify to some degree but I hope not.

Of all the elements of this proposal is the supervisory power of the FED in your view going to be the biggest political flash point?
Where was the FED at that moment to warn us of the systemic risk caused by that dramatic increase in subprime lending? That’s what I’m suggesting to you here. I don’t think that FED should be asked to assume all of these responsibilities. We need more eyes with diverse look watching for systemic risk not just by institutions but also by products.
The FED is beginning to lose that independence in my view. Injecting itself more and more to legitimate request by congress for oversight order in the light. So I’m trying to get back to core function. The FED needs to be involved in systemic risk. They need to be involved as part of the prudential regulation of the country. But we need to stretch these things out and have a far more consistent plan for 21st century.
I’m very confident of financial system can lead the world. I don’t want to set up a system which strangle innovation and creativity. It’s got a great source of wealth creation but feeling aspiration in this country. The last thing I want to do is to privace(?) that opportunity. But simultaneously, we also had a reputation of being the safe place. You could park your dollar. You can buy share of stock. You can invest in insurance policy. And you didn’t worry about the system collapsing on it. Today we lost that reputation. We gotta get it back.

金融危機は大胆な規制改革の必要性を示した。まずは唯一の監督機関を作る必要がある。

Interviewer：あなたの金融改革案の一番の目玉は？ＦＲＢの権限を規制することですか？
ＦＲＢはサブプライムローンによる企業の連鎖破綻を防ぐことができなかった。それについてＦＲＢが全ての責任を持つ必要はない。連鎖破綻を防ぐ包括的な整備が必要だということだ。議会からの合法的な要求が増えることで、ＦＲＢは独立性を失いつつある。
ＦＲＢは連鎖破綻や規制への対応から離れ、本来の金融政策に専念するべきだ。金融システムは今後も世界を主導するもので、革新や創造性を抑える制度にするつもりはない。金融システムとは富を生み出す源泉でもあるのだ。しかし金融システムに対する安心感は失われつつある。リスク資産投資や金融システムの崩壊に対する懸念を、払しょくし信頼を取り戻さなければならない。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1326825083&play=1

Interviewer: Treasury Secretary has said eventually the same thing. ‘Strong dollar is the US interest. And it’s good for US economic health’ but since then, dollar has fallen…
US is so stability to global economy. We are committed to working with countries around the world and making sure that we have recovery in place, we have more sustainable financial system, we have more balanced pattern in growth globally. It’s important for the US. We are committed to that. Strong dollar is part of that commitment. We are also seeing very important part of recovery here, which is consensus emerging in the need for a broader shift in policy, broader reform here in around the world towards, growth led by domestic demand, shift towards more market oriented more flexible shape overtime.

Interviewer: You can quote to timely consistently saying ‘At these levels are not sustainable and we will do something about it.’ But you were not in the position at the point of time where you can articulate. Exactly how are you going to bring those deficits down?
I think it’s important thing and it’s right to emphasize importance of this data. In February this year in the President Initial budget, he made it clear that as growth strengthens we need to bring our budget deficit down to a sustainable level. United States giving structural economy that means roughly the level of 3% GDP over the medium term. That’s something we can achieve. That’s a manageable challenge for us. So as the growth recovers and this temporary support for the economy, we had to put in place to solve the crisis, as that winds down. Then we’ll be able to start put our fiscal position, path to more sustainable position. That’s important for US. Important for global stability.

Interviewer：「米国は強いドルを望んでおり米国経済にとって良いこと」と言っていましたがドルは依然弱いですね。
米国は他国と協力して景気の回復や金融改革均衡のとれた世界経済の成長に努めており、強いドルを望むことはこうした米国の果たすべき責任の一環だ。
さらに政策の転換や内需拡大による成長、市場主義的で柔軟な発想が米国に必要とされている。

Interviewer：「今の財政赤字の水準を維持するつもりはなく、何らかの対策を考えている」と言っていましたが、具体的にどのように財政赤字を減らすつもりですか？
大統領が今年2月の時点で明確にしているように、経済が力強さを取り戻すことができれば、財政赤字を減らすつもりだ。米国の目指す経済成長とは、3％の成長率でありそれについては実現が可能だろう。
景気が回復し一時的に行っている対策を終了することになれば、財政を健全な状態に戻すことができるだろう。それは米国と世界経済の安定のために重要なことだ。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1327861294&play=1

What we are seeing now is the results of a very focused plan. As you will know, to focus on a Ford brand, to have complete balanced portfolio and be best in class H1. And of course size our production to real demand. So we’re seeing both the revenue side take off and we’ll see in the cost reduction.

Interviewer:If there were not a Clunkers Program, would you still be profitable in North America this last quarter?
Yes, absolutely. Because clearly it was stimulus for that over the months but we have been increasing our share in this down market every month for the last 10 months. And actually increasing our production. So we’re on pretty steady trajectory of growth now.

Interviewer:Why not say ‘listen, we turned the corner here’? Why are you still cautious?
Well, I think we like most people are looking at the strength of the recovery in the economy. And our mobility of itself in Europe, of course they’ve kept Cash for Clunkers Program going for almost entire year so we think the industry might be down in Europe. We think it’s gonna gradually increase in US. Of course there are very strong markets in Asia Pacific. So we add all up together, the only reason that we are cautiously optimistic is which we just want to see couple of months, see how the consumer gets back into the market.
So clearly we made a lot of progress. And I know that Ford and UAW and our employees know we are committed to improve every elements our competitiveness going forward because that’s the reason we started to grow now. So we want Ford to be profitable. We want Ford to create free cash flow. Because that’s the way we grow our business for good for every employee.

今回の好決算は集中戦略が形となって表れたものだ。ブランドに力を入れて商品を充実させることと、需要に合わせた生産ラインを築くことで収益の向上とコスト削減の両方を可能にした。

Interviewer：新車買い替え支援策なくして、北米で利益をあげられたと思いますか？
もちろんだ　支援策とは関係なく市場シェアは、10か月連続で上昇しており成長は目覚ましい。

Interviewer：ではなぜいまだに業績見通しに対して慎重な姿勢を示しているのですか？
今はまだ景気回復が本物か見極めている段階だ。欧州では支援策導入から1年が経っているので、さらなる成長は期待しにくいが、米国では緩やかな成長が期待できるだろう。またアジア市場は相変わらず力強い。消費者動向を見極めるのに数カ月は必要だ。われわれは労働組合と従業員と協力して、競争力を高める努力を続けている。利益を上げて潤沢な資金を生み出すことで、われわれは成長し従業員に還元できるだろう。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1316816449&play=1

There is no doubt that you are seeing progress in economic recovery.
Three quarters ago, we said that we felt the market hit bottom and regards to what we were seeing around the world. That in the first calendar quarter this year. And the next quarter we said we saw normal sequential growth from that quarter up about 10% plus. And this quarter, we saw good quarter especially in the US.
Well, we saw good improvement in Asia. It was only down about 3% year over year after being in double digit before. Even US is the key take away. US business was down 20% average for three quarters in a row. This quarter, it was nearly flat. And the companies that let us economic slowdown, the large global multinationals and large businesses, actually had 10% year over year growth.
We have a long way to go. Jobs clearly are not recovered. My customers who do on consumer market are still struggling. But what always try to do like I call like I see it, numbers were very good. But I word it as phase one. Probably 4-5 phase recovery but phase one is picking up seen.

景気は間違いなく回復基調にあるだろう。
今年初めに底を打ったことを感じたが、5－7月期では前四半期比で10％の成長となり、今回の決算は米国を中心に力強い成長が見られた。
アジア地域の成長は依然として目覚ましく、成長率は2ケタ台だった昨年から3％しか縮小していない。米国事業は3四半期連続で前年比2割減となったが、8－10月期は横ばいに持ち直した。
景気後退を招いた世界的な大企業は、年間10％の成長を回復している。雇用や個人消費の回復には時間がかかるだろうが、われわれは景気回復の第1段階に立っている。
今後第4－5段階まであるかもしれないが、景気回復の初期段階にはいるはずだ。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1319998394&play=1

Can you give us a sense of that meeting in Washington today? I know that president is focused on jobs. What came out of that meeting?
The meeting wasn’t public, so it can be broadly understood. He emphasized the importance of obviously getting sustainability of the economic recovery, which we hope and believe started in the third quarter. But we’ve got to move to an economy that can produce more jobs.
There are a lot of elements of financial reform. The administration has recommended a program most of which I agree with was very important to have an overall overseer as proposed.
Look, they are thinking hard, I’m sure, about exit strategies. It’s not an impossible problem. It will be a difficult problem. A lot depends on how the economy recovers. We’ve got to get some recovery going.

Do you think we should be treating the banks as utilities, pure lenders and not in the business of investment banking?
Pure lender is an exaggeration of what I’m saying. I think the banks are the core of the financial system and they should pay attention to their knitting, which is taking deposits, making loans, moving money around, helping people invest their money, do some underwriting. They’ve got plenty of things to keep them busy.
I would like to see speculative capital markets stuff done in the capital markets and the banks do their business.

Can you talk to us about the deficit? Are you worried? Should this be a near term priority?
Everybody ought to be worried about the deficit. It’s a big deficit. But the time will come to deal with it.

Are you being heard in the administration?
I’ve got a loud voice. There you are. Like I said, the decision in the end is not mine. I give them the best advice I can give them.

Interviewer：ワシントンで行われたオバマ政権との会議の内容を教えてください。
公の会議ではなかったがオバマ大統領は、景気の回復を維持する重要性を強調していた、７～９月期に回復が始まったと思うが、今後は雇用を生み出す経済基盤を築くべきだ。オバマ政権も私も同意したことだが、金融市場全体を監督する機関が必要だろう。彼らは出口戦略についても考えてはいるが、実施の時期は景気の回復具合によるだろう。

Interviewer：銀行は投資銀行業務から離れて、融資に専念するべきだと思いますか？
純粋な融資業者とまでは言わないが銀行は金融システムの中核にあるため、預金や融資や決済といった。銀行が持つ本来の業務に集中するべきだ。投機を目的とする資本市場の業務と、従来の銀行業務は分けるべきだろう。

Interviewer：財政赤字問題は優先して解決するべきですか？
それは誰もが心配しているがいずれ解決されるだろう。

Interviewer：あなたの声は今も政府に届いていますか？
私は声が大きいのだ　助言はしても決断は下さない

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1317024414&play=1

A number of emerging markets in the world growing pretty robustly particularly second half of the year. Notably China, India, good part of South Asia, South East Asia, signs of pick up in Latin America and Middle East that people regain the confidence after the credit market procedure around the world. Earlier this year, our mining customers around the world are back. At least talking to us about reactivating projects that temporary put on hold. So principally that arena look the most encouraging. So we have a lot of excess capacity and we are gonna run very lean and efficient operation going on.
So we have to see pretty good recovery in sales that will lead employment growth.Well, I think our economy is beginning to recover. I think we gonna find positive real GDP growth in the third and fourth quarter when we got settle on the year. Probably a little stronger initial stage of recovery than many people thought in terms of GDP growth. But keep in mind that with very sharp recession we just experienced.

今年の下半期は新興国市場の成長が著しい。信用市場の混乱が一段落したことで、アジアや南米や中東では市場が回復してきている。
今年初めから採鉱業者との間で、一時保留にしていたプロジェクトの再開に向けて話し合いを始めていることも良い兆候だ。しかし依然として需要に対して生産が過剰なため、雇用を拡大するには売上高の回復が必須だ。
米国経済は回復し始めている。今年後半のＧＤＰはプラスで推移するだろう。その成長力は力強いものになると思うが、これまで急激に悪化した分より力強い回復が望まれる。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1301846211&play=1

I think the quarter showed that Xerox continues to operate well in the cost and expense management.
We are still investing. Going forward, making sure that we prepare when the economy does take a sustained upturn, investing in technology, investing in coverage. So I think we are in relatively strong position given the environment that we are in.
This deal is a transformative deal for Xerox, aware that you adopted but Xerox is a document technology and imaging company. That’s what we do. That’s where we are expert. We do it around the globe. We use technology to differentiate ourselves and our brand gives us permission. BPO, Business Process Outsourcing, is all about documents. ACS happens to be the best diversified BPO provider in the world. Our next natural progression for a company like Xerox was to grow and expand in a BPO space and we are doing with this transaction.
Combining these two companies: accelerate growth for Xerox, allows us to continue to throw off a huge amount of free cash, it allows us to grow our newly base business. It’s a great acquisition.

今回の決算はコスト削減によって、今後も引き続き堅調な経営が見込めることを示した。
技術の向上や顧客基盤の強化も積極的に進めており、われわれは今の経済環境下で力強い地位を確立している。
今回のＡＣＳの買収によって、ゼロックスは生まれ変わろうとしている。われわれは世界的なドキュメント技術の会社であり、卓越した技術力で他社との違いを明確にしている。今回買収するＡＣＳは、情報処理を請け負う世界一の会社だ。
われわれの狙いはこうしたＢＰＯと呼ばれる分野にまで事業を広げることだ。それによってゼロックスの成長は加速されるだろう合併には大変期待している。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1304055064&play=1

One of the great things that this Wyeth transaction has done for our shareholders is create far more diversified company. We are in great position now leading primary care company, leading special care company. Assets around the world to help patients in everything.
Well, we announced the deal in January that we are going to be eliminating 15% of the position of the combined company. Now this is obviously very tough thing that we have to do. I will say, certain part of the business we are adding positions. In some of the market that are growing like China and emerging market we are adding positions, another parts of the company we are reducing positions. That’s a fact of life today. Very difficult decision that we have to do. To do the right thing for shareholders and to ultimately growing our business.

Interviewer：But recently Pfizer had three drug development disappointments in a row in oncology field. Are you just having unlucky stream or is this emblematic of some serious issues with you?
First of all, we have robust Alzheimer in vaccine but we have quite a few other late stage compounding. Alzheimer inflammation pain, Rheumatoid Arthritis… we have a very robust pipeline across the whole health therapeutic care. And that’s been improved by the combination of Wyeth. We have had some set back in oncology but oncology are very tough field. We have dozens of projects and we have very robust pipeline in oncology and we expect to be a very very strong oncology company over time. But this is the nature of science. We conduct experiment. Some work, some don’t work. We like to have what we have in oncology across over of this pipeline area.

ワイスとの合併によって株主に、より多角的な事業展開を示すことができた。われわれは医薬品業界をリードする存在であり、さまざまな分野で世界中の患者を支えている。1月に合併を発表した時点で、両社合わせて15％の人員削減を提示したがこれは苦渋の決断だった。しかし人員を減らす部門がある一方で、中国や新興国のように成長が期待できる地域では、逆に人員を増やしている。
われわれは株主と会社の成長のため、難しい決断を下さなければならなかった。

Interviewer：最近は３つのがん治療薬の開発に失敗していますが、それについてはどのように考えていますか？
われわれは医薬品開発において、さまざまなプロジェクトを進めている。例えばアルツハイマー向けのワクチンやリウマチ用の医薬品の開発などだ。
治療薬の開発は多岐に渡っており、ワイスとの合併でより強化されるだろう。がんの治療薬開発は非常に難しい分野だが、最終的な成功を目指している。実験を繰り返すことによって、がんの分野でも地位を確立していきたい。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1301715347&play=1

I think the most important thing is it looked like we’ve dodged a bullet. The recession looks like it’s over, a sustained recovery is getting into place but nonetheless, there are still a lot of problems in the financial sector that are going to take a long time to work out.

And the issue really is, how much slack is there going to be in the economy going down the road and if there still a lot of slack, there’s no reason to raise rates. In fact, it would be a big mistake. We’ve actually seen this kind of mistake that has been made in Japan. They were so anxious to normalize and get rates positive that they raised them in early 2000 and it was a huge mistake and actually led to continuing deflation in Japan. The FED is not going to make that kind of mistake.

われわれは弾丸をうまくかわすことができたようだ。景気後退は終わり景気は回復基調にあるように見える。しかし金融セクターは依然多くの問題を抱えており問題の解決には時間がかかるだろう。それに懸念されるのは、今後経済の停滞がどれだけ続くかだ。

景気の停滞が続く間は利上げを行うのは間違いだ。ゼロ金利政策を実施していた日本は、金利水準の正常化を急いで2000年初めに利上げを行った結果、デフレの長期化を招いた。ＦＲＢは同じ間違いを犯してはならない。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1295005374&play=1

Our projection right now is that bank failures will continue at a good clip throughout 2010. We’re prepared for it, ready for it. Initially we were working through loans and high risk investments we should not have made. Now we’re deal with more traditional credits distress, loans that good when they were made and going bad now because of economic conditions. The rate of healing the economy will drive the rate of the healing of the banking sector.

A lot of distress the industry faces is about the economy, which is beyond our control. Based on our current projections, I think we continue to rely on industry funded reserves and resources to get through this. I think this has always been who the FDIC is. We are industry funded, deposit insurance a benefit the industry has paid for and should pay for. I think they take pride in paying for it. Everyone has bailout fatigue. We want to avoid that. Never say never. Based on projections I think we can contribute to rely on the industry to fund the FDIC.

Interviewer：I guess the prepayment, he didn’t like aspects of that, three years booking it as an asset when they haven’t really done it. Is it possible you’d go less than three years or is that the way to do it?
I think we need the three year prepayment. We want to make sure we have enough of a cushion for liquidity needs. We need cash. Our cash position is strong right now. Next year it could go negative. Obviously we have lots of authority to borrow from treasury. We want to avoid it.

So I do think we need to bolster capital reserves increase restraints on leverage, not just on commercial banks but on financial institutions across the board. But we need to be very careful in how we do that. It needs to be a gradual process because if we spike up capital levels too much now, it could impair banks ability to lend and we need them to lend into the economy right now.

銀行の破綻が来年まで続く覚悟はできている。当初は高リスク商品の処理に対応していたが、今は信用不安による融資の焦げ付きまで、問題は広がっている。銀行セクターの回復は、景気が回復して初めて達成されるといえる。

銀行の抱える問題は経済状況次第の面があり、それをコントロールすることはできない。ＦＤＩＣは加盟する金融機関からの、預金保険料で成り立っている。今後も預金保険料を財源に経営を続けていくつもりだ。救済措置を受けることは避けたいし、今後も預金保険料で財源はまかなえると思う。

Interviewer：加盟金融機関による預金保険料の前払いを、３年以下にすることは可能ですか？
保険料の前払いは３年分必要だ。十分な流動性の確保のためにも資金が必要だ。今は十分な資金があるが来年は分からない。財務省から借りることは避けたい。

金融機関のレバレッジを抑制するためにも、自己資本の増強が必要だが、貸し渋りを防ぐため段階的に行うべきだ。いまの経済には金融機関の貸し出しが欠かせない。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1293908960&play=1

So clearly it’s improving. I think one of the reasons people are feeling good is that the capital market’s open again. A year ago at this time, it was difficult to raise money, raise equity money or bond money, so people feel better. They know the world’s not going to collapse, but the real growth is overseas in the emerging markets and here in the US, we’re making progress. But it’s very slow.
If you go back to March, end of February, the low point on the Dow, S&P, I think that was just an overreaction. That was panic. People were blowing securities out, there’s been some talk, we’re going to that level, I don’t believe it. Will there be a sell-off? Sure. I think when we get there this year from now, we’re going to be a stronger economy.
Wall Street clearly has not done everything right, but we are representing our shareholders, making money for them. To be honest with you, it’s an easy target. Not to be defensive because over the last two years, I’ve taken a no bonus and what I have been paid I have taken in all equity, I’ve never taken cash. But enough’s enough. We are hiring people. We are doing our part.

After what we’ve gone though in the last year, regulation wants to fix the most recent problem and mess. What should that regulation look like?
Number one, I think we have too many different regulators. There needs to be a pulling together or consolidation.

You want one single regulator?
Not one single regulator. I do want a systemic risk manager on a global basis. We need that. But clearly need the SEC, the FID and the FTC and others. But there needs to be a way to consolidate some of these and put more resources into a stronger regulatory arm.

1年前は資金を集めることが困難だったが、今は資本市場は復活しており景気の回復は明らかだ。経済の成長は新興国がけん引しているが、米国経済も緩やかに回復してきている。
2月から3月に株式相場が安値をつけたことは、パニックに過ぎず再びその水準に戻ることはないだろう。目先の株価が急落するのは確かだと思うが、それを今年乗り越えれば経済は力強くなるだろう。
金融機関の幹部が多額の報酬を受け取ったことは、正しいことだとは思わないがわれわれは株主のために働き利益を追求しているのだ。この2年間の私のボーナスは全て株式で現金は一切ない。しかしそれで十分だと思っている。われわれは雇用を増やすなどやるべきことはやっている。

Interviewer：去年から金融当局は多くの問題に取り組んでいます監督機関についてどうあるべきだと思いますか？
監督機関の数が多すぎることは問題だ。集約させる必要があるだろう。まずは市場リスクを監視する国際的な機関が必要だ。証券取引委などの監督機関は必要だが、いくつかにまとめることで、より強固な監督機関にするべきだ。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1296282472&play=1

This movie is about legalization of greed. And we call it “capitalism” these days. That’s a system that encourages people to make as much money as they can, any way they can, and never asked some basic questions, “is this good for the people?”, “ is this good for the country?”. The moral issue of this never gets talked about, because of course capitalism isn’t has to be any moral but has to be just about making money. And we are the point now where working people in this country has suffered enough. There is a boiling anger out there in the country.

I am so worried about capitalism vs. socialism debate. We are taking 16th century economic idea and debating whether 19th century economic idea. We are in 21st century. We’ve got to be smart enough to develop our own economic order. The problem here is we’ve lost our compass. We don’t have democratic value attached to our economy. Capitalism actually guarantees that the wealthiest 1%, these are the statistics right now, the wealthiest 1% have more financial wealth than the bottom 95% combined. This simply is no longer democracy when you are allowing the richest 1% to call all the shots. There should be a very strong safety net so that no one does fall between the cracks”

今回の映画は「合法的な強欲」ともいえる資本主義について語っている。資本主義とは方法を問わずに、人々にお金を稼がせるシステムであり、それが国民や国家にとって良いことなのかモラルについては話し合われてこなかった。資本主義によって人々は十分に苦しんできたし、米国民の怒りは頂点に達している資本主義か社会主義かの論争は１６世紀の経済論を１９世紀にぶつけるようなものだ。今はもう２１世紀なのだから、新しい経済体制を確立しなければならない。

われわれが方向性を失っているのが問題だ、今の経済には民主主義の価値観が反映されていない。１％の富裕層の金融資産がその他９５％の合計を上回る。これが資本主義の現実というものだ。１％が経済を牛耳る状況はもはや民主主義ではない。すべての国民が経済的に守られる強力な安全策が必要だ

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1278601326&play=1

Well, I would like to see the framework where we close the glaring gaps. We have few glaring gaps. First, we need a systemic risk regulator. Second, we need some sort of registration of hedge funds. And third of all, we need good back off of clearing for financial derivatives. Those are probably the three most important things that we need and we need them by legislation.

Well, in terms of hedge funds and financial derivatives, congress made a decision several times not to regulate them. So those are clearly gaps. Those are products, financial institutions grew very fast and we had no idea exactly what was happening. So that’s really not appropriate criticism. In terms of systemic risk regulation, there’s a lot of push back on FED having a very large role in all the systemically risky institutions. And I agree with that push back. FED should be the monitor but it shouldn’t try to be the regulator of all systemically risky institutions.

I think it is a mistake to make the FRB the primary regulator of systemically risky institutions. We can’t identify all of them in advance and FED will be overwhelmed. We tried to regulate so many different institutions. FED should figure out and monitor what problems are and then they should work with existing functional regulators to cure that problem. That’s much more sensible approach. And that does not involve giving FED so much power that Congress wouldn’t let it happen.

金融市場のギャップを埋めるために、3つの枠組み規制が必要であり、それは市場リスクの規制作りとヘッジファンドの登録制の強化。デリバティブ清算のための枠組み作りだ。議会はヘッジファンドとデリバティブ商品について、規制を実施しないと決めた。これを受けて金融機関は、早期に立ち直ったが、問題の根源は残されたままだ。

市場リスクの規制についてだが、ＦＲＢの権限強化には異論も多い。ＦＲＢは監督機関であるべきだが、リスクの規制は受け持つべきでない。ＦＲＢが金融機関の規制役として、最も影響力を持つことは間違っている。金融機関の状態を事前に判断することは難しく、ＦＲＢは多くの金融機関を取り締まざるを得なかった。

しかしＦＲＢは問題を見極めたうえで、他の監督機関と協力して問題を解決するべきだ。そうすれば議会が認める以上にＦＲＢが権力を持つことはないだろう。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1280953579&play=1

Instant coffee is 20 billion dollar category. That is a hard fact. However, because it hasn’t had any innovation to speak up over 50 years, we have a huge opportunity to build market share.

The proof of everything has to be in the cup. We’ve been testing it. It exceeded expectation. We are launching in our own stores today. You mentioned the other stores; we think we have huge opportunity. And I think it does show innovation of our company and doing thing that people don’t expect. This is not a desperate move like some people are saying. This is a strong courageous move and creating a market opportunity within our core business.

Well, I was in China last week as we discussed, we have less than 700 stores in Greater China. It’s a market that we see double digit GDP for quite a while. We gonna have thousands of stores there. But we have less than 6,000 stores in total internationally. So I think our best day is ahead of us in terms of growing the market internationally. But I think people will gonna be surprise. We gonna start growing our company again in the US.

Starbucks has less than 10% share of the US coffee market. Less than 1% share of international market so there’s a large opportunity. The more money those are spent by our competitors in advertising and create awareness around the category, the better it is for us and we saw that in Q3. So we are not gonna allow our competitors to define Starbucks. We gonna define our market ourselves. We think we are in control of our own destiny.

I think the worst is over. I think consumer confidence, despite the number, we are much better than a year ago. Personally I think we gonna have a better holiday season than most people think. And I’m cautiously optimistic about 2010.

インスタントコーヒーは200億ドル規模の売り上げが、見込める分野だが50年間大きな変化がなかった。試作品の評判は予想以上だった。きょう当社の店舗で販売し、今後他店にも進出するつもりだ。インスタントコーヒーへの進出は、スターバックスの変革の動きを示したものだ。われわれは決して自暴自棄になっているのではない。事業の範囲内で新しい分野に果敢に挑むつもりだ。

２ケタ成長を維持している中国を訪れた。中国でスターバックスは700店展開している。現在海外に6000店ほど進出しているが、中国は将来的に何千店舗かに増やす予定だ。海外市場は今後ますますの成長が見込まれる。一方で米国市場にも再び力を入れていくつもりだ。

スターバックスの市場占有率は米国では10％以下。海外では1％以下でまだ市場開拓の余地がある。競合相手は宣伝に多くの費用を費やしたが、コーヒーが注目されるほどわれわれに有利に働く。競合相手がスターバックスを位置づけるのではなく、われわれが自らの地位を決めるのだ。

消費者心理は改善しているし最悪期は過ぎただろう。年末商戦は期待できるし来年の景気も楽観視している。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1279874269&play=1

People believe the worst is over. There are some signs of recovery. The house markets just coming back a little bit now. But I think people are still very uncertain. It’s been such shocked to the system. It will take time for people to recover confidence completely and I think the question is how we make sure that industry recovery. It doesn’t just kind of tick up a little bit but we start to see their economy really move and to make difference on job market and on living standards.
The difficulty with the recovery is the fact that you are not any longer falling off the edge of the cliff, you know, which is great, but it’s not as same as getting back to the high ground that you used to be on.
It’s been such a huge crisis. Very naturally you need different regulatory system to the financial sector and so on. But it’s important to realize that it won’t create growth in jobs. We need private sector to be out there. Willing, able, creative and prepare to invest.

英国経済の最悪期は過ぎたと見られている住宅市場の改善など景気回復の兆候もある。しかし不安心理は残ったままだ。金融システム崩壊の影響は大きかったため、消費者心理の改善には時間がかかるし、問題は企業活動が回復したかどうかだ。
本格的に景気が回復するには労働市場や生活水準も改善がする必要がある。つまり絶壁からの転落を食い止めることができてもかつての高い地点には戻れていないということだ。金融危機を受けて、金融業界に対する規制を見直すことは自然な流れだ。しかしそれだけでは雇用の創出にはつながらない。民間部門が投資に積極的になることが不可欠だ。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1274375877&play=1

I think we are at the fragile recovery. I think that’s the best way to put it. We are certainly seeing the beginning of some growth in Canada. But I wouldn’t underestimate in Canada and United States globally, how much this growth really is due to stimulus measures, monetary and fiscal measures. We haven’t seen real rebound in private investment that will sustain the recovery globally. So we are very cautious. We are continuing implement our stimulus program.

In the long term, I think the demand for fossil fuel really out stripping low cost supply. So I think, to the extent Canada as strong energy producing country, those commodity will continue to be strong demand and obviously will help our economy.

The fundamental of Canadian economy is sound but obviously we are dependent hugely on export market to the United States.

I don’t think American consumer will ever be as strong as here she was in the past. In fact, I agree with president Obama that we cannot hinge future world growth simply on over extended American consumer. That is not a wise strategy and that is certainly not the strategy of the government of Canada. We have had relatively good, relatively stable consumer situation in our country and we are trying to diversify our export market as well.
Canada has been trying for decades to get some kinds of trade or economic partnership with European Union. We are finally in discussion with them. So obviously for us, that’s very important initiatives after free trade agreement with United States.

今の景気回復はまだ不安定な状態だ。カナダ経済は成長の兆しが見え始めたが、カナダを含め世界の経済成長は景気刺激策や金融政策によるものが大きい。
景気回復を下支えする民間投資も本格化していない。カナダとしては慎重に刺激策を続けていく。

長期的にも化石燃料の需要は、コストの低い燃料の需要を上回るだろう。

商品に対する強い需要が維持されれば、エネルギー産出国カナダの経済を支えることになる。カナダ経済は底堅いが明らかに米国への輸出に頼りすぎている。米国の消費がかつての勢いを取り戻すことはないだろう。オバマ大統領も指摘したように、今後の世界経済のカギを握るのは米国の消費者ではない。米国の消費に依存する戦略は成り立たない。

その一方でカナダの消費は安定しているし、輸出に関しては市場の分散を進めるつもりだ。カナダはこの10年にわたってＥＵと貿易面や経済面での提携に力を注いできた。今ではその具体化の段階に入っていて、成功すれば米国との自由貿易協定の次に重要だ。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1273616301&play=1

Well, I’m always concern when the Real currency overvalued, because this facilitates our imports and makes it difficult our exports. We are proposing that trade exchanges should be done with our domestic currencies, without need to buy dollar. We want to raise this debate already with a certainty that we have successful experiment which was between Brazil and Argentina.

Well, I don’t want a weak dollar. I don’t want a strong Real, the Brazilian currency. I want balance between the different currencies.
We are convinced and the results already showing up that commodity will be valued. And I believe world need more and more food. And I believe Brazil has extraordinary possibility because we are one of the top counties who have largest amble land in the world.

Well, we still have a lot to do with Brazil. But I believe Brazil is now experiencing magical moment in economy. And we are very optimistic for the 2010. I believe Brazilian economy can grow about 5% for the next year 2010. We are developing strong policy of income transfer to the poor.

ブラジル通貨レアルへの過大評価は懸念材料だ。輸入には有利な一方で輸出には不利になる。それよりわれわれはドルを介さずに貿易を自国通貨で行うことを提唱している。すでにブラジルとアルゼンチンの間では、この試みは成功している。

為替に関して弱いドルや強いレアルは望まない。通貨間のバランスを保つことが大切だ。商品市況は今後も堅調な動きをみせるだろうし、食料品への需要はさらに増え続けるだろう。

世界屈指の広大な農業用地を持つブラジルは、今後の成長の可能性が極めて高いと確信している。ブラジルが直面している課題は多いが経済の状態は極めて良好といっていい。来年は５％程度の成長を見込んでいる。貧困層への支援策にも取り組んでいるところだ。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1275146125&play=1

It’s almost Armageddon if the Japanese and Chinese don’t buy our debt. I don’t know where we could get the money. I think we’ve let ourselves get in a terrible situation and I think we ought to try and get out of it.

I really do think the recession is at least temporarily over. But we haven’t addressed so many of our problems and we are borrowing so much money that we can’t possibly pay it back, unless Chinese and Japanese buy our bonds.

If the Chinese and Japanese stop buying our bonds, we could easily see (inflation) go to 15 to 20.

It’s not a question of the economy. It’s a question of who will lend us the money if they don’t. Imagine us getting ourselves in a situation where we’re totally dependent on those two countries. It’s crazy.

日本や中国が米国債を購入しなければ、米国は壊滅的状況に陥るだろう。米国は自らを深刻な状況に追い込んだ。その現状から抜け出さなければならない。

景気後退局面は一時的に乗り越えたが、多くの課題は残されたままだ。米国の借り入れはあまりにも膨大だ。中国と日本による米国債の購入なしに、借り入れを返済することは到底できないだろう。

中国と日本が米国債の購入をやめれば、インフレ率は簡単に15％～20％まで上昇するだろう。

問題は経済にあるのではなく、他にどの国が資金を貸し出してくれるかだ。米国が中国と日本に完全に依存する状況となれば、異常な事態と言えるだろう。

VIDEO（英語）：http://www.cnbc.com/id/15840232?video=1275018333&play=1