Anatomie krize

BERKELEY – Předpokladem vybřednutí z našeho současného finančního chaosu je pochopení, jak jsme se v něm vůbec ocitli. Podle Johna McCaina a jemu podobných byly základní příčinou chamtivost a korupce na Wall Streetu. Existenci těchto mrzkých motivů sice nikdo nepopírá, avšak já osobně bych přesto trval na tom, že krize má kořeny v klíčových politických rozhodnutích sahajících několik desetiletí zpět.

Ve Spojených státech padla klíčová rozhodnutí dvě. První z nich deregulovalo v 70. letech provize vyplácené burzovním makléřům. Druhé z nich odstraňovalo v 90. letech omezení daná Glass-Steagallovým zákonem o směšování komerčního a investičního bankovnictví. V dobách fixních provizí si mohly investiční banky udělat pohodlné živobytí z knihování akciových obchodů. Deregulace znamenala konkurenci a nižší marže. Zrušení restrikcí Glass-Steagallova zákona pak umožnilo komerčním bankám podnikat nájezdy do dříve tradičních hájemství investičních bank.

V důsledku toho se začaly investiční banky angažovat v nových oborech, jako byl vývoj a distribuce složitých derivátů. Půjčovaly si peníze a nechávaly je pracovat na udržení vlastní ziskovosti. Z toho vyplynuly první příčiny krize: model sekuritizace „originate and distribute“ (distribuce kreditního rizika vzniklého poskytnutím úvěru) a rozsáhlé operace s vypůjčenými penězi.

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