Potopená záchrana

CAMBRIDGE – Utrácet kvapně, kát se zvolna.Američtí politici, kteří mají hlavy plné obav z opakování velké hospodářské krize ve stylu 30. let, přijali prakticky přes noc záchranný plán ve výši 700 miliard dolarů, jenž měl resuscitovat rychle splaskávající finanční sektor v zemi. Řadoví poslanci americké Sněmovny reprezentantů ho však ke všeobecnému úžasu odmítli – alespoň prozatím. Možná měli na skepticismus právo.

Stěžejní pýchou plánu je předpoklad, že duchaplná vláda dokáže rozplést trh se špatnými hypotečními úvěry v řádu bilionů dolarů, přestože i největší rozumbradové z Wall Streetu v této snaze naprosto pohořeli. Navíc se nám tvrdilo, že vláda je natolik chytrá, že by dokonce mohla na celé záležitosti vydělat. Možné to je, ale nezapomínejme, že totéž si až do velmi nedávné doby myslela spousta nadmíru chytrých lidí ve finančním sektoru.

Před pouhým rokem měly Spojené státy pět velkých nezávislých investičních bank, které stály na vrcholu jejich mohutného finančního sektoru. Jejich zaměstnanci si v loňském roce rozdělili na prémiích více než 36 miliard dolarů, a to díky obrovským ziskům, které tyto instituce „vytvořily“ díky riskantním a agresivním podnikatelským strategiím. Tyto strategie v obvyklém případě obnášejí mnohem větší riziko – a rafinovanost – než aktivity tradičních komerčních bank.

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