Poniendo fin a la carrera de armas financieras

CAMBRIDGE – La gente suele preguntar si los reguladores y los legisladores han corregido los defectos del sistema financiero que llevaron al mundo al borde de una segunda Gran Depresión. La respuesta rápida es no.

Efectivamente, las posibilidades de que se repita en lo inmediato la aguda crisis financiera de 2008 son muchas menos por el hecho de que la mayoría de los inversores, reguladores, consumidores y hasta políticos recordarán durante bastante tiempo su experiencia financiera casi mortal. Como resultado, puede pasar un tiempo antes de que la imprudencia vuelva a correr a toda velocidad.

Sin embargo, a no ser por eso, poco es lo que cambió de manera fundamental. La legislación y la regulación generadas luego de la crisis esencialmente sirvieron como un parche para preservar el status quo. Los políticos y los reguladores no tienen ni la valentía política ni la convicción intelectual necesarias para regresar a un sistema mucho más claro y mucho más sencillo.

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