Indulgencia para Greenspan

BERKELEY – En los círculos que frecuento hay un consenso casi universal de que las autoridades monetarias estadounidenses cometieron tres errores graves que contribuyeron a la crisis financiera y la exacerbaron. Este consenso casi siempre se matiza con declaraciones de que los Estados Unidos han recibido buenos servicios de sus presidentes de la Reserva Federal desde al menos el mandato de Paul Volcker, y de que aquéllos que nunca hemos estado en sus zapatos sabemos que habríamos cometido errores peores. No obstante hay consenso en que los encargados de diseñar las políticas estadounidenses se equivocaron cuando:

• tomaron la decisión de renunciar a  la regulación basada en principios y permitieron que el sector bancario paralelo creciera con respecto a su apalancamiento y sus planes de compensaciones, creyendo que el hecho de que el gobierno garantizara el sistema bancario comercial era suficiente para no tener problemas;

• la Reserva Federal y la Tesorería decidieron, después de que se presentaron los problemas, nacionalizar AIG y pagar sus cuentas en lugar de apoyar a sus contrapartes, lo que permitió que los financieros fingieran que sus estrategias eran fundamentalmente sólidas;

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