Jamie Dimon Jamie Dimon/Fang Zhe/ZumaPress

لا تزال أكبر من أن يُسمَح لها بالفشل

واشنطن، العاصمة ــ بعد مرور ما يقرب من سبع سنوات منذ اندلعت الأزمة المالية العالمية، وأكثر من خمس سنوات بعد إقرار تشريع دود-فرانك للإصلاح المالي في الولايات المتحدة، لا يزال سبب الأزمة ــ وجود البنوك التي يطلق عليها وصف "أكبر من أن يُسمَح لها بالفشل" ــ قائماً حتى الآن. وطالما بقيت هذه الحال فإن وقوع كارثة أخرى ليس سوى مسألة وقت.

يرجع مصطلح "أكبر من أن يُسمَح لها بالفشل" إلى عِدة عقود في الماضي، ولكنه دخل إلى الاستخدام على نطاق واسع في أعقاب انهيار ليمان براذرز في سبتمبر/أيلول 2008. ومع انتشار المشاكل إلى مختلف أركان النظام المالي، قررت السلطات في الولايات المتحدة أن بعض البنوك وغيرها من الشركات المالية كانت كبيرة للغاية نسبة إلى الاقتصاد حتى أنها أصبحت "ذات أهمية جهازية" ولا يمكن السماح لها بالإفلاس. وقد أفلست شركة ليمان براذرز، ولكن المجموعة الدولية الأميركية (AIG)، وجولدمان ساكس، ومورجان ستانلي، وسيتي جروب، وبنك أوف أميركا، وغيرها من البنوك والشركات المالية أنقِذَت جميعها بالاستعانة بأشكال عديدة من الدعم الحكومي الهائل ــ وغير المسبوق.

وكان الخط الرسمي في ذلك الوقت هو أن ذلك "لن يتكرر مرة أخرى أبدا"، وهو الخط الذي كان منطقياً من الناحيتين السياسية والاقتصادية. فقد حصلت الشركات المالية الضخمة على نطاق من المساعدات لم يكن في عموم الأمر متاحاً لقطاع الشركات غير المالية ــ ومن المؤكد أنه لم يكن متاحاً للأسر التي وجدت أن قيمة أصولها (مساكنها) أصبحت أقل من قيمة التزاماتها (الرهن العقاري).

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