Jamie Dimon Jamie Dimon/Fang Zhe/ZumaPress

仍然太大而不能倒

华盛顿—全球金融危机爆发已近七年,美国多德-弗兰克(Dodd Frank)金融改革立法通过也已五年多,但危机的根源——存在“太大而不能倒”的银行——仍然没有解决。只要这一根源不除,另一场灾难的发生就只是时间问题。

 “太大而不能倒”一词可以追溯到几十年前,但在2008年9月雷曼兄弟(Lehman Brothers)倒闭后才突然大热。随着问题在金融系统中蔓延开来,美国当局决定一些银行和其他金融公司相对于经济而言规模太大,具有“系统重要性”,不容破产。雷曼兄弟破产了,但AIG、高盛、摩根士丹利、花旗集团、美国银行和其他公司通过各种形式的大规模——前所未有的大规模政府支持得到了拯救。

当时,官方的口径是“下不为例”,从政治和经济角度,这是有意义的。这些金融大企业获得了非金融企业部门一般难以获得的大规模援助——那些发现资产(房子)价值已经低于负债(按揭)价值的家庭则完全不可能获得这样的援助。

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