Jamie Dimon Jamie Dimon/Fang Zhe/ZumaPress

Ancora troppo grandi per fallire

WASHINGTON, DC – Quasi sette anni dopo lo scoppio della crisi finanziaria globale e più di cinque anni dopo il passaggio della riforma Dodd-Frank negli Stati Uniti, la causa della crisi - l'esistenza di banche che sono "troppo grandi per fallire" - deve ancora essere sradicata. Finché esiste un caso simile, un altro disastro è solo questione di tempo.

L’espressione "troppo grandi per fallire" risale a diversi decenni fa, ma è entrata a far parte dell’uso comune in seguito al crollo di Lehman Brothers nel settembre 2008. Mentre i problemi si diffondevano in tutto il sistema finanziario, le autorità statunitensi avevano deciso che alcune banche e altre società finanziarie erano così grandi rispetto all'economia che erano "sistematicamente importanti" e non potevano andare in bancarotta. Lehman è fallita, ma Aig, Goldman Sachs, Morgan Stanley, Citigroup, Bank of America e altre sono state tutte salvate attraverso varie forme di massiccio - e senza precedenti - sostegno del governo.

La linea ufficiale del momento era "mai più", il che aveva senso in termini politici ed economici. A queste grandi società finanziarie è stata fornita un’assistenza che non era solitamente a disposizione del settore corporate non finanziario - e certamente non a disposizione delle famiglie che hanno scoperto che il valore del loro patrimonio (le loro case) era inferiore al valore delle loro passività (i loro mutui).

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