为什么大银行成了危机赢家

佛罗伦萨 —— 我们都认识历次银行大危机的一个产物:痛苦而长期的经济干扰;但它们的另一些产物却出人意料。危机当头,人们都会总结出若干教训,但危机后的世界如何演变,跟这些教训往往没啥关系。谁是危机的罪魁祸首,回答这个问题似乎再容易不过,但不论谁受到谴责,这种谴责都不会影响到最终出现的金融新格局。

肇始于 2007 年美国次贷危机的这一轮金融海啸,起源地是美国一些“大到倒不得”的银行。危机伊始,不少观察家便由此断定,它标志着美国式金融资本主义的终结。然而,如今看来,美国的银行反倒不是危机的最大受害者,其中颇有一些 —— 包括几家出了名的问题银行 —— 居然在危机中坐大,成了长时段上的赢家。用大把纳税人的钱输了血以后,美式资本主义卷土重来。

为什么危机的教训明明摆在那里,人们偏偏不吸取?根源在于金融活动的一个奇怪特性。银行业固然是个存在竞争的行业,但这个行业的竞争,从来都是不充分的。

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