Waren es die Banker?

NEW DELHI – Wenige Bereiche wirtschaftlicher Tätigkeit in den USA sind stärker politisch aufgeladen als die Finanzierung von Wohnungseigentum. Trotzdem hat die linke Intelligenzia große Anstrengungen unternommen, um Regulierungsbehörden, staatliche Darlehensmandate und Einrichtungen wie Fannie Mae und Freddie Mac von jeder Verantwortung für den Eigenheimboom und die sich daran anschließende Krise freizusprechen.

Die Motivation hierfür ist klar: Machte man diese Behördenvertreter, Institutionen und politischen Strategien verantwortlich, würde sich die Reformagenda zwangsläufig von der Regulierung gieriger Banker und ihrer Boni auf breiter angelegte Fragen verlagern. Könnten die staatlichen Vorgaben zum Fehlverhalten der privaten Akteure beigetragen haben? Kann man den Regulierern vertrauen, dass sie angemessene Kompromisse zwischen der Finanzstabilität und Mandaten mit breiter politischer Unterstützung schließen? Können Notenbanker überhaupt wirklich unabhängig sein? Kurz gesagt: Die widerspruchslose Akzeptanz einer größeren Rolle des Staates bei der Zähmung der Märkte würde der Frage Platz machen, ob diese Rolle nicht manchmal Teil des Problems ist.

Die Linke hatte es bisher einfach, die Debatte zu dominieren, u.a. weil der Versuch rechter Intellektueller, der Regierung die uneingeschränkte Schuld für die Krise zuzuschieben, völlig unplausibel ist. Es ist weitaus berechtigter und richtiger, zu argumentieren, dass alle – Banker, Haushalte, Regulierer und Politiker – zum Boom beigetragen haben (und sich diesen haben zuschreiben lassen), solange alles gut ging, nur um dann mit dem Finger auf die jeweils anderen zu zeigen, als der Zusammenbruch kam.

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