Os Banqueiros Foram os Culpados?

NOVA DELHI – Poucas áreas da actividade económica nos Estados Unidos são mais politizadas que o financiamento à aquisição de habitação própria. E no entanto a esquerda intelectual não tem poupado esforços para absolver os reguladores, os programas governamentais de apoio ao crédito, e agências como o Fannie Mae e o Freddie Mac de qualquer responsabilidade pela bolha imobiliária e pela crise subsequente.

O raciocínio é simples: se estes funcionários, instituições e políticas fossem responsabilizados, a agenda reformista deveria transitar necessariamente da questão da regulação sobre banqueiros gananciosos e os bónus que auferem para perguntas mais genéricas. Poderão as iniciativas governamentais contribuir para o mau comportamento dos agentes privados? Poderemos confiar que os reguladores estabeleçam compromissos apropriados entre estabilidade financeira e iniciativas que gozem de apoio político alargado? Na verdade, poderão os banqueiros centrais ser verdadeiramente independentes? Não questionar a aceitação de um maior papel governamental na domesticação dos mercados daria, em suma, azo a perguntar se esse papel não poderá por vezes ser parte do problema.

A esquerda tem tido uma tarefa facilitada no que diz respeito ao domínio do debate, em parte porque a tentativa da direita intelectual de colocar toda a culpa da crise no governo é completamente implausível. É muito mais defensável e correcto argumentar que todos – banqueiros, famílias, reguladores, e políticos – contribuíram para (e aproveitaram-se de) a bolha enquanto durou, apenas para se acusarem uns aos outros quando rebentou.

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