Como pode ter falido o mercado financeiro? Qual a extensão saudável do intervencionismo estatal na salvação dos privadados? Quais as consequências para o mercado da intervenção do Governo na banca? Novas leis de regulação serão o bastante para travar novas crises? Serão mesmo estas crises financeiras cíclicas e inerantes ao mercado capitalista? Como vão sair os EUA desta crise?
As respostas – ou tentativas de resposta – estão todas num brilhante artigo da Economist, Fixing Finance. A teoria é que as crises são naturais (a tradução literal seria endémicas) aos mercados livres e que demasiada regulação poderá ferir mais do que ajudar.
“Finance is a brain for matching labour to capital, for allowing savers and borrowers to defer consumption or bring it forward, for enabling people to share, and trade, risks. The smarter the system is, the better it will do that. A poorly functioning system will back wasteful schemes and shun worthy ones, trap people in the present, heap risk on them and slow economic growth. This puts finance in a dilemma. A sophisticated and innovative financial system is susceptible to destructive booms; but a simple, tightly regulated one will condemn an economy to grow slowly.
The tempting answer is to try to wriggle free from the dilemma with a compromise that would permit innovation but exert just enough control to squeeze out financial failure. It is a nice idea; but it is a fantasy. The experience of the past year is an object lesson in the limited power of regulators.
Just look at their mistakes. Before the crisis, hedge funds were regarded with suspicion as vulnerable and irresponsible. But, with a few notable exceptions, they have weathered the storm less as culprits than as victims. Instead, the system’s own safety features turned out to be its weakest points. The copper bottom fell out of AAA bonds when housing markets failed to do what the rating agencies had expected. Banks avoided rules requiring them to put aside capital, by warehousing vast sums off-balance sheet with disastrous results.” Ler mais aqui.