News interesting even if I do not share the spirit of admiration for the American system that is able to judge himself harshly, sin do it too late ..
Barbara
The "Financial Crisis Commission Inquiry" America has released its report on the causes of American and global financial crisis that has rocked the world of finance and 'economy.
The Commission headed by former finance minister of the state of California, Democrat Phil Angelides, was composed of 10 independent economic think tank, of which 4 are designated by the Republican Party. He worked for 18 months with 19 days of public hearings. He heard more than 700 witnesses. Analyzed the behavior of all economic actors, from banks to speculators, the Government rating agencies.
The final verdict is an indictment heavy for everyone, from the Federal Reserve for its failures and its complications. It does not save anyone, not even the men of the Democratic administrations. Obviously there have been solidarity of belonging. This is the strength of American democracy that should teach us some Italian.
The FCIC has played a role similar to that of the Pecora Commission in 1932 was appointed by the U.S. Senate to investigate and explain to the nation the causes of the Great Depression of '29.
"It was a destruction to the very foundations of the financial system," the report said. Has left debris and victims yet to be quantified: more than 26 million Americans are without jobs, 4 million families have lost their homes and 4.5 million others at risk of losing 11 trillion dollars of wealth and values \u200b\u200bhave been erased, also undermining the savings and pensions of millions of citizens.
The question of the Commission was first and foremost: "How it was possible that in 2008 the United States were forcibly placed in front of two alternative hard and painful: the total collapse of finance and economics, or enter trillions of taxpayer dollars to save the system. "
The explosion of the subprime mortgage bubble has certainly been the detonator of the chain reaction of the "nuclear bomb" financial. But the Commission with a wealth of data documenting the systematic distortion in the course of at least thirty years. From 1978 to 2007 the debts of the U.S. financial sector had increased from 3 to 36 trillion dollars. In 1980, the area marked 15% of all the national economic benefits, in 2006 the share had already risen to 27%, while the 10 largest commercial banks controlled 55% of the heritage of American finance.
The paper concludes that the crisis was avoidable. So it was the result of human actions and inactions, and not faulty computing models. To paraphrase Shakespeare, the fault lies not in the stars but in men!
All the signs of crisis were ignored, tragically, from the risks of unsustainable residential mortgages rising property prices, from the predatory practices of unregulated credit derivatives, hedging transactions shortly. It was left to run everything in the name of laissez faire galoppante.
La Commissione denuncia anzitutto il fallimento della Federal Reserve e di Alan Greenspan che era diventato il promotore della deregulation e dell'autoreferenzialità del mercato finanziario. Ricorda che quel mercato tra il 1999 e il 2008 ha messo in campo ben 2,8 miliardi di dollari per finanziare le sue lobby. L'abrogazione del Glass-Steagall Act, voluto nel 1933 dal presidente F.D. Roosevelt per garantire i depositi bancari e per sancire la separazione tra banche commerciali e banche di investimento a tutela del risparmio e contro le speculazioni finanziarie, è stato il primo grave passo imposto dalle lobby.
I meccanismi hanno fallito, quelli dei controlli e delle regole, quelli della corporate governance e della gestione dei rischi, quelli della trasparenza e degli interventi correttivi del governo. Perciò la crisi è stata sistemica. Questo è chiaramente detto dalla Commissione. Del resto lo si vede dall'utilizzo spropositato della leva finanziaria da parte delle grandi banche di investimento. La Bear Stearns, la Goldman Sachs, la Lehman Brothers, la Merrill Lynch e la Morgan Stanley operavano con una leva di 40 a 1, cioè a fronte di 40 dollari di attività (assets) avevano soltanto 1 dollaro di capitale. A ciò si aggiunga la loro dipendenza dai finanziamenti a breve.
Alla fine del 2007, per esempio, la Bear Stearns aveva 11,8 miliardi di dollari in capitale, un'esposizione di 383,6 miliardi e una dipendenza dal mercato credit facility of 70 billion!. The report
Angelides obviously deserves a more thorough study. However, we hope that European governments should take into serious consideration for deciding on new financial rules. The document was ignored or underestimated by many newspapers. Even the sun in 24 hours of Luigi Zingales ends up as a 'useless noise. "
Yet the Commission's findings are telling: "Two years after the intervention of government, the U.S. financial system, in many respects, it is the same as operating on the eve of the crisis. Indeed, today is even more concentrated in the hands of few, large important financial institutions systemic. " Therefore we believe that only a ruthless analysis of the causes and responsibilities of the systemic crisis is a condition for effective reform proposals.
The Commission headed by former finance minister of the state of California, Democrat Phil Angelides, was composed of 10 independent economic think tank, of which 4 are designated by the Republican Party. He worked for 18 months with 19 days of public hearings. He heard more than 700 witnesses. Analyzed the behavior of all economic actors, from banks to speculators, the Government rating agencies.
The final verdict is an indictment heavy for everyone, from the Federal Reserve for its failures and its complications. It does not save anyone, not even the men of the Democratic administrations. Obviously there have been solidarity of belonging. This is the strength of American democracy that should teach us some Italian.
The FCIC has played a role similar to that of the Pecora Commission in 1932 was appointed by the U.S. Senate to investigate and explain to the nation the causes of the Great Depression of '29.
"It was a destruction to the very foundations of the financial system," the report said. Has left debris and victims yet to be quantified: more than 26 million Americans are without jobs, 4 million families have lost their homes and 4.5 million others at risk of losing 11 trillion dollars of wealth and values \u200b\u200bhave been erased, also undermining the savings and pensions of millions of citizens.
The question of the Commission was first and foremost: "How it was possible that in 2008 the United States were forcibly placed in front of two alternative hard and painful: the total collapse of finance and economics, or enter trillions of taxpayer dollars to save the system. "
The explosion of the subprime mortgage bubble has certainly been the detonator of the chain reaction of the "nuclear bomb" financial. But the Commission with a wealth of data documenting the systematic distortion in the course of at least thirty years. From 1978 to 2007 the debts of the U.S. financial sector had increased from 3 to 36 trillion dollars. In 1980, the area marked 15% of all the national economic benefits, in 2006 the share had already risen to 27%, while the 10 largest commercial banks controlled 55% of the heritage of American finance.
The paper concludes that the crisis was avoidable. So it was the result of human actions and inactions, and not faulty computing models. To paraphrase Shakespeare, the fault lies not in the stars but in men!
All the signs of crisis were ignored, tragically, from the risks of unsustainable residential mortgages rising property prices, from the predatory practices of unregulated credit derivatives, hedging transactions shortly. It was left to run everything in the name of laissez faire galoppante.
La Commissione denuncia anzitutto il fallimento della Federal Reserve e di Alan Greenspan che era diventato il promotore della deregulation e dell'autoreferenzialità del mercato finanziario. Ricorda che quel mercato tra il 1999 e il 2008 ha messo in campo ben 2,8 miliardi di dollari per finanziare le sue lobby. L'abrogazione del Glass-Steagall Act, voluto nel 1933 dal presidente F.D. Roosevelt per garantire i depositi bancari e per sancire la separazione tra banche commerciali e banche di investimento a tutela del risparmio e contro le speculazioni finanziarie, è stato il primo grave passo imposto dalle lobby.
I meccanismi hanno fallito, quelli dei controlli e delle regole, quelli della corporate governance e della gestione dei rischi, quelli della trasparenza e degli interventi correttivi del governo. Perciò la crisi è stata sistemica. Questo è chiaramente detto dalla Commissione. Del resto lo si vede dall'utilizzo spropositato della leva finanziaria da parte delle grandi banche di investimento. La Bear Stearns, la Goldman Sachs, la Lehman Brothers, la Merrill Lynch e la Morgan Stanley operavano con una leva di 40 a 1, cioè a fronte di 40 dollari di attività (assets) avevano soltanto 1 dollaro di capitale. A ciò si aggiunga la loro dipendenza dai finanziamenti a breve.
Alla fine del 2007, per esempio, la Bear Stearns aveva 11,8 miliardi di dollari in capitale, un'esposizione di 383,6 miliardi e una dipendenza dal mercato credit facility of 70 billion!. The report
Angelides obviously deserves a more thorough study. However, we hope that European governments should take into serious consideration for deciding on new financial rules. The document was ignored or underestimated by many newspapers. Even the sun in 24 hours of Luigi Zingales ends up as a 'useless noise. "
Yet the Commission's findings are telling: "Two years after the intervention of government, the U.S. financial system, in many respects, it is the same as operating on the eve of the crisis. Indeed, today is even more concentrated in the hands of few, large important financial institutions systemic. " Therefore we believe that only a ruthless analysis of the causes and responsibilities of the systemic crisis is a condition for effective reform proposals.
Mario Lettieri, Paul Raimondi
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