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A Failure of Capitalism: The Crisis of '08 and the Descent into Depression_6

Cuốn sách mô tả này khó chịu là Richard Posner A thất bại của chủ nghĩa tư bản. Phân biệt của trường hợp của ông là ông là một nhà tư tưởng bảo thủ nổi bật với sắc sảo về trí tuệ đối với lập luận rằng cuộc khủng hoảng không phải là để làm với kẻ thù truyền thống bảo thủ, chính phủ lớn, nhưng là một hệ quả của quyết định được thực hiện bởi các công ty tư nhân. Những tác động xấu của các quyết định đó đã trở nên tồi tệ hơn bằng cách bãi. | Why a Depression Was Not Anticipated The fall of LTCM illustrated how risky trading could endanger the entire financial system. Yet because the danger was quickly contained and certain controls on trading in derivatives were instituted voluntarily such as requiring collateral the possibility of a repetition perhaps on a larger scale not so easy to contain was ignored. The senior economic officials of the Clinton Administration rejected a proposal by the chairwoman of the Commodity Futures Trading Commission Brooksley Born to bring the new derivatives under regulation as some older types of derivative such as futures contracts already were. Lawrence Summers then Deputy Secretary of the Treasury told Congress that the parties to these kinds of contract are largely sophisticated financial institutions that would appear to be eminently capable of protecting themselves from fraud and counterparty insolvencies my emphasis . That turned out not to be true. The collapse of LTCM is illuminating in another way. Within a matter of months an apparently stable financial network consisting of LTCM and the firms all around the world with which it had contractual relations received a jolt that nearly destroyed it. That should not have been a complete 127 A Failure of Capitalism surprise because an interrelated system of financial intermediaries is inherently unstable. Any firm that borrows short term and lends long term is at risk of a run and the run and the resulting collapse of the firm may have a domino effect on the lenders to it and the borrowers from it and the financial companies with which they are entwined. If A borrows from B and lends to c and c defaults B fearing the effect on A of c s default may call its loan which may cause A to default on its other debts imperiling those creditors in turn. It might seem that to avoid such risks banks would borrow long term rather than short term. But then they would make less profit on loans. Short-term interest rates are almost .