samedi 13 septembre 2008

Excellent article de Barry Ritholtz dans Forbes

Voici le lien.

Dans cet article, il pointe le doigt sur les responsables politiques de la crise actuelle et en premier lieu Alan Greenspan, et tous les fondamentalistes du libéralisme qui ont détruit toute vélléité de régulation.

Voici un extrait :

The current headache begins and ends with ideology, namely that of former Fed Chairman Alan Greenspan--an acolyte of Ayn Rand, a free-market absolutist, a true believer in the evils of regulation. Many of the present headaches point directly back to the decisions made by the Greenspan Fed. Sure, there is plenty of other blame to go around: an unengaged president, a clueless Congress, a hapless FDIC, a compromised OFHEO, and Phil Gramm--but the biggest and most accusatory finger points directly at Easy Al.

A brief bit of history puts this into some context: In the 1960s and '70s, the U.S. had developed a serious regulation problem. Oversight by the government had become excessively time-consuming to comply with, terribly complex and quite costly. When Ronald Reagan became president in 1981, he started a process of eliminating red tape and excess regulation. For the most part, this was a good thing. It made the cost of doing business cheaper and allowed new start-ups to flourish and businesses to grow.

But there are some rules and regulations that serve a valid purpose. These went out along with onerous costly ones. It only took a few generations--or about 75 years--to forget the lessons of the Great Depression. The Glass-Steagall Act was repealed, allowing brokerage firms and banks to once again merge. Free-market deregulation became a misguided rallying cry of ivory-tower neo-con ideologues.

The U.S. had moved from a state of excess regulation to one of excess de-regulation.

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