CONCENTRATION DANS LE SECTEUR BANCAIRE US (1996-2009) par Michael KRIEGER

Publié par medomai sur 10 Mai 2014, 08:43am

Catégories : #CRISE, #BANQUES, #MONOPOLES, #ECONOMIE, #KRIEGER, #GEITHNER, #CONCENTRATION, #POUVOIR

CONCENTRATION DANS LE SECTEUR BANCAIRE US (1996-2009) par Michael KRIEGER

(source : http://libertyblitzkrieg.com/2014/05/09/tim-geithner-admits-that-too-big-to-fail-hasnt-gone-anywhere/)

Tableau posté par M. Krieger sur son site le 9 mai 2014. Le tableau met en évidence l'irrésistible concentration monopolistique du secteur bancaire américain, que la crise de 2007-2008 a largement accentuée. L'article commentant ce tableau en donne les causes et analyse l'état d'esprit ainsi que le comportement des politiques américains des partis "de gouvernement" et de leurs conseillers (ici Timothy Geithner, disciple de Larry Summers, chantre de la dérégulation).

En substance, pour M. Geithner conseiller d'Obama (récemment reconverti dans la finance "private equity" et on lui souhaite "plein de succès" dans cette splendide revolving door !), voici son opinion lors d'un débat récent rapporté par le New York Times :

Un étudiant : "Est-ce que cela (le "too big too fail") existe encore ?"

Geithner : "Oui, bien sûr, cela existe."

Idem, plus loin : Mettre fin au too big too fail, "c'est comme vouloir attraper Moby Dick pour les économistes ou les régulateurs. Ce n'est pas seulement donquichottesque, c'est une erreur."

Le passage en anglais de l'article du NYT :

"Geithner and Obama marketed the Dodd-Frank bill as a way to end future bailouts. In 2010, right before the bill passed, Geithner said, “The reforms will end too-big-to-fail.” Obama went further: “Because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more tax-funded bailouts, period.”

But it is now clear that Geithner never believed his own talking points. To him, too-big-to-fail and the so-called moral hazard, or safety net, that it would create can’t really ever be fully taken away. During his lecture to Summers’s class, one student asked a question about “resolution authority,” a provision of the reform laws that is supposed to let the government wind down a complex financial institution without creating a domino effect. The question prompted Geithner onto a tangent about too-big-to-fail. “Does it still exist?” he said. “Yeah, of course it does.” Ending too-big-to-fail was “like Moby-Dick for economists or regulators. It’s not just quixotic, it’s misguided.”

Geithner paused for a moment. “Can you design a system ever that allows you to be indifferent to the failure of any institution, in any state of the world?” he asked aloud before answering his own question. “You can design a system, and I think we have, that allows you to be indifferent in most states of the world: the five-year flood, the 15-year flood, the 30-year flood, maybe even the 50-year flood,” he said. “But there are constellations of storms, of panics, of fires that are so bad that it’s very hard to imagine that you could be indifferent to the failure of the financial system.”

Cela se passe de commentaire.

Tim Geithner Admits "Too Big To Fail" Hasn't Gone Anywhere (and that's the way he likes it)

But it is now clear that Geithner never believed his own talking points. To him, too-big-to-fail and the so-called moral hazard, or safety net, that it would create can't really ever be fully taken...

http://libertyblitzkrieg.com/2014/05/09/tim-geithner-admits-that-too-big-to-fail-hasnt-gone-anywhere/