Elizabeth Warren habla del bailout TARP y lo bueno del capitalismo
Habla sobre TARP Elizabeth Warren, profesora de derecho de la Universidad de Harvard y Presidente del Panel de Supervisión del Congreso.
He aquí un par de observaciones de esta mujer lúcida y con gran sentido común que, además, tiene mucho que decir en materia de regulación de los mercados norteamericanos:
“TARP fundamentally changed the markets. When the government moved in with that kind of help and those kinds of guarantees it crossed a threshold that has put us in all new territory in understanding the function of markets. When we said, in effect, to major financial institutions: ‘We will throw as many taxpayers as we need to throw under the bus to keep your business functionally operational in the way that it was operational before, without cost to you personally or to your shareholders,” that’s a whole new world.’ The old rules of regulation just don’t work anymore because now we’re under the giant shadow of explicit and implicit government guarantees. This is why we have to have regulatory reform.”
“The price of failure is that equity holders—the shareholders—get wiped out, and their agents, the top management, have to go. That is the discipline of how markets work.”