Pá de Cal no Jabá Ivy League

Importante artigo de Vincent Reinhart no Journal of Economic Perspectives (em meio aos artigos dos trombadinhas Ivy league). Ele destrói o mito criado de que foi a quebra do Lehman que gerou a crise. Na verdade, ele mostra que foi a operação anterior de salvamento do Bear Stearns que produziu as condições ideais para a crise [dica Badger]:
A more appropriate narrative of the financial crisis that exploded in September 2008 would begin with how the Corps of Financial Engineers— comprising chiefly the Secretary of the Treasury, the Chairman of the Federal Reserve, and the President of the Federal Reserve Bank of New York—inserted the government into the resolution of the investment bank Bear Stearns in March 2008. The financial authorities interpreted the death throes of the mid-sized investment bank as a problem of systemic importance and, with an ill-considered and unprecedented decision, intervened in a way that protected the uninsured creditors of Bear Stearns and raised the expectations of future bailouts. When the same Corps of Financial Engineers then failed to intervene in September 2008, Lehman Brothers entered bankruptcy. The resulting market seizure was in large part a counter-reaction based on the prior offifi cial decision just six months earlier to protect Bear Stearns.