fredag, april 25, 2008

Oljepriset styr recessionen, placerarna hanterar tillgångarna dåligt

Ett litet citat från min vän Martin Tobias blogg:

"I do have an ideology. So does each member of the forum. I trust our views are subject to the same standards of evidence that apply to all rational discourse. My view of how the efficiency of global capitalism has evolved over the decades as new evidence has appeared contradicts some earlier judgments and confirms others. I have been surprised by the fierceness of investors in retrenching from risk since August. My view of the range of dispersion of outcomes has been shaken but not my judgment that free competitive markets are the unrivalled way to organise economies. We have tried regulation ranging from heavy to central planning. None meaningfully worked. Do we wish to retest the evidence?

Well, evidently some people do. But they forget that regulations like Sarbanes-Oxley haven't exactly had a tremendously impressive track record of success. And they are forgetting the reasons why the subprime crisis reared its aesthetically displeasing head in the first place. Greenspan reminds them:

The core of the subprime problem lies with the misjudgments of the investment community. Subprime securitisation exploded because subprime mortgage-backed securities were seemingly underpriced (high-yielding) at original issuance. Subprime delinquencies and foreclosures were modest at the time, creating the illusion of great profit opportunities. Investors of all stripes pressed securitisers for more MBSs. Securitisers, in turn, pressed lenders for mortgage paper with little concern about its quality. Even with full authority to intervene, it is not credible that regulators would have been able to prevent the subprime debacle."

Den fokuserar på Greenspans inlägg i debatten om USAs finansiella marknads förmåga att överleva krisen,

som nu påverkar Sverige, iaf enligt Borg et al.

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