Reflexiones sobre ciencia, economía, ecología, política y comportamiento humano
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Banks give you credit based on the value of the houses. But they don't seem to somehow understand that the value of the houses can be affected by the amount of credit they are willing to give. Now, we've developed these fabulous new ways of securitizing mortgages, which has made credit much more amply available.
And we've been able to calculate risk. And, therefore, we were willing to give more and more credit. And that has pushed up the value of the houses. Also, of course Greenspan kept interest rates too low, too long. And so you had very low interest rates, easy credit, and house prices have been appreciating at more than ten percent a year for a number of years. And the willingness to lend actually increased. There was an insatiable appetite for these new fangled securities.
Which they didn't properly understand. And there was always a separation between the people who generated the mortgages and packaged them and sold them to you and the people who owned them. So nobody was paying attention to the quality of the mortgages because they didn't have an interest. They — all day collecting fees. And then there were other people holding the mortgages.
The idea was that by distributing risk, you actually reduce risk. But by separating the principal from the agent, you actually greatly increase the risk. And that was not reflected. And the rating agencies didn't realize it. So they gave triple-A ratings. And then a few weeks later, those triple-A bonds became practically valueless. And that's what has happened.
BILL MOYERS:Has the whole global system become so complex with such gargantuan forces interlocked with each other, driving it forward, that it doesn't know how to obey Adam Smith's natural laws?
GEORGE SOROS:No, I think our ability to govern ourselves doesn't keep pace with our ability to exercise power over nature, control over nature. So we are very complicated civilization. And we could actually destroy our civilization because of our inability to govern ourselves.
BILL MOYERS:Would this all be happening if we still had a strong sense of the social compact? I mean, our social safety net has been greatly reduced. The people have a real sense that the gods of capital have left little space for anyone else. People at the top don't have much empathy for people at the bottom.
GEORGE SOROS:There is a common interest. And this belief that everybody pursuing his self-interests will maximize the common interests or will take care of the common interests is a false idea. It's a suitable idea for those who are rich, who are successful, who are powerful. It suits them to justify you know, enjoying the fruits without paying taxes. The idea of paying taxes is an absolute no-no, right?
BILL MOYERS:Unpatriotic.
GEORGE SOROS:Unpatriotic. So, yes, you must have, in my opinion, you need, for instance, a tax on carbon emissions. But that is unacceptable politically. So we are going to have cap and trade. And the trading will have all kinds of loopholes and misuse of the regulations and all kinds of ways of making money without actually dealing with the problem that it's designed to cure. So that's how the political process distorts things.
BILL MOYERS:One of the British newspapers this morning had a headline, "Welcome to Socialism." It's not going that way, is it?
GEORGE SOROS:Well, you know, it's very interesting. Actually, these market fundamentalists are making the same mistake as Marx did. You see, socialism would have worked very well if the rulers had the interests of the people really at heart. But they were pursuing their self-interests. Now, in the housing market, the people who originated the houses earned the fee.
And the people who then owned the mortgages their interests were not actually looked after by the agents that were selling them the mortgages. So you have a, what is called an agent principle problem in socialism. And you have the same agent principle problem in this free market fundamentalism.
BILL MOYERS:The agent is concerned only with his own interests.
GEORGE SOROS:That's right.
BILL MOYERS:Not with...
GEORGE SOROS:That's right.
BILL MOYERS:The interest of...
GEORGE SOROS:Of the people who they're supposed to represent.
BILL MOYERS:But in both socialism and capitalism, you get the rhetoric of empathy for people.
GEORGE SOROS:And it's a false ideology. Both Marxism and market fundamentalism are false ideologies.
BILL MOYERS:Is there an ideology that...
GEORGE SOROS:Is not false?
BILL MOYERS:Yeah.
GEORGE SOROS:I think the only one is the one that I'm proposing; namely, the recognition that all our ideas, all our human constructs have a flaw in it. And perfection is not attainable. And we must engage in critical thinking and correct our mistakes.
2008-10-13 20:27 | Crisis, Economia |
URL de trackback de esta historia http://ecos.blogalia.com//trackbacks/59973
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y para que vamos a fijarnos en detalles o en beneficio común, si podemos sobre-simplificar y llenar nuestros bolsillos ??, como bien dices, no el el Marxismo ni el Capitalismo los que están errados, somos nosotros mismos (esperanzadora situación...)
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Especular=Robar; ¿ qué riqueza a creado Soros?, ¿ qué ha inventado?, me parece un atracador o un ladrón de guante blanco, hace muchisimos años que no lo leo por principios; con lo de la libra esterlina arruino a muchisima gente y fue el responsable directo de que la libra no entrase en el . |
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Que sea lo que tu dices no implicaría que lo que tenga que decir no sea interesante.
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La Libra Esterlina estaba en la cesta de monedas referenciadas con el ECU igual que la Libra Irlandesa, estaba en proceso el acuerdo de Maastrich, las economias tenian que tener un deficit publico menor del 3%, etc,las politicas monetarias tenian que converger para adaptar el . Y en eso entro Soros jugo fuerte con el endeudamiento en Libra Esterlina y al Banco de Inglaterra no le quedo otra que devaluar la libra salirse de la franja que tenia todas las monedas europeas de fluctuar con el ecu + ó - %, no me acuerdo del %, y hay se desvanecio todas las esperanzas de que la libra esterlina entrará en el ; cosa que si hizo la libra irlandesa...Yo repito la pregunta qué riqueza o beneficio, que no sea el propio, ha creado Soros. |
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Más Soros
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