"In the United States and many other countries, large banks, the collapse of which could not be allowed, have become even more. The problems are even worse than it was in 2007 before the crisis", - believes Stiglitz.
Similar views were expressed and the former head of the Federal Reserve Paul Volcker, and President of the Bank of Israel Governor Stanley Fischer. Previously, Walker recommended that the administration of U.S. President Barack Obama to prevent the consolidation of banks, and Fisher suggested that soon the government can begin to ensure that banks did not grow "too.
The trend that exists at the present time, says the opposite: The U.S. Treasury has invested billions of dollars to strengthen the financial system, resulting in the assets of Bank of America Corp. recently increased, while Citigroup - have remained unchanged. In Britain, Lloyds Banking Group, which owns 43% of the government gained control over the activities of mortgage bank HBOS Plc, a French financial group BNP Paribas SA is now owned by the bank insurer Fortis units in Belgium and Luxembourg.
On the one hand, Obama intends to designate more than one bank, which he considered "systemically important" and thus bring them more stringent, on the other hand, his plan can not force these banks to build up and simplify its structure.
Stiglitz believes that the U.S. government is reluctant to radical reorganization of the financial system, because such a reconstruction is difficult in political terms. He also hoped that the leaders of the G20 will be able to convince Obama to take more decisive action at the next summit of leaders of the Group of Twenty in Pittsburgh September 24-25.
"What is happening in the U.S. - it is shaped a disgrace" - says. Stiglitz. "The administration seems to be extremely reluctant to do what is necessary. Yes, they are doing something, but the question is different: whether they will make as much as necessary?" - Asks the economist.
"We are entering a very long period of weak economy, as defined constant concern", - believes Stiglitz. Economics, says Columbia University professor, will grow, but not fast enough to compensate for population growth. " In addition, the researcher believes, "if the workers will not receive income, who will provide much-needed U.S. and global economy demand.
Comments :
0 коммент. to “Problems in the U.S. economy is even worse than before the crisis”
Post a Comment