Monday, March 24, 2008

A VIDA DAS MARIONETAS

Business managers, unlike economists, have allways been alert to the importance of irrationality. Marketing experts make their livings exploiting it...Financial analysts, too, tend to be shrewd students of irrationality and herd mentality. As prices soared beyond all reason, some analysts clearly didn´t enjoy the task of constructing rationales for continued stock purchases; but the market told them to set their qualms aside. The market, and the investment banks where they worked, egged them on. The banks gave clear signals - real monetry rewards- to chose who treated investors as easy prey for stocks whith little or no intrinsic merit. Your responsability, the analysts were told, is to your company and yourselves. Let investors fend for themselves. (And to remove any lingering doubts, they could once again refer to Adam Smith - you advance the common good by making money yourself!)"
Joseph Stiglitz ( The Roaring Nineties)
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Quando as coisas dão para o torto, é habitual procurarem-se razões e responsáveis. A crise por que passam os mercados financeiros a nível mundial e as perspectivas negras que se anunciam terão raízes mais profundas e dispersas que as tão badaladas subprime; quanto aos responsáveis, a culpa morrerá certamente solteira depois de lhes ter abarrotado os bolsos.
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No fim, quando a crise se dissipar e a memória se esquecer dela, não haverá culpados, só vítimas.
Dispostas a serem sugadas na próxima oportunidade até à próxima crise.
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Da actual crise, o que se sabe é que os bancos se ludibriaram entre si, mas o ludíbrio quem o vai pagar são os incautos que confiaram neles.

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