サマーズとカバレロとメルツァーと

●Lawrence Summers, “Our creative mortgage crisis?”（Creative Capitalism, July 16, 2008）

What went wrong? The illusion that the companies were doing virtuous work made it impossible to build a political case for serious regulation. When there were social failures the companies always blamed their need to perform for the shareholders. When there were business failures it was always the result of their social obligations. Government budget discipline was not appropriate because it was always emphasized that they were "private companies.” But market discipline was nearly nonexistent given the general perception -- now validated -- that their debt was government backed. Little wonder with gains privatized and losses socialized that the enterprises have gambled their way into financial catastrophe.

I wonder how general the lesson here might be. My fear is fairly general. Inherent in the multiple objectives urged for creative capitalists is a loss of accountability with respect to performance. The sense that the mission is virtuous is always a great club for beating down skeptics. When institutions have special responsibilities it is necessary that they be supported in competition to the detriment of market efficiency.

●Ricardo Caballero, “Moral hazard misconception”（FT.com（The Economist's forum）, July 14, 2008）

サマーズの論説もカバレロの論説もともにFannie MaeとFreddie Macに関連した話題。内容の面ではほとんど重なってないけれども。

（追記）

●Allan H. Meltzer, “Keep the Fed Away From Investment Banks”（Wall Street Journal, July 16, 2008）

リンク貼った記事とは直接は関係のない話題なんですけど、メルツァーによるFRBの歴史についての本の第2巻が2009年の秋頃出版予定らしい。メルツァーさん頑張り過ぎ（消費者としてはありがた過ぎますけど）。

第2巻でカバーされる内容はおそらく以下の論文の内容と重なっているものと思われる（というかメルツァー自身が論文の冒頭でそう明言している）。

●Allan H. Meltzer, “From Inflation to More Inflation, Disinflation and Low Inflation（doc）”（Conference on Price Stability Federal Reserve Bank of Chicago, Thursday, November 3, 2005）

A History of the Federal Reserve 1913-1951