We will not learn. 76ers owner takes a slightly different approach. I said last Thursday that the crisis can be seen in many cases as an opportunity. It is also true that in many cases it serves for our way of acting, we however since we are to obtain a most of our resources, nowadays more scarce than ever. However, it also says that those who do not remember their history are doomed to repeat it. The crisis could have been positive when we passed it, clear – if this is achieved a purification of the excesses committed in previous years, and learn the lesson.
But it seems that we are not willing to do this, and also want to do ahead of time. One of the errors that were committed in the crisis of 1929, which might be more comparable to that which we live today, was wanting to return to the situation before it should. In this way, in 1937 Roosevelt reduced the policy of public spending that had sponsored through his famous New Deal, which led to a recession, which came thanks to the huge increase the expense caused by World War II. Today, the famous green shoots are very far from represent vigorous plants, seem rather a mirage to an oasis in this desert that we must cross, and trying to get out ahead of time could lead to a crisis in the form of W, with ups and downs for years. And get out of the mess in which we are immersed depends in good measure, as it has been repeated endlessly, for the normalization of the financial system, which is still very far from occur. The European Central Bank announced on June 24 an infusion of cash of 442.240 million euros. But this huge amount, approximately one-third returned to the ECB calls facilities, which come to be deposits in which the Central Bank remunerates entities by having the money there to a remuneration too low, that yes but obviously is money not circulating through the economy, as they saved it for another occasion.
Another part of the cake will serve to cover up their own holes, and the rest Finally – it will finance operations. Who are helping a then? On the other hand, the situation is not much better in United States. The fact that various banks were returning the Government supports before time was announced as part of the green shoots. However, apparently these rush are motivated in part by the desire of executives without budgetary limitations to sign Government Obama had expressed his opinion about that one of the causes of the crisis were existing in the financial sector discouraging practices which promoted speculation and the short-termism, and its intention to limit the remuneration of managers of institutions taken over by the Government. Interestingly, among managers who will return to the dome of prestigious companies are some that caused the greatest losses of value or bankruptcies. Mark Walsh and Richard Fuld, head of real estate division and Managing Director of Lehman Brothers, respectively, John Thain and Stanley O Neal CEO and Chairman of Merrill Lynch, Charles Prince, CEO of Citigroup, respectively, or Alan Schwartz, Chief Executive of Bear Stearns. That is, we will not learn and will again fall into the same within a few years.