martes, 22 de diciembre de 2009

Podía haber avisado antes

I have found very little evidence that vast amounts of innovation in financial markets in recent years have had a visible effect on the productivity of the economy. Maybe you can show me that I am wrong. All I know is that the economy was rising very nicely in the 1950s and 1960s without all of these innovations. Indeed, it was quite good in the 1980s without credit-default swaps and without securitization and without CDOs.
Paul Volcker
Ex Presidente de la Reserva Federal de los EEUU

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