The mortgage credit crisis was the signal

Suddenly, the Obama-McCain duel loses his interest. The coup de grisou which blew the biggest names in the inancial market o New York as a bowling relegates the political game in a somewhat secondary theatre. Add to that the di iculty in measuring the extent o the inancial crisis. 400 billion or the annual budget de icit More Unable to cope without international coordination No one knows. What is certain, howe er, and makes their importance to American political o icials, is that the Wall Street crisis requires to seriously tackle the recurrent economic issue o the 20th century: the balance between State and market. In other words, in a country marked by anxiety that rises as an inexorable tide, it becomes ital to reconcile the "real" economy and a inancial economics by his light orward products pledged on real estate unds and other assets, including the sophistication has to equal the risk which is inherent, "le erage e ect" which in lates the alue o the assets in the balance sheet and creates a disproportionate debt. Latent since technological inno ation and globalization are eroding the social contract o the New Deal (middle-class homeowners, relati e equanimity o income, social guarantees pro ided by the major groups), this issue is now, at the time o an election which is already historic.

The phenomenon in which puts an end to more than 20 years "o irrational exuberance", in the words o Alan Greenspan. Until the 1980s, inancial products limited essentially to the banking sector and remained quite irmly entrenched in the industrial economy and tangible assets. There was then a decoupling and a historically unique period o de elopment in the inancial industry marked by three elements: liberalization and the generalization o trading acti ity, the proli eration o complex inancial products and a detached securities aluation o economic realities the bubble Internet is the example completed. The creation o wealth by trade inancial products has installed the departments o in estment banks and in estment unds in economic li e, and was accompanied by a spread o risk. The de elopment o the inancial acti ities o insurers has also played in the inancialisation o the economy, which has ringardisé the traditional producti e acti ities. Securitization has become emblematic o the increasingly ragile oundations with inancial economy, concealing debts insol ent in a medley with the more uncertain content, and that is iron institutions (banks, unds and insurers) as a mistigri until one stumbling, resulting with him.

The mortgage credit crisis was the signal. But the spread o risk ia credit and re inancing lenders mechanisms and the erosion o the con idence actor has re ealed its e ects anny Mae and reddie Mac. Cycle or, as the ear some, disappearance o the independent in estment bank in the interwar period The most important perhaps is that ound inancial economics and economy o production, a ter the great decoupling o the 1980, 1990 and 2000, and that the State creates new rules or the super ision o market. Income disparities which stigmatise the excesses o American inance, which the ederal State trying to cushion the consequences dramatically speaking (nationalization o reddie and anny, guarantees to the purchasers o Bear Stearns and AIG credit), required a serious re iew o the role o the State to regulate the inancial economy and pre ent a lack o liquidity, in luenza the rest o the economy.

The speeches o the two candidates rejecting the use o public unds joins that o the Secretary o the Treasury Paulson, ormer boss o Goldman Sachs, on the unwillingness to create a culture o the public rescue absol e banks. Lehman paid or others... Howe er, not only the use o the taxpayers money which requires a decision o the Congress seems essential, but what is here is the ability o American political leaders to ind solutions to the exuberant excesses o Wall Street to protect the American way o li e"o Main Street, i.e. the ordinary Americans, and in the irst place the poor and middle classes irst ictims o rotten claims that they ha e subscribed and that the "system" has encouraged. The swamp o America deep sublimé credit Golden by Wall Street as: this scenario (shortcut) is terminated.

It is the policies to a policy o inter ention as the United States were the beginning o the 20th century and a ter 1929, and recreate the conditions or a more homogeneous distribution o income that American inance contributed to alter. The path o a restoration is "simple": restructuring, priority to education to adapt the middle classes to the knowledge economy.