Al Presidente della Camera dei Rappresentanti e al Presidente pro tempore del Senato:

Come economisti vogliamo esprimere al Congresso la nostra grande preoccupazione per il piano proposto dal segretario al Tesoro Paulson per affrontare la crisi finanziaria. Siamo ben consapevoli delle difficoltà dell’attuale situazione finanziaria, e siamo d’accordo con la necessità di un’azione decisa per assicurare che il sistema finanziario continui nella sua funzione. Vediamo tre azzardi fatali nel piano attualmente proposto:

1) La sua equità. Il piano è un sussidio agli investitori a spese dei contribuenti. Gli investitori che hanno intrapreso dei rischi per guadagnare profitti devono anche assumersene le perdite. Non tutti i fallimenti aziendali portano rischi sistemici. Il governo può assicurare un’industria finanziaria ben funzionante, capace di fare nuovi prestiti ai creditori meritevoli, senza tirare fuori dei guai particolari investitori e istituzioni le cui scelte si sono dimostrate imprudenti.

2) La sua ambiguità. Né la missione della nuova agenzia né la sua supervisione sono chiari. Se i contribuenti devono comprare beni opachi e non monetizzabili da venditori nei guai, i termini, l’opportunità e i metodi di tali acquisti devono essere di una chiarezza cristallina in partenza e attentamente monitorati nel seguito.

3) I suoi effetti a lungo termine. Se il piano verrà posto in atto, i suoi effetti saranno con noi per una generazione. Nonostante tutti i suoi recenti guai, i mercati, dinamici e innovativi, del capitale privato americano hanno portato alla nazione una prosperità senza precedenti. Indebolire in modo fondamentale tali mercati per calmare disastri a breve termine è qualcosa di terribilmente miope.

Per queste ragioni noi chiediamo al Congresso di non affrettarsi, di tenere udienze appropriate, di considerare con cura la giusta linea di azione, e di decidere con saggezza il futuro dell’industria finanziaria e dell’economia Usa per gli anni a venire.
FIRME

Acemoglu Daron (Massachussets Institute of Technology)
Adler Michael (Columbia University)
Admati Anat R. (Stanford University)
Alexis Marcus (Northwestern University)
Alvarez Fernando (University of Chicago)
Andersen Torben (Northwestern University)
Baliga Sandeep (Northwestern University)
Banerjee Abhijit V. (Massachussets Institute of Technology)
Barankay Iwan (University of Pennsylvania)
Barry Brian (University of Chicago)
Bartkus James R. (Xavier University of Louisiana)
Becker Charles M. (Duke University)
Becker Robert A. (Indiana University)
Beim David (Columbia University)
Berk Jonathan (Stanford University)
Bisin Alberto (New York University)
Bittlingmayer George (University of Kansas)
Boldrin Michele (Washington University)
Brooks Taggert J. (University of Wisconsin)
Brynjolfsson Erik (Massachusetts Institute of Technology)
Buera Francisco J. (UCLA)
Camp Mary Elizabeth (Indiana University)
Carmel Jonathan (University of Michigan)
Carroll Christopher (Johns Hopkins University)
Cassar Gavin (University of Pennsylvania)
Chaney Thomas (University of Chicago)
Chari Varadarajan V. (University of Minnesota)
Chauvin Keith W. (University of Kansas)
Chintagunta Pradeep K. (University of Chicago)
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Cochrane John (University of Chicago)
Coleman John (Duke University)
Constantinides George M. (University of Chicago)
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Culp Christopher (University of Chicago)
Da Zhi (University of Notre Dame)
Davis Morris (University of Wisconsin)
De Marzo Peter (Stanford University)
Dubé Jean-Pierre H. (University of Chicago)
Edlin Aaron (UC Berkeley)
Eichenbaum Martin (Northwestern University)
Ely Jeffrey (Northwestern University)
Eraslan Hülya K. K.(Johns Hopkins University)
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Feldmann Sven (University of Melbourne)
Fernandez-Villaverde Jesus (University of Pennsylvania)
Fohlin Caroline (Johns Hopkins University)
Fox Jeremy T. (University of Chicago)
Frank Murray Z.(University of Minnesota)
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Fudenberg Drew (Harvard University)
Gabaix Xavier (New York University)
Gao Paul (Notre Dame University)
Garicano Luis (University of Chicago)
Gerakos Joseph J. (University of Chicago)
Gibbs Michael (University of Chicago)
Glomm Gerhard (Indiana University)
Goettler Ron (University of Chicago)
Goldin Claudia (Harvard University)
Gordon Robert J. (Northwestern University)
Greenstone Michael (Massachusetts Institute of Technology)
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Hagerty Kathleen (Northwestern University)
Hamada Robert S. (University of Chicago)
Hansen Lars (University of Chicago)
Harris Milton (University of Chicago)
Hart Oliver (Harvard University)
Hazlett Thomas W. (George Mason University)
Heaton John (University of Chicago)
Heckman James (University of Chicago - Nobel Laureate)
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Hite Gailen (Columbia University)
Hitsch Günter J. (University of Chicago)
Hodrick Robert J. (Columbia University)
Hopenhayn Hugo (UCLA)
Hurst Erik (University of Chicago)
Imrohoroglu Ayse (University of Southern California)
Isakson Hans (University of Northern Iowa)
Israel Ronen (London Business School)
Jaffee Dwight M. (UC Berkeley)
Jagannathan Ravi (Northwestern University)
Jenter Dirk (Stanford University)
Jones Charles M. (Columbia Business School)
Kaboski Joseph P. (Ohio State University)
Kahn Matthew (UCLA)
Kaplan Ethan (Stockholm University)
Karolyi, Andrew (Ohio State University)
Kashyap Anil (University of Chicago)
Keim Donald B (University of Pennsylvania)
Ketkar Suhas L (Vanderbilt University)
Kiesling Lynne (Northwestern University)
Klenow Pete (Stanford University)
Koch Paul (University of Kansas)
Kocherlakota Narayana (University of Minnesota)
Koijen Ralph S.J. (University of Chicago)
Kondo Jiro (Northwestern University)
Korteweg Arthur (Stanford University)
Kortum Samuel (University of Chicago)
Krueger Dirk (University of Pennsylvania)
Ledesma Patricia (Northwestern University)
Lee Lung-fei (Ohio State University)
Leeper Eric M. (Indiana University)
Leuz Christian (University of Chicago)
Levine David I.(UC Berkeley)
Levine David K.(Washington University)
Levy David M. (George Mason University)
Linnainmaa Juhani (University of Chicago)
Lott John R.  Jr. (University of Maryland)
Lucas Robert (University of Chicago - Nobel Laureate)
Luttmer Erzo G.J. (University of Minnesota)
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Martin Ian (Stanford University)
Mayer Christopher (Columbia University)
Mazzeo Michael (Northwestern University)
McDonald Robert (Northwestern University)
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Mehra Rajnish (UC Santa Barbara)
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Miguel Edward (UC Berkeley)
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Miron Jeffrey (Harvard University)
Moretti Enrico (UC Berkeley)
Moriguchi Chiaki (Northwestern University)
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Mortensen Dale T. (Northwestern University)
Mortimer Julie Holland (Harvard University)
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Nanda Dhananjay  (University of Miami)
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Ohanian Lee (UCLA)
Pagliari Joseph (University of Chicago)
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Reagan Patricia (Ohio State University)
Reich Michael (UC Berkeley)
Reuben Ernesto (Northwestern University)
Roberts Michael (University of Pennsylvania)
Robinson David (Duke University)
Rogers Michele (Northwestern University)
Rotella Elyce (Indiana University)
Ruud Paul (Vassar College)
Safford Sean (University of Chicago)
Sandbu Martin E. (University of Pennsylvania)
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Seim Katja (University of Pennsylvania)
Seru Amit (University of Chicago)
Shang-Jin Wei (Columbia University)
Shimer Robert (University of Chicago)
Shore Stephen H. (Johns Hopkins University)
Siegel Ron (Northwestern University)
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