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Sunday 10 January, 2010

In some areas

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In some areas, such as index-tracking, that does happen. Butgucci shoes sale in the retail sector firms compete on the basis of past returns, not price. In the institutional sector fees for traditional fund management have dropped, but clients have been tempted into alternatives like hedge funds and private equity, where fees are much higher. Somegucci shoes financiers have become billionaires as a result. In the case of banking, the implicit subsidy created by government guarantees (or the expectation of bail-outs in timesgucci on sale of crisis) has reduced the cost of gucci sneakerscapital and thus increased returns. The high level of rents extracted by the industry may have self-reinforcing aspects, too. The rents translate into high salaries for employees, men gucci shoesencouraging the brightest graduates to join the industry and devise more complex products to gain even higher rents (and to find new ways around regulations). The industry's profitability allows it to gain political influence, either through the funding ofcheap gucci shoes candidates or via the desire of governments to protect taxpaying businesses. All this helps explain why finance grew too big for its boots, even if it is impossible to put a figure on the scale of its overexpansion. Government bail-outs have also prevented the industry from shrinking as much as it might have. Such intervention means gucci shoes salethat it is now too late to insist on a purely free-market solution. And the scale of the rescue packages means that finance should pay some price. Governments cannot guess what the right size of thewomen gucci industry should be. But higher capital ratios would protect the taxpayer from future bank failures and limit the industry's profitability, while transparency might reduce the size of those rents.

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