4 Pasi Zvinokonzera
Muna 2004, F ederal Reserve yakasimudza mari yakaderedzwa mari yakatarwa sezvinodiwa nemari yezvikwereti zvitsva.
Mitengo yeimba yekutanga yakatanga kuwira sechinhu chinoda kuwanikwa. Vaya vaitakura musha vanga vasina kukwanisa kutenga mari, asi vakanga vasingagoni kutengesa imba yavo. Apo hutsika hwezvivako zvakagumburwa, mabanki akamira akweretesa kune mumwe nemumwe. Izvo zvakagadzira dambudziko rezvemari rakatungamirira kuHurumende Kubva .
Deregulation
Muna 1999, Gramm-Leach-Bliley Act yakabvisa Glass-Steagall Act yegore ra1933 . Kudzorerwa kwakabvumira mabhangi kushandisa mari yekuisa mari muzviwanikwa. Bank lobbyists vakati vaida kuchinja uku kukwikwidzana nemamwe makambani. Vakapikira kungoita mari muzvitoro zvishoma kuti vadzivirire vatengi vavo.
Gore rinotevera, Commodity Futures Modernization Act inokonzera chikwereti chinoshandiswa swaps uye zvimwe zvakagadzirwa kubva mumitemo. Iyi mitemo yezvematongerwo enyika yakaparadzanisa mitemo yehurumende iyo yakanga yamborambidza izvi kubva pakubhejera. Yakanyatsokonzera kushambadzira mune zvigadzirwa zvemagetsi.
Ndiani akanyora uye akatsigira kuti aende kune mamwe mabhiriji?
Texas Senator Phil Gramm, Sachigaro weSenate Committee yeBanki, Housing, uye Misha. Akateerera kune vashandi vemagetsi kubva kune imwe nyanzvi yeEnron. Mudzimai wake, uyo aimbova neChigaro cheSikewoman weCommodities Future Trading Commission, waiva nhengo yeEnc board. Enron ndiyo yakakosha zvikuru kuSenator Gramm's campaigns.
Mutungamiri weBato reHurumende, Alan Greenspan uye aimbova Munyori weHarare, VaLarry Summers , vakabvunzurudzawo mutemo.
Enron aida kubatanidzwa mune zvinyorwa zvemabhizimisi achishandise nguva yaro yekutsinhanisa mune yeIndaneti. Enron akakavhiringidza kuti kune dzimwe nyika mabhizimisi ekugoverana aive kupa zvikwata zvekune dzimwe nyika kusaruramisira kunobatsira. (Inobva: Eric Lipton, "Gramm uye" Enron Loophole, "New York Times, Gunyana 14, 2008.)
Mabhanga makuru akanga ane zvigadziro zvekugadzirisa kushandiswa kwezvinhu izvi zvakaoma. Mabhangi ane zvikwata zvakaoma zvikuru zvemari akaita mari yakawanda. Izvozvo zvakavabatsira kutenga zviduku, mabhengi akachengeteka. Pakazosvika gore ra2008, mazhinji emabhanki makuru akazova akawandisa kukundikana .
Securitization
Basa rekuchengetedza mari sei? Kutanga, mari yehuta uye vamwe vakatengesa mari yekuchengetedza mari , zvakasungirwa chikwereti , uye zvimwe zvigadzirwa . Chikwereti chekuchengetedza chikwereti ndeye mari yemutengo uyo mutengo unobva pane kukosha kwezvikwereti zvekare zvinoshandiswa kuti zvibatwe. Kana uchinge wawana chikwereti kubva kubhangi, inotengesa kuchikwata chekudzivirira pamusika wechipiri .
Iyo hedge fund inotora chikwereti chako chekutengesa nemimwe yakawanda yakawanda yakadai. Vakashandisa makombiyuta kuti vaone kuti bundle rakakosha sei kubva pane zvimwe zvinhu.
Idzi dzaisanganisira kubhadhara mwedzi mumwe nomumwe, chikwereti chakabhadhara, chiitiko chauchazobhadhara, nemitengo yemhuri yemberi. Hedge fund ndiyo inotengesa kubhadhara mari yekuchengetedza mari kune varairi.
Sezvo bhagheni yakatengesa chikwereti chako, inogona kuita zvikwereti zvitsva nemari yakagamuchirwa. Inogona kutora mari yako, asi inovatumira kune hedge fund, iyo inoitumira kuvarimi vavo. Zvechokwadi, munhu wese anotora akacheka munzira, ndicho chikonzero chimwechete chavakange vakakurumbira. Chakanga chiri chekushaya mari kune bhagheni uye hedge fund.
Vashandi vacho vakatora dambudziko rose rekusiya. Asi havana kushushikana nezvengozi nokuti vakange vane inshuwarisi, iyo inonzi credit default swaps . Izvi zvakatengeswa nemakambani akasimba eishuwarisi aida AIG . Kuvonga iyi inshuwarisi, vatengesi vanobvisa zvimedu. Nokufamba kwenguva, munhu wose aive navo, kusanganisira mari yepensheni , mabhandi makuru, hedge funds uye kunyange vanhu vanoita mari .
Vamwe veimba huru ndivo vaiva Bear Stearns , Citibank, uye Lehman Brothers.
A yakagadziriswa kuburikidza nekubatanidzwa kwezvinhu zviviri zveimba uye inshuwarisi yakabatsira zvikuru. Sezvo kudiwa kwezvivako izvi kwakakura, ndizvo zvakaita mabanho ekutsvaga kwezvikwereti zvinowedzera kudzosera zvivimbiso. Kuti zvizadziswe kudai, mabhandi uye vatengesi vanobhadhara vakapa zvikwereti zvemusha kune chero ani zvake. Mabhangi aipa zvikwereti zvepa subprime zvekuti vaiita mari yakawanda kubva kune zvigadzirwa, panzvimbo pezvikwereti ivo pachavo.
Kukura Kwezvikwereti Zvokudzivirira Pasi
Muna 1989, iyo Financial Institutions Reform Recovery uye Enforcement Act yakasimbisa kushanda kweMutemo Reinvestment Act . Uyu Mutemo wakatsvaga kubvisa kubhengi "kugoverana" kwevavakidzani vasina urombo. Izvozvo zvaive zvakakonzera kukura kweghettos muma1970. Vatongi vari kuisa pachena mabhengi nezvekuti zvakanaka sei "nzvimbo dzakasvibirira". Fannie Mae naFreddie Mac vakavimbisa mabhengi kuti vaizochengetedza zvikwereti izvi zvepa subprime. Icho chaiva "chikwata" ichocho chinowedzera "kusvitsa" chikonzero cheRCA.
Iko Kunokwidziridzwa Kwekukwirirwa Kwemari paVizvikwereti veApriprime
Mabhangi akaoma zvakaoma ne2001 recession, akagamuchira zvitsva zvitsva. MunaDecember 2001, Federal Reserve Chairman Alan Greenspan akarambidza mari yakadyiwa mari kusvika ku175 muzana. IFed yakaideredza zvakare munaNovember 2002 kusvika pa1,24 muzana.
Izvo zvakare zvakaderedza chido chezvibereko zvekugadziriswa-kutengesa mari . Mari yacho yaive yakaderera nokuti chido chavo chaive chichibva pane pfupi pfupi yeHurumende yezvikwereti zvinokonzerwa, izvo zvinobva pane zvakadyiwa mari. Asi iyo inoderedza mabhangi 'emari, iyo inowanikwa pamitengo yezvikwereti.
Vazhinji veimba yeimba vaisagona kuwana zvikwereti zvekare zvekare vaifara kugamuchirwa nekuda kwezvikwereti izvi . Somugumisiro, chikamu chemari yepa subprime mortgages yakapetwa kaviri, kubva pa10 kusvika ku20 kubva muzana, yezvikwereti zvose kubva muna 2001 kusvika muna 2006. Pakazosvika 2007, yakakura ikava $ 1.3 triliyoni mhizha. Kusika kwekutengeswa kwemari-yakatsigirwa uye misika yechipiri yakapera mugore re2001 recession. (Imwe: Mara Der Hovanesian uye Matthew Goldstein, "The Mortgage Mess Spreads," BusinessWeek, March 7, 2007.)
Yakagadzirawo mari yekugadzirisa zvinhu muimba yekutengesa muna 2005. Chido chekubhadhara mari chakaita kuti pave nekuda kwekugara, izvo vashandi vekuvaka vakaedza kusangana nazvo. Nezvikwereti zvakadaro zvisingadhuri, vanhu vazhinji vakatenga dzimba semari yekutsvaga kutengesa sezvo mitengo yakaramba ichikwira.
Vakawanda veavo vanogadzirisa zvikwereti zvisingabhadhari havana kuziva kuti mari yacho yaizogadziriswa mumakore matatu kusvika mashanu. Muna 2004, Fed yakatanga kusimudza mitero. Pakazopera gore, iyo yakadyidzwa mari yakawanda yaive 2.25 muzana. Pakupera kwa2005, chaiva ne425 muzana. Pakazosvika June 2006, muyero wacho waiva 5.25 muzana. Vaimba vepamba vaibatwa nemitero yavakanga vasingagoni. Nokuwedzera, tarisa Past Fed Funds Rate .
Matengo embairo akatanga kuwira mushure mekunge vasvika pakakwirira munaOctober 2005. MunaJuly 2007, vakanga vari pasi 4 muzana. Izvo zvakanga zvakakwana kudzivirira vatengi-vatengesi kubva kutengesa dzimba dzavakanga vasingakwanisi kubhadhara. Iko kuwedzera kwehuwandu kuwedzera hakukwanise kuuya panguva yakaipisisa yevadzidzisi vatsva ava. Imba yemapuranga yemumba yakachinja . Izvo zvakagadzira dambudziko rebhangi muna 2007 , rakapararira kuWall Street muna 2008 .