Uyu Uyu Mutemo wa1979 Wakaumba 2008 Crisis Financial?
Dzimwe nyanzvi dzakaratidza kuti nzvimbo idzi dzakanga dzakatanga kusimbiswa neFederal Housing Administration, iyo yakavimbisa chikwereti.
Mutemo weReinvestment wakaraira kuti bhengi iko kukweretesa zvikwereti kune zvivakidzani izvi inogara ichiongororwa nehurumende yega yega yehurumende yekutonga. Kana bhanhire risina kunaka purogiramu ino, inogona kunge isingawani mvumo iyo inoda kukura bhizimisi rayo.
Enforcement
Vatongi vakashandisa zvigadziro zveMarikiti yeMari 1989 kuGadziridza Kuvandudza uye Kuita Mutemo kuti kusimbise kushanda kweRinvestment Act. Vaizokwanisa kutarisa mabhengi pamasana ekunyatsorongedza kwavanoita "greenline". Fannie Mae naFreddie Mac vakavimbisa mabhengi kuti vaizochengetedza zvikwereti izvi zvepa subprime. Yaiva "kuvhota" chinhu chakakurudzira "kusvitsa" chikonzero cheRCA.
Muna May 1995, Mutungamiri Clinton vakatungamirira mabhengi ekugadzirisa kuti CRA iongorore zvakanyanya pane zvigumisiro, zvishoma kudzvinyirira mabhangi, uye zvakanyanya kuenderana.
Vatongi veRCA vanoshandisa zviratidzo zvakasiyana-siyana, kusanganisira kubvunzurudzwa nemabhizimisi emunharaunda. Havaiti, zvisinei, zvinoda mabhengi kuti awane dhora kana kuti inopera chikwereti chezvikwereti. Mune mamwe mazwi, Reinvestment Mutemo haisi kudzivirira mabheni 'kukwanisa kusarudza kuti ndiani ane chikwereti. Izvo hazvivadziri kuti vape mari yavo nenzira inobatsira zvikuru.
I Obama yakashandisa CRA kuvhara mabhenji nekusarura kwakanga kusina chokuita neimba. Yakaderedza matanho emabhangi ayo akasarudzwa mubhadharo rezvebhadhiro uye mari yemari. Vatungamiri vakateverawo matambudziko matsva ekudzikinura pamabhengi, nyaya yakanga isati iri mberi kwemakumi emakore.
Mutungamiri weTrump anoedza kuita kuti kushandiswa kuve kwakanyatsojeka, uye kudzorera kutarisa kwekugara.
ICA haina kuita kuti Critical Financial Crisis iite
I Federal Reserve Board yakaona kuti pakanga pasina kuwirirana pakati peRA ne subprime mortgage crisis . Kutsvakurudza kwaro kwakaratidza kuti 60 muzana yezvikwereti zvepa subprime yakaenda kune vanhu vanokwereta mari yakakwirira kunze kwenharaunda dzeRCA. Uyezve, 20 muzana yezvikwereti zvepa subprime zvakaenda kumaghetto nzvimbo dzaibva kune vateresi vakanga vasingaedzi kuenderana neRCA. Mune mamwe mazwi, 6% chete yezvikwereti zve subprime zvakagadzirwa neRA-yakavharwa kune vakweretesa uye misha yakatarwa neRCA. Uyezve, Fed yakawana kuti kubhadharwa kwemhirizhonga kwakanga kuri kwose kwose, kwete muzvikamu zvishoma.
Kana iyo CRA yakaita kuti pave nenhamo yemari, yakanga iri duku. MIT yekudzidza yakawana kuti mabhenji akawedzera kukweretesa kwavanoita nengozi neanenge ma5 kubva muzana mumakamuri anotungamirira kuRCA kuongororwa.
Izvi zvikwereti zvakasara zvikamu zvishanu zvezana. Izvi zvaive zvichiita kuti zviitike munzvimbo dze "greenline", uye dzakagadzirirwa zvakawanda nemabhanki makuru. Chinonyanya kukosha, chidzidzo chacho chakawana kuti migumisiro yacho yakanga yakasimba munguva iyo kuchengetedzwa kwevamwe vega kuchiwedzera.
Zvidzidzo zviviri izvi zvinoratidza kuti kuchengetedzwa kwepamusoro kwakaita kuti purogiramu yepamusoro yepa subprime ingakwanise. Chii chakaita kuti securitization ishoboke?
Chokutanga, kubviswa kweGrail-Steagall ne1999 neGramm-Leach-Bliley Act. Izvi zvakabvumira mabhangi kushandisa mari yekuisa mari muzviwanikwa. Banking lobbyists vakati havagoni kukwikwidzana nemamwe makambani, uye kuti vangangopinda muzvikwereti zvishoma, nekuderedza ngozi kune vatengi vavo.
Chechipiri, Mutengo Wemitambo Wemazuva Ekupedzisira wa2002 wakabvumira kushandiswa kwekutengeserana kwezvakawanikwa uye zvimwe zvikwereti zvisingabhadharwi.
Iyi mitemo yezvematongerwo enyika yakaparadzanisa mitemo yenyika iyo yakanga yamborambidza izvi sekubhejera.
Ndiani akanyora uye akatsigira kuti aende kune mamwe mabhiriji? Texas Senator Phil Gramm, Sachigaro weSenate Committee yeBanki, Housing uye Misha. Ainyanya kubvumirwa neEnron apo mudzimai wake, uyo aimbova mukuru weChituwoman weCommodities Future Trading Commission, aiva nhengo yebhodhi. Enron ndiyo yakakosha zvikuru kuSenator Gramm's campaigns. Sachigaro weGurumende reHarare, Alan Greenspan, uyewo Munyori wekare weHarare, Larry Summers , vakabvunzurudzawo mari yacho.
Enron nevamwe vakagadzirira Mutemo kubvumira kuti zvibvumirwe zviri pamutemo mune zvekutengeserana kushandiswa uchishandisa marongerwo emangwana ekutengeserana. Enron akakavhiringidza kuti mutemo wepamutemo wekuri mhirizhonga kune dzimwe nyika wakanga uchipa makambani ekune dzimwe nyika mukukwikwidza.
Izvi zvakabvumira mabhanga makuru kuti ave akaoma zvikuru, achivabvumira kutenga mabhangi maduku. Sezvo kubhengi kwakava kukwikwidzana, mabanki aive nematambudziko akawanda emari akashandisa mari yakawanda, uye akatenga zviduku, mabhanga ekudzivirira. Ndiyo mabhenji akazova akawandisa kukundikana .
Basa rekuchengetedza mari sei? Chokutanga, hedge fund s uye vamwe vakatengesa chikwereti chekubhadhara mari , kubhadhara chikwereti chikwereti nezvimwe zvinogadzirwa . 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 zvikwereti zvakakosha sei zvichienderana nekubhadhara kwemwedzi, chikwereti chakabhadharwa, mukana wauchazobhadhara, iyo mitengo yemhuri uye maitirwo emitengo achaita, nezvimwe zvinhu. 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. Vakanga vasina kunetseka pamusoro pengozi nokuti vakange vane inshuwarisi, inonzi chikwereti swaps . Vakatengeswa 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.
Kubatanidzwa kwechiwanikwa chakatsigirwa neimba, uye inshuwarisi, yakagadzikana zvikuru! Kunyange zvakadaro, yaida mari yakawanda uye yakawanda kuti iite zvechivimbiso. Izvi zvakafambisa kudiwa kwekutora mari . 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 zvabuda, kwete mari.
Mabhandi ainyatsoda ichi chigadzirwa chitsva, zvichienderana nekutengesera kwe2001 (March-November 2001). MunaDisemba, Federal Reserve chairman Alan Greenspan akakunda Fed money rate kusvika 1.75 muzana, uye zvakare munaNovember 2001, kusvika ku1,24 muzana, kurwisana nematambudziko. Izvi zvakaderedza chido chezvibereko pamitengo yakagadziriswa inoderedzwa. Mari yacho yaive yakaderera nokuti chido chavo chaive chichibva pane pfupi pfupi yeHurumende yezvokubhadhara mari, izvo zvinoenderana neFed money rate. Vazhinji veimba yeimba vaisagona kuwana zvikwereti zvekare zvekare vaifara kugamuchirwa nekuda kwezvikwereti izvi . Vakawanda vakanga vasingazivi kuti kubhadhara kwavo kwaizoita kuti vanhu vafarire kufara zvakare mumakore mashanu, kana kuti iyo yakadyiwa mari yakawanda yakasimuka.
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 kunotengeswa uye yemusika wechipiri ndiyo yakatitorera kunze kwenyika ya2001.
Yakagadzirawo mari yekugadzirisa zvinhu muimba yekutengesa muna 2005. Chido chekubhadhara mari chakaita kuti pave nekuda kwekugara, izvo vashandi vekuvaka vakaedza kusangana nazvo. Nezvikwereti zvakadaro zvishoma, vanhu vazhinji vakatenga misha, kwete kugara mavari kana kunyange kuvakodha, asi semari yekutengesa sezvo nhamba yakaramba ichikwira. (Chinyorwa: "The Mortgage Mess Spreads," BusinessWeek, March 7, 2007.)