Ngaba lo Mthetho we-1977 Wakha iCrisis Financial?
Ezinye iingcali zithi le mimandla yaqala ngokusekwa yi-Federal Housing Administration, eqinisekisa ukuba ibolekwe.
UMthetho wokuThengiswa kwakhona ugunyaziwe ukuba irekhodi lokubolekwa kwebhanki kule mimandla lihlaziywa rhoqo nge-arhente yokulawula ibhanki nganye. Ukuba ibhanki ayenzi kakuhle kule ngxelo, ingenakufumana iimvume ezifuna ukukhulisa ishishini layo.
Ukunyanzeliswa
Abalawuli basebenzisa izibonelelo ze-1989 zeeMali zeeMali zokuBuyiselwa kweNkqubo kunye nokuQinisekisa uMthetho ukuqinisa ukunyanzeliswa koMthetho wokuThengiswa kwakhona. Bakwazi ukubeka ibhanki ephakamileyo malunga nendlela abahlala ngayo "iindawo eziluhlaza". UFannie Mae kunye noFreddie Mac baqinisekisile ibhanki ukuba baya kuqinisekisa le mboleko mboleko. Yayiyinto "yokudonsa" eyancoma "inkqubela" ye-CRA.
Ngomhla ka-Meyi 1995, uMongameli uClinton waqondisa abalawuli bebhanki ukwenza i-CRA ihlolisise ngakumbi kwiziphumo, ubunzima buncinane kwiibhanki, kunye nokunye okuhambisanayo.
Abalawuli be-CRA basebenzisa izibonakaliso ezahlukeneyo, kubandakanya i-interviews kunye namashishini asekuhlaleni. Akunjalo, nangona kunjalo, kufuneka iibhanki zitshintshe idola okanye ipesenti yeenboleko. Ngamanye amagama, uMthetho Wokubuyiswa kwakhona awunqandeli amandla ebhanki ukuba anqume ukuba ngubani na ofanelekileyo. Akubavumeli ukuba babelane ngezibonelelo zabo ngendlela enenzuzo.
Ulawulo luka-Obama lusetyenziswa i-CRA ukuba ihlawulwe ibhanki ekucalucalulo ayengenanto enxulumene nezindlu. Yanciphisa ukulinganisa kweebhanki ezicaluliweyo kwiindleko ze-overdraft kunye nemali-mboleko yemoto. Ulawulo lwaye lwaqhubela amatyala amatyala ngokutsha ngokubhekiselele kwiibhanki, ingxaki eyayingekho ngaphambili kwiminyaka emashumi.
Ulawulo lweTrump lufuna ukwenza ukuthotyelwa okucacileyo, kwaye ubuyisele kugxininiso kwizindlu.
I-CRA ayizange ibangele iCrisis Crisis Financial
I- Federal Reserve Board ibone ukuba akukho mbambano phakathi kwe-CRA kunye ne- subprime mortgage crisis . Uphando lwayo lubonise ukuba iipesenti ezingama-60 zeemali-mboleko eziphantsi kwee- subprime zaya kubabolekayo abafumana imali ephezulu ngaphandle kweendawo ze-CRA. Ukongezelela, iipesenti ezingama-20 zeemali-mboleko eziphantsi kwendawo eya kwiindawo ze-ghetto zavela ngababolekisi abazange bazame ukuhambelana ne-CRA. Ngamanye amazwi, kuphela iipesenti ezi-6 zeemali-mboleko eziphantsi kwee-subprime zenziwa ngababolekisi be-CRA kubboleki kunye neendawo ezijoliswe yi-CRA. Ukuqhubela phambili, i-Fed yabona ukuba ulwaphulo-mboleko lwempahla lwaluyindawo yonke, kungekhona kwimihlaba ephantsi.
Ukuba i-CRA ibenegalelo kwiinkathazo zemali, yayincinci. Ukufundwa kwe-MIT kufumene ukuba iibhanki zandise imali yazo yokuboleka ngemali engama-5 ekhulwini kwiikota ezikhokelela ukuhlolwa kwe-CRA.
Le mboleko ilahlekelwe ngama-15 ekhulwini. Oku kwakunokwenzeka ukuba kwenzeke kwiindawo "eziluhlaza", kwaye zenziwa ngaphezulu ngeebhanki ezinkulu. Eyona nto ibalulekileyo, uphando lubone ukuba imiphumo yomelele kakhulu ngexesha lokubambisa i-securitization yangasese.
Ezi zifundo zombini zibonisa ukuba ukugcinwa kweemali-mboleko kwenze i-subprime ingeniso ephezulu. Yintoni eyenza ukuqinisekiswa kwe-securitization?
Okokuqala, ukuchithwa kwe- Glass-Steagall ka-1999 yi-Gramm-Leach-Bliley Act. Oku kwavumela iibhanki ukuba zisebenzise iiphozithi zokutyalomali kwiimvelaphi. Ababhengi bebhanki bathi banakho ukukhuphisana namafemu angaphandle, kwaye ukuba baya kungena ematyaleni aphantsi, ukunciphisa umngcipheko kubaxhasi babo.
Okwesibini, uMthetho woLungiso lweeMpahla zoTywala lweeMpahla ze-2000 wavumela ukuthengiswa okungekho mthethweni kweemveliso kunye nezinye i-swaps ezingekho phantsi kwemali.
Lo mthetho wenkxaso-mithetho unqumla imithetho yelizwe ebeyayivimbela oku njengengcakazo.
Ngubani obhale kwaye ekhuthaza ukuhamba kwezinto zombini? I-Senator yaseTexas uPhil Gramm, uSihlalo weKomidi yeSenate kwiBhanki, kwiZindlu nezeMicimbi yaseMigangatho. Wayevunywa kakhulu ngu-Enron apho umfazi wakhe, owayekade ephethe isikhundla sikaSihlalo weKomishoni yokuThengiswa kweMicimbi yeeHlabathi, yayiyilungu lebhodi. U-Enron wayengumnikelo omkhulu kwiiprojekthi zeSenator Gramm. USihlalo we-Federal Reserve u-Alan Greenspan kunye noMongameli weSebe lezeNondyebo uLarry Summers nabo bafuna ukunyuswa kwinqanaba lebhilikhi.
U-Enron kunye nabanye bacela uMthetho ukuba avumele ukubandakanyeka ngokusemthethweni kwiivenkile zokurhweba usebenzisa i-intanethi ye-intanethi. U-Enron wagxeka ukuba ukutshintshiselana kwamanye amazwe aphesheya kwelolu hlobo kwakunikeza amafemu angaphandle azuze inzuzo.
Oku kwavumela iibhanki ezinkulu ukuba zincomeke, zivumele ukuba bathenge amabhanki amancinci. Njengoko ibhanki yaba nokhuphiswano olungakumbi, iibhanki ezinemveliso yezemali ezinzima kakhulu zenza imali eninzi, zathengisa amabhanki amancinci, amancinci. Yileyo ndlela ibhanki yaba enkulu kakhulu ukuba ingaphumeleli .
Umsebenzi wokubambisa Okokuqala, i- hedge fund kunye nabanye bathengisa imali yokubambisa i-mortgage-backed securities , iimbopheleleko zetyala kunye nezinye iziphumo . Ukhuseleko oluxhaswa ngumhlalaphantsi ngumkhiqizo wezemali onoxabiso elisekelwe kwixabiso leemali zokugcina imali ezisetyenziselwa ukuthenga. Xa ufumana imali yokubambisa i-bhanki, uyayithengisa kwisikhwama se-hedge kwimarike yesibini.
I-hedge fund ihlawula imali yakho yokubolekisa ngemali eninzi kunye nezinye izinto zokuthenga. Basebenzisa imodeli yekhompyutheni ukuze bafumene ukuba le nto ifunyenwe njani ngokusekelwe kwiintlawulo zenyanga, ixabiso elilonke elihlawulwayo, ubunzima obuya kubuyisela, nawaphi amanani asekhaya kunye nezindleko zenzalo, kunye nezinye izinto. I-hedge fund ibuye ithengise ukhuseleko oluxhaswa ngemali kubanini-mali.
Ekubeni ibhanki ithengisa imali yakho, ingenza imali mboleko ngemali eyayifumana. Isenokuthi iqokelele iintlawulo zakho, kodwa iyazithumela kwi-hedge fund, eyithumela kubasomali bazo. Ngokuqinisekileyo, wonke umntu uthatha isinqununu endleleni, esinye isizathu sokuba babethandwa kakhulu. Kwakungenakunobungozi kwi-bhanki kunye ne-hedge fund.
Abatyalomali bathatha yonke ingozi yokungagqibekanga. Babengakhathazeki ngengozi ngenxa yokuba babe ne-inshurensi, ebizwa ngokuba yi- swaps default swaps . Zathengiswa ngamaqumrhu a-inshorensi eqineleyo ayithandayo i-AIG. Ndiyabulela kule ninshurensi, abatyali-mali batyunyule iziphumo. Ekuhambeni kwexesha, wonke umntu unabo, kuquka iimali zempesheni, iibhanki ezinkulu, i-hedge funds kunye nabanini-mali ngabanye. Ezinye zabanikazi abaninzi be-Bear Stearns, iCitibank, kunye neLehman Brothers.
Ukudibaniswa kwe-derived backeded by real estate, kunye ne-inshurensi, yayingxowankulu kakhulu! Nangona kunjalo, kwakudinga imali engaphezulu kwemali yokubuyisela imali yokubuyisela iziqinisekiso. Oku kuqhube umfuno wemali yokuthenga . Ukuhlangabezana nale mfuno, iibhanki kunye nabathengi bemali mboleko banikela ngemali-mboleko yasekhaya ukuya kumntu. Amabhanki anikezela ngemali ephantsi kwemali ngenxa yokuba benza imali eninzi kwii-derivatives, kungekhona imboleko.
Amabhanki ayimfuneko ngokwenene le mveliso emitsha, ngenxa yokunyuka kwe-2001 (ngoMatshi-Novemba 2001). NgoDisemba, uSihlalo we-Federal Reserve u-Alan Greenspan wehlisa i-Fed imali kwi-1,75 yeepesenti, kwaye kwakhona ngoNovemba 2001, kwi-1,24 yepesenti, ukulwa nomnotho. Le nzala yokunciphisa inzala kwimali-mboleko yeekhredithi ezilungelelanisiweyo. Iintlawulo zazingabizi kuba iirhafu zenzalo zisekelwe kwintlawulo yebhanki yeeNondyebo ezifutshane, ezisekelwe kwizinga lezimali zeFed. Abaninimzi abaninzi bezindlu ababenakho ukufumana iimali zokuhlala eziqhelekileyo babenwabile ukuvunyelwa kule mboleko-mboleko kuphela . Abaninzi abazange baqaphele ukuba iintlawulo zabo ziya kuvela emva kokuba umhlala-mhlaba uphinde usetshenziswe kwiminyaka emi-3-5, okanye xa kuthe kwenyuka izinga leemali.
Ngenxa yoko, ipesenti yee-mortgage eziphindwe kabini, ukusuka kwi-10% ukuya kwi-20 ekhulwini, yonke i-mortgages phakathi ko-2001 no-2006. Ngo-2007, ikhule ibe yi-$ 1.3 trillion. Ukudalwa kwamasheya okuxhaswa ngemali kunye neemarike zesekondari yintoni eyasikhupha ngaphandle kwe-2001.
Kwakhona kwakha ibhola ye-asethi kwi- real estate ngo-2005. Imfuno yeemali zokubanjiswa kwemali yaqhuba imfuno yezindlu, ababenzi bezindlu abazama ukuhlangabezana nazo. Ngeemali-mboleko ezincinci, abantu abaninzi bathenga amakhaya, ukuba bangahlali kuzo okanye baqeshise, kodwa nje ngotyalo-mali ukuthengisa njengoko amanani aqhubeka ekhula. (Umthombo: "I-Messenger Message Spreads," BusinessWeek, ngoMatshi 7, 2007.)