4 Iinjongo ezingundoqo
Ngo-2004, i- F ederal Reserve yaphakamisa izinga lokuxhaswa kwemali njengoko ixabiso lentengo kulo mgaqo - mali omtsha.
Amaxabiso ezindlu aqala ukuwa njengezidingo ezingaphezulu. Okubanjwe ngabanini bezindlu abangazange bakwazi ukuhlawula iintlawulo, kodwa abazange bakwazi ukuthengisa indlu yabo. Xa ixabiso leemali ezivela kwi-derivatives lincinci, iibhanki zayeka ukuboleka. Oko kwadala ingxaki yezemali eyayikhokelela kwiRest Recession .
U kutywala
Ngo-1999, uMthetho we-Gramm-Leach-Bliley wawususa uMthetho we- Glass-Steagall Act ka-1933 . Ukutshitshiswa kwavunyelwa ukuba ibhanki isebenzise imali yokufaka imali kwiimveliso. I-lobbyists yeBhanki yathi bafuna le nguqulelo ukuba bancintisane namafemu angaphandle. Bathembisa ukuba batyalole kuphela kwiimali eziphantsi kobungozi bokukhusela abathengi babo.
Ngomnyaka olandelayo, uMthetho woModyuli wokuQinisekisa kweMpahla yoTywala ukhulula ukutshintsha kwe-credit swaps kunye nezinye iziphumo ezivela kwimimiselo. Lo mthetho wenkxaso-mithetho unqabileyo imithetho yelizwe ebeyayivimbela oko ukugembula. Ikhuphe ngokukhethekileyo ukuthengiswa kwamandla okuphuma kwamandla.
Ngubani obhale kwaye ekhuthaza ukuhamba kwezinto zombini?
I-Senator yaseTexas uPhil Gramm, uSihlalo weKomidi yeSenate kwiBhanki, kwiZindlu, kunye neMicimbi yezoMmandla. Waphulaphula i-lobbyists kwinkampani yamandla Enron. Umfazi wakhe, owayekade ephethe isikhundla sikaSihlalo weKomishoni yokuThengisa iKamva, yayiyilungu lebhodi le-Enron. U-Enron wayengumnikelo omkhulu kwiiprojekthi zeSenator Gramm.
USihlalo we-Federal Reserve u-Alan Greenspan kunye nowayengumNobhala wezeNondyebo uLarry Summers nabo bafuna ukungena kwi-bill bill.
U-Enron wayefuna ukubandakanya kwiirhwebo ezivela kwi-intanethi usebenzisa i-intanethi ye-future exchange exchanges. U-Enron wathi iingxowa-mveliso zangaphandle zanikezela amafemu aphesheya kwamanye amazwe ngenzuzo yokukhuphisana. (Umthombo: uEric Lipton, "iGrama kunye ne" Enron Loophole, "kwiNew York Times, ngoNovemba 14, 2008.)
Iibhanki ezinkulu zinezibonelelo zokuba zixakeke ekusebenziseni kwezi zixhobo eziyinkimbinkimbi. Iibhanki ezineemveliso ezinzima kakhulu zezemali zenza imali eninzi. Oku kwabenza bakwazi ukuthenga ibhanki encinci, ephephile. Ngo-2008, ezininzi zeebhanki ezinkulu zazinzima kakhulu .
Securitization
Umsebenzi wokubambisa Okokuqala, i-hedge funds kunye nabanye bathengisa iziqinisekiso zokubambisa imali , ezithintekayo izibophelelo 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 bafumanise ukuba yintoni inzuzo efanelekileyo ngokusekelwe kwizinto ezininzi.
Ezi ziquka iintlawulo zenyanga, ixabiso elilonke elihlawulwayo, ubunzima obuya kubuyiselwa, kunye namanani asekhaya esizayo. 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. Kodwa abazange bakhathazeke ngomngcipheko kuba babekho i-inshorensi, ebizwa ngokuba yi- swaps default . Ezi zathengiswa ngamaqumrhu a-inshurensi eqinile athande 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.
I-derived backeded by the combination of both real estate and insurance. Njengoko imfuno yalezi ziphumo zanda, kwanjalo imfuneko yebhanki yokufunwa kwemali ephindaphindiweyo yokubuyisela iziqinisekiso. 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, kunokuba zibolekwe ngokwabo.
Ukukhula kweeNgxowa-mboleko ze-Subprime
Ngo-1989, uMthetho wamaZwe weMali wokuPhucula nokuQinisekiswa koMthetho wandisa ukunyanzeliswa koMthetho wokuThengiswa koLuntu . Lo Mthetho wazama ukuqeda ibhanki "ukulungiswa" kweendawo ezihluphekileyo. Lo mkhuba waba negalelo ekukhuleni kwamaghetto kuma-1970. Abalawuli ngoku babeka iibhanki zomntu ngokubhekiselele ekusebenzeni kwazo "indawo eziluhlaza". UFannie Mae kunye noFreddie Mac baqinisekisile ibhanki ukuba baya kuqinisekisa le mboleko mboleko. Leyo yinto "yokudonsa" into ehambisana ne "push" ye-CRA.
Iirhafu eziphakanyisiweyo zeMali eziKhuselekileyo kwiBawulo ababolekileyo
Amabhanki athatyathwa kanzima ngoqoqosho lwama-2001, wamkela iimveliso ezitsha ezivela kwiimveliso. NgoDisemba 2001, uSihlalo we-Federal Reserve u-Alan Greenspan wehlise ixabiso lemali elondayo kwi-1,75 pesenti. I-Fed yabuyisela kwakhona ngoNovemba 2002 ukuya kuma-1.24 ekhulwini.
Oku kwaye kwanciphisa ixabiso lesenzalo kwi -mortgage rate . Iintlawulo zazingabizi kuba iirhafu zenzalo zisekelwe kwintlawulo yebhanki ye-Nondyebo yexesha elifutshane, esekelwe kwisantya semali esondliwe. Kodwa loo mali yeebhanki iyancipha, ejoliswe kwiirhafu zenzalo.
Abaninimzi abaninzi bezindlu ababenakho ukufumana iimali zokuhlala eziqhelekileyo babenwabile ukuvunyelwa kule mboleko-mboleko kuphela . 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 zagqitywa ngonyaka we-2001. (Umthombo: iMara Der Hovanesian noMateyu Goldstein, "I-Messenger Mess Spreads," BusinessWeek, ngoMatshi 7, 2007.)
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 njengotyalo-mali ukuthengisa njengoko amanani aqhubeka ekhula.
Abaninzi balabo abaneengxowa-mboleko ezilinganiswayo abazange baqaphele ukuba amaxabiso aya kuhlaziywa kwiminyaka emithathu ukuya kwemihlanu. Ngo-2004, i-Fed yaqala ukuphakamisa amaxabiso. Ekupheleni konyaka, isantya semali esondliwe yayingama-2.25 ekhulwini. Ekupheleni kuka-2005, bekuyi-4.25 ekhulwini. NgoJuni 2006, izinga lalingama-5.25 ekhulwini. Abanini bezindlu bahlaselwa iintlawulo abazange bakwazi ukuzenza. Ukufumana okungaphezulu, khangela ireyithi yeFund Fed Fund .
Ixabiso lezindlu zaqala ukuwa emva kokufikelela kwinqanaba ngo-Oktobha 2005. NgoJulayi 2007, behlelwa phantsi kwe-4 ekhulwini. Kwakwanele ukukhusela abanikazi bemali ekuthengiseni amakhaya abangeke bakwazi ukuhlawula. Ukwanda kwezinga le-Fed akuzange kufike ngexesha elibi kakhulu kulaba bantu abaninini. Umbhobho wemakethe yezindlu uphenduka ube ngumtshini . Oko kwakha ingxaki yebhanki ngo-2007 , eyasasazeka kwiWall Street ngo-2008 .