Lgore rapfuura takaona kubuda kwedambudziko rezvemari rakanyanya kurova US uye hupfumi hwepasi rose kubva kuma1930s - dambudziko rakatotanga kukonzeresa kuderera kukuru muUS muna 2008 uye, zvakare, kusimudza kusawirirana. kuderera kwepasi rose muna 2009.
Nhoroondo icharatidza kuwirirana kunoshamisa pakati pemamiriro, zviitiko, uye mitemo yemakore gumi ema1920, kune rumwe rutivi, nezviitiko nemitemo zvemakore gumi apfuura.
Ma1920s aizivikanwa ne:
- imba yakawedzera-kuwedzera uye kuvaka boom pakati pemakore gumi iyo yakapinda
- kudzikira kwekudyara muhupfumi hunobudirira sekudyara kwekufungidzira kwakaramba kwakatsikitsira kunze kwekudyara chaiko
- iyo Federal Reserve System iyo yakasimudza mari inopihwa pasina hanya nemhedzisiro yayo yekufungidzira
- kusaenzana kuri kuwedzera mukutengeserana kwenyika uye kusagadzikana kwemari
- kuparadzwa kuri pedyo kwemasangano evashandiโkungotaura zvinonyanya kukosha
Kuparara kuri kuita mibatanidzwa mukati memakore ekuma1920, kana kwabatanidzwa nekugadziridzwa kwakasimba kwehurongwa hwemitero hwakapa kuderedzwa kukuru kwemitero kune vapfumi nemakambani, kwakakonzera shanduko inoshamisa mukugovewa kwemari kune vakapfuma vanoisa mari nemakambani kubva kune mamwe matunhu. vanhu vanoshanda. Pakazosvika 1928 mhuri dzakapfuma dzakawedzera zvakapetwa kaviri chikamu chavo kusvika 22 muzana yemari yese munyika, sekureva kweIRS data. Zvichida kupfuura chero chinhu chimwe chete chinobatsira, kukurumidza uye kwakanyanyisa kukura kwekusaenzana kwemari mukati memakore gumi ndiko kwakazokonzera kukanganisa kwemari kwekupedzisira muna 1929 uye mhedzisiro yekuora mwoyo. Shanduko huru yemuhoro yakadyisa fungidziro yakazoita kuti pave neimwe shanduko yemuhoro, sezvo purofiti yepamusoro yakaonekwa nevapfumi kubva mukufungidzira kwekudyara mari. Kuwanda kwemari kwaita kuti pave nedzungu rekukwira kwemutengo weasset, purofiti yekufungidzira, uye tarisiro yekufara kuti maitiro aizoenderera mberi pasina muganhu.
Kuwedzeredza kwekufungidzira kwema1920 kwakabatsirwa nemiitiro yakawanda yebhizimisi isina kujekaโmuindasitiri yemabhanga zvikurukuruโiyo yakatenderwa nebhizimisi, zvinobudisa nhau, uye hurumende. Mamwe emamwe maitiro anocherechedzwa aisanganisira kuputika kwekutenga masheya uye zvibatiso pamucheto-kana izvo dzimwe nguva zvinonzi leveraging. Yaisanganisira maitiro akavimbisa kuti fungidziro yakaramba iri pedyo isingaonekwi kune avhareji vatengesi; maitiro ayo mabhizinesi akazvimirira, ane basa rekuyera mari kune veruzhinji, akanyepera veruzhinji nekuda kwekunetsana kwezvido. Hurumende yakaramba kutarisa kana kutarisa kuwandisa kwekufungidzira kwakabatsirawo.
Muitiro wadudzwa wakaguma nokuputsika kwemusika wemasheya, apo kutsemuka kweupfumi chaihwo kwakavamba kuoneka uye budiriro yokufungidzira yakakurumidza kutendeukira kukuputika kwaOctober 1929. Somune mamwe ose akadaro okufungidzira mabhomba namabhazi, nhamo yezvemari ya1929 nayo. yakawedzera nekumhanyisa hupfumi chaihwo hwagara huchidzikira nekumisa chikwereti chekudyara, kuve nechokwadi chekukanganisa kwemakambani, kurasikirwa kukuru kwemabasa, uye kuderera kunotevera. Nokudaro, kunyange zvazvo chiitiko chekufungidzira chiri kuwedzera chakanga chisiri icho chega chakakonzera dambudziko, chaive chiitiko chakakosha uye chepakati chinomutsa kuparara uye kuora mwoyo kwakatevera.
Semuna 1920s, mumakore gumi apfuura iyo US yanga ichifamba kubva kune imwe yekufungidzira bubble kuenda kune inotevera. Izvi zvinosanganisira:
- The Long Term Capital Management (LTCM) hedge fund bailout ya1998
- Dambudziko rechikwereti reAsia ra1998 (pakati paive nemabhangi ekuUS mari)
- iyo dot-com tekinoroji asset bubble ye1999-2000
- iyo ichangoburwa subprime mortgage bust (nheyo dzakagadzwa muna 2003-04)
- kupararira kwakakurumidza kweiyo subprime dambudziko muna 2007-2008 kune mamwe misika yemari muUS.
Iwo akateedzana mabhubhu ekufungidzira kubva muna 1998-2008 mune yega yega aive arimo kwenguva pfupi neiyo isati yamboitika yekuwedzera mari mutemo wakagadzirwa neUS Federal Reserve pasi peAlan Greenspan. Iyo Greenspan Fed nekudaro yakabatsira kune akatevedzana mabhubhu ane mari majekiseni akagadzirirwa kudzivirira kupararira kwematambudziko emari uye kiredhiti crunches. Kugadziriswa kwechinguva hakuna kugadzirisa dambudziko, asi kwakamisa dambudziko kwenguva pfupi. Mhedzisiro yanga iri yekuvharisa nguva yega yega iyo yakavharira mabhodhoro, izvo zvakabva zvabuda zvekare zvine mhedzisiro yakakura.
Nepo Federal Reserve marongero akagonesa moto wekufungidzira, kukurumidza kukura kwekusaenzana kwemari kubva muna 2000 kwakapa kupisa. Kuchinja kukuru, kwenhoroondo kwemari muUS kwakatanga zviri pachena pasi peMutungamiri Reagan uye kwakaramba kuchienderera mberi pasi paClinton. Mumakore achangopfuura, pasi paGeorge W. Bush, kusaenzana ikoko kwakawedzera. Kutanga nemugove we9 muzana bedzi yemari yose yenyika, somuenzaniso, pakasvika 2006 1 muzana yakapfuma zvikurusa yemhuri yakanga yakwidzazve mugove wayo wose kusvika ku22 muzana yavaifarikanya muna 1928.
Amuma1920s, kukurumidza kukwira kwekusaenzana kwemari kwave kuchifambiswa zvakanyanya nekugadziriswazve kwemitero, sezvo mari inodarika madhora mazana mana emadhora ekuderedzwa kwemitero yakapasiswa mutemu yekutanga yeBush chete, makumi masere muzana ayo anofungidzirwa kuti anowedzera kumhuri dzakapfuma uye. makambani makuru. Kumwe kuderedzwa kwemitero yemakambani kunodarika madhora miriyoni imwe kwakapasiswa mutemu yake yechipiri. Zvichakadaro, ruzhinji rwevanhu rwakasangana nekuderera kwemari uye kudzikiswa sezvo kudzikira kwemubatanidzwa kuri kuenderera mberi, mushure meHondo Yenyika II mudyandigere uye mabhenefiti ehutano akawedzera kudonha, shanduko kuenda kumabasa enguva pfupi uye kwenguva pfupi kubva kuzere. -Nguva uye basa rechigarire rakaenderera mberi, uye mamirioni emabasa anobhadharwa zvakanyanya akanyangarika nekuda kweiyo neoliberal kutengeserana uye offshoring.
Kukura kwemari yaiwanikwa nevapfumi kwakapa dziva guru remari uye upfumi hwavaigona kuita mukuita zvekufungidzira. Sezvo chiitiko chenguva pfupi chekufungidzira chakakonzera kudzoka kwakakura kudarika chiitiko chaicho chekudyara, mari yakawanda uye yakawanda yakachinjirwa kuita zvekufungidzira kana kubva mukudyara chaiko mumusika wemusha weUS kuenda kukudyara kunze kwenyika mune inonzi misika iri kusimukira-kunyanya, kuChina uye Asia. Pamusoro pekusaenzana kwemari kuri kukura uye marongero emari ari nyore eGreenspan Fed, chechitatu chakakosha chave kubviswa kwese kufananidzwa kwemutemo wemari uye hutongi, iyo yakapihwa coup-de-nyasha muna 1999 nekubviswa kweiyo mari. 1930s-nguva Glass- Steagall Act. Glass-Steagall yaifanirwa kudzivirira kufungidzira uye kumwe kushungurudzwa.
Sezvo Glass-Steagall yakanga ichidzikiswa zvishoma nezvishoma pasi paReagan, Bush I, naClinton, iyo inonzi shanduko yezvemari yakanga yava kutanga. Neshanduko iyoyo mune zvemari kwakauya kuwedzera kunowirirana kwezvimiro zvitsva zvezvemari nehukama. Kana zvabatanidzwa nehunyanzvi hutsva hwesimba rekugadzirisa makomputa, matekinoroji akapfava (eg quantitative modeling), networking, neInternet, hurongwa hwemari hwave chikamu chekutanga chehupfumi chave chakanyatsobatanidzwa pasi rose. Zvakare, nekudyidzana kwepasi rose kwakauya kusakwanisa kudzora capital yemari uye, zvechokwadi, kunyangwe kutarisa basa rayo nemazvo. Saka, kudzoreredza uye tekinoroji uye kudyidzana kwepasi rose zvave kureva kumwe kudzoreredza deregulation.
Mumakore gumi apfuura mari yemari yeUS yakaburitswa, sezvayaimboita kuma1920s, kuita chero yainoda uye kusundira envelopu yekufungidzira yekudyara kusvika kure uye munzira ipi yainoda. Naizvozvo hazvina kuitika kuti kubva mukupera kwema1990 hupfumi hweUS hwakadzokera kumashure kubva kune imwe dambudziko remari kuenda kune imwe pasina kana nzvimbo yekufema pakati. Tave kutanga kuona mhedzisiro yekubvumirana uku kwekudzoreredzwa kwemari kwakazara, kugadziridzwa kwemari kusingatariswe, kukurumidza kusaenzana kwemari, uye hurongwa hwemari hwehurumende hwekugara huri kupa hurombo hwakanyanya hwemari, kudzikira kweUS, uye kutyisidzira kwekusagadzikana kwepasirese.
Derivatives uye Securitization Revolution
If Structured Investment Vehicles (SIVs) uye hedge funds ndidzo mota dzedambudziko idzva rekufungidzira uye rezvemari, zvigadzirwa zvadzo zvinosvika kune akawanda maacronyms akaita seCDOs, ABCP, CBO, CMBS, CLO, CDS, CDPO, zvichingodaro. Kuti unzwisise dambudziko rezvemari riripo zvinotanga kudikanwa kuti unzwisise iyo inonzi securitization revolution iyo mitsva yemasangano uye michina yemari inomiririra. Uye shanduko yekuchengetedza yakavakirwa pana muzukuru wekuwedzera-kuwedzeredza anonzi derivatives.
Zvigadzirwa zvinosanganisira kusimudzira kwekunyepedzera kwezvigadzirwa zvemari zvinopihwa kutengeswa kune vanoisa mari, vakazvimirira uye vemakambani. Havana kukosha kwemukati. Vanowana kukosha kwavo kubva kune zvimwe zvinhu zvechokwadi kana zvimwe zvigadzirwa zvemari. Ivo vanenge vasina mari yekugadzira. Mari yavo yekugovera nekutengesa haipo zvachose. Mutengo wavo wemusika ndiwo mhedzisiro yekufungidzira kudiwa uye, zvishoma, kukurumidza kwemasangano ezvemari anogona kugadzira zvinhu zvekutanga zvemari (semuenzaniso, zvikwereti zvembatya) izvo zvinobva zvagadzirwa. Uyezve, zvinobuda zvinogona kugadzirwa pamusoro pezvinobva mupiramidhi risingagumi rekufungidzira mari inopihwa. Kufanana neimba yemakadhi, zvinopiwa zvacho zvingatutirana, kutozosvikira panguva apo rimwe remakadhi ratsvedza panzvimbo ndokuunza mamwe asara pasi nawo.
Muhupfumi hwenyika hwanhasi mune mari inodarika madhora mazana mashanu emadhora muzvinyorwa zvakasara. Izvi zvinofananidzwa neyepasi rose chigadzirwa chepasi rose chepasi rose chepasirese chisingasviki madhora makumi mashanu emadhora, uye kuUS pagore GDP inosvika zviuru gumi nezvitatu zvemadhora. Nemamwe mashoko, pari zvino pane kanopfuura kagumi muzvibvumirano zvinobva pazvibvumirano kupfuura zvinhu zvose chaizvo nemasevhisi anogadzirwa nehupfumi hwese munyika gore negore. Muridzi akapfuma kwazvo pasi rose, Warren Buffet, akadana zvakabva ku โnguva mabhomba kune mapato anoshanda mazviri nehurongwa hwehupfumi.โ Zvinomiririra, maererano naBuffet, โzvombo zvemari zvokuparadza kukuru, zvinotakura ngozi idzo, nepo zvino dzisiri pachena, dzinogona kuuraya.โ
Subprime mortgages inomiririra chimwe chimbambaira chidiki mune panoply ye "zvombo zvemari zvekuparadza kukuru" zvinotsanangurwa naBuffet. Subprimes chinhu chakakosha chemuenzaniso mumwechete wekudyara kukuru kwekufungidzira kwakavakirwa pane imwe nzira yekubuda inonzi CDO, Collateralized Debt Obligation. Subprime mortgages akaiswa panheyo yeCDO's derivative piramidi. Zvikwereti pachazvo zvinomiririra kukosha kwechinhu chaicho-kureva, chigadzirwa cheimba pakavakirwa imba yemba. Mamortgages anozoiswa mufictitious financial asset package inonzi CDO, inozoiswa chiratidzo nesangano rezvemari rinotengesa CDO kune vakapfuma vanoisa mari, hedge funds, dzimwe mari, kana makambani. Mamortgage pachawo haana kurongedzerwa muchimiro chepakutanga muCDO, asi panzvimbo pezvo anotsemuka, kureva, akakamurwa kuita zvimedu zvinogona kugovaniswa mumaCDO akasiyana siyana. Chete zvikamu zvechero zvakapihwa subprime mortgage zvinogona saka kugara mune chero yakapihwa CDO inopa: zvikamu zvezvimwe zvinhu zvinowanzoiswa muCDO imwechete padivi pe subprime slice zvakare. Izvi zvimwe zvinhu zvingava zvenhema muunhu (kureva, kwete kubva pachinhu chipi nechipi chaicho chaicho) kana kuti zvingavakirwa pane chimwe chinhu chaicho-somuenzaniso bepa rezvokutengeserana rinobudiswa neimwe kambani chaiyo kuti iunganidze mari yekuenderera mberi kana kuwedzera bhizinesi rayo chairo; kana kuti chikwereti chakabudiswa nebhangi chinotsigirwa nechibatiso chaicho (semuenzaniso, CLO). Dzimwe mhando dzezvinhu zvakaunganidzwa dzingasanganisira kuchengetedzwa kwemanyepo kunopihwa zvichibva pane zvinotarisirwa kutengeswa kwematikiti mune ramangwana ezviitiko zvemitambo, muripo wekoniti yemurwi werock, kana mimwe mienzaniso isina musoro yeanonzi mabhondi.
Haasi ese maCDO ane subprime mortgages akasungirirwa mukati memupiro wavo wepaketi wemusika. Vamwe vanogona kunge vaine zvimedu zvegiredhi repamusoro remba kana izvo zvinonzi Alt-A mortgages. Kana kuti vangave vaine zvose. MaCDO mazhinji anosanganisirawo anonzi Asset Backed Commercial Paper (ABCP). Makambani mazhinji ane kusahadzika kwekuita uye tarisiro yeramangwana isingakwanise kukwidza mari yakawanda mune zvehupfumi kubva kune mamwe masosi akapinda mumusika weABCP mumakore achangopfuura kukwidza mari nekumisa kudhara. Bepa ravo rekutengesa rinobva raunganidzwa neCDO uye rinopihwa kumusika. Saka shaky subprime mortgages inogona kuiswa pamwe chete shaky corporate bhizimusi bepa.
Asi mabhanga nemamwe masangano anozopedzisira atengesa maCDO aive, kusvika dambudziko richangobva kuitika ratanga kuoneka mukupera kwezhizha 2007, kwete zvese zvine chekuita nezvemhando yezvakatorwa-CDOs. Kusava nehanya kwavo kwakayerera kubva mukukwanisa kwavo kutenga inishuwarenzi yeCDO muchimiro chechimwezve chinobvamo chinonzi Credit Debt Swap kana CDS. Imwezve nzira iyo mabhanga akaedza kuzvidzivirira kubva mukusagadzikana kwemhando yekufungidzira kwave kugadzira kwavo Secured Investment Vehicles. MaSIV ari musimboti mabhanga emagetsi emumvuri akaiswa nemabhangi ekudyara uye ekutengesa akaita saMorgan Stanley, Bear Stearns, Citigroup, Bank of America (uye rinenge bhangi guru renyika kana redunhu muUS) kuburitsa maCDO ane njodzi kubva kumabhanga. mapepa, uko kuchengetwa kwerekodhi rebhangi kuri pasi pemutemo kuti aongororwe neUS Securities and Exchange Commission. NemaSIV anowanzo shandura, kana kutengesa, kuheja mari uye vamwe vakapfuma vanoisa mari nemakambani, vharafu yekudzivirira yechitatu ingangove iripo.
Subprime mortgages, yakaunganidzwa mukati meCDOs, yakapihwa neSIVs, uye yakavharirwa bhangi pepa nemabhangi makuru inomiririra bhizinesi rinopa mari yakawanda kumabhanga. Chekutanga, mabhanga anoita mari kubva mumari inoburitsa CDO. Chechipiri, vanokwanisa kuburitsa midziyo kubva kumabhangi avo ebhangi vachidzikisa mutengo wekutakura mari pamwe nekuita kuti pawanikwe mamwe mabhengi ekukweretesa nemubereko. Chechitatu, maSIV avo anoita mari kubva mukumaka nekutengesa maCDO pamwe nekuvapa inishuwarenzi pakuwedzera kubhadhariswa nechikwereti chekuchinjana. Saka hazvishamise kuti mainline investimendi uye mabhanga ekutengesa akawana purofiti yakakura inopfuura makumi maviri muzana pagore pamwe chete gore rega rega kubva 20 kusvika 2004-kureva, ingangoita nguva yekukura kwakanyanya kwe subprime mortgages yakaunganidzwa neCDO.
Mamiriro ari pamusoro apa dzimwe nguva anonzi semuenzaniso wezvinonzi securitization revolution mune zvemari. Securitization inzira yekuunganidza midziyo painopihwa zvibatiso zvitsva zvozotengeswa kune vanoisa mari (mupfungwa) vanobhadharwa kubva mukuyerera kwemari inogadzirwa nemidziyo. Kana zvinhu zviri mukati meCDO zvine njodzi zvakanyanya, zvinoita kuti zviyereso zvechikwereti zvidzikire asi kudzoserwa kwazvinoita kunowedzera. Kururamisa kwefungidziro huru uye nenjodzi huru yezvipo ndeyekuti nekucheka maCDO muzvikamu, zvichienderana nehuwandu hwengozi mumidziyo iri muCDO yakapihwa, njodzi inogona kuparadzirwa pakati pehuwandu hwevanhu vanoisa mari. Muchokwadi, zvakadaro, mhedzisiro yaive kupararira kwekutapurirana kwete kupararira kwenjodzi kubva mukudyara kwenjodzi.
Muna 1998 hwerengedzo yevhoriyamu yenyika yose yezvipo zvakachengetwa yakasvika isingasviki mabhiriyoni 100 emadhora. Pakazosvika 2003 yakanga yakwira chete kusvika ku $ 200 mabhiriyoni, inodarika $ 500 mabhiriyoni muna 2005, uye yakapfuura $ 1 trillion muna 2006.
Kupaza iyo Subprime-CDO Bubble
Business press pundits vanoramba vachibvunza kuti sei mari zhinji ye subprime mortgage yakapihwa vatengi vedzimba avo vaisakwanisa kukwereta zvikwereti pane chero nzira inonzwisisika kana kuti vaizotadza kubhadhara kana mareti emubereko akwira kusvika kumazinga akajairwa. Izvo zvisinganzwisisike nevaongorori ndezvekuti, zvichipihwa kuwedzera kwekufamba kwenguva kusvika kune yakakura musanganiswa wekufungidzira kune yakazara hurongwa hwekudyara muhupfumi hwecapitalist, huwandu, kwete kunaka, yemukana wekudyara unotora pamberi. Kubva 2003 tsika yemabhanga yaive yekukurudzira makambani echikwereti chemba kuti abudise zvikwereti zvakawanda zvisinei nemhando. Makambani echikwereti cheMortgage akakurudzirawo vatengesi vezvivakwa kuti vaunze zvikwereti zvakawanda pasina kufunga nezvemhando. Uye vatengesi vezvivakwa vakaita chero chaidiwa kuvhara dhiri nevatengi vemba.
Hazvina mhosva kana huwandu hwakazara hwezvikwereti zvembage muna 2005-06 zvaive zvakanyanya subprime pane kwete. Huwandu hwezvikwereti, kwete hunhu hwazvo hwakanyanya kukosha. Uye huwandu hwaingova chikamu chemhando itsva yepurofiti. Rubatsiro rwemari rwakanga ruchiderera uye ruchienderana nekupihwa kwezvikwereti pase, asi zvichiwedzera kubva pazvinobva nemasangano anotsigira. Pakazosvika 2005 mari inodarika $ 635 mabhiriyoni ezvikwereti zve subprime zvakapiwa. Muna 2006 mari iyi yaive imwe bhiriyoni mazana matanhatu emadhora uye iyo yakazara muna 600 yaive inodarika madhora bhiriyoni imwe.
Pakazosvika pakati pe2006 zvakange zvave pachena kuti subprime mortgage market yakanga iri mukusununguka. Vatengi vedzimba vane subprime mortgages vaive zvino vatadza kubhadhara parekodhi mitengo uye kufanovharwa kwave kutanga kukwira. Pakupera kwezhizha ra2007 zvaifungidzirwa kuti paizove nemamiriyoni maviri kusvika matatu anogona kuvharirwa mukati memakore mashoma anotevera. Kukosha kwe subprime mortgages kwakakurumidza kudonha uye pamwe navo mazhinji eiyo maCDO mavakapinzwa. Musika we subprime mortgage wakapotsa wavharwa. Zvakanga zvisingagoneke kunyatso kuenzanisa ukuru hwekurasikirwa kubva kune subprimes sezvo ivo vakachekwa uye vakagovaniswa mukati mezvipo zvakasiyana zveCDO. Uye kana kurasikirwa kwezvinhu zve subprime muCDO zvisingakwanisi kukosheswa nemazvo, maCDO haakwanise kukosheswa nemazvo. Kana iyo asset yakatsigirwa bepa rekutengesa rinowanzo unganidzwa nemaCDO. Zvichingoenda zvakadaro.
Mhinduro yakajairika yevanoisa mari mumamiriro ezvinhu akadai ndeyekubvunza kuti mari yavo yaive pasi pemvura yakawanda sei. Kana vasingakwanise kutaurirwa chokwadi, mhinduro yavo inotevera inowanzo "tengesa mari yangu uye undipe mari yasara." Asi pasina misika ye subprimes pakupera kwa2007 kukosha kwavo kwakasara kwaive kusingagone kufungidzira. Hapana kutengesa kwaireva kuti hapana mutengo waireva kuti hapana inogoneka yekufungidzira fungidziro uyezve hapana mari inobuda. Vagadziri vemari, semabhangi nemaSIV avo, vakavharirwa pamwechete muzviitiko zvakawanda murufu, vasingakwanise kubhadharisa uye vachifanirwa kukwira mota yakaparara muvhu.
Pakupera kwa2007 fungidziro dzakasiyana-siyana dzinoisa kukosha kwekurasikirwa kunotarisirwa kubva kumusika wepasi-prime kudonha kubva kuGoldman Sachs yakaderera yemadhora 211 bhiriyoni uye fungidziro yeOECD yemadhora mazana matatu emabhiriyoni ekurasikirwa kunofungidzirwa - zvichibva paABX Index, chiyero chepamutemo che subprime mortgage securities 'value- pamadhora mazana mana emadhora. Mukupesana kukuru nefungidziro idzi kurasikirwa kwakabvumwa nemabhanga makuru kusvika pakupera kwegore ra300 kwaingosvika madhora mabhiriyoni makumi matanhatu chete. Zvakawanda, zvamazvirokwazvo, zvakanyanya maererano nekurasikirwa kwebhangi uye kunyorwa kwebhangi kuchiri kuuya muna 400.
Asi kurasikirwa kwe subprime uye kunyora-pasi pamabhangi ebhangi mashizha aingova chikamu chemufananidzo mukuru.
Kuparadzira Subprime-CDO Pain
Takafungidzira huwandu hwese hwese maCDO pasi rese (kwete ese ane subprime mortgages akasungwa nawo) ndeye, maererano neOECD, ingangoita madhora 3 matiriyoni mukukosha kwese. Inenge hafu iyo yose inobatwa nehedge funds, chechina nemabhangi, uye yakasara kuratidzwa nevakuru veasset neinshuwarisi.
Sezvacherechedzwa, mazhinji eCDO akaunganidzawo mapepa ekutengesa-dzimwe nguva aine subprimes uye kazhinji asina. Asi bepa rinotsigirwa rekutengeserana rinoratidzika zvakaenzana panjodzi se subprime mortgages uye mhedzisiro yekudonha kwayo haisati yanyatsozadzikiswa.
Kufanana nemusika we subprime mortgage, musika weABCP wakaona kumhanya kwakanyanya pakati pe2003-07 pamwe nekumhanyisa kweCDO uye zvimwe zvinobva. Makambani mazhinji ari mumatambudziko emari uye asingakwanise kukwidza mari kuti aenderere mberi akatendeukira kuABCP kuti vaburitse bepa rekutengesa pazvinhu zvavo zvasara kuti vaunganidze mari yekushandisa kana kuisa mari. Mazhinji emapepa avo ekutengesa ane njodzi akaunganidzwa nemaCDO. Asi semusika wepasi, musika weABCP wakatovhara zvakare kubva pakatanga dambudziko rezvemari mukupera kwezhizha 2007. Musika weABCP muUS wakakwira kusvika pamadhora 1.2 tiririyoni muna Nyamavhuvhu 2007 uye wakadonha kusvika kumadhora mazana manomwe emadhora pakupera kwegore. Pakazosvika Chikumi 700 imwezve $2008 bhiriyoni inotarisirwa kuuya nekuda. Ndiyo imwe madhora mazana matatu emabhiriyoni emabhangi angangofanirwa kupa pamapepa avo emari, kuwedzera kumadhora mazana mana emabhiriyoni emamwe ma subprimes ari kuuya. MuEurope musika wemapepa ekutengeserana uri kudzikirawo nekukurumidza, wadonha nezvikamu makumi mana nezvina kubva muzana panosvika Gumiguru 300 kusvika pamadhora bhiriyoni zana nemakumi manomwe nenomwe kubva panhongonya yaMay ye300 bhiriyoni.
Nemusika weABCP wakanyanya kuvharika, makambani mazhinji ari kunetseka kuti arambe ari mubhizinesi mumakore achangopfuura nekutengesa bepa ravo rekutengesa angangotanga kutadza. Izvi zvinoreva kuwedzera kwakanyanya kwekubhuroka kwebhizinesi. Semuenzaniso, chikwereti chebhizimisi chisiri chepurazi chakasimuka ne30 muzana muna 2004 uye chakaenderera mberi kubva pachiyero chepamusoro. MaCDO mazhinji akabatsira kumisa zvisizvo uye kutadza pakati pa2003-07 nekuisa bepa ravo rekutengesa. Asi nekudzimwa kwemisika yeABCP, kudzvanyirirwa kwekutadza kwemakambani kuchaburitswa zvichikonzera kuwedzera kwakanyanya kwekubhuroka kwemakambani muna 2008-09. Sangano rinoona nezvezviyero, Moody's, rinofanotaura kuwedzera kwezvakatarwa pakati pechina nekagumi munguva iri pamberi, iyo yepamusoro-soro kubva pakatanga kudonha kubva kudot-com bust muna 2002.
Dambudziko remari riripo parizvino rave kupararira nekukurumidza kubva kune subprime kuenda kune mamwe misika mikuru, uye kuti dambudziko ririkufambiswa sei kubva kumisika yekupedzisira kuenda kuhupfumi hwese muUS - nekudaro ichivimbisa kudzikira muUS mu. 2008 uye kutyisidzira kuwedzera pasi rose mu2009-ichagadziriswa muChikamu II chekuongorora uku.
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Jack Rasmus ndiye munyori we Hondo Pamba: Iyo Corporate Inogumbura Kubva kuna Ronald Reagan kuenda kuGeorge W. Bush 2006 uye Iyo Trillion Dollar Income Shift: Essays pamusoro peKusaenzana Kwemuhoro muAmerica. (2008).