were only the houses and some small banks mortgages gone, now believe Fannie and Freddie had to turn almost . The financial and economic crisis in the U.S. has come to an end far from being reached.
The forecasts and data for economic development in the U.S., and especially their very different assessment by the various commentators on the media seem to confusing at first glance. The value of the dollar is rising again, while falling oil prices, the gross domestic product growing by 2.7 percent and cheered the stock market. One might think that the risk of a full-blown recession would be over. Behind it, however, are longer-term trends pointing in another direction. In June, inflation rose five percent to its highest level since 1991. U.S. Federal Reserve Chairman Ben Bernanke warned in the semi-annual Senate hearing about the negative developments in the U.S. economy and the high risk of rising inflation. Moreover, Bernanke laid
the latest quarterly report on the U.S. economy, the so-called "Beige Book" before. This is full of diplomatic formulations, commented that the New York correspondent for Focus Jürgen Schonstein this "as a collection of euphemistic synonym for 'economic downturn'". was "From a general" elevated or increasing price pressure as read, terms such as "weakening" or "weakening" would occur throughout the text. was "probably had it written that Hurricane Katrina> a little windy, '" noted Schonstein. While it has been for decades
attributed just the U.S. economy a leading role in the global economic development, have in the recent past the relatively stable world economy and the weak U.S. dollar American industry based. But with the weakening global economic situation, this stability factor is also gone slowly. That the global economy is again just not doing well, has nothing to do with including the U.S. financial crisis.
Last Monday confirmed the Budget Office of the White House that the year is expected to be completed in 2008 with a record budget deficit of 482 billion dollars. The previous record loss was achieved in 2004. At that time the deficit was at 413 billion dollars. The unemployment figures in the U.S. speak for themselves. Initial jobless claims rose in Last week, by 34 to 000 000 above 406 This means that it is now out of serious and not just seasonal problems in the labor market. And while economists still debate over whether the U.S. economy has arrived already in recession, more and more households fall into deeper financial problems. By John Cavanagh and Chuck Collins of the Washington Research Institute Institute for Policy Studies, the debt of U.S. households is now at the highest level since 1933. The Congress invited last week to an expert consultation on the social situation of U.S. citizens. "Not since the Depression of the thirties were so many families" on the precipice of said the Harvard professor Eli zabeth Warren. Meanwhile, the Americans, according to Warren, ten percent of their disposable income to spend to pay off their credit card debt.
Around three million homeowners in the U.S. can not afford their current mortgage rates and are even about to lose her house. About 1.5 million homes were foreclosed in the last few months. Government and Congress have launched two emergency sum of ¤ in order to save the market from collapse. The Senate adopted an aid package for homeowners worth 300 billion dollars, which homeowners get new mortgages and to avoid eviction. This measure is to one of the election campaign due to help on the other trying to consumers back to more liquidity, but the effects of this package should not be more sustainable than that of the tax checks over 300 dollars, the government sent in the spring of each taxpayer.
A day after the decision to help the homeowners, presented the Government of the two mortgage giants Fannie Mae and Freddie Mac emergency loans still an unknown amount in view. Fannie Mae (formerly Federal National Mortgage Association, FNMA) is a government-sponsored mortgage company was founded in 1938. Freddie Mac (Federal Home Loan Mortgage Corporation), also funded government buys mortgage loans from Banks, sums up these loans and bring them to the financial markets. Since the two institutions are privately organized economies, but by the U.S. government, they were up to mediate in the location, affordable real estate loans to small savers.
had experts have long predicted that the U.S. government, the collapse of the two institutions would not allow, as in this case stands before a real collapse of the U.S. housing market. The two banks after the withdrawal of many financial institutions consider the market for mortgages virtually alone running. But also a complete nationalization of the two public service mortgage lender - who was briefly in the discussion - would be for the U.S. government was hardly bearable. The two sit on mortgage of just over five trillion dollars, with a government takeover, the public debt of the United States had doubled smooth. The solution found now, however, means that waiting for the U.S. government a potential risk of an unknown amount.
The former president of the Federal Reserve Bank of St. Louis Regional Director, William Poole said on Monday already made for the abolition of the two government-backed mortgage lenders. At present it is still necessary to support the two, he writes in a commentary for The New York Times on Monday. "To allow you to to become insolvent, would result in a global crisis, "he explained. The U.S. Congress has the situation self-inflicted by failing Fannie Mae and Freddie Mac a "peculiar and highly advantageous status as quasi-public agencies and quasi-private companies granted" without obliging them to keep sufficient capital.
The two banks with the harmless nickname provided while in this country for the biggest headlines, but was also the series of bank failures further in recent weeks. The authorities closed the First National Bank of Nevada and First Heritage Bank of California. The Deposit Protection Fund stepped in with the equivalent of half a billion euros. This have collapsed this year alone, seven U.S. banks. Mid-July, was taken over the largest independent mortgage lender Indymac listed by the State, after the bank had large capital difficulties. Indymac was the third largest bank failure in U.S. history in general.
pointed to right Heiner Stuhlfauth, looking at the history of the leading capitalist economies, points out "that - once the leading world power, its economic innovation and supremacy has lost - in a sometimes very long period of> financialization can follow," in the Empire as it were, enters the crop, by virtue of his Commercial and military presence in the world: cheap goods and raw materials, without even much to pay for it. In this phase, the United States have occurred under Ronald Reagan, since when it has accumulated huge debts and a trade balance deficit, which would ruin any other country in the world. But if you want to the greatest military power in the world play the debt collector? And who dares to prescribe her how many dollars they printed and in circulation will? "(Jungle World 28/08)
It is only the question of what happens when the system is broken from the inside. Although currently little sign of a crash of the U.S. economy, because this is the U.S. government as in the case of the two Mortgage lenders Fannie and Freddie prevent massive interventions. These interventions correspond Although not at all of its own neoliberal ideology, but are without alternative. But in their ability to regulate the growing debt mountain and the never-ending series defeat to approach the U.S. for its capacity.
with premature doomsday scenarios should be serious as to be careful, especially as apocalyptic predictions about the future enjoy the U.S. empire lately to a large popularity. But while the former trade and peaceful future financial power Venice for several centuries in morbid beauty starving to himself, could it really be that the next major economic collapse in the U.S. means the decisive push for a recession, the economic balance of power could change dramatically and almost certainly would have an extremely destructive potential.
Published in: Jungle World, 31 July 2008
http://jungle-world.com/artikel/2008/31/22331.html
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