Amerikas Probleme reichen weiter als bis zur Wall Street

CAMBRIDGE, MASS.: Weniger als zwei Monate vor den US-Präsidentschaftswahlen gilt ein Großteil der Aufmerksamkeit dem Zustand der amerikanischen Wirtschaft und den Herausforderungen, die sich hieraus für den nächsten Präsidenten ergeben.

Wir befinden uns in der Mitte einer Finanzkrise, die durch schwerwiegende Fehlkalkulationen in Bezug auf alle möglichen Arten von Risiken und den Zusammenbruch einer Häuserblase, die sich in der ersten Hälfte dieses Jahrzehnt aufgebaut hatte, verursacht wurde. Was als Problem mit Subprime-Hypotheken begann, hat sich nun auf den Häusermarkt allgemein, aber auch auf andere Anlageklassen ausgeweitet. Das Problem des Häusermarktes verschärft die Finanzkrise; diese wiederum verringert das Angebot an Krediten, die zur Aufrechterhaltung der wirtschaftlichen Aktivitäten erforderlich sind.

Tatsächlich hat sich die Finanzkrise in den letzten Wochen verschärft, was sich in der Übernahme der quasi-staatlichen Hypothekenbanken Fannie Mae und Freddie Mac durch die US Federal Reserve – die Amerikas Steuerzahler Hunderte von Milliarden Dollar kosten könnte – sowie dem Bankrott von Lehman Brothers und dem Verkauf von Merrill Lynch widerspiegelt. Letztlich reflektieren diese finanziellen Zusammenbrüche die Abwärtsspirale bei den Häuserpreisen und die zunehmende Anzahl an Eigenheimen, deren Hypothekenschuld ihren Marktwert erheblich überschreitet (negatives Eigenkapital).

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