Обама после первого тайма

НЬЮ-ЙОРК. В сентябре 2008 г. мировой экономике и финансовой системе был нанесён удар землетрясением, эпицентр которого находился в США. Это стало концом администрации Буша. До президентских выборов оставалось два месяца. С точки зрения вероятности урегулирования кризиса невозможно представить себе худшее время, когда это могло случиться.

Уровень неопределённости относительно стоимости активов, платёжеспособности и обоснованности балансов, преобладавших в то время, был чрезвычайно высоким. Неопределённость вызывала страх, вынуждая банки, компании и семьи накапливать наличность. Уровень потребления резко упал, потянув за собой розничную торговлю и, спустя краткий период времени, также уровень безработицы и инвестиции. Индивидуальные рациональные действия дали коллективные нерациональные результаты.

Все данные условия внесли свой вклад в экономический спад: из-за нормирования кредитов началось повсеместное уничтожение бизнеса, что потребовало быстрых, агрессивных и нестандартных действий со стороны правительства США и ФРС. Ответные действия, предпринятые администрацией Буша и продолженные администрацией Обамы, полностью соответствовали вышеуказанным требованиям. Сочетание рекапитализации финансового сектора и стремительного расширения баланса ФРС позволило предотвратить полную отмену предоставления кредитов.

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