Crise Financeira Estados Unidos

The 2008 financial crisis in the United States, often referred to as the Global Financial Crisis, was a severe disruption of the American financial system that had far-reaching global consequences. It stemmed from a complex interplay of factors, primarily related to the housing market and the financial instruments built upon it.

One key element was the expansion of subprime lending. Mortgage lenders relaxed their lending standards, offering loans to borrowers with poor credit histories or limited ability to repay. These subprime mortgages were often offered with low initial “teaser” rates that would eventually reset to higher, adjustable rates. This made homeownership accessible to a wider range of people but also created a pool of vulnerable borrowers.

These mortgages were then bundled together and sold as mortgage-backed securities (MBS). These securities were often rated highly by credit rating agencies, despite the underlying risk. This created a false sense of security for investors. Financial institutions, including banks and investment firms, purchased these MBS in large quantities, believing they were safe and profitable investments.

Furthermore, the use of derivatives, particularly credit default swaps (CDS), amplified the risk. CDS acted as insurance policies against the default of MBS. However, many investors purchased CDS without actually owning the underlying MBS, creating a massive, unregulated market where the potential losses far exceeded the actual value of the mortgages.

As housing prices began to decline in 2006 and 2007, the adjustable rates on subprime mortgages reset, making it increasingly difficult for homeowners to make their payments. Foreclosures soared, and the value of MBS plummeted. This triggered a crisis of confidence in the financial system. Banks became reluctant to lend to each other, fearing that their counterparties held toxic assets. The interbank lending market froze up, crippling the financial system’s ability to function.

The crisis reached a critical point in September 2008 with the collapse of Lehman Brothers, a major investment bank. This event sent shockwaves through the global economy and triggered a panic in the financial markets. Other institutions, such as AIG, were on the brink of collapse and required government bailouts.

The government responded with a series of measures, including the Troubled Asset Relief Program (TARP), which authorized the purchase of toxic assets from banks and provided capital injections. The Federal Reserve lowered interest rates and provided emergency loans to banks. These actions were aimed at stabilizing the financial system and preventing a complete collapse.

The crisis had a devastating impact on the US economy, leading to a sharp recession, widespread job losses, and a decline in consumer confidence. It also exposed weaknesses in the regulatory framework and prompted calls for reforms to prevent a similar crisis from happening again. The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010, was a significant piece of legislation aimed at addressing these issues and reforming the financial system.

The 2008 financial crisis served as a stark reminder of the interconnectedness of the global financial system and the potential consequences of unchecked risk-taking and inadequate regulation.