Clusterfuck

sorry, aber das trifft aus meiner Sicht die Situation auf den Finanzmärkten derzeit ausgesprochen gut.

Das Urban Dictionary defininiert den Begriff wie folgt:

  1. Military term for an operation in which multiple things have gone wrong.
  2. Large quantity of confused people in a disorganized manner.
  3. A combination of things going extremely wrong in a short period of time within the same general activity — caused by stupidity and/or ineptitude. A polite term using the same initials would be compound fiasco.

Aber bereits 1999 wurde in der New York Times die heutige Situation skizziert:

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.

”From the perspective of many people, including me, this is another thrift industry growing up around us,” said Peter Wallison a resident fellow at the American Enterprise Institute. ”If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.”

via Dare.

Und Sean weist auf einen Artikel im Economist hin, in dem darüber nachgedacht wird, wie sicher euer/unser Geld in einer Bank ist:

The first law of banking: Don´t ask if your money is safe.