??? ? p??s??? ???? t?? ??sµ?? pa?aµ??e? p??s???µ??? st?? a??stat? e??????? ?a? t?? epe???µe?? «?a?t?» s???d? ????f?? t?? e???µe??? eßd?µ?da?, ? ???s? µ????e? ?a ep?st??fe? ap? t?? …p?s? p??ta - a?t? t?? Fed - st?? ... ?ate????? ?e???t??a t??, t?? ???.
?? a?t? ??at? ? ?µ?sp??d?a?? t??pe?a Fed ?a? ? ep??efa??? t?? ?pe? ?pe?????? µ??????? ?t??µ?? ??a t? pe??ß??t? «QE3» - t?? t??t? ???? «p?s?t???? ?a????s??» (d??ßa?e: µa????? e?t?p?s?? d??a????, ta ?p??a st?? s????e?a ?a?????ta? µe d??f????? t??p??? st?? «d???t???asµ??e?» ap? ta t????? pa?????a ?a? d???µe? ??e???p?µ??e? t??pe?e?). ??t? t??????st?? p????pte? ap? t?? p??se?t???te?? a?????s? t?? a?a?????s?? t?? Fed ?a? ????? p??te µe????? ?e?t????? t?ape??? ??a µe??s? t?? ep?t????? swap, µe t? ?p??? da?e????ta? ?e?st? ?? t??pe?e?.
?? s?µa????? ??a a?t?; Se a?t??es? µe t?? Ge?µa??a, p?? ??e? st???se? ta p?d?a ?a? apa???e?e? st?? ????pa??? ?e?t???? ???pe?a ?a a???????se? t?? d??µ? t??…e?t?p?t?, ? Fed t?? ?pe?????? ep?µ??e? st? s??ta?? t?? ????? ???a «??p???t?» ??a ?a ?a???e? t?? t?????? ??µ??? t?? «t?ape??? - ??µp?», ad?af????ta? ??a t?? ?p?ß??µ?s? t?? ?d??? t?? t?? ??µ?sµat?? ?a? t?? d?aµat???? ep?pt?se?? p?? a?t? ??e? ??a t?? µ?s? ?µe???a?? e??a??µe??, p?? p?????eta? se e?a ??? ?a? p?? «p??????sµ???» d??????. ?a? ß?ßa?a ? ?pe?????? de? da?e??e? µ??? t?? aµe???a?????, a??? ?a? t?? e???pa???? t??pe?e? - µe t? s?ept??? p?? a? ?ata??e?s??? ?? µe?, s?????a ?a ?ata??e?s??? ?a? ?? de, ???? t?? aµ??ßa?a? ???es?? t???.
?p?? a?af??e? ?a?a?t???st??? t? Bloomberg, ?? a????? pe??µ????? p???? ap? t?? Fed ?a t?p?se? p??? ap? µ?s? t??se?at?µµ???? «f??s?a» d?????a ??a t?? t??pe?e? st?? a???? t?? 2012, ?ste ?a ?a??f???? afe??? ?? ??e? µa??e? t??pe? ap? ta µ? e??p??et??µe?a, e??p????a ste?ast??? d??e?a, ?a? afet???? ?? ??µ??? ap? ta p?s?? f?se?? t????? pa?????a t?ape???? p?????ta p?? ????? st?? ?at??? t???.
?a s?µe???e? ed? p?? µ???? p??? ???e? µ??e? p????f??????a? ?? ?µe???a??? f????????µe??? ta «???? ???µµata» t?? p??t?? ?a? µe?a??te??? «pa??t?? d??s?s??» st?? ?st???a t?? ???, p?? «st????e» st?? te?e?ta?e? ?µ??e? t?? ??ß????s?? ?p??? ap? t?? ?pe?????? ?a? t? t?te «de?? t?? ????« st?? Fed (?a? µet?pe?ta ?p????? ??????µ????), ??µ G???t?e?, ?a? f?s??? ???p??????e ap? t?? …p????µ? ??ß????s? ?µp?µa.
?et? ap? d?et? d??ast??? µ???, t? Bloomberg ?at?fe?e ?a p????f????e? a?µ?d??? ?t? ?? t?? ???t?? t?? 2009 ? Fed e??e desµe?se? -e?te se d??e?a e?te se e????se?? ? ???e? p?st?t???? d?e??????se??- ??a t? d??s?s? t?? µe????? t?ape??? 7,77 t??s. d?????a, e?? µ?sa se µ?a µ??? µ??a, st?? 5 ?e?eµß???? t?? 2008, ? ?µ?sp??d?a?? t??pe?a d???ese ??a t?? s???????? da?e?a??? a????e? t?? t?ape??? 1,2 t??s. d?????a!
?? a?t??, p??te µe???e? aµe???a????? t??pe?e? (Citigroup, JP Morgan, Bank of America, Wells Fargo ?a?…f?s??? ? , Goldman Sachs- ??aßa? µ??e? t??? 160 d?s. d?????a ap? t? taµe?? «a?a???f?s??» (TARP) ?a? ???? µ?s? pe??p?? t???. se ??ta?t? da?e?sµ? ap? t? Fed. ?s? ??a t? ?a?a?? ?fe??? t?? µe????? t?ape??? ap? t?? «µ?st????» p???t???? d??s?s?? p?? a???????se ? Fed µet? t?? ?at???e?s? t?? Lehman Brothers, ?p??????eta? se t??????st?? 13 d??. d?????a!
??? ?d?a st??µ?, µe ß?s? ta te?e?ta?a ep?s?µa ap???af??? st???e?a, e?at? e?at?µµ???a ?µe???a??? p???te? - t? e? t??t?? t?? p????sµ?? - ???? se ?????????? µe «ep????d??a ?aµ???» e?s?d?µata, e?? t? 16% ß??s?eta? ??t? ap? t? ???? t?? ft??e?a?. ????e?ta? ??a t?? «s?µp????µat??? de??t? ft??e?a?» (SPM), ?p?? ap??a?e?ta? ? ???? t??p?? µ?t??s?? t?? a???e?a?, st?? ?p??? s???p??????eta? ? a???s? t?? ??st??? ???? t?? te?e?ta?e? de?aet?e? ?a? ? ?p???? s?µf??a µe t??? New York Times a?f??d?ase a??µ? ?a? t??? stat?st?????????: «?p?????? p??? pe??ss?te??? ?????p?? p?? ?p?f????? ap? ?t? ?? t??a ??µ??aµe», a?af??e? ?a?a?t???st???.
????e?ta? ?t? ???µe?a sa? ta pa?ap??? -?a? ? p?taµ?? ad???a? ?a? a????p???? d?st???a? p?? ???ßeta? p?s? t??? - e??a? a?t? p?? t??f?d?t??? «e?e?e?s?a??» ????µata sa? t? «?ata??ßete t?? Wall Street». ????µata p?? ?a? µe? «???????a?» ap? t?? d???µe?? ?atast???? (µet? t?? ß?a?? e?????s? t?? p????? ?????t? st?? ??a ????? ?a? t?? a?t?st????? ?at?????? st? ??? ??t?e?e?, µe e?at??t?de? s?????e??), a??? se ?aµ?? pe??pt?s? de? ???????a? p???t???. ??t???t??, ?s? pe??ss?te?a "pa??ta s?t???a?" d????ta? st?? t??pe?e?, t?s? p?? p??? a?t?d?? ? ??sµ?? t?? «99%» - ?a? ?? ??f?f????, p?? se 11µ??e? ?a ??????? t?? epa?e????? ? ??? t?? ?pa??? ?µp?µa…
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