The globalization in them placed all in one same boat. One barcoa grace of storms and economic tides. The interdependence of the mercadosmundiais creates a effect butterfly many times devastador in economies quedependem almost that exclusively of the international investments and spirits. The real estate crisis of U.S.A., obligator subject emnoticirios economic, generates a moving environment in the macroeconmicanacional structure. We are affected without the least to know what it reached in them. The objective desseartigo is to elucidate some points that will help in the understanding of this fenmenointernacional. With the great depression initiated in 1929, the world knew umvilo created by ' ' hand invisvel' ' of the market defended for AdamSmith, the economic Contraction. Since then, nothing it scares more odesenvolvimento of a economy that a deceleration generalized in the consumption.

In 2001, after the terrorist attempted against ones of 11 of September, U.S.A. had been beira of a crisis. The Americans had reduced the consumption drastically, leading president George W. Bush to divulge an official notice to naoconvidando them it the purchases. In the same period the Federal one Reserves, bank centralnorte-American, lowered significantly the basic tax of interests. It mercadoreagiu it to these measures and the result was a great opening in the lines decrdito real estate, also to the people who if fit in subprime, clientesque does not have a proven income and possesss an insolvency description. The group of customers subprime, offers to one high risk deretorno of capital and had to this they pay interests that arrive up to 12%. Wanting to noarcar all with the involved risk in this real estate transaction, them headings in the market with intention financeirasabrem to advance expirations, such ttulosso well accepted exactly on account of the high involved tax of interests. Brokers of investment buy the headings, generating one another capital to be emprestadopela financial, and repass the papers as investment proposal the seusinvestidores spread for the whole world.

The debate on the remuneration of the saving despertou the interest of many investors for the Direct Treasure. Not to lose customers, opened banks retail if have shown each time more to the negotiation of public headings, competing product of the investment funds, with compatible costs with the one of the independent brokers. To the eyes of the great financial conglomerates, since when he was servant, in 2002, the Direct Treasure faced vine being with certain exceptions, for representing competition to offers of deep in the banking network. One is about a segment where the banks collect vultosas prescriptions with administration taxes, mainly next to the retail public, who applies low values and has little mobility. But this situation also can be moving. The Bradesco Broker lowered the charged tax drastically as safekeeping agent, of 4% to the year for 0,5% to the year, being on-line with the costs of the market.

In such a way, the Ita Broker will be the only one to keep prohibitive prices, of 4% to the year in the retail and of 3% to year for the customers of the segmentation of high income of the Personnalit. Snake R$ 25 for operation still carried through. The together bank if now to the Bank of Brazil, Federal government saving bank, HSBC, Safra and Votorantim, whose brokers the 0.5%, have inferior taxes According to Bradesco Broker, the bank decided to reduce the tax of the Direct Treasure not to lose customers for other brokers. The bank not yet made no spreading of the newness next to the customers: ' ' When the Direct Treasure started, the bank adopted a high tax. Perhaps it had until a little of distrust of that the customers left the deep ones for capsize to operate in the Direct Treasure. In elapsing of the time, we perceive that the customer of the Direct Treasure is a different person, who has a deeper knowledge of fixed income.