視頻(要翻墻)????10分鐘看懂金融危機??
???Background:?
????Federal Reserve(美聯(lián)儲)????chairman lowers interests rates to 1% to keep economy strong.
? ? Investors ?????: NO THANKS.
? ? Wall street ??: BORROW me money!?
???Leverage(杠桿):
? ? Borrowing money to amplify(放大) the outcome of a deal.
??Ideal Trade Process:
? ? A family ???want a house and save the down payment(首付).? "We have our own house!"
????Mortgage Lender(房貸公司) ???lends them money.
? ? Housing price has been rising practically forever!
? ? Wall street ???borrow millions of dollar to buys the mortgage from the Lender ??. Wall street creates Collateralized Debt Obligation(債務(wù)抵押債券). It is divided into three slides.
? ? ?Safe - 3%, Okey - 7%, Risky - 10%.
? ? Investors ?????buy CDO according to their needs. "Much better than 1% interest in the bank! We want MORE!"
? ? Wall street ??repays the loans to the bank.?
???Disaster:
? ? When families ???default on their mortgage(無法償還貸款), the Lender ??gets the house.
? ? The Lender???? gives money to these less responsible families ??who are less likely to repay the mortgage.?Prime Mortgage —> Subprime Mortage.?
? ? Poor families ???default on their mortgage so they sell their house. Now there are so many houses for sell on the market.?
? ? Those families????who can afford their mortgage walk away from their house because they do not want to pay back their $30 mortgage when the house is worth $9.
????Housing price plummets!? ??
Result:
