financial crisis....pdf

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1、Reasonsforthefinancialcrisis:fromanAmericanexpertTheAmericansborrowmorethantheycanresponsiblypayback.Theirgovernmentsetsabadexamplebyspendingmoreeachyearthanitreceives.Theirmoneythenflowsoverseastoforeignnationsintheformofinterestonloans.USconsumersborrowmorethantheycanpayback,andbankslet

2、themdoit.Theyproducelessthantheyconsume.Theirgovernmentimposes（征收）excessivetaxesandregulationsonbusinesses.It’sbettertodoitoverseas.Ironically（具有讽刺意味的是）thegovernmentusuallydoesthisto‘protect’workers,butthemedianeverconsiderstheresultofthe‘protection’isthatthejobsnolongerexist.Mostofthesub

3、-primeloanshavebeenmadetoborrowerswithpoorcreditratingsThefactsarethatapproximately6%ofallmortgage（按揭）loansinUnitedStatesareindefault.Ahugeportion（一部分）oftheincreasedmortgageloandefaultsarewhatarereferredtoas‘sub-prime’loans.TheseloansincreaseddramaticallyasaNewYorkTimesarticleexplained.“I

4、namovethatcouldhelpincreasehomeownershipratesamongminoritiesandlowincomeconsumers,theFannieMaeCorp.iseasingthecreditrequirementsonloansthatitwillpurchasefrombanksandotherlenders.”Whywouldbanksmakesuchriskyloans?TheansweristhattheClintonadministrationpressuredthebankstohelppoorpeoplebecome

5、homeowners,anobleliberalidea.PresidentClintonalsoreducedFannieMae’sreserverequirementto2.5%.Thatmeansitcouldpurchaseand/orguarantee$97.50inmortgagesforevery$2.50ithadinequitytocoverpossiblebaddebts.Ifmorethan2.5%oftheloansgobad,thetaxpayershavetopayforthem.Thatiswhatthisbailout（财政援助）isall

6、about.Butitisnotthegovernmentpayingthebanksforthebadloans,itistheAmericanpeople.TulipmaniaABStockcrashAstockmarketcrashisasuddendramaticdeclineofstockpricesacrossasignificantcross-section(典型代表）ofastockmarket,resultinginasignificantlossofpaperwealth.Crashesaredrivenbypanicasmuchasbyunderly

7、ingeconomicfactors.Theyoftenfollowspeculativestockmarketbubbles.Stockmarketcrashesaresocialphenomenawhereexternaleconomiceventscombinewithcrowdbehaviorandpsychologyinapositivefeedbackloopwheresellingbysomemarketparticipantsdrivesmoremarketparticipantstosell.Generall