次贷危机起因影响英文详解financial_crisis_notes_for_lecture

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1、FinancialCrisisNotesforLectureByTonyZhouWritedowneverythingyouknowaboutthefinancialcrisisonapieceofpaper.Thenafterwe’vefinishedtalkingaboutthisforthreeweeks,checkyourpaperandseehowcorrectyouwere.Writedownthingsyoulearnedoverthethreeweeks.PartOne:WhoIsEv

2、erybody?BenBernanke2006-nowTreasurySecretaryHenryPaulsonPresidentGeorgeW.BushExecutiveAlanGreenspan1987-2006JudicialSenateHouseCongressLegislativeFederalReserveChairman1.TheU.S.Government:2.Thegovernmentissplitinto3branches:Legislative(whichmakesthelaws

3、),Judicial(whichdecidesifthelawsarelegal),andExecutive(whichperformswhatthelawsays).Thesethreebranchesaredesignedtobalanceeachotherandpreventanyonebranchfrombecomingtoopowerful.3.SimilaritiesbetweenTreasurySecretaryandFederalReserveChairman:Botharechose

4、nthesameway.First,PresidentBushhastoselectapersonandnominatethatpersontotheCongress.Congresshastochecktheperson,hisbackground,hiseducation,andhisopinions.ThefinaldecisionismadebyavoteinCongress.4.DifferencesbetweenTreasurySecretaryandFederalReserveChair

5、man:Afterbeingapproved,theTreasurySecretaryworksforthePresident.TheFederalReserveChairmanisbasicallyindependentandrunstheFederalReserve(areallybigbank)howeverhewants.TheFedChairmanmustreporttothePresidentandtoCongress,buthedoesnothavetofollowtheirorders

6、.5.Inotherwords:-Paulson’sjobistoservethePresident.Bernanke’sjobistoservethegoodoftheeconomy.-PaulsoncontrolstheTreasury,whichisallthemoneythegovernmentusestorunitself.BernankecontrolstheFederalReserve,whichisthemoneysupplyoftheentirecountry.-Paulsoncon

7、trolsfiscalpolicy,whichfocusesonhowthegovernmentspendsmoney(Dowespendmoreorsavemore?).Bernankecontrolsmonetarypolicy(Doweneedtocreatemoremoneyorless?).6.Bernankecanprintanymoneyhewants.However,hewillnotprint$700billionbecausethatwouldcauseahugeriseininf

8、lation.7.Paulsondoesnothave$700billion.Hemustaskforit.FirstthePresidentmustapprovetheplanandsendittoCongress.ThenCongressmustdebatetheplanandbothHouseandSenatemustapproveit.TheysendthefinishedplanbacktothePresident,whomustsignit.