2. Causes of the financial crisis: The expansion of credit and the bursting of the economic bubble caused by the fictitious economy are the main causes of the financial crisis. The subprime mortgage crisis is the fuse. The subprime mortgage bond is actually only 600 billion dollars, which triggered such a big financial crisis because people followed suit, that is, people's psychological expectations. People don't know how to follow when they see sesame cakes. Herd effect refers to those who have not formed their own expectations or have not obtained an expectation. Theoretically, herding behavior will aggravate market fluctuation and become the key to the success of leaders' behavior. In the following situations, sesame seed cake is the leader. In the real economy, subprime mortgage is the leader.
3. From the subprime mortgage crisis to the financial crisis, here is an original case: two people sell baked wheat cakes, each selling 20 cakes a day (because the demand for baked wheat cakes is only 40), and the output value of one yuan per day is 40 yuan. Later, they discussed and bought 100(A bought it from B and B 100 bought it from A 100).
If the price of sesame cakes traded with each other is 5 yuan, the daily transaction amount is 1040 yuan. At this time, A and B will raise the market biscuits to 2 yuan. Some people heard that sesame seed cakes 1 were sold in 5 yuan, but when they saw that there was only 2 yuan in the market, they quickly bought them. -The bubble economy came into being.
Baked sesame seeds can't be cooked at once, so buy forward cakes. A, Otsuichi increased the number of baked wheat cakes (up to 100 per day), on the other hand, it sold forward baked wheat cakes, and at the same time began to issue baked wheat cakes bonds. Buyers use cash and mortgages to buy. -Financing, financial intervention.
Some people want to buy it, and they have neither cash nor collateral, so A and B issue subordinated biscuit bonds to buy insurance from insurance institutions-subprime bonds have planted seeds for the subprime mortgage crisis.
One day, I found that I couldn't eat the biscuits I bought. If it is stored in one place and moldy, I will sell it soon, even if the price is lower. The bubble burst.
This is how the financial crisis broke out. Cookie shop layoffs (as long as 40 cookies a day)-unemployment; Sesame cake bonds become waste paper-subprime mortgage crisis
Mortgage loan (collateral is worthless) can not be recovered, the liquidity crisis of the lending bank, the bankruptcy of the insurance company and so on. -Financial crisis
In the process from subprime mortgage crisis to financial crisis, the financial leverage of financial institutions and the issuance and circulation of financial derivatives have played an amplification role.
The financial crisis has spread all over the world. For China, part of the country's foreign exchange reserves are lost, export is difficult, economic growth is slowing down, unemployment is increasing, people's income is falling, consumption is decreasing, and the market is depressed. For example, Detroit Motor City in the United States has been very depressed, which will cause political instability if it is serious. Of course, "it will lead to a decline in the purchasing power of many people" and "because fewer people (or people who can afford it) buy things". As a result, the price has to go down. However, different commodities have different effects. Luxury goods, such as automobiles, will be greatly affected, while daily necessities, including household appliances, will have less impact and food will have less impact. Of course, the fastest decline is in high-end consumer goods.
Compared with European countries (such as Detroit Auto City), the financial crisis has little impact on China, because China's economy is somewhat separated from the international economy, and China's RMB is strictly managed under capital, which has little impact on international hot money. At present, more than 70 banks in the United States are on the verge of bankruptcy, while China's financial system is operating well and its economy is growing at a certain speed. At the same time, the state is also taking measures such as expanding finance, reducing the deposit reserve ratio and stimulating domestic demand of 4 trillion yuan. Now, the RMB exchange rate has been lowered. If all macroeconomic measures are effectively implemented, China needs about 1 year.
People's assets are like sponges soaked in water, which evaporate in the sun and shrink under the squeeze. In fact, it is the return of real value.