Sometimes in a remote prefecture-level city like Fuzhou, the degree of the financial crisis does not seem to be great, and the performance is not so obvious. Even if the financial turmoil leads to a sharp drop in housing prices and a depressed stock market in Fuzhou, what impact will it have on us college students who have no financial ability? Actually, it is not.
University is a part of society, and of course college students are also a part of society. When the global financial storm strikes again, the economy falls into the Great Depression again, facing the problems of job loss and large-scale layoffs of companies. The consequences are terrible. I believe everyone has seen Chaplin's Modern Times, which is a true portrayal of the financial crisis. I believe that when writing this, I will definitely say that the financial crisis is closely related to our college students.
College students are children. When the subprime mortgage crisis and the financial turmoil have affected your parents' monthly salary and even employment, can you say that you have nothing to do with the financial crisis? College students, as educated young people, can you be indifferent to the financial crisis when you see that the global economy is extremely depressed and the market is about to collapse? In fact, none of us can.
Let's just say that college students' employment should be their greatest concern. Because you care, you care; Pay attention to it, because you care; I understand, because I value it. This is the process from caring to understanding.
According to reports: "At present, the impact of the US financial crisis is spreading around the world, and financial industries such as banks, securities and insurance are greatly affected; On the other hand, many China students studying in the United States may choose to return to China for employment, which will inevitably increase competition in the domestic high-end talent market. " Professionals have also analyzed this point, which shows that the financial turmoil is threatening our contemporary college students. The United States is a big country in education, the cradle of talents and the axis of the world economy. It is not necessarily believed that the world will be unscathed if the US economy is depressed. According to the report, many "returnees" will return to China for employment, which is a challenge for our graduating college students. Of course, it is not advisable to be too pessimistic about the employment situation of college students in China, but we college students should have a sense of urgency. It's time to wait for me, no one is going to take it away from me; Is to find a stable job after graduation, rather than looking from one mountain to another; Is to improve their own quality, rather than complaining about the wrong time.
College students are far away from the financial crisis.
Of course, we college students have not really stepped into the society, and the financial storm is raging in the society, but the campus is our safe haven.
Early in the morning, riding a bicycle and reading against the cold wind, that beautiful classic English is waiting for me to recite; Listen carefully in class, remember formulas, look at examples, and get good grades after the course; There is still a long queue to eat (meaning that no one wants to starve to death), the uncle who cooks still has to shake hands, and the dishes cooked by the aunt who cooks still have to be broadcast back. In fact, these things haven't changed at all, except that when you swipe your card, it used to be 7 yuan, 3.3 yuan, and now it's 3.5 yuan, which is 20 cents cheaper. This is the impact of the financial crisis on us. Of course, this is an inappropriate example, but who doesn't live a college life under the financial crisis like this? This is that the financial storm is close at hand and far away.
Recently, I have often heard adults talk about the financial crisis, which can be seen everywhere in newspapers. I have analyzed it in an incomprehensible way. It seems to be caused by the economic downturn in the United States. Now many countries in the world are affected, even China is no exception. No, there was a' financial crisis' in my house the other day.
After lunch that day, my father and I played chess in the room. My mother came in. She casually took out a newspaper and spread it on the coffee table. Her face was close to the newspaper, and then she took out a mass of things from her hand and wiped it on her face. This action aroused my father's curiosity. After half a ring, my father came to his senses and asked softly, "Beauty, what are you doing?" My mother suddenly looked up, and my father and I shouted "Ah". I saw rice grains on my mother's hair, eyebrows, nose tip and even her whole face. However, my mother said solemnly, "What's your name? I'm doing the most economical beauty. Don't you know that the' financial crisis' has already happened? " She wiped the rice from her eyelids and said, "From today on, I will set an example, not going to the beauty salon, not buying new clothes, not spending money indiscriminately ... This is an extraordinary period, and you two should do something." Then she continued to rub her face.
After my mother's indiscriminate bombing, my father and I exchanged boos. Suddenly, the thrifty father suddenly realized, patted his forehead and repeatedly said, "Well, well, it should have been like this long ago." I support it with both hands. From tomorrow on, I will try not to go out by car, not to attend dinner, no, no-"and those useless magazines! "Mom is crying while rubbing her face." Right, right, especially car magazines are too expensive. I will definitely change this hobby. "Dad answered quickly.
"I knew it was like this. You are mom's yes-man. What do you want to see in the future? " I muttered to myself. "What-what-what's your attitude?" My mother said slowly. I pretended as if nothing had happened and said, "What do I have, just a little girl? How much can I spend? " As soon as the voice fell, my mother's soprano suddenly sounded: "You are a big customer who spends money. You eat well, use it well, and you need pocket money. This is KFC, comic books and ... I will give you a discount on these fees in the future. "
Oh, my God! Oh, my God! KFC, comic books ... Bye! When will this hateful' financial crisis' disappear?
The root causes of the economic crisis in 2008
The fundamental reason is the asymmetry between virtual economy and real economy. Including the asymmetry of economic aggregate and economic structure. And why there is asymmetry between virtual economy and real economy is the conclusion that Marx has drawn in the early days: the inevitable result of capitalist development.
1, subjectively, capitalism pursues the maximization of capital benefits and increasingly capitalizes the real economy. However, the growth of the real economy and the real economy is limited, but the desire of capitalism is infinite. Although self-control has been achieved today, the greedy nature of capitalism remains unchanged. When capitalism is out of control in pursuit of maximizing capital benefits, it produces the result that the total amount of virtual economy is greater than that of real economy. When this result keeps increasing to the point that the virtual economy can't support the real economy, the economic crisis appears. In addition, because capitalism pursues the maximization of interests, when capital is transferred to high-profit industries in the process of transformation, the capital of low-profit industries is scarce, which eventually leads to the imbalance between the virtual economy and the real economy, and also produces economic fluctuations.
2. Objectively, with the development of productive forces, the proportion of production factors will be adjusted accordingly. With the development of productive forces, when other factors of production increase slightly or negatively (such as petroleum energy), the role of funds will be weakened. This has caused the weakness of the capitalist economy. For a long time, the reason why capital is strong is based on sufficient raw materials and energy and surplus labor. Capital is in the seller's market and other factors are in the buyer's market. With the continuous increase of capital, and this increase is greater than the demand for other factors, powerful capital will weaken.
In 2008, due to the accumulation of the last cycle, the crisis intensified, and the factors of production, especially raw materials and energy, have been relatively variable in recent years.
Economic crisis in 2008
This autumn is more depressing than usual.
-Economic crisis in 2008
You are from Yale and I am from Harvard.
Working on Wall Street or Optics Valley
The hibernating bear wakes up and growls.
People throw away everything in their hands in horror.
The bar was crowded with unemployed friends.
Let's take a walk in the street.
At the gate of the government, I opened the cigarette case.
Click new york 1929.
Tears, to no avail.
Splash, thousands of Margaret petals
Every piece of broken is asking:
Will definitely come. Tomorrow,
Will it be better?
The global financial system is facing the biggest crisis since 1929. How did the disease that started in the American real estate subprime mortgage market lead to a profound global crisis? Why is Wall Street so fragile? What role should the hand of the government and the hand of the market play in this crisis and how to save the global economy from collapse?
The subprime mortgage crisis finally completely broke the myth of Wall Street. After Bear Stearns was shot down, Lehman Brothers, the fourth largest investment bank in the United States with a long history of 1.58 years, was also dying. Whether it is bankruptcy or rescue, Lehman, which once had a good reputation, has come to this step, which is definitely an indicator event in the post-war financial history. Because this is not a case, but a big outbreak of systemic risk.
At present, the world is experiencing a once-in-a-century financial crisis.
What is the financial crisis
The financial crisis, also known as the financial storm, refers to the sharp, short-term and super-cycle deterioration of all or most financial indicators of a country or several countries and regions (such as short-term interest rates, monetary assets, securities, real estate, land (price), the number of commercial bankruptcies and the number of financial institution failures).
Financial crisis can be divided into currency crisis, debt crisis, banking crisis and other types. Its characteristics are that people are more pessimistic about the future economy, the currency value of the whole region has depreciated sharply, the economic aggregate and scale have suffered huge losses, and economic growth has been hit. It is often accompanied by a large number of business failures, rising unemployment rate, general economic depression in society, and sometimes even social unrest or national political turmoil.
The causes of the financial crisis
The most fundamental reason for the financial crisis in the United States is that the decline in housing prices in the United States has led to the decline in the solvency of subprime borrowers. The savings rate of American residents has been declining. When the debt of American residents is too high to support the housing bubble, the housing market adjustment is inevitable, which leads to a sharp increase in the default rate of subprime and prime floating rate mortgages, and more and more mortgage borrowers are unable to repay their loans.
Once these mortgages are collected, they will cause credit losses. The subprime mortgage crisis intensified, leading to the bankruptcy or takeover of major financial institutions on Wall Street, and the moderns on Wall Street finally came to an end.
/kloc-In September of 0/5, the US government refused to rescue Lehman Brothers, and Lehman Brothers announced that it would seek bankruptcy protection. The financial crisis caused by subprime mortgage will deepen, and the downward trend of the global economic boom cycle is almost a foregone conclusion.
So far, three of the five independent investment banks on Wall Street have disappeared within half a year, and more financial institutions are waiting for the fate judgment. An ultimate question has emerged: has global financial capitalism come to an end, and should the government be more involved in the micro-operation of the market?
Greed and fear are reflected in all aspects of the subprime mortgage crisis. Richard Bitner, an American real estate mortgage expert, revealed the terrible truth in his book The Truth of Sub-prime Mortgage Crisis-almost every link was full of lies and false assessments. Ben Bernanke, chairman of the Federal Reserve, rebuked "a considerable number of loans in recent years are neither responsible nor prudent", which is almost synonymous with madness and irrationality in the language system of the chairman of the Federal Reserve.
But the fact is by no means so simple. The subprime mortgage crisis not only exposed the madness of financial institutions, but also exposed the madness of the economic development model led by the US government. Real estate loans in the United States are the basis for supporting loan consumption. Buyers buy houses through loans, obtain consumer loans through house appreciation, and sell real estate loan products to the world through various financial institutions-a chain of loans, consumption and production is formed with real estate as the center, and global dollar assets are constantly gathering in the United States in the form of liabilities or creditor's rights. In the chain of mortgage securitization, Fannie Mae and Freddie Mac play an important role in implicit government guarantee.
Isn't it? It was the intervention of the American government that made the American bond securitization market flourish in the late 1980s. It is the measures to stimulate consumption by using mortgage loans that make the American economic data in the Clinton era colorful. It is the implicit guarantee of the US government that makes billions of subprime products sold around the world through Fannie Mae and Freddie Mac. It can be seen that the subprime mortgage crisis is not only the disillusionment of the financial capital market, but also the bankruptcy of the national policy of financial capitalism led by the American government to save the American economy and save consumption. If the financial market collapsed, it was also the common collapse of the American government and American financial capitalism.
The innovation ability of American financial market is unparalleled, but no financial market can resist institutional fraud, and the subprime mortgage crisis just shows a large area of institutional fraud, from rating agencies to guarantee companies.
In the process of counterfeiting, financial assets have exploded. According to the data of McKinsey Global Institute, the proportion of global financial assets in global annual output has soared from 109% in 1980 to 3 16%. In 2005, the global core assets stock reached US$ 65,438+040 trillion. In the same period, the proportion of financial assets in Britain rose from 278% to 359%, while that in the United States rose from 303% to 405%. Josef Ackermann, CEO of Deutsche Bank, said: "I no longer believe in the self-repair ability of the market." The government took over Fannie Mae and Freddie Mac and rescued Bear Stearns, indicating that the government's control ability has reached its limit.
After the subprime mortgage crisis, the international financial market will undergo profound changes. The intuitive performance is that the turnover of financial assets has declined and investors have become more and more conservative. Joseph Yam, president of the Hong Kong Monetary Authority, said, "In the end, everyone may find it necessary to go back to the basics and re-recognize the fundamental purpose of financial intermediation, and the regulators responsible for protecting public interests should also realize that the simplest method may be more cost-effective in the long run." In fact, we don't want to be confused by the complicated financial derivatives on Wall Street. The basic function of financial market is financing, not letting greedy people get huge profits.
Investors began to protect themselves, hold cash and invest in the most conservative assets in order to survive the severe winter: investors in all markets reduced their leverage positions; Investors turned to safe assets such as cash and US Treasury bonds. The subprime mortgage crisis shows that financial derivatives should have clear boundaries and financial markets tend to be conservative, which recognizes the conservative trend. The global financial market will not turn around again until the current economic downturn caused by subprime mortgage is safely passed.
Countries that once believed in the American financial innovation system will become more cautious. They don't trust the complex financial system that is difficult to control. The subprime mortgage crisis will make them see the destructive power of unregulated financial markets, and sovereign investment funds and financial innovation in various countries will be more cautious.
But it can be believed that financial capitalism will not return to the road of government supervision, but will move towards the road of strengthening supervision. Otherwise, the US government will continue to help Lehman Brothers and dozens of financial institutions facing the threat of bankruptcy. Possible regulatory measures include tightening capital requirements, making more transparent requirements for off-balance-sheet assets of financial institutions, controlling the credit rating of rating agencies, punishing counterfeiters more severely, and being cautious about government credit guarantees in financial markets.
The subprime mortgage crisis is a process of scraping the bone and curing the poison, and it is the poison of American financial capitalism. Just as the Great Depression of 1929 gave birth to Roosevelt's New Deal, the bankruptcy of Enron and WorldCom gave birth to Sarbanes-Oxley Act, and the subprime mortgage crisis will also give birth to new control measures and new financial products.
* For ordinary people, the deepest feeling is not the financial crisis, but the economic slowdown, the inability to borrow from banks and the inability to overdraw credit cards.