Time: The 2008 U.S. financial crisis. As early as April 2007, the bankruptcy of New Century Financial Corporation, the second largest subprime mortgage company in the United States, exposed the risks of subprime mortgage bonds; starting in August 2007, the Federal Reserve made

In response, liquidity was injected into the financial system to increase market confidence, and the U.S. stock market was able to maintain a high level. The situation did not seem to be very bad.

However, in August 2008, the stock prices of Fannie Mae and Freddie Mac, the two giants in U.S. mortgage loans, plummeted, and financial institutions holding the bonds of Fannie Mae and Freddie Mac suffered widespread losses.

caused this economic crisis.

Process: On April 4, 2007, New Century Financial Company filed for bankruptcy protection.

On August 6, 2007, American Residential Mortgage Investments, the tenth largest mortgage service provider in the United States, filed for bankruptcy protection.

On September 7, 2008, the U.S. Treasury Department had to announce the takeover of Fannie Mae and Freddie Mac.

On July 16, 2007, Bear Stearns, the fifth largest investment bank on Wall Street, closed its two hedge funds, revealing its first loss in the company's 83-year history.

In March 2008, the U.S. Federal Reserve prompted JPMorgan Chase Bank to acquire Bear Stearns.

On September 15, 2008, Lehman Brothers Holdings, the fourth largest investment bank in the United States, filed for bankruptcy protection.

Later on September 15, 2008, Bank of America issued a statement that it was willing to acquire Merrill Lynch, the third largest investment bank in the United States.

On September 16, 2008, American International Group (AIG) provided US$85 billion in short-term emergency loans.

This means that the US government has taken over AIG.

On September 21, 2008, after Wall Street investment banks collapsed one after another, the Federal Reserve announced that it would convert the last two remaining investment banks, Goldman Sachs Group and Morgan Stanley, into commercial banks.

.

In this way, we can tide over the difficulties by absorbing deposits.

At this point, history came to an astonishing end for the once-famous investment banks on Wall Street on September 21, 2008. "Wall Street investment banks" disappeared as a historical term.

On October 3, 2008, the Bush administration signed a financial rescue package totaling US$700 billion.

The outbreak of the financial crisis in the United States has greatly impacted the real economy of the United States, including the three major automobile companies, General Motors, Ford Motor, and Chrysler, and the real industry is in danger.

: The impact of the U.S. financial crisis on the world: The U.S. subprime mortgage crisis was a storm caused by the bankruptcy of subprime mortgage lending institutions, forced closure of investment funds, and violent stock market fluctuations. It led to a crisis of insufficient liquidity in major financial markets around the world.

The U.S. subprime mortgage crisis began to gradually emerge in the spring of 2006, and by August 2007 it swept through major financial markets in the world such as the United States, the European Union, and Japan.

The U.S. subprime mortgage market usually adopts a repayment method that combines fixed interest rates and floating interest rates, that is, home buyers repay the loan at a fixed interest rate in the first few years after purchasing the home and then repay the loan at a floating interest rate.

As the U.S. housing market cools down, especially as short-term interest rates increase, the repayment interest rates on subprime mortgages have also risen sharply, greatly increasing the loan repayment burden on home buyers.

This situation directly led to a large number of subprime mortgage borrowers being unable to repay their loans on time, thus triggering the "subprime mortgage crisis."

As the only superpower in the world, the outbreak of the subprime mortgage crisis in the United States instantly affected financial centers around the world and some neighboring countries. Its scope was far from just the subprime mortgage crisis, but spread to the entire financial industry.

Although the U.S. current account deficit has been declining, it still accounts for about 6% of GDP. Because Americans consume far more products than they produce, Americans remain one of the largest sources of demand for the rest of the world. The sharp decline in demand is extremely

It greatly affected the economy of other regions and once caused panic in countries all over the world.

Impact on China and response: The main negative impact is on my country's foreign trade exports and financial fields, but from another perspective, whether it is the macroeconomic aspect or the development of small and medium-sized enterprises, this crisis may be a huge opportunity - forcing my country to export To upgrade the structure, macro decision-makers need to provide buffer opportunities for my country's small and medium-sized enterprises and large exporters.

Small and medium-sized enterprises need to make major changes and improvements in their thinking about future development.

This year and even in the future, the simple intensive and low-cost production model in the past will gradually encounter development bottlenecks. This requires the future development of my country's small and medium-sized enterprises to prepare for two aspects. First, first, the technology of small and medium-sized enterprises needs to be improved and Prepare.

Secondly, the future development of my country's small and medium-sized enterprises, especially export-oriented small and medium-sized enterprises, needs to be equipped with talents who are familiar with the economic and financial fields.