1, Bank of America is not completely dependent on asset business. The so-called asset business is mortgage business such as loans. Because the United States is a country with a high degree of marketization and basically implements zero interest rate, the deposit interest rate is very low, very low. Because savings is a bank's liability business, the bank's own financing cost is low, so the lending cost is low, generally not more than 2%. So American banks also have spreads. Secondly, the intermediary business of American banks, that is, the business that is not included in the balance sheet, accounts for more than 50% of the total business. So banks make money.

The savings rate of American people is very low. According to a survey, the asset-liability ratio of Americans is 1.20%, that is, Americans all owe money when they die (about 50% in China). Besides, it is wrong to say that Americans don't manage their money. On the contrary, the financial industry in the United States is so developed that it is inseparable from all-round financial management. The banking industry in America is not the most developed, but the insurance industry is the most developed. The United States is the only developed country in the world that has not achieved universal health insurance (Obama's medical reform is better, but Trump came to power, and this medical reform is a bit suspended), and the United States is the country with the highest medical expenses in the world, so as an American, if there is no insurance, especially medical insurance, it is very ugly to die. Therefore, insurance is one of the most commonly used financial management methods for Americans, followed by 40 1K plan, which is the American version of endowment insurance. This is a fund-based investment project. Americans, unlike people in China, don't believe that they can get good returns in the stock market. Therefore, there is basically no such thing as retail investors in the United States, and basically all citizens manage their money and save through funds. For example: BlackRock, Lianbo, An Shuo and other fund companies. This is the second channel for the American people to manage their finances.

3. Games for the rich, such as family trusts; There are many centuries-old families in America. Many of these families have their own family trust funds for family inheritance.

The low interest rate in developed countries is a common phenomenon, a normal state, and also a manifestation of the free capital and good liquidity in developed economies. China's high interest rate in recent decades is an abnormal state of explosive growth. Europeans and Americans have run marathons for nearly a hundred years. After sleeping for half a century, China people woke up and ran half a mile in a panic. It only took about a quarter of the time in Europe and America to accelerate the rapid release of heat during running.