The next morning, when Zhang Bin and the others were having breakfast, Li Fei came.
She promised Zhang Bin to take them out to play, so naturally she couldn't break her promise.
After breakfast, Li Fei left with Wang Zihang and Hao Ren.
As for Zhang Bin, he had his own place to go.
Zhang Bin took Chen Yi and Wu Long away, while Zhang Dabiao and Daniu followed Hao Ren and the others to take care of them.
Huang Yahui found the translator he was looking for.
Zhang Xiaoxiao was a 22-year-old girl from New York who was studying in New York.
Zhang Bin met her and the translation work was billed by the hour, which cost two hundred yuan an hour.
After meeting Zhang Xiaoxiao, Zhang Bin came to the holy place that investors yearn for, Wall Street.
This is a holy land for investors and an ideal palace for capitalists to run wildly with capital.
This is the financial center of the United States.
Some of the most famous companies are Goldman Sachs, Merrill Lynch, Morgan Stanley, etc.
It can be said that representative companies in various industries have offices here.
Here, it is no longer the meaning of a street itself, it represents the core representative of the entire United States' radiating influence on the world economy.
The most representative and most illustrative event is the global financial crisis that broke out in 2008.
The source is here.
Zhang Bin took Chen Yi and Wu Long and walked slowly along the street, which was only eleven meters wide.
Feeling the atmosphere here, looking at the people in suits and leather shoes passing by in a hurry, no one knew what was inside.
There is not a billionaire hiding there, or no one knows whether these people will become billionaires at the next moment.
Looking at such a prosperous Wall Street, the investment mecca for capitalists, Zhang Bin felt in his heart that the crazy ambitions of these capitalists were about to bring a serious crisis to the world that would be difficult to fully recover in ten years.
This financial crisis, which will begin to emerge in April this year, stems from the subprime mortgage crisis in the United States.
The origin is naturally the bubble economy caused by real estate.
The term bubble economy is familiar to many people and is often heard.
However, what is a bubble economy and how is it formed?
There are many twists and turns in it.
To talk about this subprime mortgage crisis, we have to start with the Iraq War.
Although the Iraq War temporarily resolved the domestic crisis in the United States, it did not fundamentally solve the problem of capital outflows.
Moreover, the original war budget did not exceed 60 billion US dollars.
As a result, from 2003 to 2009, the United States was deeply involved in it for six years, and the war expenditure reached a terrifying US$800 billion, causing the US national debt, fiscal deficit, and trade deficit to continue to expand. , in this context, in order to ease domestic tensions, the U.S. government called on people to buy houses.
In order to create a real estate boom, the Federal Reserve adopted very loose policies and lowered interest rates in an attempt to use the real estate boom to rescue the sluggish domestic economy.
At this time, the opportunity for capitalists comes.
In order to increase housing prices, commercial banks began to encourage high-quality customers to buy houses in large quantities.
However, there are 3.5 billion people in the United States, and such customers are only a minority, so they began to provide loans to people with poor credit ratings to buy houses, with only interest.
It's about to double.
Commercial banks say that as long as you buy a house, you don’t have to pay a penny.
When the house price rises from 300,000 to 500,000, not only will you not spend a penny, you can even make a net profit of 200,000.
If you can’t afford the monthly payment Yes, you can even start repaying it after three years, but the interest rate will be higher.
Under such conditions, more and more people are buying houses.
Why not?
If you have a house and the risk is borne by the bank, why not?
But this happened more and more, and commercial banks began to be overwhelmed.
In order to share the risk, they made mortgage-backed securities with a mortgage interest rate of 10% from home buyers, and sold them to investment banks, such as Goldman Sachs and Merrill Lynch, at a rate of 6%. , the remaining 4 is the investment bank’s profit.
In this way, commercial banks transferred the risk of subprime mortgages from themselves to investment banks, and the outbreak of the subprime mortgage crisis began at this time.
What do investment banks do?
They invest all over the world and do whatever makes money.
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So they made this mortgage-backed securities into a financial product called subordinated bonds.
This kind of bond has only 1 in commercial banks.
As for the interest rate, they provide an interest rate of 10, which is specially used by large customers to offset other bonds.
Therefore, subordinated bonds have spread all over the world.
In order to ensure customers' confidence in purchasing such subordinated bonds, several major investment banks have once again designed a new product, credit default swaps (CDS).
That is, if you buy subordinated bonds and then buy this product, the price is 3% of the total bond price. , if the subordinated bonds fall, the investment bank will bear all your losses.
If they do not fall, the bank will make money from the insurance premium.
As a result, under the crazy operations of a group of capitalists, this kind of subordinated bonds were sold crazily all over the world.
This is a successful cooperation between the American Capital Group and the government's financial department.
House prices have risen again and again as they expected.
But in April 2007, New World Financial Corporation filed for bankruptcy protection.
Excessively high housing prices do not bring huge profits.
All pressure and risks are concentrated in the hands of investment banks.
They face huge cash outflows, and what is left in their hands are only so-called bonds, which seem to be the core of a prosperous industry. , is actually a void.
This is the so-called bubble economy.
House prices are too high.
People who buy houses can't even afford the interest, and there is no cash inflow.
When investment banks can't come up with more money, bonds are worthless.
When bonds are worthless, the entire market can only collapse.
So in June of the same year, American Residential Mortgage Investments, the tenth largest mortgage service provider in the United States, filed for bankruptcy protection.
In September 2007, the U.S.
Department of the Treasury announced that it would take over Fannie Mae and Freddie Mac.
In July 2008, the U.S.
Federal Reserve Board prompted Morgan to acquire Bear Stearns, the fifth largest investment bank in the United States.
In September 2008, Lehman Brothers, the fourth largest investment bank in the United States, filed for bankruptcy protection.
Later, Bank of America issued a statement that it was willing to acquire Merrill Lynch, the third largest investment bank in the United States.
It was at this time that the U.S. financial crisis broke out in full force, and then directly affected the whole world.
At this point, history came to an astonishing end for the once-famous Wall Street investment bank on September 21, 2008.
"Wall Street investment bank" as a historical term completely disappeared.
In the next few days, Zhang Bin occasionally went out for a walk to see if he could meet any capital tycoons, or he would stay in the hotel and watch futures.
A few days later, Zhang Bin's futures were sold again, and he received 20 million US dollars directly.
Huang Yahui called him and asked him to come to the company to discuss funding issues.
Zhang Bin brought Chen Yi and Wu Long to the company and met Huang Yahui.
Seeing Zhang Bin again, Huang Yahui didn't know what to say.
In just a few days, he got hundreds of millions of dollars.
If this young man didn't really have a top team to help him, then he had an amazing ability to understand the market, or , he has inside information.
After all, any rise or fall in the market is the result of the free operation of the capital market, but in fact, it is the result of the operation of capitalists.
This chapter has written a lot of words about the subprime mortgage crisis.
Lao Li is not trying to make up for the word count.
The core of the book is investment, and the subprime mortgage crisis is a classic case.
It is necessary to talk about it.
There is no charge for it anyway, so everyone should understand it. , In addition, some friends have doubts about futures trading.
Lao Li will explain it a little bit.
If you still have questions, you can go to Baidu or ask experienced people.
I am a layman.
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Short selling, for example, someone wants to buy ten apples.
The market price at this time is ten yuan each, and the total price is one hundred yuan.
I said that I have no goods, but I can buy them from other places, so we each pay ten yuan.
The deposit means that we acknowledge the sale and conclude the sale contract.
Two days later, the market price of apples dropped to 9 yuan each.
I bought ten of them for 90 yuan and made a transaction with the buyer.
The other party paid me 100 yuan according to the contract, and I made a profit of 10 yuan.
To go long, both parties must first reach a sales contract.
After the transaction time, if the price of the goods increases, I will still pay according to the previous contract price, which was ten yuan per unit as agreed before.
Now it has increased to twelve yuan per unit, and I will still pay.
Ten yuan, and then resold it immediately.
In this way, I earned two yuan for one apple.
The transactions in this book are not actual commodities, but virtual ones.
They can be regarded as a form of bonds.
In order to maximize profits, Lao Li actually asked Merrill Lynch to help him take out the bonds after reaching the sales contract.
Zhang Bin traded with the buyer, and then used the money he received to immediately buy back the same amount of bonds and return them to Merrill Lynch.
Futures is not an equal-volume bet transaction.
It is not about how much money you have in the goods and how much money you have to trade with.
I can trade even if I don’t have any goods.
People with one dollar can also do business with people who have ten dollars.
This is the case with Glove White Wolf.
If there is an investment company as a guarantee and short futures, ten thousand yuan can be used to operate tens of thousands or hundreds of thousands.
Of course, Lao Li is a layman with limited knowledge, so he won’t mislead others.
Senior people engaged in futures should not find fault with Lao Li.
That's the situation.
The explanation is over.
Thank you for watching.
I still have questions.
I don't know.
See you there at eight o'clock tomorrow morning.
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