Xiao Chubei, who drove back, looked at a black Audi parked outside the door, and walked into the doorway, "Mom, whose car is it outside?"

"Uncle, it's mine. Xiao Shaoheng said with his flour-stained hand.

"Dad!" The four children were also helping to make dumplings at the table, and they said when they saw Xiao Chubei coming in.

"You bought a car. Xiao Chubei walked into the kitchen, turned on the faucet and washed the toilet.

"It was convenient to have a car. Xiao Shaoheng smiled and said, "You are not allowed to scold me! ”

"Look at what scared you? Xiao Chubei glanced at him and said, "How much?" washed his hands and sat down at the dining table to help make dumplings.

"Forty or five hundred thousand, which is much cheaper than Daben. Xiao Shaoheng hurriedly declared.

Although it was cheaper than Daben, it was considered a luxury car at that time.

"How are you, have you persuaded him?" asked Hua Junyao.

"I said everything that should be said, as for whether he listened to it or not, it was up to him, birds died for food, people died for money, I don't know how many people can't pass this level. Xiao Chubei said with emotion.

"Who is Daddy going to see?" asked the little guy rolling the dumpling wrapper.

"Your Uncle Gangzi. Xiao Chubei said.

"Uncle Gangzi is also in the south. The little girl was surprised.

"Yes! Xiao Chubei put the wrapped dumplings on the curtain and said.

"Uncle, Qiongdao real estate is hot!" Xiao Jingheng looked at him and said, "Let your comrades-in-arms be careful, don't fall too deep, it's a pit." ”

"You're not involved, are you?" Xiao Chubei suddenly looked at him and asked.

"I said it was a pit, will I still participate? I don't know if it's far away, it's neon near, the property market isn't falling in an uproar, it's so miserable!" Xiao Jingheng said immediately, with indescribable schadenfreude in his tone.

But now many people don't understand, they just think that this real estate is now an endless mountain of gold, a hen that lays golden eggs in their hands. Xiao Chubei sighed.

"Okay, just persuade it, it's going to rain and my mother wants to get married, and you can't stop it. Hua Junyao persuaded.

"Auntie, the real estate crash is really so terrifying. Xiao Jingheng asked curiously, he hadn't experienced imagination, and he couldn't feel it.

"Real estate is the mother of cycles, nine out of ten economic crises because of real estate. Looking at the birth, madness, crash and enlightenment of the world's real estate bubbles, including the Florida real estate bubble and the Great Depression in the United States from 1923 to 1926 and the real estate bubble in Japan from 1986 to 1991, the past is not as good as smoke, and human nature remains unchanged as the years change!" Hua Junyao said unhurriedly. With the acceleration of the rise in housing prices, more and more detached from the real demand of fundamentals, more and more people firmly believe that housing prices will rise forever, bet all their wealth on it, and even borrow money to buy a house, and the crisis will be approaching step by step.

At the height of the real estate bubble, it was usually the whole society that was discussing houses, gatherings and the media were discussing, and even the most rational people, who were completely dismissive, were crushed by the surging housing prices and gave everything they had for the down payment. People firmly believe that "if you don't buy it today, you won't be able to buy it tomorrow"! This is exactly the same as the atmosphere of public opinion at the peak of the bull market!

And it must not be the cry of a wise man who destroys all this psychological foundation, and fanatical gamblers cannot listen to any voice of reason. That needle, in general, is a stark reality: the money is gone. Because of the sudden lack of money, buyers are unable to push house prices to continue to rise, which eventually triggers a reversal of the entire market scale, and speculators who see that something is wrong quickly withdraw, which leads to panicked social trampling.

In the first quarter of 1929, the Fed contracted monetary policy in an attempt to curb excessive speculation, and half a year later the stock market collapsed and the Great Depression struck. ”

"The Great Depression of '29-'33 and then World War II broke out. The little girl said suddenly.

"That's right!" Hua Junyao nodded, "The reason why the real estate collapse is terrible is that its market value is the proportion of the entire country's wealth. Generally speaking, due to the leverage effect of loans, the total market value of real estate is usually 2-3 times of the country's GDP, accounting for about half of the total social wealth. Comparatively speaking, the total market capitalization of the stock market is usually only one-fifth to one-tenth of the former, and the bond, futures, collectibles market, etc. are even less.

More importantly, the upstream and downstream industrial chain of real estate involves a wide range of investments, and its related investment will account for about half of the fixed investment of a country's whole society, not only moving bricks and mud, but also digging coal, building ships and transporting iron ore, building furniture curtains, and decorating. Even the small restaurants serving transport drivers on the side of the national highway are tightly clasped by an invisible chain. At the end of this chain, the most important link is the bank. Because housing loans usually account for the largest proportion of bank loans, once the bubble bursts, not only real estate companies will go bankrupt, but banks will also be mired in huge bad debts. When there is a problem with the bank, then everyone will not be able to escape the nightmare. ”

After a pause, he said, "During the Great Depression of 29 years, 100,000 companies of the American Eagle went bankrupt, a quarter of the country's population lost their jobs, and countless rich people and speculators became beggars. McDonald's founder Ray Croc, who was forced to work as a paper cup salesman for 17 years to pay off his debts, and Jesse Livermore, the protagonist of "Memoirs of a Stock Dealer", committed suicide by swallowing a gun. According to Glory and Dreams, President Hoover called Senator Pomerlin and appointed him to head the Renaissance Finance Corporation. At the time of the call, Pomerin had only nine cents in his pocket, and on his way to the oath of office, ten Hanako asked him for money. The serious real estate crisis, stock market crisis, and banking crisis eventually evolved into a social crisis and a military crisis, which swept the world. ”

Xiao Jingheng swallowed his saliva and said, "What that little aunt means, neon is just beginning." ”

"Uh-huh!" Hua Junyao nodded and said, "Among the people from all walks of life in Qiongdao who speculate on land, there are the Central Army, including the Zhongzi prefix, and the miscellaneous army composed of well-known enterprises across the country, and most of the money for land speculation comes from state-owned banks. These companies aren't all here to build houses. In fact, most people are playing an old game of "drumming and passing flowers". In this unprecedented gamble, the government, banks, and developers have formed a tight iron triangle. During the period when the bubble was formed, led by the four major commercial banks, bank funds, state-owned enterprises, township enterprises, and private enterprises continued to pour into an island through various channels, with a total amount of no less than 100 billion yuan. Every player wants to pass the "flower" in their hand to the next person before the game ends. It's just that not everyone has good luck. When the bubble blows up, there will always be a day when it will burst. ”

"It's just that people don't believe that day is coming. Xiao Chubei said with emotion.

"The water is boiling, let's make dumplings!" Hua Junyao said as she looked at the gas stove.