The next morning, when Zhang Bin and the others were having breakfast, Li Fei came. 【Reading.com】

She promised Zhang Bin to take them out to play, so naturally she couldn't break her promise.

After breakfast, Li Fei took Wang Zihang and Hao Ren and they left, as for Zhang Bin, he had his own place to go.

Zhang Bin took Chen Yi and Wu Long away, while Zhang Dabiao and Da Niu followed Hao Ren and them, so they could take care of them.

Huang Yahui found the translator he found, Zhang Xiaoxiao, a fellow student in New York, twenty-two years old, a very quiet girl, Zhang Bin met, and the translation work was settled by the hour, two hundred yuan per hour.

After meeting Zhang Xiaoxiao, Zhang Bin came to the holy place in the heart of investors, Wall Street.

It is a holy place for investors and an ideal temple for capitalists to run their capital frantically.

It is the financial center of the United States, and the most famous companies are Goldman Sachs, Merrill Lynch, Morgan Stanley, etc., and representative companies in various industries can be said to 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 to the world economy.

The most representative and fact-telling event is the global financial crisis that broke out in 08, and the source is here.

Zhang Bin took Chen Yi and Wu Long, walking slowly along the street that was no more than eleven meters wide, feeling the atmosphere here, looking at the people in suits and leather shoes who walked in a hurry, no one knew if there would be a billionaire hidden here, or no one knew if these people would become billionaires in the next moment.

Looking at such a bustling Wall Street, the investment mecca of capitalists, Zhang Bin sighed in his heart that it was the crazy ambition of these capitalists that was about to bring a heavy crisis to the world that would be difficult to completely heal for ten years.

The financial crisis, which began to manifest itself in April this year, originated from the subprime mortgage crisis in the United States, and its origin was naturally the bubble economy caused by real estate.

Many people are not unfamiliar with the term bubble economy and often hear it, but what is a bubble economy and how is the bubble economy formed, there are many twists and turns.

If we want to talk about the subprime mortgage crisis, we have to start with the Iraq war.

Although the Iraq war temporarily resolved the 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, but from 03 to 09, the United States was mired in it for six years, and the war cost reached a terrifying 800 billion US dollars, which made the US national debt, fiscal deficit, and trade deficit continue to magnify.

In order to create a real estate boom, the Federal Reserve adopted a very loose policy and lowered interest rates in an attempt to use the real estate boom to save the country's sluggish economy.

At this time, the opportunity for the capitalists came.

In order to be able to pull up housing prices, commercial banks began to encourage high-quality customers to buy a large number of houses, but the 350 million people in the United States, such customers are a minority after all, so they began to give loans to those who do not have a good credit rating, let them buy houses, but the interest will be doubled.

Commercial banks said that as long as you buy a house, you don't have to pay a penny, and when the house price rises from 300,000 to 500,000, you not only don't spend a penny, but you can even make a net profit of 200,000, if you can't afford the monthly payment, you can even start to pay it back after three years, but the interest is higher.

Under such conditions, there are more people buying houses, why not buy it, the house is there, and the risk is borne by the bank, so why not do it.

In order to share the risk, they made mortgage securities with a mortgage interest rate of 10% from buyers, and sold them to investment banks such as Goldman Sachs and Merrill Lynch at 6%, and the remaining 4% was the profit of investment banks.

In this way, commercial banks shifted the risk of subprime mortgages from themselves to investment banks, and it was at this time that the outbreak of the subprime mortgage crisis began.

What do investment banks do, that's what the whole world invests, as long as they make money, so they make this kind of mortgage securities into a financial product, called subordinated bonds, this kind of bonds in commercial banks only have an interest rate of 1%, they provide a 10% interest rate, specifically for large customers to offset other bonds, so subordinated bonds go to the world.

In order to ensure the confidence of customers to buy this subordinated bond, several major investment banks have designed a new product again, credit default swap (CDS), that is, you buy the subordinated bond, and then buy this product, the price is 3% of the total price of the bond, if the subordinated bond falls, the investment bank bears all your losses, if it does not fall, the insurance premium is earned by the bank.

As a result, under the crazy operation of a group of capitalists, this subordinated bond was frantically sold to the world.

It was a successful collaboration between the American capital group and the government's financial sector, and house prices rose and rose as they expected.

But in April of '07, New World Financial Corporation filed for bankruptcy protection.

Excessively high housing prices do not bring huge profits, the pressure and risk are all concentrated in the hands of investment banks, they are facing huge cash outflows, and all that is left in their hands is the so-called bonds, and the seemingly prosperous industrial core is actually empty.

This is the so-called bubble economy, where housing prices are too high, and people who buy houses can't even afford to pay off the interest, and where is the cash inflow.

When the investment banks can't come up with more money, the bonds are worthless, and when the bonds are worthless, the whole market can only collapse with them.

As a result, in June of the same year, the U.S. Residential Mortgage Investment Corporation, the 10th largest mortgage service provider in the United States, filed for bankruptcy protection.

In September 2007, the U.S. Treasury Department announced the takeover of Fannie Mae and Freddie Mac.

In July 2008, the U.S. Federal Reserve facilitated Morgan's acquisition of 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, and a little later, Bank of America announced that it was willing to buy Merrill Lynch, the third-largest investment bank in the United States.

It was at this time that the financial crisis in the United States broke out in full swing, and then directly affected the whole world.

So far, on September 21, 2008, history has drawn an astonishing end to the once glorious Wall Street investment banks, and "Wall Street investment banks" as a historical term have 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 the like, or he was nesting in the hotel and watching futures.

A few days later, Zhang Bin's futures were sold again, and 20 million US dollars were directly received.

Huang Yahui called him and asked him to come to the company to talk about the issue of funds.

Zhang Bin brought Chen Yi and Wu Long to the company and met with Huang Yahui.

Seeing Zhang Bin again, Huang Yahui didn't know what to say, in just a few days, hundreds of millions of dollars arrived, if this young man didn't really have a top team to help, he had an amazing insight into the market, or, he had inside information, after all, any rise and fall of the market is the free operation of the capital market, in fact, the deep level is the result of the operation of capitalists.

(This chapter talks about the subprime mortgage crisis and writes a lot of words, Lao Li is not to make up the number of words, the core of this book is investment, and the subprime mortgage crisis as a classic case, it is necessary to say, anyway, it is not to collect money, everyone should understand it, in addition, some friends have doubts about futures trading, Lao Li talked about it a little, if there is still a problem, everyone go to Baidu or ask a senior person, I am a layman.)

For example, if someone wants to buy 10 apples, the market price at this time is 10 yuan, the total price is 100 yuan, I said that I have no goods, but I can buy it from other places to give him, so we each pay a deposit of 10 yuan, indicating that we recognize the sale and enter into this sales contract. Two days later, the market price of apples fell to nine yuan a piece, and I bought ten for ninety yuan, and I made a deal with the buyer, and the other party paid me one hundred yuan according to the contract, and here I made ten yuan.

To do long, first the two sides reached a sales contract, after the transaction time, if the price of the commodity has risen, I still pay according to the previous contract price, that is, ten yuan a piece that I said before, at this time it rose to twelve yuan a piece, I still pay ten yuan, and then immediately sell it, so that I earned two yuan for such an apple.

In order to maximize profits, Lao Li actually asked Merrill Lynch to help him take out the bond and let Zhang Bin trade with the buyer, and then use the money to buy back the same amount of bonds and return them to Merrill Lynch.

Futures is not an equal amount of gambling transactions, not how much money there is, and how much money people do transactions, I can also do transactions without goods, people with one dollar can also do business with people with ten dollars, empty gloves white wolf is like this, if there is an investment company as a guarantee, short futures, 10,000 yuan to operate tens of thousands of hundreds of thousands.

Of course, Lao Li is a layman, and his understanding is limited, so he will not mislead people's children, and veterans who are engaged in futures should not come to find fault with Lao Li.

That's the situation, after the explanation, thank you for watching, and I still have questions, I don't know, tomorrow morning at eight o'clock, see you or leave)