Sun Haoyang used to be a tutor for three years and exercised a good eloquence, so he couldn't stop talking about it, and Lao Xu and Lu Xiaoqi were also fascinated by it, and after listening to Sun Haoyang finish talking about the trend trading method, he pestered him to point out a lot of stock knowledge.

Unconsciously, the lights were already on outside the business building, and everyone's stomachs began to growl.

Seeing that it was not early, Wu Yingying beckoned everyone to eat: "Today is the first day of the official establishment of our company, and it is not early, and the big guys are also hungry, I invite everyone to eat, where do you want to eat, just say, don't save me money." ”

As soon as Wu Yingying's words came out, Lu Xiaoqi, who had the most iron relationship with him, said happily: "It's so rare that Grande actually wants to have a treat, this must knock you well, you must pick the most expensive point, and no one of shark fin, lobster, bird's nest, abalone can be missing." ”

Although that's the case, but in fact, everyone is just joking, the people here are quite familiar with the relationship between the martial heroes, there is no need to engage in those pomp, plus the martial heroes' company has just opened, and they haven't made any money yet, and everyone is embarrassed to spend more of his money.

Don't look at Wu Yingxing's money now, but running a company is like running a company, spending money is like running water, just the rent and salary are tens of thousands of yuan a month, and it will be hundreds of thousands less in a year. Therefore, it is better to save as much as possible.

As a result, the last few people decided not to go to any hotels, and simply went upstairs to the barbecue restaurant downstairs to rub it off.

Four men and one woman ordered five catties of spicy crayfish, a grilled fish, a bunch of skewers, and a case of cold beer, and just sat in the small shop and ate it.

It's the end of summer and the beginning of autumn, and the weather is still extremely hot, and the combination of air conditioning, peeling crayfish, and drinking cold beer is more delicious than any delicacies.

At the wine table, Sun Haoyang continued to tell Lu Xiaoqi the latest international financial developments: "Do you know about the subprime mortgage crisis? The United States has been in the midst of a financial crisis recently, and this time they are in a big situation. ”

Lu Xiaoqi had a mouthful of crayfish, which was so spicy that her mouth watered: "What is the subprime mortgage crisis?" ”

"The subprime mortgage crisis is a crisis caused by a default on subprime bonds.

Subordinated bonds are a type of bond issued by a U.S. financial institution. Recently, the U.S. economy has been in a recession, and as a result, the debtors of the subordinated debt have not been able to pay their money, and the bonds have a lot of bad debts, which has led to a collapse in prices, and the investors and institutions that have bought the subordinated bonds have been in bad luck.

I heard that many big investment banks have suffered heavy losses this time. ”

"What the hell is this grade bond? Why are there bad debts? ”

In fact, Sun Haoyang doesn't know much about U.S. subordinated bonds, and he has read some fur from news reports on the Internet, but this does not affect him to give Lu Xiaoqi popular science: "If you want to talk about this subordinated bond, you have to start with real estate in the United States."

In the 90s, when US President Clinton was in office, the US economy developed rapidly driven by Internet technology stocks, but this development speed was too fast and also laid a foreshadowing, that is, the financial market bubble.

As a result, the bubble burst in Internet technology stocks in 2000, causing the U.S. stock market to plummet and the economy to decline sharply.

Then Bush, who succeeded Clinton in office, did not know how to engage in the economy, and he knew all day that there was a war, which caused the United States to accumulate high debts and run a serious fiscal deficit.

Then the U.S. Treasury Secretary thought that this would not work, and he had to quickly think of a way, so he turned his mind to real estate.

The U.S. government colluded with Wall Street to speculate on housing prices in the United States, and as soon as this housing price rose, the economy rose, and the problem was temporarily solved.

However, after the rise in housing prices, it has led to a serious problem, the housing prices have risen, but the people's income has not risen, so they can't afford to buy a house, and the housing prices have to fall back.

The solution is to give loans to those who want to buy a house but can't afford it. ”

"This mortgage didn't exist after 2000, people in the United States had a mortgage business decades ago, right?" Lao Xu interrupted.

"Of course, the normal mortgage business has been around for a long time, but I don't know if you have taken out a loan to buy a house?

Before taking out a loan to buy a house, you need to check your credit status, the bank has to check your historical credit history, but also check your job, your income, and make sure that you can afford to pay the mortgage in the future before lending to you.

For unemployed people like Wu Yingying, who have no income, the bank will definitely not give loans. While explaining, Sun Haoyang did not forget to ridicule the martial heroes.

Wu Yingying drank beer, rolled his eyes, and said arrogantly: "Lao Tzu doesn't need a loan to buy a house, I'll pay the full amount directly." ”

Sun Haoyang said with disdain: "You are still speculating in stocks, what you say is not at all level, it is the uncle who owes the debt this year, and it is the grandson who borrows the money, and it is the ability to ask the bank to borrow money."

The bank's loan interest rate is only six or seven points a year, and if it is a provident fund, it is cheaper, so what investment can not be made with such a low interest rate?

You take the money to buy a house and invest, I will calculate less, even if the annualized rate of return of 10% is good. At the same time, you borrow a loan from a bank at an interest rate of 7%. If you borrow 1 million yuan from the bank, you can earn 30,000 yuan in a year. ”

Wu Yingying interrupted Sun Haoyang's words and said: "Don't talk about those who don't have it, now the housing prices are so expensive, and I will continue to go in if I buy a house for the rest of my life, so I won't do it." What does this real estate have to do with the subprime mortgage crisis? ”

"According to the normal process, if you want to buy a house and take out a loan, you must have a bank for credit review.

But as you know, the U.S. economy was not very good at that time, and Americans were not as industrious and thrifty as the Chinese, so many people could not get a mortgage at all according to the normal review process.

But if you don't give these people loans, you won't be able to sell your houses, housing prices in the United States won't go up, and the economy will be depressed.

So some banks in the United States have come up with a way to liberalize their credit standards, even to those who would otherwise not be able to pass the review and get loans.

However, although the money is lent out, the bank is also worried, what will happen if these customers do not pay in the future? In the final analysis, the bank is to make money, and if these customers don't pay by then, it is the bank that loses money.

As the saying goes, do a thousand things, don't do a loss-making business. Banks then package these risky loans into a variety of securities, known as subordinated bonds, and then sell these bonds to investors.

As a result, customers get loans, banks avoid risk, investors get a high rate of return on their investments, and the U.S. government solves its economic problems, so everyone is happy.

It's just that paper can't contain the fire, and these problematic subordinated bonds are like a time bomb, and one day the problems will burst out in a concentrated manner......"

P.S. will give an audio lecture on the VIP group 172745237 this Saturday evening (July 18th) at half past 7 o'clock, with the theme of basic knowledge of securities, including the basic principles of securities products such as stocks, warrants, futures, bonds, funds, and repurchases, and trading rules

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