The hardest day is over. The Dow Jones Industrial Average plunged 128 points, or 1.14%. At one point, it fell below 11,000 points during the session, breaking through the watershed of the recent market. The tech-heavy Nasdaq edged down 18.7 points, or 0.83%. The S&P fell 13.9 points, or 1.11%, to its value. Although, on the face of it, these are all insignificant figures. But only those who have really experienced today's market know that the roller coaster market has scared most investors.

Although the daytime trading is over, the aftermath of these events is far from over, and the reaction to these news or events is in full swing.

"The number of new housing starts is declining, the number of new homes sold is declining, and the default rate of loans is continuing to rise. I've already informed you about the relevant numbers, and maybe you have a more accurate number on hand, and it probably won't be better than what I can get. So the situation now is that the deterioration of the market, especially the real estate market, has made the whole financial market worse as well. In this case, we have to make a move. ”

Greenspan's voice was faint, and he was probably the first person to appear at a meeting of the House of Representatives via video call, and the whole audience listened to him in silence. Because of his outstanding performance in the Fed chairmanship, everyone was in awe of him, and all the members of the House of Representatives present valued his views, even though he was no longer the Fed chairman.

Greenspan was persuaded by Bernanke to participate as an expert in the House of Representatives meeting on the theme of "Restructuring Financial Market Regulation," and the real intention of this meeting was to discuss the "two houses" issue. It was actually Paulson who briefed the members of Congress so that they could quickly obtain their authority to take over Fannie Mae and Freddie Mac if necessary.

In order to be able to convince these lay members of Congress, Paulson and Bernanke not only went into battle themselves, but also persuaded bigwigs like Greenspan. Let him join in the convincing of the members of Congress.

"Do you think this kind of government-sponsored business will magnify the systemic risk of the market?" A Republican congressman frowned and asked, "Or if the government does take over these two businesses, the associated systemic risk will disappear?" And this qiē is good for stabilizing the dìng market? ”

"Yes, Mr. Councillor, I do think so." Greenspan replied unhurriedly. "Because of the particularity of Fannie Mae and Freddie Mac, they shoulder the stability of the U.S. real estate market for a certain extent. In fact, every financial institution is now unable to escape systemic risk, and we are here to discuss Freddie Mac and Fannie Mae, and the relevant policies may also be applied to investment banking, insurance and other industries. Because they may also be victims of this economic crisis, and the government must help if necessary. ”

"What? You're not kidding, Mr. Greenspan? Another Republican congressman stood up and asked, with a look of surprise on his face, "If I'm not mistaken, Mr. Greenspan's position on government-sponsored businesses has always been opposed." Why did you suddenly become a champion of these companies today? It's just so weird! ”

This was said very heartwarmingly, and soon the eyes of the audience looking at Greenspan changed, and there was more of an indescribable flavor.

Being exposed to PR by lobby groups is a situation that every member of Congress encounters. For example, in certain industries, certain companies, they will hire PR groups to do PR to MPs who are in charge of the policymaking in these industries, and of course it is not the kind of PR that takes advantage of it privately. Instead, analyze the pros and cons to the point. After all, if you pay bribes, both the risks and the costs are extremely heavy.

Although it is said that there is a PR of lobbying groups. However, the basic stance of the legislators or dignitaries of each party is clear. Like Alan Greenspan, he repeatedly declared that government-sponsored companies were interference with the market economy and unfair competition. And now the attitude has come to a 180-degree turn, which makes everyone puzzled.

If a person's position changes frequently, then the person is unreliable, as the Western proverb tells them. So the whole venue immediately fell silent. They were all quietly waiting for Greenspan's explanation.

"I've discussed this with Secretary Paulson, Chairman Bernanke!" Greenspan's expression was indifferent, and there was no fluctuation in his voice, but his words still surprised everyone. "If I say that Freddie Mac and Fannie Mae are the Feds of the U.S. housing market, I'm afraid you don't agree with that. But it's true, if something goes wrong with the Fed, wouldn't you, fellow lawmakers and gentlemen, go to the rescue of this company? ”

"If we choose not to save Freddie Mac and Fannie Mae, the housing market will be illiquid, and no lender or bank will be willing to pay mortgages that are up to 20 or even 30 years in repayment. The market will go back to 1929, and the collapse of the entire real estate industry, the ripple effect of which is unimaginable, and the entire economy will collapse with it. At that point, you may realize how important the decision to save the real estate market was in the first place. ”

"I would say it's not just a matter of two companies, it's a question of the entire American economy. Yes, we are not facing a depression, not a regression, but a crisis, a crisis through and through, a crisis that has never been seen before, a crisis that occurs once in a century. If done right, the United States may be on the path to revival in the next three to five years. And if it's handled properly, or if there's no way to control the situation, it's hard for me to estimate how long it will take to get out of this quagmire. ”

After saying so much in one breath, Greenspan finally stopped, his expression still calm, but anyone could hear the strong intent in his words.

The room fell silent again, and after a full three minutes, someone continued: "So, Secretary Paulson, according to your views and ideas, when is the right time to take over the two houses?" ”

"At least not now!" Paulson, who was left to dry, finally had a chance to speak, but the question made him a little embarrassed, and after touching the tip of his nose, he replied with an unnatural expression, "I just made a statement." Announcing that we won't be taking over the 'two houses' in the near future, we have to think of something else. ”

……

Just when Greenspan used the "once-in-a-century crisis" to convince many lawmakers at a meeting of the House of Representatives, a person far away in Yenching also used the same words, except that he was excusing himself.

"This is an economic crisis in the history of the United States, once in a century, and I can't help it." Zhang Hang's face turned red. The green tendons are bulging, and the expression is slightly hideous. At the regular monthly meeting of Huatou just now, a group of people criticized him for investing in "two houses" stocks, which made him lose face.

If he hadn't thought about dragging Gao Dongfang into the water as well, Zhang Hang would have slammed the door a long time ago. At this moment, he forcibly suppressed the shame in his heart, and stalked with his neck: "We still have time, God knows if the stock prices of Freddie Mac and Fannie Mae will continue to rise?" Also, it's still too early to decide, and it's unfair to criticize our strategy now. Other than that. Look at your returns, I don't see how good it is, but it's a little bit higher than the interest rate on US dollar fixed deposits, can such income be considered an investment? ”

The team led by Gao Dongfang did not make much move in the market, but only put part of the funds into a money market fund, which was used as cash management. Naturally, the yield is also so-so, only about 2.3%. And it's an annualized return.

But these gains are compared to Zhang Hang's losses that have plummeted by more than 30%. It's like one in the sky and one on the ground. No, not underground, but in hell.

"You're wrong!" In the face of Zhang Hang's nonsense, Gao Dongfang did not have a trace of panic, only to see him reprimand with righteousness and awe. "Although there is still a certain amount of time before the end of the competition, Deputy General Manager Zhang, please don't forget that what you are taking now is squandering taxpayers' money. Please note that I am not using an investment. It's a splurge. It would be irresponsible for someone like you to fail to do your due diligence beforehand and refuse to admit your mistake afterwards. Did the directors you assigned to give you timely feedback about the huge amount of core capital that needs to be paid by the 'two houses'? How much do you know about their contacts and negotiations with the government? How will the U.S. Treasury and the Federal Reserve deal with the 'two houses' in the end, and will they take over as the market rumors? Do you know any of this? ”

Gao Dongfang's question was like a series of cannons, and he directly asked Zhang Hang speechless.

Zhang Hang was also speechless, and after learning that the "two houses" had injected $100 billion in new capital, he thought that the time had come to buy the bottom. Who didn't want more information to be disclosed, he was completely dumbfounded, it turned out that these capitals were not enough to solve the current crisis encountered by the "two houses". Now they are more likely to go bankrupt, and if they do, every penny they have invested could be lost.

Naturally, in front of Gao Dongfang, he categorically refused to admit defeat, and after sneering for a long time, he said disdainfully: "It's as if I'm going to be finished tomorrow." Don't forget, the stock market goes up when it goes down, and maybe I'll be able to get it back tomorrow. Again, don't put on a winner's posture until the final outcome is decided. Also, your money market fund holds Kaminari Brothers' bonds, and if Kaminari Brothers goes bankrupt at that time, your returns will also become negative. I'm kind enough to warn you! ”

"Hmph, I thank you for your concern!" Gao Dongfang chuckled lightly, disdainful of the other party's "kindness", "You can rest assured, I have already found an investment target, and you can wait and see it with peace of mind." ”

"Got a goal?" Zhang Hang's eyes immediately rolled slightly, and he thought to himself, "Now that the market is so chaotic, he has found a corresponding investment target?" No, I'll have to ask. ”

After having a trick in his mind, he said in a weird voice: "Really? That's a big congratulations. But here's what I learned, and I hope you don't follow in my footsteps. By the way, everyone is doing things for the country, since you have a goal, don't bother to say it and let everyone discuss it, see if there is anything that needs attention, and everyone brainstorm, which can be regarded as a form of unity. ”

Although he had known for a long time that Zhang Hang was very cheeky, it was the first time that Cheng Dù's cheeky Gao Dongfang had encountered it, and he was trembling with anger, but there was nothing he could do. Because Zhang Hang occupies the righteousness, in this case, if Gao Dongfang cherishes himself, it is easy to give people a handle.

"Europe, Volkswagen shares!" Looking at the expectant eyes in the room, Gao Dongfang really wanted to throw the door away, but he couldn't, and after replying angrily, he sat down angrily, turned his head, and didn't look at Zhang Hang again.

"Volkswagen shares?"

Zhang Hang's expression was a little confused, but an analyst quickly stood up and whispered in his ear for a long time. Then Zhang Hang laughed, "It turns out that they are being acquired by Porsche, and the stock price has risen a little abnormally." Amazing, amazing, General Manager Gao, this is the first time I really admire you. ”

"Needless to say, if you admire, as long as you don't make a move!" Gao Dongfang's feelings had already regained his calmness, and he said without emotion, "This company is full of uncertainty now, so I haven't made a move until now. Remember, there is a lot of risk involved, so you and your team should not get involved, or our bet will be cancelled immediately. ”

"Of course, of course!" Zhang Hang smiled and happily agreed.

In the blink of an eye, he quickly put his words behind him, summoned his henchmen to his office, and began to discuss the matter of Volkswagen shares in earnest.

"As a result of the public announcement of the Porsche family, the current Volkswagen stake has risen to more than 300 euros. This is a serious departure from the value at which it is, and there are uncertainties in the acquisition, so it is not a wise choice to enter the market at this time. The analyst who was in the conference room reminding Zhang Hang warned. His name is Liu Lei, who is in charge of the German capital market, and is naturally familiar with the hottest topics in the German stock market.

"That's not the problem!" Zhang Hang shook his head, "But if the acquisition is successful, how will the new giant change the world's automobile landscape?" As he spoke, he stared at Liu Lei with burning eyes, "If a new giant is produced, will the price of 300 euros per share be high or low?" (To be continued......)

ps: Thank you book friends Europe 56 and Xiaoqi Civilization Miracle for voting for the monthly ticket! Thank you for your support, the author is grateful~R1292