The message was sent in the early hours of the morning, but the effect was absolutely sensational.

Countless investors are awakened by the rapid ringing of the phone in their sleep, and then they hurriedly turn on their computers or mobile phones and enter a financial website or forum at random.

At this time, they don't need to deliberately rummage, all kinds of related news posts have already been spread all over the sky.

"Heavy! The state finally came to the rescue and lowered the stamp duty! ”

"A must-see! The SFC is about to make changes to these rules"

"Surprise! The strictest new regulations in history, when the second share reform is underway? ”

"The IPO is going to be suspended? Chen Jie, the first brother of the public offering, angrily criticized the CSRC for indiscriminately issuing new shares, and proposed that the market should be more than 5,000 points before the issuance could be restarted."

The overwhelming news made the shareholders dizzy and like a dream, but after a short digestion, everyone realized that the unprecedented good news was really coming! The market, which has fallen for nearly half a year, is finally about to rebound!

When the market opens tomorrow, how will the market go?

Will there be a price limit?

If there is no position, is there still a chance to get on the bus?

Hundreds of millions of shareholders couldn't sleep all night, so they could only endure the surging mood, post wildly on the Internet, and discuss fiercely with other shareholders.

Meanwhile.

Mandarin Oriental Wangfujing in Baijing.

In a luxurious suite, several people sit around a circular sofa and talk about recent events.

"Ah Wei, I have sorted out and fed back to the Securities Regulatory Commission on the issues you have talked to me, do you think they can really implement them?

Chen Jie, who had just finished the meeting, did not go back to his residence to rest, but immediately rushed to the hotel where Chen Weidong and Lin Zeju were to talk about what was just discussed at the meeting.

"Of course not."

Chen Weidong shook his head, "Our financial market, if we want to achieve the real "strict punishment and strict law", there is still a long way to go, and it is impossible for them to make up their minds to rectify the market chaos because of your few words. ”

"Even if you do have a certain social status."

"**, no, then didn't I say it in vain?" Chen Jie burst into a foul mouth, and wanted to throw half of the cigarette in his hand on the ground angrily, but after hesitating, he still pressed it into the ashtray.

Obviously, he was very unhappy with the SFC's approach.

"That's not enough, it's already good to let them shout slogans for a while and tighten the pace of IPOs."

Chen Weidong has long been accustomed to this, so he doesn't have much expectation.

If the securities market wants to be reformed, it will be no less difficult than purging the "Football Association."

Think about the previous life, the stock market has been hovering around 3,000 points, and it is a 3,000-point defense battle almost every year.

The problems faced by A-shares cannot be counted on two hands.

Even if the majority of shareholders called for it later, the high-level directly intervened, and some policies that did not hurt or itch, but in the end, it was still thunder and rain, and it did not play a fundamental role in improvement.

This is mainly due to the fact that reform policies are all formulated by the elite of the industry.

And these elites are inextricably linked with vested interests, and they cannot emotionally give up their interests, so it is difficult to introduce drastic policies.

"Alas, when you say that, I feel a little unconfident." Chen Jie sighed depressedly, "I asked representatives of other securities companies, and they all felt that there was still a big bubble in the position of the market. ”

"If I enter the market to buy the bottom in a big way at this time, will I take over?"

He was a little hesitant.

On the one hand, although the broad market index has been cut in half, it is still twice as high as 998 in 05.

On the other hand, he is in a position where he gets much more information than ordinary shareholders, so he naturally has little confidence in the various good news launched by the regulator.

Ordinary stockholders, seeing a little good news, can rush into the stock market to buy the bottom with a snort, but he can't.

He has so much money in his hands that it is troublesome to get in and out.

What's next for the stock market? Bottoming out and hitting new highs? Or is it a bounce back and continue down?

Nobody knows.

This confusion of not being able to control the future made him feel very insecure.

This has nothing to do with status and height, even people who stand at the top of the political and financial world are also facing this problem.

Everyone is crossing the river by feeling the stones.

No one is much stronger.

There is one exception, though.

That's Ah Wei.

Seeing that he is still as calm and calm as ever, it shows that in his heart, it is very likely that he has a countermeasure.

Therefore, he believes that Ah Wei will definitely guide him to climb to a new peak this time.

Sure enough, after thinking for a while, Chen Weidong said very firmly: "The position of A shares, if you have to say that it is the bottom, is also okay." ”

"First of all, we must understand that the main reason for this stock market crash is because of the subprime mortgage crisis in the United States."

"The subprime mortgage crisis was caused by the fact that American banks lent mortgages to people who lacked the ability to repay and had poor credit, and finally defaulted on credit on a large scale."

"One of the key incentives here is excessive securitization."

The mortgage loan for a house in the United States is actually a "tripartite agreement" signed by the buyer, the developer, and the commercial bank.

For example, if you want to buy a house and you don't have enough money, the bank will mortgage the house you want to buy, give you a loan, and let you buy it.

The bank can then take your mortgage every month for 20 years.

If you can afford to repay the money, of course it's nothing.

For this "tripartite agreement", our domestic banks will choose to lock it in a drawer or even a safe for fear of losing it. ”

But the United States is different, their financial industry is very developed, and this "tripartite agreement" in the hands of banks can be regarded as an asset in a sense.

Since it is an asset, it has value.

Therefore, this "asset" quickly attracted three people.

One is an investment bank, the other is an insurance company, and the third is an appraisal company.

These three people did a very big thing, which was "asset securitization."

Banks in the United States do not want to deposit these funds for 20 years, which will affect the turnover efficiency of funds.

So, as soon as the investment banks came, they hit it off and agreed to securitize real estate mortgages.

As a result, the major banks in the United States packaged all their mortgage business and sold it to Wall Street, which redesigned and packaged it and sold it to other investors.

This solves three major problems:

Investors have new products, get high returns, and only have to endure a little risk.

These buyers who take out loans can also enjoy relatively low loan interest rates.

At the same time, the bank's capital turnover efficiency has also improved, and Wall Street can still make money in it, which is a good thing to "kill multiple birds with one stone".

The birth of this "subprime market" did work well at first.

From 1994 to 2006, the homeownership rate in the United States rose from 64 percent to 69 percent, approaching 70 percent.

With the securitization of a large number of mortgage businesses, there are financial investment institutions that regard it as a bond-type investment product.

However, in the development of the subprime mortgage market, there are still many deep-seated contradictions.

In particular, in 2000, the Internet bubble burst in the United States, there was an IT crisis, and the economy began to slow down.

In order to promote economic growth and employment, Bush Jr. had to take real estate as a new economic growth point.

Therefore, in addition to continuously lowering interest rates, the Federal Reserve also actively supports the "two-house" policy and uses 60 times leverage to make mortgage loans to low-income home buyers.

The low interest rate policy has reduced the cost of loans for residents, and people's enthusiasm for buying houses through loans has been rising, which has stimulated the development of the real estate industry.

Subprime mortgages have become the first choice for buyers whose credit terms do not meet the preferential loan requirements, creating a boom in the real estate market.

From 2001 to 2006, the U.S. real estate market, supported by the government through mortgage loans, quickly exploded, and home prices rose by a staggering 85%.

The housing market is so hot that even subprime mortgage securities are in high demand.

Many financial institutions have "packaged" and sold this very popular financial derivatives with subordinated securities and even junk securities in other industries, and promoted them to investment institutions all over the world.

As a result, the housing problem in the United States has changed from a local problem to a global problem, and from a regional problem to a national and even global problem.

By 2007, the scale of mortgage loans for people in the United States to buy houses was as large as the GDP of the United States.

In view of the irrational rise in housing prices, in order to promote the return of housing prices to rationality, the Federal Reserve began to raise interest rates continuously, prompting the gradual cooling of the U.S. housing market.

But falling house prices and rising interest rates have increased the pressure on borrowers to repay their loans.

More and more people are unable to repay their loans, and more and more people are defaulting on their debts, resulting in banks and other lending institutions being unable to recover their funds, and there are more and more bad debts.

As a result, the subprime mortgage crisis began to erupt and intensified, gradually spreading to all corners of the financial market related to subprime mortgages.

"Roughly, that's it."

Chen Weidong said that his mouth was a little dry, and he picked up the water cup on the coffee table and drank it all.

"I see, I said how the subprime mortgage crisis in the United States affected us, it seems that not only the global export trade, but also the investment industry and financial markets, will be greatly affected."

Chen Jie looked suddenly enlightened.

Before, he was still a little confused about the impact of the subprime mortgage crisis, but now he has clarified some context.

After drinking the water, Chen Weidong did not stop, and said: "Through some data, we can see that in the 21st century, the annual economic growth rate of most Western countries has been maintained at about 3%, which can almost be described as stagnant. ”

"They can use time to slowly repair the impact of the subprime mortgage crisis, but we can't.

"Our economic development has finally stepped onto the track, and now we are at the fastest time when the train is running, and if we forcibly step on the brakes and slow down, the damage to our national economy is incalculable."

"Although it has been 30 years since the reopening, the living standards of the people and the country's economic construction have really taken off, that is, in the last seven or eight years."

"That's too short a time to go for a developing country."

"More importantly, economic development also pays attention to a drum, this momentum and rhythm, if it is forcibly interrupted, then the next time it is accelerated, I don't know what the year of the monkey is."

"So I think that within half a year, the country will definitely introduce a large-scale economic stimulus plan to completely stabilize the pace of economic development, and even speed up the speed, so that some industries can rush faster."

"Ah Wei, are you sure?!" Hearing this, Chen Jie's right fist clenched, and he stood up directly from the sofa, the apprehension and confusion in his heart had completely disappeared, and he was more confident in the next stock market.

Even Lin Zeju, who had not spoken, had an unknown light flashing in his eyes at this time. (End of chapter)