Chong Sheng 1977Nian Cong Zhi Qing Kai Shi

Having a little wine, Nan Yi and the two were talking about work.

After sixteen or seventeen years of development, Dream Town has long passed the wasteland reclamation period and is on track. It would be a waste to rely on this general to put it here again, and it should be moved.

"The number of 3G users in Japan has exceeded 2G, officially entering the 3G era; SKT in South Korea has increased investment in HSDPA networks, which can be regarded as 3.5G; Europe has experienced a downturn in the past few years. Afterwards, the deployment of HSPA commercial networks has also begun to be accelerated.

North America is a bit slower. The advantage of the CDMA2000 camp is very strong, with hundreds of millions of users. It is difficult to adopt a better standard. However, North American operators generally adopt a strategy of low tariffs or unlimited data traffic. In the future, new standards will be popularized. It will be very fast.

Our domestic 3G has been in operation for some years, and now we are only close to the goal. It is hard to say when this kick will be kicked in, but it will definitely be before July 25, 2008, just like before the Asian Games in 1990 , We realized the video call function in the Asian Games Village, before the Olympic Games, the 3G network must also be opened. "

Nanyi put some revolutionary vegetable (wild chrysanthemum) in his mouth, chewed it twice, "The opening of 3G means the arrival of the mobile Internet, and the applications on the PC end are copied to the mobile end, or even migrated.

Chuangfeng Technology is already working on the 3G mobile phone based on the Golem (clay figurine) mobile terminal system. The test model will be available in the middle of next year. The carrier will appear, and the content supply and application will follow up.

Now is a wonderful era for Internet entrepreneurship. Change the maker space plan we talked about before, and change it into an incubation base for small Internet companies, and prepare an Internet investment summit, which will be held once a year. Entrepreneurs who need investment will send their own Come to the door, there is no need for us to look for each family..."

Nanyi talked a lot in one brain, from mobile Internet to investment, to cross-border e-commerce, direct sales model (self-made shopping website for external promotion), platform model (cross-border e-commerce platform), and a lot of current Entrepreneurship models that can be realized in the Internet environment, such as group buying and Weibo.

He hopes that Lai will make Makerspace an operation model combining angel investment and incubation base. Instead of starting a business, he will support passionate entrepreneurs to start their own business, export ideas, office space, and funds, and support a group of Internet companies to come out.

After chatting on the Internet, the two talked about the arrangement of Dream Town, about the continuation of the business, about who will take the lead after Lai leaves, and so on.

The next day, when I got up early to exercise, Nanyi turned the whole dream town around. Many domestic research and development enterprises settled in the high-tech industrial park. The private plot biopharmaceutical industrial park of Fuji Pharmaceutical already has LG, 亖星The Electronic Technology Pioneering Park where Canon and Canon settled, and the Animation Creative Park where Wangbei Films settled.

Lai shed countless sweats here, and Nanyi dropped a lot of brain cells here. After more than ten years of wind and rain, they finally established a situation that can carry dreams today.

The big plan of Dream Town Health Rehabilitation City has inserted a pair of wings for the tourism industry of Yecheng City, which has brought some benefits to the city in front of it, and has not run out of the framework of the common prosperity plan. The ill-gotten gains from real estate and land speculation ended up staying in this city.

At noon, Nan Yi went to Su Meng's place and had a lunch without any special meaning.

When the two ended their relationship, neither of them was hysterical, it was very flat, like a trivial matter, and it was also very friendly, only locking the most primitive impulse between men and women, everything else remained the same, just like a pair of very good opposite sex Friends, call from time to time and care about each other.

Leaving Su Meng's house, Nanyi came to the college student restaurant again. He was still in the same place. As soon as he entered the restaurant, he saw a familiar person and spit out a line of dialogue.

"Smit, my telescope."

Yu Chuan looked at Nan Yi, with a smile on his face, imitating the unique translation accent, "Yes, Mr. Colonel."

"It's this bridge, that's it." Nanyi's accent was also changed to a translated accent.

Yu Chuan echoed, "It's this bridge, Mr. Colonel."

"The air is shaking, as if the sky is burning."

"Yes, a storm is coming."

"Look, this city, it is Walter!" After Nan Yi finished speaking, he stepped forward and hugged Yu Chuan, "Old Yu, you really have you, and you have guarded this dilapidated shop for more than ten years without moving."

Yu Chuan patted Nan Yi on the back, and said with a smile, "You came back too late, the Band of Trespassers has already removed you."

Nan Yi said happily, "Is the band still there?"

"I'm here, and the band is here." Yu Chuan replied sonorously.

"A song?"

"OK."

Nanyi's harmonica and Yu Chuan's saxophone collaborated on a song "Wave of the Danube".

["Waves of the Danube" is the theme song of the Romanian movie "The Story of Qiao Song". Hugging and hugging, Huaguo movie news briefing plus a new look of the motherland.

Perhaps there are some people who can come to this world, thanks to Romania. In that era when the social atmosphere was still very conservative, "The Story of Qiao Song" is a very rare movie that ordinary people can see with kissing and hugging scenes. ]

At the end of the song, the two chatted casually for a while, and collaborated on a few more songs, which proved that the Band of Trespassers still exists.

The two became acquainted with each other through music, and the connection between them was limited to music. Neither of them tried hard to extend their tentacles to other fields, which means that the friendship between gentlemen is as light as water.

Because of this, the only topic of conversation between the two is music, and remembering the group of trespassers back then. Both of them knew each other well, and none of them stayed.

Because of this, Nanyi did not sit for a long time, and bid farewell in the memory of youth.

On the same day, Nanyi had a meeting with Bai Hui who rushed over. After initially investing 450,000 yuan in the Wuzhishan rice winery, Nanyi ignored the investment, and Zhao Jinshui and Chen Wenqin who took over later did not worry about it either. But the annual dividends can be received on time. Over the years, I have received more than 10 million yuan.

Because of Baihui's integrity, Nanyi didn't think about filling the factory with people, nor did he think about selling the shares back to her. He just held it like this, and distributed a little surprise dividend every year, which also maintained the bond between the two. , if there is a contingency, so as to give the other party the bottom line.

After going around for a while, Nanyi returned to the capital, stood in the classroom again, and continued the topic of the previous lesson.

Nanyi wrote down the word "Ninjna" on the blackboard, and said to the students: "Ninjna, there is no doubt, although this word is very similar to Ninja, it does not mean ninja, and I did not spell it wrong.

Ninjna, this word is actually the abbreviation of the three no lenders in the American mortgage industry, representing No Income, No Income, No Job, No Job, No Assets, and No Assets.

In the last class, I said that I bought a house with a loan in Tom’s name. You don’t have to doubt this. I’m not joking. I did buy a house in Los Angeles, and more than one house.

In fact my motivation for buying a house was purely for speculation. "

The students in Nan Yichong smiled, and continued: "In 2000, I used 200,000 US dollars to buy a property worth 10.72 million US dollars, then rented out the house, and used the rent to repay the mortgage. Of course, I need additional repayments. Note that the rent is not enough to pay off all the mortgages.

In February last year, I sold the house, and the final net profit was 975,630 US dollars. I have to say that the tax in the United States is very heavy. "

The figures reported by Nanyi left most of the students dumbfounded, and several students raised their hands.

"Students who raised their hands put their hands down. I will not tell you the details of the operation now. This is an assignment for you to think about. Through the data I gave, you can restore my operation steps.

I can give you a little reminder, just the difference in the growth of housing prices, it is impossible to generate such a large profit, I still have a lot of operations in it... Qin Tao, I said, put your hands down. "

The student named Qin Tao stood up and said, "Mr. Nan, I don't want to ask you about the details of the operation. I just want to ask whether the profits you get are deposited in the bank or invested in other new fields?"

"I invested in a stock in the domestic stock market, which tripled by accident. I just sold it last month and invested in another stock. The market has not fluctuated much for the time being, and the book profit is only 1.3%."

The students below opened their mouths wide again, and some of them wanted to raise their hands just about to move.

"Okay, don't raise your hands, and don't ask me which stock it is. You still ask students whose families need tuition and living expenses, and most of them are from very ordinary families. Your parents have already worked hard to support your education. Don't think about it anymore. Don't think about investing the meager income you earn from working odd jobs outside of school and doing tutoring in the stock market.

Whether it is investment or speculation, it is not what you should put into practice at present. Being able to come to school here is enough to show that you are the best among your peers, and it is not an exaggeration to say that you are the pride of heaven.

However, the elites in the financial field are the outstanding ones selected from among you. After years of study, they have a solid theoretical foundation and have gone through many thrilling actual battles. Both theory and practice are crushing for you. Potential.

Therefore, study hard first, if you are interested and have time, you can play the simulation market and have a basic understanding of stock market trading.

Of course, if you are a classmate with a better family background, you can take a little of your living expenses to experience the stock market. If you have a correct attitude, just treat it as paying tuition fees and study, and don’t think about acting as a legend.

If, I said, if any student becomes a legend, please don’t tell other students, legends are always lonely, only a few will appear, and their so-called inspirational stories will kill countless people who also want to become legends people.

That's the end of this topic, let's continue with the class..."

Nanyi believed that what he said at the end would become nonsense. If the students sitting in this class were not motivated to win, most of them would not be admitted to Beijing University. At the same time, whoever wants to become an ordinary one among them, competition is unavoidable, he wants to open up a new arena for these students.

"During the Great Depression in the United States, the U.S. Congress enacted a bill, the Securities Exchange Act of 1934, also known as the Glass-Steagall Act. The core of this bill is to combine investment banking with commercial banking. The business is strictly divided to ensure that commercial banks avoid the risks of the securities industry. The bill prohibits banks from underwriting and operating company securities, and can only purchase bonds approved by the Federal Reserve.

In fact, the simple understanding is that the U.S. Congress does not want to see banks investing depositors' money in high-risk financial products.

Affected by this bill and some other provisions, from the 1930s until 1978, most of the financial practitioners working on Wall Street did not have high incomes. If the family burden was relatively large, they would sell stocks on Wall Street during the day. You may also work part-time as a waiter in a bar at night.

Working in the financial industry during that time was almost like our three generations of poor peasants. Everyone said that such a person was young, but as long as the family can survive, no girl from any family is willing to marry into such a family. what? Go hungry for nine meals in three days, and a family of seven takes turns wearing a pair of pants? "

"Ha ha……"

The audience roared with laughter, and Nan Yi's ingenious jokes made a group of very young students uncontrollable.

Nan Yi also had a smile on his lips.

After a long time, the laughter in the classroom gradually stopped, and Nan Yi clapped his hands to signal everyone to be quiet.

"Everything changed after Reagan came to power. In order to revive the sluggish economy of the United States, Reagan appointed Donald Thomas Reagan, who was the same ancestor as him five hundred years ago, as Secretary of the Treasury. To distinguish him, I will call him Little Reagan.

Before Reagan Jr. served as Secretary of the Treasury, he was the CEO of Merrill Lynch, which means that he was a member of Wall Street.

There are rumors in the United States that Reagan's success in the election was supported by Wall Street. Whether this rumor is true or not is unknown, but since Reagan Jr. became Secretary of the Treasury, the White House and Wall Street have entered a honeymoon period.

As a result, the United States began to implement the economic policy of "Reaganomics". For the specific content of this policy, students who are interested can go to the library or check it online, so I won't go into details here.

Beginning in 1982, the United States relaxed the restrictions on savings and loan banks and companies, allowing them to use savings deposits for venture capital. Pandora's box was opened. All the hard work of depositors has been wiped out, and a total of more than 120 billion US dollars has evaporated.

Most of it is cash, not virtual market value, that cash didn't leave the US, wasn't physically wiped out, it's still there, it's just going from one pocket to another. "

Nan Yi took a sip of water, moistened his throat, and continued: "Let's go back in time. In 1938, when the Great Depression was still alive, President Roosevelt led the establishment of the Federal National Mortgage Association, which is Now the famous Fannie Mae.

Since then, the American people began to enjoy 30-year fixed-rate mortgages, buying a house is no longer out of reach, and owning a house has become a symbol of the American middle class.

The purpose of the housing loan policy at that time was to enable ordinary people to buy houses, and the purpose of people buying houses was simply to provide themselves with a place to live and to achieve asset value preservation by the way.

In 1968, the United States was deeply mired in the quagmire of the Vietnam War. In order to cover up its debts, the federal government decided to privatize Fannie Mae. After the completion of privatization, Fannie Mae lost its government background, but at the same time it was no longer bound by the government, and it could purchase all eligible mortgages in the country.

In order to avoid monopoly, the US Congress approved the establishment of a third agency, Freddie Mac, in 1970. The second is Ginnie Mae, which is mainly responsible for the business of civil servants and veterans. We can pretend that it does not exist.

Let's pull the time back 7 years. In 1977, a person named Lewis Ranieri of Salomon Brothers had a genius idea-home mortgage-backed securities, or MBS.

Don’t pay too much attention to nouns, it’s not important, nouns are given by people, they can be called mortgage-backed securities, Shaolin Temple Securities, Wudang Securities, as long as it’s a mouthful and looks high-end. Understand.

For example, I can name my course Spiralized Deep Volume ARK Economics, and no one who reads it can understand what I am going to say..."

"Haha..." The whole room roared with laughter.

"Don't laugh, I'm about to publish an economic masterpiece "Advanced Human Economics" at my own expense. There are many awkward terms in it. In order to recover the cost, I plan to delineate the syllabus of the final exam in this book, 298 copies , there is a discount for buying three copies at a time.”

Amidst the laughter again, a female student called out, "Mr. Nan, how much does it cost you to publish the book?"

"100,000 yuan, no discount, I have to underwrite 1,000 copies myself, it's up to you."

"Hahaha……"

When the classroom became quiet again, Nan Yi continued to the topic, "At that time, Ranieri's MBS was still very rough, and there was no possibility of large-scale practical operation, because Salomon Brothers Bank could not buy too many real estate mortgages, until another man's MBS Appear."

Nanyi turned around and wrote the name "Paul Volcker" on the blackboard, "In 1979, Paul Volcker, then chairman of the Federal Reserve, started raising interest rates to curb inflation, and the continuous rate hikes raised interest rates to 22.36%, through violent interest rate hikes, inflation in the United States has finally subsided.

But with the interest rate hikes, the banks are losing money on every mortgage they lend, and because Regulation Q stipulates the upper limit of bank deposit interest rates, at that time, this figure was 5.25%-5.5%, which was far below the inflation level .

Americans are unwilling to put their money in banks, preferring to put their money in monetary funds. As a result, savings and loan banks continue to lose money and cannot raise enough funds. 4,2900 banks are facing bankruptcy.

In order to save savings and loan banks, the U.S. Congress passed a tax exemption bill in 1981, stipulating that after savings banks sell their loans, the Treasury Department will return the taxes and fees paid in the previous 10 years as a subsidy. That gave savings and loans plenty of incentive to sell mortgages, and Salomon Brothers took the opportunity to buy heavily.

At the same time, Ranieri also brought in Fannie Mae and Freddie Mac to provide mortgage loans for Salomon Brothers Bank. Although the two companies have been privatized, in the eyes of the American people, they are enterprises that will never go bankrupt and have official endorsement. Ranieri Leigh created a mortgage-backed bond, an upgraded version of MBS, which ushered in a new era in the bond market, subprime mortgages. "

Nanyi explained the principle of subprime mortgage in easy-to-understand language.

"In order to attract more loan customers, subprime mortgage companies represented by New Century have launched a zero down payment policy. My Tom got a loan from this company. Cats can get loans, and dogs can also get loans. Homeless people on the street Not to mention.

As far as I know, there are already a considerable number of people in the United States who have no long-term repayment ability to buy houses through subprime mortgages. possibility of loan.

Although it is zero down payment, there will still be some expenses in the process of buying a house. Can anyone answer me why people with unstable income choose to buy a house now? "

"Optimistic about the trend of housing prices."

"They are not for living, but for speculation."

"..."

One by one students scrambled to answer.

Nanyi turned around and wrote the word "subprime mortgage crisis" on the blackboard, and then drew a circle to enclose the word "crisis".

"Subprime mortgage is not necessarily a scam, but it can definitely be said to be Ponzi, a game of drumming and spreading flowers. When no new players join, it will collapse. As far as I know, there is no such thing in the United States now. There are too many new players, and the big players on Wall Street have gone to Europe and the United States to invite new players.

However, even if more new players join the subprime mortgage game, as long as the core of the game, the "mortgage contract", does not increase, the game will collapse. "

Nan Yi lowered his head and looked at his watch, "It's less than a minute before the end of get out of class, I will leave you a second homework, make a chart of US housing prices from 1970 to the present, and then analyze the trend of US housing prices in the next year, I will To see the conclusion, you must also see the basis for supporting the conclusion. The data cited must be detailed and accurate.

This homework is more difficult, you just need to hand it in before the end of the month. In the first class next month, we will continue to discuss the issue of subprime mortgages.

In the next class, we will talk about the economy of Iceland. You can make some preparations in advance, or you don’t have to. My class will still be divided, and I will still be my good sir. Well, wait for the bell to ring and leave get out of class by yourself. "

Saying that, Nan Yi packed up his things and prepared to leave, but this time it was not so easy for him to leave, and several students leaned towards him while shouting.

"Mr. Nan, don't go!"

"Mr. Nan, give us a little while..."

"Teacher Nan..."

"Don't make trouble, I said that my class will not be delayed." Nanyi looked at the students who came over and scolded: "On the big weekend, those who want to grab a computer in the Internet cafe go early, and those who want to fall in love can start."

"Miss Nan, can I treat you to dinner?"

It was Du Wenhua who was talking, and his father’s name was Du Shuangwang. Yi Kezhaomeng was a well-known big dog, and his assets were unclear. It is said that the coal he dug in a day can sell for two to three million yuan. He has suffered a lot without education, so he is straightforward Baidi named his son Wenhua.

"Student Du, you can skip the meal. If you have anything to do, we'll talk about it in the next class."

"Mr. Nan, may I treat you to dinner?"

It is a girl who is talking now, Xue Xiaomin, whose details are not clear. She wears Metersbonwe on her upper body, a pair of Jack Jones cropped pants on her lower body, and a pair of Nikes on her feet. This combination is not too expensive, but every time Nan Yi could see that she was dressed differently when he saw her, so it can be seen that Xue Xiaomin's family is not much different.

"Student Xue, you are the same." Nanyi nodded to the students and said, "Happy weekend everyone, let's go eat and don't crowd around."