Rebirth of the Financial Crisis Sweeping the World

  Chapter 281 281 crushed the audience and shocked the two schools, the only winner Wang Guanxi! (Seeking monthly pass)

  At this time, Du Zhilin and Tian Dongyu also looked at Wang Guanxi anxiously.

  Wang Guanxi said: "Don't look at me, I can't answer, hurry up and give up."

He doesn't care about winning or losing in the debate. Du Zhilin vowed to win before and gave it all to him. Now he was crushed by others, and he couldn't answer his words. There was a big ugly. Then Wang Guanxi said again: "Du Classmate, if you lose, you will lose, so hurry up and give up."

  Du Zhilin's face turned green, so he got up and said to Wu Zhongqian: "Student Wu, our classmate doesn't understand economics, he can't answer, we lost."

  Wu Zhongqian reluctantly said: "He hasn't spoken before, so let's make a speech."

   Honestly, he also wanted to watch Wang Guanxi make a fool of himself. Who told this kid to make his favorite girl Ding Lijuan be very interested in him, and Wang Guanxi was handsomer than himself, which is what he hates!

  Now letting Wang Guanxi come out to speak is to make Wang Guanxi this kid become his last stepping stone today.

  Du Zhilin's face flushed suddenly, looked at Wang Guanxi, and said: "Student Wang, you didn't speak today, just talk about it."

  After speaking, he was embarrassed, ashamed, and his face flushed and sat down.

  Wang Guanxi had to stand up and speak: "Student Wu, I have nothing to say, Student Du has already given up, you have won, what else can I say"

  Wu Zhongqian smiled and said: "Student Wang, the debate is not over yet, you can talk about your views, it's okay, speak boldly, this is your chance to exercise in your life!"

  Wang Guanxi sighed: "Then I'll just talk nonsense. If it's not right, please ask Wu for advice."

  Wu Zhongqian smiled very happily, and said, “Student Wang, let’s talk about it. Let’s learn from each other. I can also correct you where you are wrong.”

"Okay," Wang Guanxi coughed slightly, and said: "Student Wu, I don't actually agree with the point of view you said. I found that there are many places that are not logical and not in line with the national conditions of the United States. Policy place"

As soon as Wang Guanxi's words came out, the audience suddenly became quiet!

  Everyone thought that this kid would humbly ask for advice, but he didn’t expect to find faults when he opened his mouth.

  At this moment everyone shook their heads!

  At this time, Wang Guanxi pointed out the flaws in Wu Zhongqian’s views one by one, which were not logical.

"In fact, the U.S. junk bond can be compared to a rotten apple, which is packed with exquisite packaging and sold layer by layer to the next investor. Until the apple leaks out of the packaging, everyone realizes that it is a rotten apple. !"

  As soon as the words came out, everyone began to pay attention to it and entered a state of listening.

  Wu Zhongqian, Du Zhilin was completely stunned! !

  Wang Guanxi has goods in his belly!

  After that, Wang Guanxi talked endlessly!

  In the United States, loans are a very common phenomenon, from houses to cars, from credit cards to phone bills, loans are everywhere.

  Locals rarely buy a house in full, usually long-term loans.

  But we also know that unemployment and reemployment are very common here.

  These people whose income is not stable or even have no income at all, how can they buy a house?

  Because the credit rating does not meet the standard, they are defined as subprime lenders.

  Since about 10 years ago, at that time, the advertisements of loan companies appeared on TV, newspapers, on the streets, or filled your mailbox with attractive flyers:

  "Do you want to live a middle-class life? Buy a house!"

  "Is there enough savings? Take a loan!"

  "Do you have no income? Find a Daniel loan company!"

  "Can't afford to pay down payment? We offer zero down payment!"

  "Worried about the high interest rate? We offer 3% preferential interest rate for the first two years!"

  "Still unable to pay every month? It doesn't matter, you only need to pay interest for the first 24 months, and the principal of the loan can be paid after two years!

  Think about it, two years later, you must have found a job or been promoted to a manager, and you won’t be able to pay by then! "

"Worry about it after two years? You are still too careful. Look at how much the house is now up from two years ago. Then you will sell it to others. Not only will you live for two years, but you may also make money. It’s a lump sum! Besides, I don’t need to pay for it, I believe it

  You can do it, don’t I dare to borrow, but you still dare to borrow? "

  Under such temptation, countless American citizens did not hesitate to choose a loan to buy a house.

  Do you worry about their debt in two years? I will tell you from the American citizens who feel good about me that anyone who plays a movie can become governor, and maybe I can run for president in two years.

  Da Niu Loan Company has achieved amazing results in just a few months, but the money has been loaned out, can it be recovered?

  The chairman of the company, Mr. Daniel, is also a figure familiar with American economic history. It is impossible not to know that the real estate market is also risky, so it seems that this income cannot be monopolized. It is only necessary to find a partner to share the risk.

   So Daniel found the leading brother in the American economy, the investment bank on Wall Street.

  These guys are all famous names (Merrill Lynch, Goldman Sachs, Morgan), what do they do every day?

  I was full and idle, so I found a Nobel economist, a Harvard professor, used the latest economic data model, and after some tinkering, several analysis reports were produced.

  In order to evaluate whether a certain stock is worth buying, there is already a bubble in the stock market of a certain country.

  A group of people who cheat and cheat in the risk assessment market, do you think they see that there is a risk in it?

  You can see it with your feet!

   But there is a profit!

  What are you hesitating about, take over!

  So economists and university professors used the data model and the old three to evaluate, repackaged, and came up with a new product—CDO (Note: Collateralized Debt Obligation, Debt Mortgage Bond).

  To put it bluntly, it is a bond. Through the issuance and sale of this CDO bond, the bond holders can share the risk of housing loans.

  Just sell like this, the risk is too high or no one buys it. Suppose the original bond risk level is 6, which is medium to high.

  So the investment bank divided it into two parts: senior CDO and ordinary CDO. In the event of a debt crisis, senior CDO has the right to preferential compensation.

  The risk levels of the two parts have become 4 and 8, respectively, and the total risk remains the same, but the former belongs to low- and medium-risk bonds.

  With the investment bank’s three-inch “golden” tongue, of course it sold a lot of money! But what about the remaining high-risk bonds of risk level 8?

  So the investment bank found a hedge fund, and who is a hedge fund? That is the role of short-sellers in the financial world around the world.

  Life is the life of licking blood, this is a little risky!

So relying on the old relationship, borrow money from banks with the lowest interest rate in the world, and then buy these ordinary CDO bonds on a large scale. Before 2006, the loan interest rate of the Bank of Japan was only 1.5%; the ordinary CDO interest rate may reach 12%. , So the hedge fund made a lot of money by relying solely on interest differentials.

  In this way, a wonderful thing happened. At the end of 2001, the real estate in the United States soared, and it more than doubled in just a few years.

  In this way, just like the advertisement at the beginning of Daniu Loan Company, there is no such thing as being unable to repay the house payment. Even if there is no money to pay, you can still make a lot of money by selling the house.

  The result is that everyone from people who borrow money to buy a house, to Daniu loan company, to major investment banks, to various banks, to hedge funds, everyone makes money, but the investment banks are not too happy!

  At first, I thought that ordinary CDOs were too risky, so I threw them to hedge funds. I didn't expect these guys to earn more than themselves, and their net worth kept going up. I knew I would keep them for fun.

  So investment banks also started buying hedge funds, intending to get a share of the pie.

  It's like "Lao Hei" has bad food at home. He happened to see the pesky little flower dog next door and planned to poison it. I didn't expect the little flower dog to eat it, not only would it be fine, but it would grow stronger.

  "Old Hei" is now deceptive. Could it be that the rotten food is more nutritious, so I started to eat it too!

  This time, the hedge fund’s fun is broken again. Who are they? Bandits who can borrow 10 yuan to play with 1 yuan in their hands?

  Can you still be honest with the popular CDO? So they mortgaged their CDO bonds to the bank in exchange for 10 times the loan, and then continued to chase investment banks to buy ordinary CDOs.

  Hey, when the agreement was signed, these CDOs belong to us! !

The investment bank was upset. In addition to buying hedge funds in silence, they came up with a new product called CDS (Note: CreditDefaultSwap, credit default swap). Well, Wall Street is the hotbed of these genius products: not all Do you think the original CDO is risky?

  Then I am insured. Every year, I take out part of the money from the CDO as a guarantee and give it to the insurance company for nothing. However, if there is a risk in the future, everyone will bear it together.

  The insurance company thought, yes, right now CDO is making money so much, and the profit is distributed without paying 1 cent. Isn’t this giving us free money every year? It's done!

   Hedge funds thought, yes, they have been earning for a few years, and the risk is getting bigger and bigger in the future. If only a part of the profit is distributed, the insurance company will take half of the risk and do it!

  So everyone is happy again, and CDS is also selling hot!

  But the matter is not over here: because the "smart" Wall Street people came up with innovative products based on CDS!

  We assume that CDS has already brought us 5 billion yuan in income, and now I issue a new "San Mao" fund, which is dedicated to investing in CDS.

  Obviously, the risk of this fund based on a series of previous products is very high, but I have invested 5 billion yuan that I have earned before as margin.

  If this fund suffers a loss, first use the 5 billion yuan to advance. Only when the 5 billion yuan is lost, the principal invested by you will begin to lose money.

  Before that, you can redeem it in advance, with the initial launch size of 50 billion yuan.

  Gosh, is there a better fund than this?

  A fund bought with a face value of 1 yuan will not lose your own money if you lose up to 0.90 yuan, but every penny you make is your own!

  The rating agency saw this genius idea, and did not hesitate: give it an AAA rating!

  As a result, this "sanmao" can be sold crazy, and various pension funds, education funds, financial products, and even banks in other countries have also bought them.

  Although the initial scale of the initial release is 50 billion yuan, the subsequent issuance is almost impossible to estimate.

  But the margin of 5 billion yuan has not changed. If the current scale is 500 billion yuan, the margin can only guarantee that you will not lose money when the fund's net value is not less than 0.99 yuan.

  When the time came to the end of 2006, the American real estate that had been glamorous for five years finally fell from the top, and the food chain finally began to break.

  Because of the fall in housing prices, after the time limit for preferential loan interest rates has expired, first ordinary people cannot repay their loans.

   Then the Daniu loan company went bankrupt, and the hedge fund suffered a huge loss.

  In turn, insurance companies and lending banks were affected. Citigroup and Morgan Morgan successively issued huge loss reports.

  At the same time, the major investment banks that invested in hedge funds also lost money, and then the stock market plummeted, the people generally lost money, and the number of people unable to repay their mortgages continued to increase...

  Finally, the US subprime mortgage crisis broke out.

When Wang Guanxi finished speaking in one breath, the audience was dumbfounded!

  The whole audience is quiet!

  So people looked at the handsome boy on stage dumbfounded. At this moment, he was too handsome.

  From the history, from the economy, from the culture, from the society, from the financial system... a multi-faceted explanation!

  This is simply rolling, rolling, rolling!

  Completely crushed!

  Naked rolling!

   "Oh my god, that's amazing!"

   "What kind of transparent person is that TM!"

   "What sort of person is this!"

   "This TM is simply a financial ghost, okay!"

   "This TM finance professor is not as good as that?"

   "This is the real financial genius!" A girl who originally admired Wu Zhongqian fell in love with Wang Guanxi instantly.

  Qin Yuan, Liu Xinghui, and Jiang Jinpei were suddenly excited.

   "Haha, I knew that Brother Hee could shock the audience and crush the audience"

   "Grass, Du Zhilin is just a pile of shit, how can he compare with Brother Xi, Brother Xi was just low-key before, and I don't want to argue with Du Zhilin, this superficial guy."

   "This TM Wu Zhongqian still has a face called a financial genius? In front of Brother Xi, he is just a fart!"

   And Bi Fangling also said: "Oh my God, this classmate Wang is really amazing, so amazing, this is what is hidden and not leaking, this is what is introverted!"

  Shu Jinghan did not speak, but looked at Wang Guanxi affectionately.

  At this time, a girl spoke again: "This Du Zhilin is just a mess of shit, but I thought he was generous and broad-minded before, but now it looks like shit."

  Another girl echoed: "Wang Guanxi is truly talented, crushing everyone!"

   "Too awesome, so handsome, how do these clowns like Du Zhilin deserve to stand with them?"

  ··

  At this moment, Du Zhilin looked at Wang Guanxi with an unbelievable face, and his heart stirred up a terrible wave, his head was short-circuited, his eyes were extremely dull!

  Tian Dongyu was stupid and muttered to himself: "How is this possible?"

   Now there was a burning sensation on his face, and he was so ashamed that he wanted to find a hole to hide immediately.

  The two became the clowns, and they were despised by the students of São Paulo!

   "Du Zhilin, this horrible pen, paralyzed, what a stupid pig!"

   "He gave up before, saying that Wang Guanxi didn't understand anything!"

   "This Du Zhilin is stupid than pigs!"

   "I really misunderstood Du Zhilin, he is just a straw bag!" said a girl.

   Du Zhilin heard these words, his face flushed to the extreme, and his mentality completely collapsed!

  Wu Zhongqian on the stage has a hot face, standing in place, staring at Wang Guanxi with open mouth, losing his language ability.

   Naked and crushed!

  Wang Guanxi first pointed out all his shortcomings, logical problems, and too many unreasonable places!

  Now his face is really ugly, standing on the stage, what irony it is!

  At this moment, he found that he was a big joke, and his heart was falling apart!

   Ding Lijuan on the side was also terrified, and her heart was overwhelmed.

  Before, she thought Wang Guanxi was here to make up the count, she was just a transparent person.

   knows nothing, except for being handsome, nothing good.

What now?

  Wang Guanxi crushed everyone.

  Neither of them could say anything, nor could they refute it.

  This Wang Guanxi is much better than their economic teachers!

  At this moment, she instantly looked at Wang Guanxi with admiring eyes!

  A man like this is handsome and talented!

  God, it was Wu Zhongqian who was next to her!

  Wu Zhongqian looked at his favorite Ding Lijuan so admiringly at Wang Guanxi, his eyes were full of hormonal flavors, and Wu Zhongqian’s inner centuries-old vinegar was overturned.

  Jealous, angry, but helpless!

  Now that he has become a stepping stone for Wang Guanxi, he regrets it very much in his heart!

  Economics teacher Fei Chengdong from Huangren College also exclaimed: “This student is too powerful and sharp. I sigh.”

Hu Hongjian, an economics teacher at St. Paul's Middle School, also said in horror: "I am a graduate of the University of Hong Kong with a master's degree in finance and a high-achieving student. At this moment, I also sigh inferior! This Wang Guanxi is indeed extraordinary. It is my eyesight!"

  Yue Mingfu, the head teacher, widened his eyes and said with surprise on his face: "Oh my god, this Wang Guanxi is too good? How do I feel like facing a finance professor? My goodness!"

  Sao Paulo’s deputy director of the Academic Affairs Office Kong Zhongcheng also said in a daze: "This Wang Guanxi is really too professional, my goodness, what kind of genius is this, we have all gone!"

  Huangren College’s deputy director Xie Kaigui also said in amazement: “This young man is so extraordinary. He is a genius among geniuses. No, he should be a ghost. I didn’t expect your St. Paul Middle School to hide such an extraordinary person!”

  São Paulo’s vice-principal Chen Huang Lijuan smiled and said: “I didn’t expect Wang Guanxi to be such a genius. Fortunately, I was not clumsy before and I strongly recommend him to join the debate group.”

Qiu Guotao, the vice president of Huangren College, was also shocked and said: "This is the most talented finance student I have ever met!"

  At this time, Wang Guanxi on the stage spoke to Wu Zhongqian: "Student Wu, I'm finished, do you have any suggestions?"

   "By the way, do I think Midland Bank will go bankrupt?"

   "When will the Fed cut interest rates?"

   "Will the US government's 700 billion dollar rescue plan pass?"

   "This loan crisis is about to end at this time?"

  "What kind of monetary policy do you think Greenspan, the head of the Federal Reserve, will adopt, and how much is appropriate to cut interest rates?"

  ··

  Wu Zhongqian was completely stupid, and his head was out of order when asked!

  He stands in place like a wood, speechless!

  How does he know these questions?

  Who is this TM?

  How could he answer such a question?

  At this time, Wang Guanxi said to the host: "Okay, classmate, I'm finished, classmate Du Zhilin has given up to classmate Wu Zhongqian before, you can declare classmate Wu Zhongqian victory."

  The host is also dumbfounded, and he has not recovered yet!

  How to announce this TM!

  Before Du Zhilin did admit defeat, but Wu Zhongqian did not agree to admit defeat!

   Then he pulled out Wang Guanxi. Wang Guanxi had to say something. What happened?

  Now Wu Zhongqian is crushed directly, and can't even speak.

  If Du Zhilin had not lost at that time, then the debate will continue, and now it is Sao Paulo Middle School who has won.

  If Du Zhilin had given up before, what Wang Guanxi said later was just a personal communication with Wu Zhongqian!

  But it’s not easy to announce the result now!

   Thinking of this, the host asked Du Zhilin: "Student Du, are you still surrendering now?"

  Du Zhilin was on the spot and didn’t know how to answer, but another girl from the debate group in Sao Paulo spoke up: “We surrendered before, but Wu Zhongqian disagreed and wanted to continue the debate, so we couldn’t count as surrendering.

  Now that Wang Guanxi has finished the debate, you should ask Wu Zhongqian whether he would admit defeat or not."

  The host looked embarrassed, so he said to Wu Zhongqian: "Student Wu, are you surrendering now?"

  Wu Zhongqian didn't know what to say. Du Zhilin had already given up before, but he just wanted to find the fault and asked Wang Guanxi to speak.

  Thinking that ten will be ten stable, let Wang Guanxi be embarrassed and become his last stepping stone today.

  Unexpectedly, Wang Guanxi’s economic knowledge was so terrifying that he completely crushed himself.

  Thinking of this, Wu Zhongqian had 10,000 regrets in his heart. I knew that Wang Guanxi should not have been allowed to speak!

  At that time, it was enough to agree that Du Zhilin surrendered. He was still the most dazzling handsome boy.

  Unexpectedly, he is now a stepping stone for Wang Guanxi, which really makes him extremely unbalanced, and the anger in his heart has reached the extreme, suppressed to the extreme.

  At this time, Ding Lijuan said: "Host, Du Zhilin had already surrendered before. The following thing is a private exchange between Wang and Wu Zhongqian. We had agreed to their surrender at that time, but Wu Zhongqian did not agree."

  Now the people at Huangren College are not reconciled. It is obvious that the people at St. Paul’s Middle School have surrendered. It is Wu Zhongqian’s personal communication with Wang Guanxi.

  The debate was over before, and the outcome has been divided.

  In the end, there was no way to decide and had to draw.

  Du Zhilin and Wu Zhongqian are both losers, become clowns, and no one cares about them in the corner.

  There is only one winner, and that is Wang Guanxi.

  This time, Wang Guanxi shocked the students of St. Paul’s Middle School and Huangren College. Today, no one does not remember him.

  He became the object of admiration for all girls, the male **** in his heart.

  Wu Zhongqian found that Ding Lijuan had been staring at Wang Guanxi, so he said: "Lijuan, shall we go to dinner tonight?"

  Ding Lijuan looked at Wang Guanxi who was leaving, her heart was about to move, she didn’t know what she was thinking, she said, "Let’s talk later."

  (End of this chapter)