In this book review (film review), I briefly reviewed and explained the whole incident, and then talked about my understanding and perception.
If a person does not form any prejudices, no matter how stupid he is, he can understand the most difficult problems. However, if a person firmly believes, he already knows the problems before him. Without any doubts, then, no matter how smart he is, he cannot understand the simplest things.
——Leo Tolstoy, 1897 (the opening paragraph in the book)
First popularize some financial terms,
MBS (Mortgage-Backed Security) mortgage securitization. In this book and movie, it refers to the securitization of home mortgage loans. In 1981, the US Congress agreed to turn home mortgage loans into mortgage securities, and then a great god named Lewis (not the author of this book, another Lewis) developed it. The first mortgage securities came out, which was to gather hundreds of mortgage loans together to form a loan pool. Then it designs and issues securities, and at the same time finds Moody, S&P and the government to conduct risk assessment and guarantee for it (the least risky is AAA, then AA, then A, BBB, BB, B), and external transactions. This has increased the liquidity of capital, and at the same time, because there are a lot of housing mortgage loans, it has shared the risk of not repaying the loan. Americans at the time had great confidence in their economy and housing market. And they all think: Who will not repay the mortgage? Therefore, the invention of MBS is considered a great financial innovation product. But when the subprime mortgage broke out in 2008, people blamed Lewis again, believing that his invention was the culprit. I personally think that MBS is a great financial invention, but people overuse MBS for profit, which led to disasters.
Subprime mortgages bonds: mortgage bonds that borrow money from people with bad credit. This is to expand the bond market and tie together thousands of subprime mortgages, which can reduce risk because In theory, the probability of everyone not paying back at the same time is very low. However, these bonds are still relatively risky, with low-level
CDO (collateralized debt obligation) secured debt warrants. To put it bluntly, it is to collect some of the most rubbish (B-level) subprime mortgage bonds that are easy to default, and no one wants to buy bonds, repackage them into a new security, re-rating and pricing, and often packaging Companies issuing CDOs will use many methods to obtain high valuation ratings (explained later). So as to make it better to sell. Generally, the repayment will be given to AAA bonds first, then AA, and so on. In the event of default, the first to receive a loss is the B level.
CDS (Credit Default Swap) Credit Default Swap. In fact, CDS is a kind of insurance, which provides a guarantee for MBS. If the value of MBS increases, people who purchase CDS will have to pay more insurance premiums. On the contrary, if the value of MBS decreases, they will be compensated. If the borrower of MBS is completely unable to repay the debt (default). Those who buy CDS will make a profit. In this story, CDS was used as a short-selling tool and a means of gambling. Because you only need to bet whether CDS, an insurance-guaranteed product (MBS, CDO), will appreciate or depreciate, and you don't need to own a product guaranteed by him.
Short: In fact, in a sense, you think that something will depreciate, and you have invested in a financial product. With the depreciation of what you think, this financial product can bring you income. One method of operation is called shorting.
These are a few key financial terms, as for others who don’t understand, let’s Baidu. .
Okay,
let’s get to the point. From 2004 to 2005, a man named Steve Eisman (his name is Mark in the movie) was managed by Morgan Stanley on Wall Street. A hedge fund called FrontPoint. He was very pessimistic about this market because he found a lot of fraud and fraud. He believed that the financial crisis would eventually come, but apart from his pessimistic attitude, he did not make any major moves at the time.
At the same time, Michael Burry, the manager of another hedge fund (Scion Capital), had to do a lot better. He found that after the Internet bubble burst, those Internet companies went bankrupt, but the housing prices in Silicon Valley, where the Internet is concentrated, have gone bankrupt. It rose. Therefore, I feel that there is a bubble in subprime mortgage loans, and most of the subprime mortgages have adjustable interest rates. At the beginning, the interest rate is low, tempting you to borrow money, and the temptation to increase the interest rate after the period has passed. He did a lot of data and did a lot of research. These include the MBS specifications of these subprime loans, the LTV value (the ratio of the borrowing to the value of the house itself), the repayment status, and the default rate. And found that in 2007 interest rates will increase across the board. It is concluded that housing prices will not rise again. Starting in 2007, more and more people will not be able to repay these subprime mortgages, which will cause the collapse of the subprime mortgage market. So he found a business opportunity, that is, shorting the subprime mortgage market. But there is no short-selling tool, no sub-prime option and you can't borrow MBS (borrow MBS, sell it at a high price, and then the price drops and then buy it back, earning the difference), because people are convinced that real estate will keep rising. The clever Barry thought about CDS. He went to negotiate with many banks and asked them to launch the corresponding CDS for the corresponding subprime loans, which is the insurance for these BBB-level MBS. When these BBB MBS prices increase, Barry will have to pay more insurance premiums. If they depreciate, Barry can get a huge amount of insurance money. The bank feels that real estate will continue to rise without risk, historically, so it feels that he is a stupid, and quickly produced and launched a corresponding response to some of the BBB-level MBS he selected (many of these BBB-level MBS will be packaged as AAA-level CDOs) CDS and sold it to him. By October 2005, he had bought CDS with a face value of more than $1 billion from several banks on Wall Street. People think he is crazy, but he himself knows that the opportunity to make big money is here.
The news was quickly learned by Greg Lippmann (called Jared Venett in the movie), an executive of one of the banks (Deutsche Bank). If Barry is the founder of this short-selling plan, then Lips is the communicator. In fact, he knows the CDO packaged by these B-grade subprime bonds. And he used one of his Chinese Quanke (quantitative financial experts) to help him analyze a large amount of corresponding data. It is found that although these CDOs have a high market price, they are actually very risky. When the real estate default rate reaches 7%, they become rubbish, and this day will always come. As a bank executive, it seems that he should be optimistic about the market, but he doesn't love his company. He wants to make money. But he did not have the funds to short CDOs, so he lobbied investors to invest in the CDS of these CDOs, and charged the intermediate handling fee. Most people are unwilling to buy because they think the housing market is good, so the CDO will rise, and the appreciation will have to pay high new insurance premiums, which is unacceptable. Later, Lips met Eisman's team, and Eisman's team was very pessimistic because the financial crisis would come. So Lips publicized his short-selling plan to Eisman in a large amount (explained in the way of building blocks in the movie), and asked Eisman to invest in CDS and short CDO. Although Eisman also has short-selling ideas, he does not understand CDO and CDS, so he did a lot of investigations. For example, he found that a strawberry picker had an annual income of 14,000 U.S. dollars, but he bought a house with a loan of more than 700,000 U.S. dollars; many Ninja loans (loans to people with no income) are being issued and waiting; the name of the repayer of the house is actually a dog, etc. After a lot of inspection, he found that there was a huge bubble in the middle. So I immediately spent money to buy the CDS of the mezzanine CDO (that is, CDS composed of many BBB MBS). His short-selling plan has also begun. At the same time, some other people short the mezzanine CDO through Lipps, but most of them are for hedging and reducing the risk of investing in the subprime mortgage market. Lipps' short-selling plan has also grown bigger and bigger with the increase of investors, but he only charges some entrance fees and later commissions for these people to take money after making a profit.
Just as the short-selling plans of these three groups (Barry, Lips, Eisman) were in full swing, the fourth group appeared, Charlie Ledley of Cornwall Capital Management and Jamie Mai (also called this in the movie). They originally made this kind of small-probability and high-return investment (long-term options) because they have done well in their homework and made accurate predictions. Inadvertently, they knew that someone was shorting CDO in the market, so they started to study CDO and its short-selling tool CDS, and did a lot of investigations. As a result, they thought that CDO was really rubbish and would definitely be worthless. So they also want to short CDO by buying CDS. But compared with the previous ones, they can only be regarded as two poor ones, with only 30 million. Therefore, they are not eligible to buy CDS from major banks. They need this qualification, which is an ISDA (International Swaps and Derivatives Association) agreement. So they thought of a great financial god Ben Hockett (Ben Hockett in the movie) who had withdrawn from the financial industry. This great god named Ben helped them settle the ISDA agreement, so they also Started his own short-selling road.
Shorting CDO is actually a kind of gambling. CDS is a tool for gambling. The person in the gambling party believes that the CDO will depreciate or even fall to worthless. The person on the other party believes that the CDO will continue to rise steadily. The former is a short seller, while the latter is a long seller (long). The rise and fall of the CDO is actually the rise and fall of the housing market, and it is also a manifestation of the borrower's ability to repay the money. This is related to the US economy, and the US economy also interacts with the world economy. Therefore, I say that this is a gambling about the US economy, and even the world economy. As the economic situation continues to rise, people are in fact habitually optimistic and believe that there is no major problem with the current mechanism, thus underestimating the probability of tragedy. So there are very few short-selling people, only a dozen people, including the four mentioned above. They must first make sure that they are right, and most people are wrong. Secondly, they must have the courage to bet against the entire financial system and the US economy. It takes a lot of homework to be convinced that you are right, and it takes a lot of courage to stand on the opposite side of everyone, and it needs to bear tremendous pressure (the industry's ridicule, the questioning of capital investors). This bet is a zero-sum game, and the result must be that one party earns blood and one party loses blood.
Obviously these subprime mortgages that support these CDOs are very dangerous, why are the prices of these CDOs so high? This is the question of rating. There are two major rating agencies in the United States, Moody and S&P. In the movie, it is said that due to peer competition and leadership corruption, many CDOs have been given high ratings by rating agencies. CDOs that were originally only BBB rated can be rated as AA or even AAA. However, there are more reasons for incorrectly exaggerating ratings. At that time, the rating agency used a FICO model to rate credit bonds, that is, to look at the credit value of these borrowers (the highest FICO score is 850 points, and the lowest is 300 points). At that time, the companies that issued CDOs on Wall Street had a team dedicated to studying the ratings of the FICO system. In order to meet the standards of rating agencies-to maximize the proportion of triple-A bonds generated in any designated loan pool, the average FICO score of borrowers in the loan pool needs to be around 615 points. Therefore, a huge opportunity arises. A loan pool with a FICO score of 615 for all borrowers is much less likely to suffer a huge loss than a pool with 550 points for half of the borrowers and 680 points for the other half. Because once housing prices do not rise, interest rates rise. These 550 people will soon have no money, and there will be problems with the corresponding CDO. Another method is to use another blind spot. Some borrowers have short or no credit records (such as immigrants), and have not defaulted before applying for subprime mortgages (because they have not borrowed much money), so FICO is very high. But there is no ability to repay. This gives CDO another loophole. Moreover, for these CDOs composed of BBB levels, the rating agencies believe that it is unlikely that all BBB mortgage bonds will default, and according to their estimates, the correlation between BBB mortgage bonds is only 30%, which is obviously a problem. Very wrong estimate. In addition, governments like the NYSE and the Securities Regulatory Commission rarely investigate CDOs, and many people even don't even know what a CDO is. Therefore, the lack of professionalism and corruption of rating agencies, the errors related to CDO risk and internal influence, the fancy methods of CDO issuing agencies to falsify ratings, and the laxity of government regulatory agencies. All these problems have caused many CDOs to be rated incorrectly and their value is overstated. Many AAA-level CDOs are said to be composed of 65% of AAA housing mortgage bonds, but in fact they are composed of more than 95% of BBB-rated subprime mortgage bonds.
With these high ratings, large Wall Street companies and banks can develop CDO business aggressively. Many companies are intermediaries and charge a fee of about 2% based on the size of the transfer. Obviously, the simple CDO business can no longer satisfy their appetite. So in 2004, Howie Hubler of Morgan Stanley Bank launched CDS for CDS. Since CDS was still opaque at the time, no one did it, so they wanted to do what they wanted. This kind of CDS is actually very fraudulent. It only insures the part of the CDO loan pool that is most likely to default. As long as there is a 4% loss in the subprime loan pool, you can get a lot of insurance money. Even in a period when the CDO is prosperous, a 4% fluctuation is very likely to occur. Then Howie found a lot of idiots who were optimistic about the increase in CDO, packaged and promoted his CDS to these idiots, and persuaded them to bet against him. In this way, he got the CDS of 2 billion US dollars. Even if the CDOs had been rising at the time, they still needed to pay some increased premiums, but when they thought that they could get a lot of money in the future, these premiums were nothing. So Howie wanted to do more of this kind of CDS. But it was exactly this time that Barry came out to disrupt the situation. Barry made other big banks notice the CDS product, launched them one after another, and formulated clear rules to make the CDS industry transparent. Howie's fraudulent CDS can't be played either. But his existing 2 billion CDS annual premiums have increased, which makes him lose money every quarter. To offset this loss. He decided to sell 16 billion CDS products of AAA-level CDO (because of the high AAA rating, the annual premium he received from buyers is very small, about one-tenth of the BBB level). However, AAA-level CDOs are actually basically composed of BBB-level subordinated mortgage bonds. When the basic subprime pool loses 8%, these so-called AAA-level CDOs become rubbish. Howie, who sold the corresponding CDS, and Morgan Stanley Bank behind him will lose a lot. This risk exposure is very large, but Howey and Morgan Stanley Bank did not realize that they believe that these AAA-level CDOs are risk-free, just like US Treasury bonds. And it is the protagonist of this book, the four people who bet these AAA-level CDOs against them. Among them, Eisman's former hedge fund is still owned by Morgan Stanley, which is fucking embarrassing. .
It is not only Howie who wants to make money by doing long CDS through CDS, but also the triple-A-rated insurance company AIG-American International Group. This company has launched a total of 50 billion CDS. They can be said to be the biggest gambler for reasons. It simply boils down to the fact that people are stupid and have a lot of money. For specific reasons, you can read the original book. And many Wall Street banks and companies have more or less participated in this bet, standing on the opposite side of the four people and all the people who short CDOs. However, many companies participating in the growth are to hype CDO and CDS to make this market bigger and bigger, so that market makers like them can profit from it. As for the risk that can be transferred to others through reselling, as the book says, this is a whip game, as long as you don't make the end of the whip.
The time finally came to the end of 2006. Due to the increase in interest rates on a batch of loans, many people began to be unable to pay off their mortgages, and then houses were recycled and housing prices began to fall. Unrepayable mortgages caused the underlying subprime mortgage pool to begin to lose, and the ABX (Subprime Housing Loan Bond Price Composite Index) began to decline. but! ! The rating of the corresponding CDO has not changed, but the price has risen slightly. This makes short CDO people puzzled, and even start to doubt their decision to short. It just so happened that a subprime mortgage conference was about to be held in Las Vegas, so these short sellers (except for Barry, who has been kept behind closed doors) went to find out. Among them, through Lippman's bridge, Eisman met with a CDO manager in Las Vegas. This CDO manager is called Zhao Wen (that is, the CDO manager with the Asian face in the movie). Zhao Wen talked about CDO to Eisman, The square of CDO and comprehensive CDO financial products, in fact, the essence of these things are BBB-rated or even lower-rated sub-prime mortgage bonds. But the reason why there are so many complicated concepts is to complicate them, so that people don't understand them, so as to confuse investors' judgments and attract more people to invest and bet against. In fact, it is to expand the market. Gambling is like this. The less clear the result, the more people gamble. Among them, it is believed that CDO will not depreciate more, because housing prices have been rising again for decades. So when more investors join this gambling game, the CDO manager will make more money. And even if the CDO depreciated, he thought he could sell the game to others (it turns out he was too naive). It is because of Zhao Wen that Eisman firmed his judgment and increased his bet. Other short sellers also confirmed their own judgments in Las Vegas, believing that long sellers are stupid and rich. Among them, Charlie and Garmi, the two young people, placed additional bets on many high-rated CDOs because they believed that the entire subprime mortgage market would collapse and these CDOs would become rubbish. They are betting that the US economy will collapse and the US economy will go backwards. When all this comes true, they will earn a huge amount of wealth. Just as they were dancing for their witty investments, what Brad Pitt played in the movie and Ben said to Charlie and Garmi impressed me deeply: "Don’t dance, we are betting on the American economy, if we Winning, proves that the American economy will go backwards, people will be homeless, they will lose their jobs, they will lose their retirement savings, and they will lose their pensions (because retirement savings and pensions are mostly managed by professional investment companies on Wall Street). This is also the reason why I hate the banking industry. It uses cold numbers to represent everything. The unemployment rate has risen by 1%, and 40,000 people will die. This is terrifying." These words are thought-provoking. Although I think these consequences are not the fault of these short sellers, it is obviously not something to celebrate with the American economy going backwards and the American people living in the aquatic heat and making money.
Later, housing prices began to fall, and the subprime mortgage pool suffered more and more losses, which was almost 8%, but the CDO still did not change much. In fact, the reason for this is that these big corporate banks, which bet against short sellers, are desperately changing hands of their own gambling games. This is a whip-flicking game, just like drumming and passing flowers, except that it’s not flowers, but bombs. It doesn’t matter as long as you are not the last one to get it, and these major Wall Street companies are looking for recipients of these CDS bombs. Controlling the price of CDOs from falling is like prolonging the drumming time, so that the receivers feel that they can change hands to earn the difference (at this time, there are still some fools who insist that there is nothing wrong with the subprime mortgage market). Therefore, these big companies are holding back on delaying the end of the financial crisis. But what should come will always come.
After all, paper can't hold fire. When the stick broke, the drum sound stopped. In August 2007, Bear Stearns was sued by investors for its losses in the subprime mortgage business. It was Bear Stearns that was betting on CDS with Charlie and Garmi of Cornwall Capital Management. They were worried that Bear Stearns would go bankrupt and would not have the money to take on gambling debts. So they wanted to sell their gambling, and they found the next home for them: UBS (mainly UBS, other banks also took over some). Cornwall Capital Management's US$205 million credit default swap product (mainly CDS products for AA-level CDOs), they spent about US$1 million when they bought it, and now they have sold 80 million. They are not fools at the gambling table, and the high-risk bets finally get a profit of 80:1. On August 31, 2007, Michael Barry began to seriously sell his CDS. The value of these things has been twice as much as when they were bought. His capital investment was less than 550 million. Later, he realized a profit of more than 720 million US dollars. But the money is not his, it belongs to his investors, but the investors did not thank him. This is the industry. No one thank you when you make money, and you will be killed when you lose money. (When Barry was short CDO, investors Spray him to death). By the end of 2007, Eisman’s former partner company’s bet on subprime mortgages had also received a huge return. The size of the fund had doubled, and their bet had gone from a little over $700 million to $15. One hundred million U.S. dollars. In the end, in order to avoid risks, they sold their bets. Eisman's team invested about 600 million yuan in capital, and finally made a net profit of 425 million yuan. Eisman made a net profit of 400 million, and several of his men earned 25 million US dollars. Lipman was allocated US$47 million in 2007 for helping short sellers perform specific operations. Although US$24 million is restricted stock, he can only get it if he continues to serve Deutsche Bank for a few years. However, he is also the winner of this bet.
Although these four people have made money in this subprime financial crisis, they are not so happy. Because of the economic recession, the industry they are in is depressed. And interest will swallow part of their humanity. The occurrence of a financial crisis will bring disasters to people. These short sellers hope that the financial crisis will happen in terms of interests, but their kind part does not want disasters to happen to people, especially the disasters are largely borne by ordinary American taxpayers ( Will be mentioned later). So this is very contradictory. People also hate short sellers, thinking that they must work hard for their own interests to make the subprime mortgage crisis happen, and they are the culprits. And Barry has been interrogated by the FBI many times because of his early insight into the financial crisis. This is a ridiculous logic. Because the disaster you predicted in advance happened, you think you must know some secrets. You may be the initiator of the disaster. one. In fact, most people in the financial industry are optimistic, especially when the market is still very good, which makes them underestimate the risk and underestimate the probability of a disaster. Even people who predict the disaster will be regarded by others as mental illness and alarmist. After all, no one likes bad news.
Let’s talk about a few typical losers in this bet. Zhao Wen’s secured debt warrant management business went bankrupt, but when he left, he took tens of millions of dollars-and he also tried to build a new business at a low price. Acquiring those subprime mortgage bonds, on which he lost billions of dollars in other people's money. Howie Huebler (a trader at Morgan Stanley Bank) lost the most money of any single trader in Wall Street history, yet he could actually keep the tens of millions of dollars he had earned before. (Eisman did not use his CDS to pay for the loss of Morgan Stanley caused by Howie) The losers of these gambling games lose money from other people, and they can actually get paid for eating, drinking, and having fun. From this perspective, they did not pay the price of failure.
On March 14, 2008, Bear Stearns' sub-hedge fund went bankrupt. By September 2008, Lehman Brothers filed for bankruptcy, and Merrill Lynch announced a loss of US$55.2 billion on secured debt warrant products backed by subordinated bonds and was acquired by Bank of America. On a global scale, companies have begun to withdraw their funds from money market funds, and short-term interest rates have fluctuated wildly. This has never happened before. The Dow Jones Industrial Average fell 449 points, reaching its lowest point in four years, and most of the news of market changes no longer comes from the private sector, but from the government. Merrill Lynch said at the beginning that they had lost 7 billion U.S. dollars, and now admits that the figure is 50 billion U.S. dollars. Citigroup has approximately $60 billion. Morgan Stanley lost more than $9 billion. The International Monetary Fund estimates the loss of assets related to subordinated debt originating in the United States at US$1 trillion. The US$1 trillion in losses was fabricated out of thin air by American financiers and is deeply rooted in the US financial system. Every Wall Street company holds some share of these losses, but can't do anything to avoid them. No Wall Street company can retreat completely, because there are no longer any buyers, and no one is willing to take over and find a gambling. Later, many companies that were about to go bankrupt could only wait for the rescue of the US government. The US government took 800 billion U.S. dollars to pay for these large Wall Street companies. They believe that once these companies fail, the crisis will be difficult to control. But the government's money is actually the money paid by the American people. Therefore, in the end responsible for this gambling, in addition to the corporate banks that gamble, there are also all the hapless American taxpayers. Some executives from major Wall Street companies and financial institutions went to jail. Only then did the government begin to improve their bills and systems, and improve their regulatory agencies. However, many greedy market makers in the subprime mortgage market (investment companies and bank leaders), as well as many irresponsible management and supervisory departments, are still walking on the street in a big way, and investors are more likely to bear the bitter consequences. With taxpayers. Only the unlucky ghost at the end of the chain of interests among these crisis initiators is imprisoned. These capitalists and governments, as well as many American people, began to target immigrants and poor people, and even teachers, believing that they were responsible for the financial crisis. How ridiculous.
So far the whole book (movie) is over.
I personally think that the reasons for this subprime financial crisis are as follows: 1. The conditions for issuing subprime mortgage loans by banks and lending institutions are very low, making it easy for many borrowers with poor credit or even inability to repay. Borrowed money to buy a house, but the supervision and management of the repayment of these people is very poor. Because there are a large number of speculators speculating in real estate, the housing market is full of bubbles and unreasonable price growth. Borrowers obtain income through rising housing prices to repay their loans, which paved the way for the subprime mortgage crisis. 2. Many borrowers do not have a correct understanding of loans with adjustable interest rates. At first, the temptation interest rate was extremely low, but after two years, the interest rate increased, causing many people to be unable to pay back the money, and then housing prices began to fall. Then the borrower can't afford it even more. As a result, house prices continue to fall. Eventually led to the collapse of the subprime mortgage market. 3. Greedy financial institutions and investment companies cheat and complicate the packaging of sub-prime mortgage bonds (CDO, square of CDO, comprehensive CDO) to confuse investors, regulators and rating agencies. 4. The corruption and lack of professionalism of rating agencies, and the insufficiency of the rating system model led to the wrong rating of CDOs and their value was magnified. 5. Government regulatory agencies (such as the New York Stock Exchange and the Securities Regulatory Commission) have inadequate supervision. Perhaps they have also become a link in the interest chain. Institutions have room to continue their "Ponzi scheme." 6. People's fanatical pursuit of wealth during economic prosperity has caused many people to underestimate the probability of risks and disasters. Capitalists are desperately expanding the market in the subprime mortgage market, desperately using financial products as gambling tools (such as CDS) to start gambling. As for the risk of market bubbles, they do not have a deep understanding. 7. People's self-righteousness and extreme opportunism.
Some people think that it is the fault of financial innovation products (such as MBS, CDO, CDS, etc.) that they have caused the subprime mortgage crisis. But I don't think so. The nature of these products is non-destructive, but they are used excessively by some people for profit, which has caused damage to the financial world. Just like the kitchen knife itself does not move by itself, if you use it to cut vegetables, it will be a very good tool. If you use it to chop people, it is a murder weapon.
After the financial crisis, people should learn more from it, be prepared for danger in times of peace, and avoid and prevent the next financial crisis. But saying so, it is actually difficult to avoid the occurrence of a financial crisis. In fact, every financial crisis is produced in an atmosphere of fanaticism. Excessive fanaticism for money can make people lose their objective and rational judgments and paralyze their brains. When the financial crisis occurred, the dream was awakened, but after 20 or 30 years, the economy has recovered and developed rapidly. The next generation cannot feel the pain of the previous generation during the financial crisis, plus people Fanaticism began again, so the financial crisis once again staged. This has been the case in history. Financial crises seem to be an inevitable product of human nature in the capital market. However, despite the occurrence of financial crises, the impact of the financial industry and financial products on mankind is enormous, and the advantages far outweigh the disadvantages.
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