Therefore, the United States, the only remaining superpower since World War II, is obviously facing a historic philosophical liquidation and value reflection. At this point, the necessary national reflection is necessary, and it is no longer feasible to rely on whitewashing and bluffing. Although, as the ancients in China said, "A hundred-legged worm will not be stiff until it dies, and there are countless helpers", it may also reproduce a "last madness".
In contrast to some senior officials who are too busy to save the market to reflect, some American senior officials and private elites who have retired or are about to retire have shown a strong sense of introspection in the face of the crisis. This is not only reflected in Greenspan's many reflections and early warnings since he abdicated last year, but also in Buffett and Rogers' recent lament that the American-style "good days" are gone forever. More importantly, in a recent famous saying by President Bush, he said, "There is no doubt that Wall Street is drunk. I'm still in the hangover stage because I'm drunk. The question is, how long will it take for it to wake up and stop launching some inexplicable financial investment tools. "
Here, "Wall Street is drunk" is an objective fact, because Wall Street in the hangover stage is bankrupt and jittery, but the last sentence of President Bush touched the core of the problem, that is, Wall Street was "drunk" in the triumph because they had unscrupulously "launched some inexplicable financial investment tools" before. Everyone in the industry knows that these "inexplicable financial instruments" are a series of "financial derivatives" such as subprime bonds and junk bonds, which are re-guaranteed or even re-guaranteed through credit mortgages. It is these "credit certificates" that embody American overdraft philosophy that make Americans overdraw the future, so that when the vast majority of China people are still scrimping and saving, American families have owed 14 on average.
This is a credit guarantee chain with the purpose of "overdrawing the future" and "overdrawing the world". For many years, the American government has maintained it like this, and Americans have lived like this. However, this chain is broken in the subprime mortgage lender in the housing market at the bottom of American society. Suddenly, the whole "financial food chain" is facing collapse, and all parasites in the food chain attack their opponents and strive for as many residual benefits as possible by lowering their credit ratings.
In fact, everyone knows that there is nothing to be "puzzling". At the beginning, those "financial investment tools" were launched for profit, and those who "invented" these tools also know that such "inventions" must be based on good credit expectations. However, just as the risk control was neglected when promoting Freddie Mac and Freddie Mac's business at that time, the American government and relevant interest groups at that time did not listen to Greenspan's warning, nor did they see the huge risks that such excessive behavior might bring, so all the "nip in the bud" measures were inexplicably put on hold.
From this point of view, the crisis facing the United States is similar to the predicament facing the stock market and the property market in China. When I warn of the stock market crisis, I always criticize the excesses of the people in China and their taboos on medical care. Now it seems that Americans who are too proud are the same.