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昨天晚上美国股市想火箭一样冲破了大气层，不能不说是一奇迹。

The Dow Jones industrial average jumped 283.86 points, or 2.09 percent, to end at a record 13,861.73. The Standard & Poor’s 500 Index shot up 28.94 points, or 1.91 percent, to finish at a record 1,547.70. The Nasdaq Composite Index climbed 49.94 points, or 1.88 percent, to close at 2,701.73.

你又看见过一晚上跑283.86点的DJA吗？一直看低走的我昨晚上可以宣布破产。这让我想起一句话，淹死的通常是不会游泳的人和游泳很厉害的人。

在市场上，如果你有80%的机会你觉得你是正确的，那就请告诉你自己，你有80%的机会破产。

 不过在我破产之前，能有人给我一个合理的解释吗？真正一夜284点的背后原因是什么吗？不然我死不瞑目!

13 Jule 2007, 一个辈子不能忘怀的一天

之前一直听见什么美国Subprime出现危机什么的，并且大肆的报道。其实当时就听热闹，一点都不知道subprime对全美国到底有多大的冲击力。前几天在一本杂志上看见关于subprime的详细讲解，觉得很有必要和大家一起分享分享，因为其实subprime和我们的生活息息相关，不管你在美国还是在其他国家。

How subprime mortgages can end up in your investment

• Home buyers: Buyers with weak, or subprime, credit typically pay annual mortgage rates that are at least 2 percentage points than the rates that banks charge people with good credit.

• Mortgage brokers: brokers, many of them based in California, lie at the heart of the once-profitable partnership between subprime lenders and Wall Street. They handle as much as 70 percent of originations.

• Subprime lenders: Lenders lure people with exotic mortgages such as no-doc loans, which don’t requireevidence of income or savings. A record $805 billion of subprime mortgages were originated in 2005.

• Big banks/wholesalers: Big banks buy the subprime loans. Many banks then bundle the debt and sell it to Wall Street firm. Banks such as HSBC Holdings have been hurt by the subprime bust.

• Securitization/manufacture of CDOs: Wall Street banks package subprime loans into mortgage-backed securities and collateralized debt obligagtions. Sales of new MBSs soared to $2.4 trillion in 2006.

• Rating Companies: When a bank creates a CDO, it meets with credit raters to discuss the quality of the contents, including subprime debt. They divide the CDO into pieces in order to get the desired rating for each portion.

• Securities/CDOs: CDOs include a mix of bonds and securities backed by mortgages and home equity loans. In 2006, an estimated $100 billion of subprime debt went into the $375 billion in CDOs sold in the U.S.

• Investors: Investors like CDOs because they offer potentially higher returns than bonds with the same rating. Banks, insurance companies and pension funds take on more risk in pursuit of yields as high as 20 percent.

不要不相信，看看你自己是否有在什么什么公司投资了。看看你投资的是什么东西，说不定你很大部分钱就在CDOs。看来美国就是这个东西的源头，CDOs相信也扩散到了全世界，信不信那就要看你了。要是源头出了纰漏，估计全世界日子都不好过。谁叫美国人最能发明这种金融产品了。

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