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Securities)\u7ed3\u6784\u91d1\u878d\u603b\u7ecf\u7406Mark 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Fuld\u7684\u8363\u8a89\u3002\u76f8\u5173\u4eba\u58eb\u8868\u793a\uff0c\u66fe\u8003\u8651\u7684\u4e00\u4e2a\u89e3\u51b3\u65b9\u6848\u662f\u5206\u79bb\u96f7\u66fc\u7684\u4e0d\u826f\u8d44\u4ea7\uff0c\u5c06\u5176\u6ce8\u5165\u4e00\u5bb6&#8221;\u4e0d\u826f\u94f6\u884c&#8221;\uff0c\u5176\u7ade\u4e89\u5bf9\u624b\u5c06\u6301\u6709\u5176\u4e2d\u80a1\u4efd\u3002\u76ee\u524d\u5c1a\u4e0d\u6e05\u695a\u8fd9\u4e00\u8ba1\u5212\u662f\u5426\u662f\u7834\u4ea7\u7533\u8bf7\u7684\u4e00\u90e8\u5206\u3002<\/p>\n<p>\u7f8e\u56fd\u8054\u90a6\u50a8\u5907\u7406\u4e8b\u4f1a(FED)\u524d\u4e3b\u5e2d\u683c\u6797\u65af\u6f58(Alan Greenspan)14\u65e5\u8868\u793a\uff0c\u4ed6\u8ba4\u4e3a&#8221;\u6211\u4eec\u5c06\u770b\u5230\u5176\u4ed6\u5927\u578b\u91d1\u878d\u673a\u6784\u5012\u95ed&#8221;\u3002\u4ed6\u5bf9ABC\u7684\u4e00\u6863\u8282\u76ee&#8221;\u672c\u5468&#8221;\u8868\u793a\uff0c\u8fd9\u8981\u53d6\u51b3\u4e8e\u96f7\u66fc\u7684\u95ee\u9898\u5982\u4f55\u5904\u7406\uff0c\u6e05\u7b97\u5982\u4f55\u8fdb\u884c\u3002\u5b9e\u9645\u4e0a\u6211\u4eec\u4e0d\u5e94\u8be5\u5c3d\u529b\u53bb\u4fdd\u62a4\u6bcf\u4e2a\u673a\u6784\uff0c\u91d1\u878d\u53d8\u9769\u7684\u6b63\u5e38\u8fc7\u7a0b\u5c31\u662f\u6709\u8d62\u5bb6\u4e5f\u6709\u8f93\u5bb6\u3002<\/p>\n<p>\u4e24\u4f4d\u77e5\u60c5\u4eba\u58eb\u79f0\uff0c\u540c\u534e\u5c14\u8857\u4e3b\u8981\u94f6\u884c\u6267\u884c\u957f\u7684\u4f1a\u8bae\u4ee4\u4eba\u56de\u60f3\u8d771998\u5bf9\u51b2\u57fa\u91d1Long-Term Capital 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Inc.\uff09\u6b63\u5f0f\u53d1\u5e03\u516c\u544a\uff0c\u5ba3\u544a\u7834\u4ea7\u3002\u96f7\u66fc\u5144\u5f1f\u58f0\u79f0\uff0c\u7834\u4ea7\u7684\u4ec5\u662f\u6bcd\u516c\u53f8\uff0c\u65d7\u4e0b\u7684\u7ecf\u7eaa\u4e1a\u52a1\u548c\u6295\u8d44\u94f6\u884c\u90e8\u95e8\u5747\u4e0d\u5728\u7834\u4ea7\u4e4b\u5217\u3002<\/p>\n<p>\u516c\u544a\u79f0\uff0c\u96f7\u66fc\u5144\u5f1f\u4f9d\u7167\u7f8e\u56fd\u94f6\u884c\u7834\u4ea7\u6cd5\u7b2c11\u7ae0\uff0c\u5411\u7ebd\u7ea6\u5357\u90e8\u7684\u8054\u90a6\u7834\u4ea7\u6cd5\u5ead\u63d0\u8d77\u7834\u4ea7\u4fdd\u62a4\u3002\u96f7\u66fc\u5144\u5f1f\u7684\u6240\u6709\u4ece\u4e8b\u7ecf\u7eaa\u4e1a\u52a1\u7684\u5206\u652f\u673a\u6784\u53ca\u96f7\u66fc\u5144\u5f1f\u7684\u5b50\u516c\u53f8\uff0c\u5305\u62ec\u96f7\u66fc\u5144\u5f1f\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u3001\u7ecf\u8425\u8d44\u4ea7\u7ba1\u7406\u548c\u6295\u8d44\u54a8\u8be2\u7684\u7ebd\u4f2f\u683c\u00b7\u4f2f\u66fc\u516c\u53f8\u7b49\u96f7\u66fc\u5144\u5f1f\u65d7\u4e0b\u5b50\u516c\u53f8\u90fd\u5c06\u7ee7\u7eed\u8425\u4e1a\uff0c\u5747\u4e0d\u53d7\u6b64\u5f71\u54cd\uff0c\u5c06\u7ee7\u7eed\u6b63\u5e38\u4ea4\u6613\u548c\u8425\u4e1a\u3002<\/p>\n<p>\u4f5c\u4e3a\u534e\u5c14\u8857\u5de8\u65e0\u9738\u4e4b\u4e00\uff0c\u96f7\u66fc\u5144\u5f1f\u516c\u53f8\u7834\u4ea7\u53ef\u80fd\u51b2\u51fb\u6574\u4e2a\u91d1\u878d\u5e02\u573a\u3002\u5168\u7403\u6700\u5927\u503a\u5238(\u8d44\u8baf,\u884c\u60c5)\u6295\u8d44\u57fa\u91d1\u592a\u5e73\u6d0b\u6295\u8d44\u7ba1\u7406\u516c\u53f8\u88ab\u79f0\u4e3a\u201c\u503a\u5238\u4e4b\u738b\u201d\u7684\u660e\u661f\u6295\u8d44\u7ecf\u7406\u6bd4\u5c14\u00b7\u683c\u7f57\u65af\u8bf4\uff0c\u96f7\u66fc\u5144\u5f1f\u516c\u53f8\u7834\u4ea7\u5c06\u5f15\u53d1\u201c\u91d1\u878d\u6d77\u5578\u201d\u3002<\/p>\n<p>\u603b\u503a\u52a16130\u4ebf\u7f8e\u5143<\/p>\n<p>\u5728\u653f\u5e9c\u62d2\u7edd\u6551\u547d\u3001\u6536\u8d2d\u9000\u8def\u5168\u65ad\u4e4b\u540e\uff0c\u96f7\u66fc\u5144\u5f1f\u516c\u53f8\u6700\u7ec8\u51b3\u5b9a\uff0c\u6839\u636e\u7f8e\u56fd\u7834\u4ea7\u6cd5\u6848\u7b2c11\u7ae0\u7533\u8bf7\u7834\u4ea7\u4fdd\u62a4\u3002\u4e00\u65e6\u7533\u8bf7\u5f97\u5230\u6279\u51c6\uff0c\u96f7\u66fc\u5144\u5f1f\u63a7\u80a1\u516c\u53f8\u5c06\u5728\u7834\u4ea7\u6cd5\u5ead\u76d1\u7763\u4e0b\u8d70\u4e0a\u91cd\u7ec4\u4e4b\u8def\u3002<\/p>\n<p>\u96f7\u66fc\u7533\u8bf7\u7834\u4ea7\u4fdd\u62a4\u7684\u6587\u4ef6\u663e\u793a\uff0c\u8be5\u516c\u53f8\u603b\u8d44\u4ea7\u8fbe6390\u4ebf\u7f8e\u5143\uff0c\u540c\u65f6\u603b\u503a\u52a1\u4e3a6130\u4ebf\u7f8e\u5143\u3002\u8fd9\u4e5f\u4f7f\u5f97\u96f7\u66fc\u4e00\u4e3e\u8d85\u8fc7\u5fb7\u5d07\u8bc1\u5238\uff0c\u6210\u4e3a\u7f8e\u56fd\u5386\u53f2\u4e0a\u5012\u95ed\u7684\u6700\u5927\u91d1\u878d\u516c\u53f8\u3002\u7531\u4e8e\u5783\u573e\u503a\u5238\u5e02\u573a\u5d29\u6e83\uff0c\u5927\u578b\u6295\u884c\u5fb7\u5d07\u8bc1\u5238\u4e8e1990\u5e74\u88ab\u8feb\u7533\u8bf7\u7834\u4ea7\u3002<\/p>\n<p>\u82b1\u65d7\u96c6\u56e2\u3001\u7ebd\u7ea6\u6885\u9686\u94f6\u884c\u3001Aozora 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