{"id":7453,"date":"2008-09-18T10:48:24","date_gmt":"2008-09-18T15:48:24","guid":{"rendered":"http:\/\/blog.jackjia.com\/?p=7453"},"modified":"2008-10-02T19:34:52","modified_gmt":"2008-10-03T00:34:52","slug":"20080918%e7%be%8e%e5%9b%bd%e9%87%91%e8%9e%8d%e5%8d%b1%e6%9c%ba%ef%bc%9a%e6%81%90%e6%85%8c%e9%9c%87%e9%a2%a4%e5%85%a8%e7%90%83%e5%b8%82%e5%9c%ba%e6%95%b0%e5%88%99","status":"publish","type":"post","link":"https:\/\/blog.jackjia.com\/?p=7453","title":{"rendered":"20080918\/\u7f8e\u56fd\u91d1\u878d\u5371\u673a\uff1a\u6050\u614c\u9707\u98a4\u5168\u7403\u5e02\u573a(\u6570\u5219)"},"content":{"rendered":"

\u534e\u5c14\u8857\u6e38\u620f\u89c4\u5219\u88ab\u5927\u5e45\u6539\u5199
\n\u7f8e\u56fd\u91d1\u878d\u5371\u673a\uff1a\u6050\u614c\u9707\u98a4\u5168\u7403\u5e02\u573a
\n\u5927\u8427\u6761\u4ee5\u6765\u6700\u4e25\u91cd\u5371\u673a\uff0c\u4f55\u5904\u662f\u5c3d\u5934\uff1f
\n\u534e\u5c14\u8857\u6572\u54cd\u8b66\u949f \u7d22\u7f57\u65af\u6697\u793a\u82f1\u56fd\u662f\u4e0b\u4e00\u4e2a\u91cd\u707e\u533a
\n\u7f57\u6770\u65af\uff1a\u6211\u6709\u751f\u4e4b\u5e74\u770b\u4e0d\u5230\u53cd\u5f39\u4e86<\/p>\n

\u534e\u5c14\u8857\u6e38\u620f\u89c4\u5219\u88ab\u5927\u5e45\u6539\u5199<\/strong><\/p>\n

\u82f1\u56fd\u91d1\u878d\u65f6\u62a5\/\u5728\u7f8e\u8054\u50a8(Federal Reserve)\u4e3b\u5e2d\u672c\u00b7\u4f2f\u5357\u514b(Ben Bernanke)\u548c\u7f8e\u56fd\u8d22\u653f\u90e8\u957f\u6c49\u514b\u00b7\u4fdd\u5c14\u68ee(Hank Paulson)\u521a\u521a\u8ba9\u4e00\u5bb6\u5927\u578b\u6295\u884c\u7834\u4ea7\uff0c\u5e76\u5c06\u5176\u5f53\u4f5c\u81ea\u7531\u5e02\u573a\u539f\u5219\u7684\u4e25\u6b63\u58f0\u660e\u3002\u4ec5\u4ec5\u4e24\u5929\u540e\uff0c\u4ed6\u4eec\u4e8c\u4f4d\u5374\u5bf9\u4fdd\u9669\u5de8\u64d8\u7f8e\u56fd\u56fd\u9645\u96c6\u56e2(American International Group, AIG)\u5b9e\u884c\u4e86\u4e8b\u5b9e\u4e0a\u7684\u56fd\u6709\u5316\u3002\u8fd9\u4e48\u505a\u867d\u7136\u4e8b\u51fa\u65e0\u5948\uff0c\u4f46\u8fd9\u4e9b\u620f\u5267\u6027\u7684\u6b65\u9aa4\u8868\u660e\uff0c\u91d1\u878d\u4e1a\u7684\u683c\u5c40\u5c06\u53d1\u751f\u6839\u672c\u53d8\u5316\u3002<\/p>\n

\u7f8e\u56fd\u5b98\u65b9\u8ba9\u96f7\u66fc\u5144\u5f1f(Lehman Brothers)\u7834\u4ea7\uff0c\u8868\u660e\u5176\u4e0d\u613f\u52a8\u7528\u516c\u5171\u8d44\u91d1\u6551\u52a9\u91d1\u878d\u673a\u6784\u3002\u53ea\u8981\u611f\u89c9\u4e0a\u91d1\u878d\u4f53\u7cfb\u80fd\u591f\u627f\u53d7\uff0c\u5c31\u4e0d\u59a8\u8ba9\u94f6\u884c\u5012\u95ed\uff0c\u5373\u4fbf\u662f\u77e5\u540d\u7684\u5927\u94f6\u884c\u4e5f\u4e0d\u4f8b\u5916\u3002<\/p>\n

\u4f46\u7f8e\u56fd\u56fd\u9645\u96c6\u56e2(AIG)\u592a\u91cd\u8981\u4e86\uff0c\u4e0d\u80fd\u8ba9\u5b83\u5012\u4e0b\u3002\u8be5\u516c\u53f8\u5728\u4fe1\u7528\u8fdd\u7ea6\u4e92\u6362(CDS)\u548c\u5176\u5b83\u884d\u751f\u54c1\u65b9\u97624410\u4ebf\u7f8e\u5143\u7684\u655e\u53e3\u82e5\u51fa\u73b0\u8fdd\u7ea6\uff0c\u5c06\u4f1a\u5f15\u53d1\u4e00\u573a\u5168\u7403\u91d1\u878d\u707e\u96be\u3002\u53d6\u6d88\u5176\u627f\u4fdd\u7684\u4fdd\u5355\uff0c\u5c06\u5bfc\u81f4\u53e6\u4e00\u6ce2\u51cf\u8bb0\uff0c\u4ece\u800c\u8fdb\u4e00\u6b65\u51cf\u5c11\u501f\u8d37\uff0c\u4f7f\u8fd9\u573a\u5371\u673a\u66f4\u6df1\u66f4\u8fdc\u5730\u6269\u6563\u5f00\u6765\u3002<\/p>\n

\u5982\u540c\u623f\u5730\u7f8e(Freddie Mac)\u548c\u623f\u5229\u7f8e(Fannie Mae)\u7684\u60c5\u51b5\u4e00\u6837\uff0c\u5bf9AIG\u7684\u56fd\u6709\u5316\u7ed9\u672a\u6765\u7684\u51b3\u7b56\u8005\u5e26\u6765\u95ee\u9898\uff0c\u4f46\u5728\u7cfb\u7edf\u672c\u8eab\u5904\u4e8e\u98ce\u9669\u4e4b\u4e2d\u7684\u60c5\u51b5\u4e0b\uff0c\u672a\u6765\u7684\u7cfb\u7edf\u6027\u9053\u5fb7\u98ce\u9669\u5df2\u7ecf\u662f\u6b21\u8981\u7684\u4e8b\u4e86\u3002<\/p>\n

AIG\u7684\u7ebe\u56f0\u65b9\u6848\u8bbe\u8ba1\u5f97\u4e0d\u9519\u3002\u7f8e\u8054\u50a8\u5411\u8be5\u4fdd\u9669\u5546\u63d0\u4f9b\u4e00\u7b14850\u4ebf\u7f8e\u5143\u7684\u8d37\u6b3e\uff0c\u4ee5\u60e9\u7f5a\u6027\u7684\u5229\u7387\u8ba1\u606f\uff0c\u5e76\u4e14\u62ffAIG\u7684\u6700\u4f73\u8d44\u4ea7\u4f5c\u4e3a\u62c5\u4fdd\uff0c\u8fd8\u5f97\u4ee5\u64a4\u6362\u7ba1\u7406\u5c42\uff0c\u5e76\u83b7\u5f97AIG\u8fd1\u4e94\u5206\u4e4b\u56db\u80a1\u6743\u7684\u8ba4\u80a1\u6743\u8bc1\u3002\u8fd9\u5e94\u5f53\u8db3\u4ee5\u8ba9AIG\u7ef4\u6301\u8fd0\u8425\uff0c\u76f4\u5230\u8be5\u516c\u53f8\u80fd\u591f\u51fa\u552e\u51761\u4e07\u4ebf\u7f8e\u5143\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u67d0\u4e9b\u8d44\u4ea7\u3002<\/p>\n

\u7f8e\u8054\u50a8\u6628\u65e5\u91c7\u53d6\u7684\u5176\u5b83\u884c\u52a8\u4e5f\u76f8\u5f53\u660e\u667a\u3002\u5b83\u6b63\u786e\u5730\u6c89\u4f4f\u6c14\uff0c\u5c06\u7f8e\u5143\u5229\u7387\u4fdd\u6301\u57282%\u3002\u5728\u4fe1\u8d37\u5e02\u573a\u4e25\u91cd\u5835\u585e\u7684\u60c5\u51b5\u4e0b\uff0c\u51cf\u606f\u6700\u591a\u4e5f\u53ea\u80fd\u8d77\u5230\u5fc3\u7406\u63d0\u632f\u7684\u4f5c\u7528\u3002\u5728\u53e6\u4e00\u65b9\u9762\uff0c\u5728\u5404\u94f6\u884c\u4e89\u62a2\u77ed\u671f\u8d44\u91d1\u4e4b\u9645\uff0c\u5411\u5e02\u573a\u6ce8\u5165\u6d41\u52a8\u6027\u80fd\u591f\u7f13\u89e3\u5c40\u9762\u3002\u8fd9\u6837\u7684\u4e3e\u63aa\u5e94\u5f53\u7ee7\u7eed\u5b9e\u65bd\u3002<\/p>\n

\u8fc7\u53bb\u4e00\u5e74\u5f80\u5f80\u8ba9\u4eba\u6709\u7f6e\u8eab\u4e8e\u201c\u5047\u6218\u4e89\u201d\u7684\u611f\u89c9\uff0c\u4f46\u8fd9\u4e24\u5468\u6765\uff0c\u4e16\u754c\u91d1\u878d\u4f53\u7cfb\u53d1\u751f\u4e86\u4e0d\u53ef\u60f3\u8c61\u7684\u53d8\u5316\u3002\u96f7\u66fc\u7834\u4ea7\uff0c\u7f8e\u6797(Merrill Lynch)\u51fa\u552e\uff0c\u623f\u5229\u7f8e\u3001\u623f\u5730\u7f8e\u548cAIG\u56fd\u6709\u5316\uff0c\u90fd\u662f\u660e\u663e\u7684\u6807\u5fd7\u6027\u4e8b\u4ef6\u3002\u4f46\u66f4\u5177\u6f5c\u5728\u91cd\u8981\u610f\u4e49\u7684\u5219\u662f\uff0c\u653f\u5e9c\u7684\u624b\u4f38\u5f97\u66f4\u957f\uff0c\u6743\u529b\u4e5f\u5927\u5e45\u5ef6\u4f38\u4e86\u3002\u7f8e\u8054\u50a8\u5728\u4e3a\u8d1d\u5c14\u65af\u767b(Bear Stearns)\u7ebe\u56f0\u65f6\uff0c\u4fdd\u62a4\u5bf9\u8c61\u662f\u6295\u8d44\u94f6\u884c\uff0c\u5230\u4e86\u63a5\u7ba1AIG\u7684\u65f6\u5019\uff0c\u653f\u5e9c\u7684\u63f4\u624b\u5df2\u7ecf\u4f38\u5411\u4fdd\u9669\u4e1a\u4e86\u3002<\/p>\n

\u5c31\u957f\u671f\u800c\u8a00\uff0c\u51b3\u7b56\u8005\u5fc5\u987b\u5173\u6ce8\u7684\u662f\uff0c\u5982\u4f55\u5728\u65e0\u9700\u4ea7\u751f\u8fc7\u5ea6\u5f3a\u5927\u76d1\u7ba1\u8005\u7684\u524d\u63d0\u4e0b\uff0c\u7ba1\u6cbb\u5177\u6709\u7cfb\u7edf\u5c42\u9762\u91cd\u8981\u6027\u7684\u673a\u6784\uff0c\u4ee5\u53ca\u91d1\u878d\u4f53\u7cfb\u5185\u662f\u5426\u6709\u4efb\u4f55\u90e8\u5206\u6700\u597d\u4fdd\u7559\u5728\u516c\u5171\u90e8\u95e8\u3002\u5bf9\u4e8e\u653f\u5e9c\u90e8\u95e8\u4e0d\u5b9c\u957f\u671f\u53d1\u6325\u4f5c\u7528\u7684\u9886\u57df\uff0c\u4ed6\u4eec\u8fd8\u9700\u8981\u5236\u5b9a\u4e00\u9879\u9000\u51fa\u6218\u7565\u3002<\/p>\n

\u4f46\u5728\u77ed\u671f\uff0c\u653f\u5e9c\u5fc5\u987b\u786e\u4fdd\u7684\u662f\uff0c\u5b83\u6709\u80fd\u529b\u6709\u5e8f\u6e05\u7406\u73b0\u5728\u4ee4\u5176\u62c5\u5fc3\u7684\u5404\u7c7b\u673a\u6784\u3002\u5728\u7f8e\u56fd\u50a8\u84c4\u4e0e\u8d37\u6b3e\u534f\u4f1a\u5371\u673a\u671f\u95f4\uff0c\u6e05\u503a\u4fe1\u6258\u516c\u53f8(Resolution Trust Corporation, RTC)\u5c31\u662f\u4ee5\u6b64\u4e3a\u5b97\u65e8\u800c\u5efa\u7acb\u7684\u3002<\/p>\n

\u5f53\u524d\u7684\u52a8\u8361\u5e76\u6ca1\u6709\u7ed3\u675f\u3002\u4eba\u4eec\u6b63\u5f00\u59cb\u5bf9\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\u611f\u5230\u62c5\u5fc3\u3002\u8fd9\u4e9b\u57fa\u91d1\u7684\u8bbe\u8ba1\u521d\u8877\u662f\u4f5c\u4e3a\u6781\u5176\u5b89\u5168\u3001\u4f4e\u56de\u62a5\u7684\u6295\u8d44\u5de5\u5177\uff0c\u6295\u8d44\u4e8e\u6700\u9ad8\u8bc4\u7ea7\u7684\u77ed\u671f\u516c\u53f8\u503a\u5238\u3002\u4f46\u5728\u51cf\u8bb0\u4e867.85\u4ebf\u7f8e\u5143\u4e00\u5ea6\u8bc4\u7ea7\u9887\u9ad8\u7684\u96f7\u66fc\u503a\u52a1\u540e\uff0c\u7f8e\u56fdReserve Primary\u57fa\u91d1\u672c\u5468\u8dcc\u78341\u7f8e\u5143\/\u4efd\u7684\u76ee\u6807\u51c0\u503c\uff0c\u5bfc\u81f4\u6295\u8d44\u8005\u4e8f\u635f\u3002<\/p>\n

\u53ea\u6709\u5728\u5176\u5b83\u5927\u516c\u53f8\u5012\u53f0\u7684\u60c5\u51b5\u4e0b\uff0c\u624d\u4f1a\u53d1\u751f\u8fdb\u4e00\u6b65\u635f\u5931\u3002\u4f46\u6d88\u8d39\u8005\u53ef\u80fd\u64a4\u51fa\u8fd9\u4e9b\u57fa\u91d1\u3002\u968f\u7740\u8d44\u4ea7\u51cf\u5c11\uff0c\u57fa\u91d1\u53ea\u80fd\u8d2d\u4e70\u8f83\u5c11\u7684\u77ed\u671f\u503a\u5238\uff0c\u4ece\u800c\u8fdb\u4e00\u6b65\u589e\u52a0\u83b7\u5f97\u77ed\u671f\u4fe1\u8d37\u7684\u56f0\u96be\u3002<\/p>\n

\u8fc7\u53bb\u4e24\u5468\u6765\uff0c\u6e38\u620f\u89c4\u5219\u5df2\u88ab\u5927\u5e45\u91cd\u5199\u3002\u4f46\u662f\uff0c\u6e38\u620f\u672c\u8eab\u81f3\u5c11\u8fd8\u4ee5\u67d0\u79cd\u5f62\u5f0f\u7ee7\u7eed\u8fdb\u884c\u7740\u3002\u8fd9\u7b97\u5f97\u4e0a\u662f\u4e00\u79cd\u80dc\u5229\u3002\u5404\u56fd\u653f\u5e9c\u76ee\u524d\u5fd9\u4e8e\u5371\u673a\u7ba1\u7406\u3002\u8fd9\u6ca1\u4ec0\u4e48\u9519\uff0c\u4f46\u4e0b\u4e00\u4e2a\u6311\u6218\u5c06\u662f, \u653f\u5e9c\u5728\u8d85\u51fa\u88c1\u5224\u7684\u89d2\u8272\u4e4b\u540e\uff0c\u5e94\u8be5\u8d70\u591a\u8fdc\u3002\uff08\u8bd1\u8005\/\u548c\u98ce\uff09 <\/p>\n

\n

\u7f8e\u56fd\u91d1\u878d\u5371\u673a\uff1a\u6050\u614c\u9707\u98a4\u5168\u7403\u5e02\u573a<\/strong><\/p>\n

\u534e\u5c14\u8857\u65e5\u62a5\/\u5386\u7ecf\u4e00\u5e74\u4e4b\u4e45\u7684\u4fe1\u8d37\u5371\u673a\u5f97\u4ee5\u89e3\u51b3\u7684\u5e0c\u671b\u9010\u6e10\u7834\u706d\uff0c\u6050\u614c\u60c5\u7eea\u5468\u4e09\u5728\u6574\u4e2a\u7f8e\u56fd\u91d1\u878d\u4f53\u7cfb\u4e2d\u8513\u5ef6\u3002\u5728\u96f7\u66fc\u5144\u5f1f(Lehman Brothers Holdings Inc.)\u5d29\u6e83\u3001\u7f8e\u56fd\u56fd\u9645\u96c6\u56e2(AIG)\u906d\u9047\u5371\u673a\u4e4b\u540e\uff0c\u80a1\u5e02\u5927\u8dcc\uff0c\u5e02\u573a\u8d8a\u6765\u8d8a\u62c5\u5fc3\u4e0b\u4e00\u4e2a\u5012\u4e0b\u7684\u91d1\u878d\u516c\u53f8\u4f1a\u662f\u54ea\u5bb6\uff0c\u6295\u8d44\u8005\u7eb7\u7eb7\u8f6c\u5411\u653f\u5e9c\u503a\u5238\u8fd9\u4e2a\u76f8\u5bf9\u5b89\u5168\u7684\u907f\u98ce\u6e2f\u3002<\/p>\n

\u5e02\u573a\u52a8\u8361\u9020\u6210\u7684\u540e\u679c\u8fdc\u4e0d\u6b62\u7ed9\u6295\u8d44\u8005\u5e26\u6765\u635f\u5931\u3002\u7f8e\u56fd\u516c\u53f8\u7684\u501f\u8d37\u6210\u672c\u98d9\u5347\uff0c\u9664\u4e86\u4fe1\u7528\u6700\u9ad8\u7684\u501f\u6b3e\u4eba\u4e4b\u5916\uff0c\u503a\u52a1\u5e02\u573a\u51e0\u4e4e\u662f\u9ad8\u4e0d\u53ef\u6500\u3002\u5728\u957f\u4e45\u4ee5\u6765\u88ab\u8ba4\u4e3a\u662f\u6700\u5b89\u5168\u6295\u8d44\u7684\u653f\u5e9c\u503a\u5238\u5e02\u573a\uff0c\u8fd9\u79cd\u7edd\u671b\u60c5\u7eea\u5c24\u4e3a\u7a81\u51fa\u3002\u6295\u8d44\u8005\u4e00\u5ea6\u613f\u610f\u4ee5\u6bd4\u5230\u671f\u540e\u6536\u76ca\u66f4\u9ad8\u7684\u4ef7\u683c\u4e70\u8fdb\u4e00\u6708\u671f\u56fd\u503a\u3002\u4e00\u4e9b\u6295\u8d44\u8005\u4e8b\u5b9e\u4e0a\u662f\u89c9\u5f97\uff0c\u80fd\u786e\u77e5\u7684\u5c0f\u5e45\u635f\u5931\u603b\u597d\u8fc7\u5176\u4ed6\u4efb\u4f55\u7c7b\u578b\u6295\u8d44\u7684\u4e0d\u786e\u5b9a\u6027\u3002<\/p>\n

\u8fd9\u79cd\u60c5\u51b5\u4ece\u672a\u53d1\u751f\u8fc7\u3002\u5728\u5468\u4e09\u7684\u56fd\u503a\u62cd\u5356\u4e2d\uff0c\u9700\u6c42\u5b9e\u5728\u592a\u5f3a\uff0c\u4ee5\u81f4\u8d22\u653f\u90e8\u51fa\u552e\u4e86400\u4ebf\u7f8e\u5143\u7684\u503a\u5238\uff0c\u8fdc\u8fdc\u8d85\u51fa\u5176\u507f\u4ed8\u653f\u5e9c\u503a\u52a1\u6240\u9700\u3002Federated Investors\u7684\u6295\u8d44\u7ec4\u5408\u7ecf\u7406\u7ea6\u745f\u592b\u00b7\u5df4\u83b1\u65af\u7279\u91cc\u8bfa(Joseph Balestrino)\u8bf4\uff0c\u6211\u4eec\u89c1\u8fc7\u5371\u673a\uff0c\u89c1\u8fc7\u8870\u9000\uff0c\u4f46\u4ece\u6ca1\u89c1\u8fc7\u91d1\u878d\u4f53\u7cfb\u7684\u6838\u5fc3\u50cf\u73b0\u5728\u8fd9\u6837\u98a4\u52a8\u3002\u7b80\u76f4\u662f\u75af\u4e86\u3002<\/p>\n

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Calvert Asset Management\u7684\u56fa\u5b9a\u6536\u76ca\u7b56\u7565\u5e08\u5965\u5fb7\u5c14(Steve Van Order)\u8bf4\uff0c\u773c\u4e0b\u8981\u662f\u6709\u73b0\u91d1\uff0c\u4f60\u5f97\u6295\u8d44\u77ed\u671f\u7684\u3001\u6700\u5177\u6d41\u52a8\u6027\u7684\u4e1c\u897f\u3002\u5927\u578b\u8d27\u5e01\u5e02\u573a\u57fa\u91d1Reserve Primary Fund\u7684\u4e8f\u635f\u52a0\u5267\u4e86\u5e02\u573a\u7684\u6050\u614c\u60c5\u7eea\uff0c\u8fd9\u5bb6\u57fa\u91d1\u6301\u6709\u96f7\u66fc\u5144\u5f1f\u7684\u503a\u5238\u3002\u8fd9\u7c7b\u57fa\u91d1\u88ab\u8ba4\u4e3a\u4e0e\u94f6\u884c\u5b58\u6b3e\u4e00\u6837\u5b89\u5168\uff0c\u8fd9\u662f1994\u5e74\u4ee5\u6765\u51fa\u73b0\u7684\u9996\u6b21\u4e8f\u635f\u3002\u8be5\u57fa\u91d1\u906d\u9047\u6324\u63d0\uff0c\u52a0\u5267\u5176\u635f\u5931\u3002\u4e24\u5929\u6765\uff0c\u6295\u8d44\u8005\u4ece\u8be5\u57fa\u91d1\u64a4\u51fa\u4e86\u4e00\u534a\u4ee5\u4e0a\u7684\u8d44\u4ea7\u3002\u8be5\u57fa\u91d1\u6301\u6709\u7684\u8d44\u4ea7\u4e00\u5ea6\u4e3a640\u4ebf\u7f8e\u5143\u3002<\/p>\n

HSBC Securities USA Inc.\u9a7b\u7ebd\u7ea6\u7684\u7f8e\u56fd\u653f\u5e9c\u503a\u5238\u4ea4\u6613\u4e3b\u7ba1\u79d1\u7c73\u65af\u57fa(Charles Comiskey)\u8bf4\uff0c\u503a\u5238\u5e02\u573a\u9677\u5165\u4e00\u7247\u6050\u614c\u3002\u9ad8\u98ce\u9669\u8d44\u4ea7\u88ab\u629b\u552e\u3002\u91d1\u878d\u516c\u53f8\u53d1\u884c\u7684\u503a\u5238\u6536\u76ca\u7387\u8fbe\u5230\u7eaa\u5f55\u9ad8\u70b9\uff0c\u6bd4\u7f8e\u56fd\u56fd\u503a\u9ad8\u51fa\u5927\u7ea66\u4e2a\u767e\u5206\u70b9\u3002\u5728\u4fe1\u8d37\u8fdd\u7ea6\u6389\u671f\u5e02\u573a\uff0c\u5e02\u573a\u5bf9\u4ea4\u6613\u5bf9\u624b\u80fd\u5426\u5c65\u884c\u534f\u8bae\u7684\u62c5\u5fe7\u52a0\u5267\u3002\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f\u672c\u6765\u662f\u9488\u5bf9\u4e0e\u516c\u53f8\u503a\u548c\u6309\u63ed\u8bc1\u5238\u76f8\u5173\u7684\u8d44\u4ea7\u8fdd\u7ea6\u7684\u4fdd\u9669\u3002\u6295\u8d44\u8005\u8bd5\u56fe\u51cf\u5c11\u9ad8\u76db(Goldman Sachs)\u548c\u6469\u6839\u58eb\u4e39\u5229(Morgan Stanley)\u7684\u98ce\u9669\u655e\u53e3\u3002\u8fd9\u4e24\u5bb6\u90fd\u662f\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f\u5e02\u573a\u7684\u5927\u673a\u6784\u3002\u8fd9\u4f7f\u5f97\u9488\u5bf9\u4e8c\u8005\u7684\u4fdd\u9669\u6210\u672c\u98d9\u5347\u3002<\/p>\n

\u91d1\u878d\u516c\u53f8\u5728\u80a1\u5e02\u7ee7\u7eed\u627f\u538b\uff0c\u6469\u6839\u58eb\u4e39\u5229\u548c\u9ad8\u76db\u80a1\u7968\u5206\u522b\u4e0b\u632b26%\u548c19%\u3002\u6295\u8d44\u8005\u8bf4\uff0c\u653f\u5e9c\u63a5\u7ba1AIG\u548c\u96f7\u66fc\u5144\u5f1f\u7684\u7834\u4ea7\u8868\u660e\u5f62\u52bf\u6bd4\u6b64\u524d\u6700\u60b2\u89c2\u7684\u9884\u6d4b\u8fd8\u8981\u7cdf\u7cd5\u3002\u95ee\u9898\u5df2\u7ecf\u4ece\u76f4\u63a5\u4e0e\u623f\u5c4b\u5e02\u573a\u6709\u5173\u7684\u590d\u5408\u503a\u5238\u5e02\u573a\u6269\u6563\u5230\u666e\u901a\u7684\u516c\u53f8\u503a\u5238\u3002\u5df4\u514b\u83b1(Barclays Capital)\u56fa\u5b9a\u6536\u76ca\u7814\u7a76\u90e8\u95e8\u7684\u8d1f\u8d23\u4ebaAjay Rajadhyaksha\u8bf4\uff0c\u53e6\u4e00\u6761\u6218\u7ebf\u6b63\u5728\u5f00\u8f9f\u3002<\/p>\n

\u4e00\u4e9b\u4eba\u62c5\u5fc3\uff0c\u5728\u5546\u4e1a\u94f6\u884c\u7d27\u7f29\u81ea\u8eab\u7684\u8d44\u91d1\u4f7f\u7528\u4e4b\u9645\uff0c\u6295\u884c\u6570\u91cf\u7684\u51cf\u5c11\u5c06\u4f1a\u5ef6\u957f\u4fe1\u8d37\u5371\u673a\u6301\u7eed\u7684\u65f6\u95f4\u3002\u5bf9\u51b2\u57fa\u91d1\u7ba1\u7406\u516c\u53f8Concordia Advisors\u7684\u9996\u5e2d\u6267\u884c\u957f\u5a01\u5ec9\u59c6\u65af(Basil Williams)\u8bf4\uff0c\u5c1a\u4e0d\u6e05\u695a\u4eca\u540e\u8c01\u5c06\u6210\u4e3a\u4fe1\u8d37\u7684\u63d0\u4f9b\u8005\uff0c\u4ee5\u53ca\u4fe1\u8d37\u63d0\u4f9b\u8005\u7684\u51cf\u5c11\u662f\u5426\u610f\u5473\u7740\u672a\u6765\u501f\u6b3e\u6210\u672c\u7684\u4e0a\u5347\u3002<\/p>\n

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\u56e0\u6b64\uff0c\u5c3d\u7ba1Fed\u4f38\u51fa\u4e86\u63f4\u624b\uff0c\u4f46AIG\u4e00\u4e9b\u503a\u5238\u7684\u4ea4\u6613\u4ef7\u683c\u4ecd\u53ea\u6709\u7968\u9762\u4ef7\u683c\u7684\u56db\u6210\uff0c\u8fd8\u4e0d\u5230\u4e00\u5468\u524d\u4ef7\u683c\u7684\u4e00\u534a\u3002\u4ea4\u6613\u5458\u8bf4\uff0c\u7531\u4e8e\u96f7\u66fc\u5144\u5f1f\u65e0\u529b\u507f\u8fd8\u503a\u52a1\uff0c\u5176\u9ad8\u7ea7\u503a\u5238\u7684\u4ef7\u683c\u4ec5\u76f8\u5f53\u4e8e\u9762\u503c\u768417%\u3002\u8fd9\u79cd\u60c5\u51b5\u5df2\u7ecf\u6269\u6563\u5230\u9762\u4e34\u538b\u529b\u7684\u5176\u4ed6\u91d1\u878d\u516c\u53f8\u3002\u6469\u6839\u58eb\u4e39\u5229\u7684\u503a\u5238\u76ee\u524d\u4ea4\u6613\u4ef7\u4e3a\u9762\u503c\u768460%\uff0c\u9ad8\u76db\u7684\u503a\u5238\u76ee\u524d\u662f\u9762\u503c\u768470%\u5de6\u53f3\u3002<\/p>\n

\u968f\u7740\u503a\u5238\u4ef7\u683c\u7684\u4e0b\u8dcc\uff0c\u6536\u76ca\u7387\u51fa\u73b0\u4e86\u4e0a\u5347\u3002\u516c\u53f8\u503a\u5238\u548c\u7f8e\u56fd\u56fd\u503a\u4e4b\u95f4\u7684\u6536\u76ca\u7387\u4e4b\u5dee\u5df2\u7ecf\u5347\u81f3\u591a\u5e74\u6765\u7684\u6700\u9ad8\u6c34\u5e73\u3002\u6765\u81ea\u7f8e\u6797\u7684\u6570\u636e\u79f0\uff0c\u5468\u4e09\uff0c\u6295\u8d44\u7ea7\u516c\u53f8\u503a\u5238\u7684\u6536\u76ca\u7387\u6bd4\u540c\u671f\u7f8e\u56fd\u56fd\u503a\u9ad8\u51fa4\u4e2a\u767e\u5206\u70b9\u4ee5\u4e0a\uff0c\u5783\u573e\u503a\u5238\u7684\u6536\u76ca\u7387\u6bd4\u7f8e\u56fd\u56fd\u503a\u9ad8\u51fa9\u4e2a\u767e\u5206\u70b9\u4ee5\u4e0a\uff0c\u63a5\u8fd12002\u5e74\u65f610.6\u4e2a\u767e\u5206\u70b9\u7684\u9ad8\u4f4d\u3002\u77ed\u671f\u503a\u5238\u5e02\u573a\u5df2\u7ecf\u67af\u7aed\u3002\u901a\u5e38\u4f1a\u8d2d\u4e70\u6b64\u7c7b\u77ed\u671f\u503a\u5238\u7684\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\u7ecf\u7406\u56e0\u6301\u6709\u96f7\u66fc\u7b49\u673a\u6784\u7684\u503a\u5238\u800c\u8499\u53d7\u4e86\u635f\u5931\u3002<\/p>\n

\u5982\u679c\u516c\u53f8\u4e0d\u80fd\u5728\u77ed\u671f\u503a\u5238\u5e02\u573a\u4e2d\u501f\u6b3e\uff0c\u5b83\u4eec\u6216\u8bb8\u88ab\u8feb\u51cf\u5c11\u5176\u5faa\u73af\u4fe1\u8d37\u989d\u5ea6\uff0c\u4ee4\u94f6\u884c\u4e0d\u65ad\u51cf\u5c11\u7684\u8d44\u672c\u91d1\u8fdb\u4e00\u6b65\u67af\u7aed\u3002\u96f7\u66fc\u5144\u5f1f\u7684\u7834\u4ea7\u4e5f\u7ed9\u6760\u6746\u8d37\u6b3e\u5e02\u573a\u9020\u6210\u4e86\u538b\u529b\u3002\u79c1\u4eba\u8d44\u672c\u8fd0\u8425\u516c\u53f8\u5e38\u901a\u8fc7\u8fd9\u4e2a\u5e02\u573a\u4e3a\u6536\u8d2d\u878d\u8d44\u3002\u6807\u51c6\u666e\u5c14(Standard & Poor’s)\u7684Leveraged Commentary & Data\u79f0\uff0c\u5f53\u96f7\u66fc\u5144\u5f1f\u672c\u5468\u521d\u8bd5\u56fe\u5728\u8fd9\u4e00\u5e02\u573a\u4e0a\u51fa\u552e\u6240\u6301\u6709\u7684\u4e00\u4e9b\u8d37\u6b3e\u65f6\uff0c\u4ef7\u683c\u4e0b\u8dcc\u5230\u4e86\u9762\u503c\u768485%\u3002<\/p>\n

\u7531\u6b64\u5e26\u6765\u7684\u635f\u5bb3\u5df2\u7ecf\u8d85\u51fa\u4e86\u94f6\u884c\u548c\u7ecf\u7eaa\u673a\u6784\u7684\u8303\u56f4\u3002\u4e00\u4f4d\u4ea4\u6613\u5458\u79f0\uff0c\u798f\u7279\u6c7d\u8f66(Ford Motor Co.)\u7684\u91d1\u878d\u5b50\u516c\u53f8Ford Motor Credit Co.\u5468\u4e09\u4e3a\u9694\u591c\u501f\u6b3e\u652f\u4ed8\u4e867.5%\u7684\u5229\u7387\u3002\u4ed6\u8bf4\uff0c\u8fd9\u7c7b\u501f\u6b3e\u7684\u5229\u7387\u901a\u5e38\u6bd4\u8054\u90a6\u57fa\u91d1\u5229\u7387\u9ad8\u51fa\u7ea625\u4e2a\u57fa\u70b9\uff0c\u76ee\u524d\u7684\u8054\u90a6\u57fa\u91d1\u5229\u7387\u662f2%\u3002\u5373\u4fbf\u662f\u88ab\u8ba4\u4e3a\u4fe1\u8d37\u8d28\u91cf\u6700\u5b89\u5168\u7684\u4f01\u4e1a\uff0c\u9694\u591c\u501f\u6b3e\u7684\u6210\u672c\u4e5f\u5927\u5e45\u4e0a\u5347\u3002\u8be5\u4ea4\u6613\u5458\u79f0\uff0c\u901a\u7528\u7535\u6c14(General Electric Co.)\u5468\u4e09\u88ab\u8feb\u4e3a\u9694\u591c\u501f\u6b3e\u652f\u4ed8\u4e863.5%\u7684\u5229\u7387\u3002<\/p>\n

\u5728\u6b63\u5e38\u60c5\u51b5\u4e0b\uff0c\u4fe1\u8d37\u8bc4\u7ea7\u5904\u4e8e\u6700\u9ad8\u6c34\u5e73\u7684\u901a\u7528\u7535\u6c14\u4ec5\u9700\u652f\u4ed8\u76f8\u5f53\u4e8e\u8054\u90a6\u57fa\u91d1\u5229\u7387\u7684\u5229\u7387\u3002Janney Montgomery\u9a7b\u8d39\u57ce\u9996\u5e2d\u56fa\u5b9a\u6536\u76ca\u7b56\u7565\u5e08\u96f7\u4f2f\u65af(Guy Lebas)\u8bf4\uff0c\u8fd9\u573a\u5371\u673a\u8fd8\u6ca1\u6709\u660e\u663e\u7684\u7ed3\u675f\u8ff9\u8c61\u3002<\/p>\n

\n

\u5927\u8427\u6761\u4ee5\u6765\u6700\u4e25\u91cd\u5371\u673a\uff0c\u4f55\u5904\u662f\u5c3d\u5934\uff1f<\/strong><\/p>\n

\u534e\u5c14\u8857\u65e5\u62a5\/13\u4e2a\u6708\u524d\u5f00\u59cb\u7684\u8fd9\u573a\u91d1\u878d\u5371\u673a\u8fdb\u5165\u4e86\u4e00\u4e2a\u66f4\u4e3a\u4e25\u5cfb\u7684\u65b0\u9636\u6bb5\u3002<\/p>\n

\u6b64\u524d\u5c1a\u6709\u4e00\u4e9b\u5e0c\u671b\uff0c\u4e5f\u8bb8\u8fd9\u573a\u5371\u673a\u7684\u7834\u574f\u6027\u53ef\u4ee5\u88ab\u63a7\u5236\u5728\u4e3a\u6570\u4e0d\u591a\u7684\u51e0\u5bb6\u5728\u62b5\u62bc\u8d37\u6b3e\u4e0a\u5931\u8bef\u7684\u91d1\u878d\u673a\u6784\u4e0a\uff0c\u4f46\u73b0\u5728\u8fd9\u4e2a\u5e0c\u671b\u4e5f\u7834\u706d\u4e86\u3002\u6700\u8fd1\u7684\u52a8\u8361\u4ece\u5f88\u5927\u7a0b\u5ea6\u4e0a\u6765\u8bf4\u5e76\u975e\u6765\u6e90\u4e8e\u521d\u59cb\u65f6\u7684\u95ee\u9898\uff0c\u5373\u6709\u95ee\u9898\u7684\u6b21\u7ea7\u62b5\u62bc\u8d37\u6b3e\uff0c\u800c\u662f\u6765\u81ea\u4e8e\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f(CDS)\uff0c\u5373\u7f8e\u56fd\u56fd\u9645\u96c6\u56e2(AIG)\u7b49\u516c\u53f8\u5411\u90a3\u4e9b\u5bfb\u6c42\u8fdd\u7ea6\u4fdd\u62a4\u7684\u516c\u53f8\u51fa\u552e\u7684\u4fdd\u9669\u5408\u7ea6\u3002<\/p>\n

\u7531\u4e8e\u80a1\u4ef7\u66b4\u8dcc\u3001\u5fc3\u5b58\u5fe7\u8651\u7684\u653e\u8d37\u673a\u6784\u5c06\u9677\u5165\u56f0\u5883\u7684\u516c\u53f8\u9001\u5165\u4e86\u66f4\u6df1\u7684\u65e0\u5e95\u6d1e\uff0c\u5bf9\u4e8e\u90a3\u4e9b\u7b49\u5f85\u51fa\u73b0\u66f4\u597d\u7684\u65f6\u673a\u8fdb\u884c\u7b79\u8d44\u3001\u51fa\u552e\u8d44\u4ea7\u6216\u627f\u8ba4\u635f\u5931\u7684\u516c\u53f8\u548c\u9996\u5e2d\u6267\u884c\u957f\u4eec\u6765\u8bf4\uff0c\u5176\u540e\u679c\u5982\u4eca\u5df2\u662f\u975e\u5e38\u6e05\u6670\u800c\u60e8\u70c8\u3002\u8fc7\u53bb\u7684\u8fd9\u4e2a\u5468\u672b\uff0c\u8fd9\u6837\u7684\u8ba4\u77e5\u4f7f\u5f97\u8d5b\u6069(John Thain)\u5c06\u6709\u7740\u767e\u5e74\u5386\u53f2\u7684\u7f8e\u6797\u516c\u53f8(Merrill Lynch & Co.)\u5356\u7ed9\u4e86\u7f8e\u56fd\u94f6\u884c(Bank of America Corp.)\u3002\u6bcf\u6b21\u4e8b\u4ef6\u90fd\u4f7f\u5f97\u653f\u5e9c\u7684\u4ecb\u5165\u6bd4\u4e0a\u4e00\u6b21\u8303\u56f4\u66f4\u5e7f\uff0c\u82b1\u8d39\u66f4\u5927\uff0c\u800c\u4e14\u9762\u4e34\u610f\u5916\u540e\u679c\u7684\u98ce\u9669\u4e5f\u66f4\u5927\u3002<\/p>\n

\u5bf9\u5371\u673a\u5c06\u5f88\u5feb\u7ed3\u675f\u7684\u9884\u671f\u8fc5\u901f\u6d88\u9000\u3002\u65bd\u4e50\u516c\u53f8(Xerox Corp.)\u9996\u5e2d\u6267\u884c\u957f\u83ab\u897f\u5361(Anne Mulcahy)\u5468\u4e09\u8bf4\uff0c\u6211\u60f3\u6301\u7eed\u7684\u65f6\u95f4\u8981\u6bd4\u6211\u4eec\u9884\u671f\u7684\u957f\u7684\u591a\u3002<\/p>\n

\u7ebd\u7ea6\u5927\u5b66\u7ecf\u6d4e\u5b66\u5bb6\u683c\u7279\u52d2(Mark Gertler)\u8bf4\uff0c\u6beb\u65e0\u7591\u95ee\uff0c\u8fd9\u662f\u5927\u8427\u6761\u4ee5\u6765\u6700\u4e25\u91cd\u7684\u91d1\u878d\u5371\u673a\u3002\u683c\u7279\u52d2\u66fe\u4e0e\u5b66\u672f\u4e0a\u7684\u540c\u884c\u3001\u73b0\u4efb\u7f8e\u56fd\u8054\u90a6\u50a8\u5907\u59d4\u5458\u4f1a(Fed)\u4e3b\u5e2d\u7684\u8d1d\u5357\u514b\u5408\u4f5c\u89e3\u91ca\u91d1\u878d\u52a8\u8361\u5982\u4f55\u80fd\u5f71\u54cd\u6574\u4f53\u7ecf\u6d4e\u3002\u4ed6\u8bf4\uff0c\u4e0e\u6b64\u540c\u65f6\u6211\u4eec\u73b0\u5728\u6709\u653f\u7b56\u673a\u5236\u4e0e\u4e4b\u6297\u8861\uff0c\u800c\u5728\u5927\u8427\u6761\u65f6\u671f\u5e76\u6ca1\u6709\u8fd9\u4e9b\u673a\u5236\u3002<\/p>\n

\u7f8e\u56fd\u7684\u91d1\u878d\u4f53\u7cfb\u5c31\u8c61\u4e00\u4f4d\u5904\u4e8e\u91cd\u75c7\u76d1\u62a4\u7684\u75c5\u4eba\u3002\u75c5\u4eba\u7684\u8eab\u4f53\u5728\u52aa\u529b\u62b5\u6297\u7740\u4e0d\u65ad\u6269\u6563\u7684\u75be\u75c5\uff0c\u800c\u4e0e\u6b64\u540c\u65f6\uff0c\u8eab\u4f53\u5374\u75c9\u631b\u4e86\uff0c\u5728\u5e73\u9759\u4e00\u6bb5\u65f6\u95f4\u540e\u53c8\u75c9\u631b\u4e86\u3002\u75be\u75c5\u5df2\u7ecf\u8d85\u8d8a\u4e86\u5e02\u573a\u81ea\u6211\u6cbb\u7597\u7684\u8d8b\u52bf\u3002\u4e3b\u6cbb\u533b\u751f\u6b63\u4ed8\u8bf8\u4e8e\u4ecb\u5165\u6027\u66f4\u5927\u7684\u7597\u6cd5\uff0c\u5e76\u6b63\u5728\u5c1d\u8bd5\u4ee5\u524d\u4ece\u672a\u7528\u8fc7\u7684\u6cbb\u7597\u65b9\u6cd5\u3002<\/p>\n

Fed\u4e3b\u5e2d\u8d1d\u5357\u514b\u548c\u8d22\u653f\u90e8\u957f\u9c8d\u5c14\u68ee(Henry Paulson)\u5468\u4e8c\u665a\u95f4\u8d70\u8fdb\u7d27\u6025\u53ec\u96c6\u7684\u56fd\u4f1a\u9886\u8896\u4f1a\u8bae\uff0c\u5411\u4ed6\u4eec\u901a\u544a\u4e86\u653f\u5e9c\u6551\u52a9AIG\u8fd9\u4e00\u524d\u6240\u672a\u6709\u7684\u4e3e\u52a8\u3002\u4ed6\u4eec\u770b\u8d77\u6765\u5c31\u8c61\u662f\u7cbe\u75b2\u529b\u5c3d\u7684\u5916\u79d1\u533b\u751f\u5728\u5411\u75c5\u4eba\u5bb6\u5c5e\u5ba3\u5e03\u5669\u8017\u3002<\/p>\n

\u5eb7\u6d85\u72c4\u683c\u5dde\u6c11\u4e3b\u515a\u53c2\u8bae\u5458\u9053\u5fb7(Chris Dodd)\u5728\u4f1a\u540e\u63a5\u53d7\u91c7\u8bbf\u65f6\u8bf4\uff0c\u8fd9\u662f\u4e25\u91cd\u7684\u5927\u4e8b\u4ef6\uff0c\u5176\u5f71\u54cd\u53ef\u80fd\u662f\u707e\u96be\u6027\u7684\u3002<\/p>\n

Fed\u548c\u8d22\u653f\u90e8\u5b98\u5458\u5df2\u7ecf\u786e\u8bca\u4e86\u75be\u75c5\uff0c\u8fd9\u4e2a\u75c5\u53eb\u7ea0\u6b63\u8fc7\u5ea6\u6760\u6746\u6548\u5e94\u3002\u5728\u4fe1\u8d37\u7e41\u8363\u65f6\u671f\uff0c\u91d1\u878d\u673a\u6784\u548c\u7f8e\u56fd\u5bb6\u5ead\u4e3e\u503a\u8fc7\u91cf\u30022002-2006\u5e74\u95f4\uff0c\u7f8e\u56fd\u5bb6\u5ead\u8d37\u6b3e\u4ee5\u6bcf\u5e7411%\u7684\u901f\u5ea6\u589e\u957f\uff0c\u8fdc\u8fdc\u8d85\u8fc7\u4e86\u6574\u4f53\u7ecf\u6d4e\u7684\u589e\u901f\u3002\u91d1\u878d\u673a\u6784\u7684\u8d37\u6b3e\u5e74\u589e\u901f\u4e3a10%\u3002\u5982\u4eca\uff0c\u5f88\u591a\u8d37\u6b3e\u4eba\u90fd\u65e0\u529b\u8fd8\u6b3e\uff0c\u539f\u56e0\u4e4b\u4e00\u662f\u623f\u4ef7\u66b4\u8dcc\u3002\u4ed6\u4eec\u9700\u8981\u51cf\u5c11\u5bf9\u8d37\u6b3e\u7684\u4f9d\u8d56\uff0c\u8fd9\u662f\u4e00\u4e2a\u75db\u82e6\u800c\u6f2b\u957f\u7684\u8fc7\u7a0b\uff0c\u6709\u53ef\u80fd\u4f1a\u904f\u5236\u4fe1\u8d37\u548c\u7ecf\u6d4e\u589e\u957f\u3002<\/p>\n

\u8981\u60f3\u7ec8\u7ed3\u7ea0\u6b63\u8fc7\u5ea6\u6760\u6746\u6548\u5e94\u8fd9\u4e2a\u8fc7\u7a0b\uff0c\u81f3\u5c11\u9700\u8981\u505a\u4e09\u4ef6\u4e8b\uff0c\u4f46\u662f\u4e09\u7ba1\u9f50\u4e0b\u975e\u5e38\u56f0\u96be\u3002\u4e00\u662f\u91d1\u878d\u673a\u6784\u7b49\u9700\u8981\u627f\u8ba4\u81ea\u5df1\u7684\u9519\u8bef\uff0c\u51fa\u552e\u6216\u662f\u51b2\u51cf\u90a3\u4e9b\u5b83\u4eec\u7528\u8d37\u6b3e\u4e70\u8fdb\u7684\u95ee\u9898\u8d44\u4ea7\u7684\u4ef7\u503c\u3002\u4e8c\u662f\u4ed6\u4eec\u9700\u8981\u8fd8\u6e05\u503a\u52a1\u3002\u6700\u540e\uff0c\u4ed6\u4eec\u9700\u8981\u91cd\u5efa\u56e0\u95ee\u9898\u8d44\u4ea7\u635f\u5931\u800c\u53d7\u635f\u7684\u8d44\u672c\u7f13\u51b2\u3002<\/p>\n

\u4e0d\u8fc7\u5f88\u591a\u95ee\u9898\u8d44\u4ea7\u96be\u4ee5\u4f30\u503c\uff0c\u800c\u4e14\u4e70\u5bb6\u4e5f\u5be5\u5be5\u65e0\u51e0\u3002\u7ea0\u6b63\u8fc7\u5ea6\u6760\u6746\u6548\u5e94\u8fd8\u4f1a\u4ee5\u67d0\u79cd\u65b9\u5f0f\u81ea\u6211\u589e\u5f3a\uff0c\u5f62\u6210\u6076\u6027\u5faa\u73af\uff1a\u7aed\u529b\u51fa\u552e\u8d44\u4ea7\u4f1a\u62c9\u4f4e\u8d44\u4ea7\u4ef7\u683c\uff0c\u4f7f\u5f97\u8d44\u4ea7\u66f4\u96be\u552e\u51fa\uff0c\u4ece\u800c\u8feb\u4f7f\u516c\u53f8\u51fa\u552e\u66f4\u591a\u8d44\u4ea7\u3002\u8fd9\u4f1a\u8fdb\u800c\u538b\u5236\u8fd9\u4e9b\u516c\u53f8\u7684\u80a1\u4ef7\uff0c\u4f7f\u5f97\u5b83\u4eec\u66f4\u96be\u53d1\u884c\u65b0\u80a1\u6765\u7b79\u8d44\u3002\u5b66\u672f\u51fa\u751f\u7684\u8d1d\u5357\u514b\u5c06\u8fd9\u4e00\u81ea\u6211\u5f3a\u5316\u7684\u5faa\u73af\u79f0\u4e3a\u201c\u91d1\u878d\u52a0\u901f\u5668\u201d\u3002<\/p>\n

\u829d\u52a0\u54e5\u5927\u5b66\u5546\u5b66\u6559\u6388\u5361\u4ec0\u96c5\u666e(Anil Kashyap)\u8bf4\uff0c\u5f88\u591a\u9996\u5e2d\u6267\u884c\u957f\u4e0d\u613f\u627f\u62c5\u635f\u5931\uff0c\u5e76\u8bf4\u201c\u6211\u627f\u8ba4\u6211\u51fa\u552e\u8fd9\u4e9b\u8d44\u4ea7\u7684\u4ef7\u683c\u8fdc\u8fdc\u4f4e\u4e8e\u57fa\u672c\u9762\u51b3\u5b9a\u7684\u4ef7\u503c\u3002\u201d\u4ed6\u8bf4\uff0c\u90a3\u4e9b\u98ce\u9669\u655e\u53e3\u6700\u5927\u7684\u90fd\u5df2\u7ecf\u706d\u4ea1\u4e86\u3002<\/p>\n

\u7ea0\u6b63\u8fc7\u5ea6\u6760\u6746\u6548\u5e94\u5f00\u59cb\u4e8e\u6b21\u7ea7\u62b5\u62bc\u8d37\u6b3e\u76f8\u5173\u8bc1\u5238\uff0c2006\u5e74\u8fd9\u7c7b\u8bc1\u5238\u8fdd\u7ea6\u5f00\u59cb\u9aa4\u589e\u3002\u4e0d\u8fc7\u7ea0\u6b63\u8fc7\u5ea6\u6760\u6746\u6548\u5e94\u8fd9\u4e00\u8fc7\u7a0b\u73b0\u5df2\u8fdc\u4e0d\u6b62\u4e8e\u6b64\u4e86\uff0c\u5b83\u5df2\u7ecf\u6269\u6563\u81f3\u5546\u4e1a\u623f\u5730\u4ea7\u548c\u6c7d\u8f66\u8d37\u6b3e\u3001\u4ee5\u53ca\u6295\u884c\u8d56\u4ee5\u4e3a\u81ea\u5df1\u63d0\u4f9b\u8d44\u91d1\u7684\u77ed\u671f\u8d37\u6b3e\u3002\u7b2c\u4e00\u5b63\u5ea6\uff0c\u91d1\u878d\u4e1a\u8d37\u6b3e\u589e\u901f\u56de\u843d\u81f35.1%\uff0c\u662f2002-2007\u5e74\u5e73\u5747\u6c34\u5e73\u7684\u4e00\u534a\u5de6\u53f3\u3002\u5bb6\u5ead\u8d37\u6b3e\u653e\u7f13\u5f97\u66f4\u4e25\u91cd\uff0c\u589e\u901f\u4ec5\u4e3a3.5%\u3002<\/p>\n

\u9ad8\u76db\u96c6\u56e2\u7ecf\u6d4e\u5b66\u5bb6\u54c8\u5179\u5384\u65af(Jan Hatzius)\u9884\u8ba1\uff0c\u8fc7\u53bb\u4e00\u5e74\u5168\u7403\u5404\u91d1\u878d\u673a\u6784\u5df2\u7ecf\u51b2\u9500\u4e86\u4ef7\u503c4,080\u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\uff0c\u540c\u65f6\u7b79\u96c6\u4e863,670\u4ebf\u7f8e\u5143\u7684\u8d44\u672c\u3002<\/p>\n

\u4f46\u8fd9\u4f3c\u4e4e\u8fd8\u4e0d\u591f\u3002\u6bcf\u6b21\u91d1\u878d\u516c\u53f8\u548c\u6295\u8d44\u8005\u6697\u793a\u4ed6\u4eec\u5df2\u7ecf\u51b2\u9500\u4e86\u8db3\u591f\u8d44\u4ea7\u5e76\u7b79\u96c6\u4e86\u5145\u8db3\u65b0\u8d44\u672c\u7684\u65f6\u5019\uff0c\u65b0\u4e00\u8f6e\u629b\u552e\u6f6e\u5c31\u4f1a\u518d\u6b21\u5f15\u53d1\u91cd\u65b0\u4f30\u503c\uff0c\u4ece\u800c\u5c06\u5371\u673a\u63a8\u5411\u4e00\u4e2a\u65b0\u7684\u9636\u6bb5\u3002\u636e\u9ad8\u76db\u4f30\u8ba1\uff0c\u5355\u662f\u4f4f\u623f\u62b5\u62bc\u8d37\u6b3e\u635f\u5931\u5c31\u53ef\u80fd\u57282012\u5e74\u524d\u8fbe\u52306,360\u4ebf\u7f8e\u5143\uff0c\u4ece\u800c\u5f15\u53d1\u94f6\u884c\u4f53\u7cfb\u7684\u666e\u904d\u60dc\u8d37\u3002\u8fd9\u79cd\u72b6\u51b5\u53ef\u80fd\u4f1a\u5bfc\u81f42008\u5e74\u4e0e2009\u5e74\u7684\u7ecf\u6d4e\u589e\u957f\u7387\u4e0b\u964d1.8\u4e2a\u767e\u5206\u70b9\uff0c\u76f8\u5f53\u4e8e\u603b\u4f53\u7ecf\u6d4e\u6bcf\u5e74\u635f\u59312,500\u4ebf\u7f8e\u5143\u3002<\/p>\n

\u54c8\u4f5b\u5927\u5b66\u653f\u5e9c\u548c\u6cd5\u5f8b\u5b66\u9662\u6559\u6388\u7f57\u4f2f\u7279\u00b7\u683c\u9c81\u4f2f(Robert Glauber)\u79f0\uff0c\u50cf\u8fd9\u6837\u7ea0\u6b63\u8fc7\u5ea6\u6760\u6746\u6548\u5e94\u7684\u884c\u4e3a\u4ee5\u524d\u4ece\u672a\u51fa\u73b0\u8fc7\u3002\u5f53\u5e74\u50a8\u84c4\u53ca\u501f\u8d37\u94f6\u884c\u7684\u635f\u5931\u4e0e\u4e4b\u76f8\u6bd4\u4e0d\u8fc7\u662f\u5c0f\u5deb\u89c1\u5927\u5deb\u3002\u683c\u9c81\u4f2f\u57281989\u5e74\u65f6\u66fe\u5c31\u804c\u4e8e\u7f8e\u56fd\u653f\u5e9c\uff0c\u5e2e\u52a9\u7ec4\u7ec7\u4e8690\u5e74\u4ee3\u521d\u5bf9\u50a8\u84c4\u53ca\u623f\u5c4b\u8d37\u6b3e\u94f6\u884c\u7684\u6e05\u7406\u3002<\/p>\n

\u5bf9\u51b2\u57fa\u91d1\u53ef\u80fd\u4f1a\u662f\u4e0b\u4e00\u4e2a\u51fa\u95ee\u9898\u7684\u9886\u57df\u3002\u8bb8\u591a\u5bf9\u51b2\u57fa\u91d1\u662f\u9760\u501f\u8d37\u8d44\u91d1\uff08\u5373\u8fd0\u7528\u6760\u6746\uff09\u6765\u6269\u5927\u6536\u76ca\u3002\u7531\u4e8e\u5404\u5bb6\u94f6\u884c\u90fd\u9762\u4e34\u7740\u538b\u529b\uff0c\u773c\u4e0b\u5f88\u591a\u5bf9\u51b2\u57fa\u91d1\u7684\u6b64\u7c7b\u8d44\u91d1\u6765\u6e90\u88ab\u5c01\u6b7b\uff0c\u4ece\u800c\u4ee4\u5176\u5229\u6da6\u53d7\u5230\u6324\u538b\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u6709\u8d8a\u6765\u8d8a\u591a\u7684\u8ff9\u8c61\u8868\u660e\uff0c\u8f6c\u5411\u5bf9\u51b2\u57fa\u91d1\u7684\u6295\u8d44\u8005\u6570\u91cf\u5728\u51cf\u5c11\uff0c\u800c\u4e14\u4e0d\u65ad\u6709\u4eba\u5728\u64a4\u8d44\u3002\u57fa\u91d1\u6295\u8d44\u8005\u4eec\u6709\u81ea\u5df1\u7684\u95ee\u9898\u9700\u8981\u5904\u7406\uff1a\u4ed6\u4eec\u4e2d\u7684\u8bb8\u591a\u4eba\u662f\u9760\u501f\u6b3e\u6295\u8d44\u6b64\u7c7b\u57fa\u91d1\u7684\uff0c\u800c\u501f\u8d37\u4e5f\u6b63\u53d8\u5f97\u8d8a\u6765\u8d8a\u56f0\u96be\u3002<\/p>\n

\u8fd9\u4e9b\u53ef\u80fd\u90fd\u4f1a\u5bfc\u81f4\u672a\u6765\u6570\u6708\u6709\u66f4\u591a\u7684\u5bf9\u51b2\u57fa\u91d1\u5012\u95ed\u3001\u4e0d\u5f97\u4e0d\u629b\u552e\u6295\u8d44\uff0c\u4ece\u800c\u8fdb\u4e00\u6b65\u52a0\u5267\u5e02\u573a\u538b\u529b\u3002<\/p>\n

\u5f53\u7136\uff0c\u503a\u52a1\u5f15\u53d1\u7684\u91d1\u878d\u5371\u673a\u6709\u7740\u60a0\u8fdc\u7684\u5386\u53f2\uff0c\u4ece\u5927\u8427\u6761\u3001\u5230\u50a8\u84c4\u4fe1\u8d37\u5371\u673a\u3001\u518d\u523090\u5e74\u4ee3\u672b\u7684\u4e9a\u6d32\u91d1\u878d\u98ce\u66b4\uff0c\u65e0\u4e00\u4e0d\u662f\u56e0\u5176\u800c\u8d77\u3002\u65e0\u8bba\u662f\u7ecf\u6d4e\u5b66\u5bb6\u8fd8\u662f\u653f\u7b56\u5236\u5b9a\u8005\u4eec\u90fd\u6ca1\u80fd\u627e\u5230\u8f7b\u677e\u7684\u89e3\u51b3\u4e4b\u9053\u3002\u51cf\u606f\u3001\u4e3a\u6c11\u4f17\u63d0\u4f9b\u523a\u6fc0\u6027\u8865\u8d34\u4f1a\u6709\u6240\u5e2e\u52a9\uff0c\u53ef\u80fd\u8fd8\u8d77\u5230\u4e86\u9632\u6b62\u6216\u8005\u5ef6\u7f13\u6df1\u5ea6\u8870\u9000\u51fa\u73b0\u7684\u4f5c\u7528\u3002\u4f46\u662f\uff0c\u81f3\u5c11\u5728\u76ee\u524d\u60c5\u51b5\u4e0b\uff0c\u4e0a\u8ff0\u63aa\u65bd\u8fd8\u8fdc\u8fdc\u4e0d\u591f\u3002<\/p>\n

\u5728\u5982\u6b64\u60c5\u5f62\u4e0b\uff0c\u5404\u56fd\u653f\u5e9c\u51e0\u4e4e\u65e0\u4e00\u4f8b\u5916\u5730\u603b\u80fd\u901a\u8fc7\u5c1d\u8bd5\u5404\u79cd\u63aa\u65bd\u83b7\u5f97\u4e0d\u540c\u7a0b\u5ea6\u7684\u6210\u529f\u3002\u7f57\u65af\u798f(Franklin Delano Roosevelt)\u57281929\u5e74\u80a1\u5e02\u5d29\u76d8\u540e\uff0c\u6210\u7acb\u4e86\u4e00\u7cfb\u5217\u65b0\u673a\u6784\u3001\u5e76\u63a8\u51fa\u4e86\u5927\u91cf\u76d1\u7ba1\u63aa\u65bd\u3002\u5230\u4e0a\u4e16\u7eaa90\u5e74\u4ee3\uff0c\u5728\u957f\u8fbe10\u5e74\u7684\u65f6\u95f4\u91cc\uff0c\u65e5\u672c\u653f\u5e9c\u82b1\u4e86\u5f88\u591a\u51a4\u6789\u94b1\u6765\u5bf9\u6297\u6ce1\u6cab\u7834\u706d\u5e26\u6765\u7684\u540e\u9057\u75c7\u3002\u7f8e\u56fd\u524d\u603b\u7edf\u8001\u5e03\u4ec0\u548c\u56fd\u4f1a\u6210\u7acb\u4e86\u4e00\u5bb6\u6e05\u503a\u4fe1\u6258\u516c\u53f8(Resolution Trust Corporation)\uff0c\u4e13\u95e8\u63a5\u6536\u548c\u51fa\u552e\u5012\u95ed\u50a8\u84c4\u94f6\u884c\u7684\u8d44\u4ea7\u3002\u79c9\u627f\u81ea\u7531\u5e02\u573a\u539f\u5219\u7684\u9999\u6e2f\u653f\u5e9c1998\u5e74\u5728\u80a1\u5e02\u8fdb\u884c\u4e86\u5927\u89c4\u6a21\u7684\u4e70\u8fdb\uff0c\u4e70\u8fdb\u4e86\u51e0\u4e4e\u6240\u6709\u7684\u6052\u751f\u6307\u6570\u6210\u4efd\u80a1\uff0c\u5e76\u6700\u7ec8\u5c06\u5176\u6253\u5305\u6210\u4e00\u4e2a\u5916\u6c47\u4ea4\u6613\u57fa\u91d1\uff0c\u5927\u8d5a\u5176\u5229\u3002<\/p>\n

\u7ebd\u7ea6\u5927\u5b66\u7684\u683c\u7279\u52d2\u8bf4\uff0c\u5982\u4eca\uff0c\u8d1d\u5357\u514b\u62ff\u51fa\u4e86\u4ed6\u81ea\u5df1\u7684\u5267\u672c\uff0c\u8fb9\u8d70\u8fb9\u6539\u3002<\/p>\n

\u4e0a\u5468\u672b\uff0c\u7f8e\u6797(Merrill Lynch & Co.)\u95ea\u7535\u822c\u5730\u5c06\u81ea\u5df1\u5356\u7ed9\u4e86\u7f8e\u56fd\u94f6\u884c(Bank of America Corp.)\uff0c\u56e0\u7ea0\u6b63\u8fc7\u5ea6\u6760\u6746\u884c\u4e3a\u7684\u4e0d\u53ef\u9884\u77e5\u6027\u5e26\u6765\u7684\u5371\u5bb3\u7531\u6b64\u53ef\u89c1\u4e00\u6591\u3002\u53bb\u5e74\uff0c\u7f8e\u6797\u8058\u8bf7\u4e86\u65b0\u7684\u9996\u5e2d\u6267\u884c\u957f\u3001\u51b2\u9500\u4e86414\u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\u3001\u5e76\u7b79\u96c6\u4e86210\u4ebf\u7f8e\u5143\u7684\u80a1\u6743\u8d44\u672c\u3002<\/p>\n

\u7136\u800c\uff0c\u7f8e\u6797\u5e76\u6ca1\u6709\u56e0\u6b64\u633a\u4e0b\u53bb\u3002\u5b83\u7b79\u96c6\u5230\u7684\u8d44\u91d1\u8d8a\u591a\u3001\u88ab\u8feb\u51b2\u9500\u7684\u8d44\u4ea7\u4e5f\u5c31\u8d8a\u591a\u3002\u5f53\u7f8e\u6797\u9996\u5e2d\u6267\u884c\u957f\u7ea6\u7ff0\u00b7\u585e\u6069(John Thain)\u4e0a\u5468\u4e0e\u7ebd\u7ea6\u8054\u90a6\u50a8\u5907\u94f6\u884c\u5b98\u5458\u548c\u5176\u4ed6\u534e\u5c14\u8857\u7ba1\u7406\u4eba\u58eb\u4e3e\u884c\u4f1a\u8bae\u65f6\uff0c\u4ed6\u66fe\u8868\u793a\uff0c\u7f8e\u6797\u662f\u4e0b\u4e00\u4e2a\u6700\u6709\u53ef\u80fd\u5012\u4e0b\u7684\u7ecf\u7eaa\u516c\u53f8\u3002\u7f8e\u6797\u4e00\u4f4d\u7ba1\u7406\u4eba\u58eb\u79f0\uff0c\u6211\u4eec\u770b\u5230\u4e86\u8d1d\u5c14\u65af\u767b\u548c\u96f7\u66fc\u5144\u5f1f\uff0c\u6211\u4eec\u77e5\u9053\u81ea\u5df1\u53ef\u80fd\u4f1a\u662f\u4e0b\u4e00\u4e2a\u3002\u7531\u4e8e\u62c5\u5fc3\u503a\u4e3b\u4eec\u4f1a\u8ba9\u81ea\u5df1\u5173\u95e8\u5927\u5409\uff0c\u585e\u6069\u7d22\u6027\u5c06\u81ea\u5df1\u5356\u7ed9\u4e86\u7f8e\u56fd\u94f6\u884c\u3002<\/p>\n

\u534e\u5c14\u8857\u521b\u9020\u5e76\u8fdb\u884c\u4ea4\u6613\u7684\u4e00\u7cfb\u5217\u521b\u65b0\u91d1\u878d\u5de5\u5177\u8ba9\u8fd9\u573a\u5371\u673a\u53d8\u5f97\u590d\u6742\u3002\u8fd9\u4e9b\u5de5\u5177\u4f7f\u5f97\u653f\u5e9c\u5b98\u5458\u548c\u534e\u5c14\u8857\u4eba\u58eb\u66f4\u96be\u4ee5\u77e5\u9053\u4e0b\u4e00\u6ce2\u98ce\u9669\u7684\u85cf\u8eab\u4e4b\u5730\uff0c\u4e5f\u96be\u4ee5\u641e\u6e05\u695a\u5b83\u4eec\u4f1a\u5c06\u4fe1\u8d37\u5371\u673a\u4f20\u5411\u4f55\u5904\u3002<\/p>\n

\u6700\u65b0\u4e00\u4e2a\u51fa\u73b0\u95ee\u9898\u7684\u9886\u57df\u662f\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f\uff0c\u5b83\u662f\u4e00\u79cd\u79c1\u4eba\u5408\u7ea6\uff0c\u5404\u5bb6\u516c\u53f8\u53ef\u4ee5\u5c31\u501f\u6b3e\u65b9\u662f\u5426\u4f1a\u8fdd\u7ea6\u6765\u8fdb\u884c\u4ea4\u6613\u3002\u5f53\u8fdd\u7ea6\u53d1\u751f\u65f6\uff0c\u4ea4\u6613\u7684\u4e00\u65b9\u8981\u5411\u53e6\u4e00\u65b9\u507f\u4ed8\u3002\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f\u7684\u4ef7\u503c\u4f1a\u968f\u7740\u5e02\u573a\u5bf9\u501f\u6b3e\u65b9\u8fdd\u7ea6\u98ce\u9669\u8bc4\u4f30\u7684\u4e0d\u540c\u800c\u4e0a\u4e0b\u6ce2\u52a8\u3002\u516c\u53f8\u53ef\u4ee5\u5c06\u8fd9\u4e9b\u5de5\u5177\u5f53\u4f5c\u4fdd\u9669\u6765\u5bf9\u51b2\u98ce\u9669\uff0c\u540c\u65f6\u62bc\u6ce8\u5176\u4ed6\u516c\u53f8\u7684\u8d22\u52a1\u5065\u5eb7\u72b6\u51b5\u3002\u76ee\u524d\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f\u8986\u76d6\u7684\u503a\u52a1\u89c4\u6a21\u8d85\u8fc762\u4e07\u4ebf\u7f8e\u5143\uff0c\u8fdc\u8fdc\u8d85\u8fc7\u4e8610\u5e74\u524d\u76841.44\u4ebf\u7f8e\u5143\u3002<\/p>\n

\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f\u5e02\u573a\u7684\u4e00\u5927\u53c2\u4e0e\u8005\u6b63\u662fAIG\uff0c\u5168\u7403\u6700\u5927\u7684\u4fdd\u9669\u516c\u53f8\uff0c\u4e5f\u662f\u5411\u91d1\u878d\u673a\u6784\u548c\u4f01\u4e1a\u51fa\u552e\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f\u7684\u5927\u5356\u5bb6\u3002\u5f53\u4fe1\u8d37\u5e02\u573a\u6b23\u6b23\u5411\u8363\u7684\u65f6\u5019\uff0c\u8bb8\u591a\u516c\u53f8\u90fd\u4eceAIG\u8d2d\u4e70\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f\u3002\u5b83\u4eec\u76f8\u4fe1\uff0c\u8fd9\u5bb6\u4fdd\u9669\u5de8\u5934\u826f\u597d\u7684\u4fe1\u7528\u8bc4\u7ea7\u548c\u5f3a\u5927\u7684\u8d22\u52a1\u5b9e\u529b\u80fd\u4fdd\u62a4\u5b83\u4eec\u514d\u53d7\u503a\u5238\u548c\u8d37\u6b3e\u8fdd\u7ea6\u4e4b\u707e\u3002\u4ece\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f\u4e2d\u6536\u53d6\u4e86\u5927\u91cf\u4f63\u91d1\u7684AIG\u76f8\u4fe1\uff0c\u5b83\u6240\u4fdd\u969c\u7684\u8bb8\u591a\u8bc1\u5238\u51fa\u73b0\u8fdd\u7ea6\u7684\u98ce\u9669\u5f88\u4f4e\u3002<\/p>\n

\u622a\u81f36\u670830\u65e5\uff0cAIG\u65d7\u4e0b\u4e00\u4e2a\u90e8\u95e8\u4e3a\u8d85\u8fc74,460\u4ebf\u7f8e\u5143\u7684\u4fe1\u7528\u8d44\u4ea7\u63d0\u4f9b\u4e86\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f\uff0c\u8fd9\u4e9b\u8d44\u4ea7\u5176\u4e2d\u5305\u62ec\u62b5\u62bc\u8d37\u6b3e\u8bc1\u5238\u3001\u516c\u53f8\u8d37\u6b3e\u548c\u590d\u6742\u7684\u7ed3\u6784\u6027\u4ea7\u54c1\u3002\u53bb\u5e74\uff0c\u5f53\u4e0d\u65ad\u5347\u7ea7\u7684\u6b21\u503a\u5371\u673a\u4fb5\u8680\u4e86AIG\u6240\u4fdd\u969c\u7684\u8bb8\u591a\u8bc1\u5238\u7684\u4ef7\u503c\u65f6\uff0c\u8be5\u516c\u53f8\u88ab\u8feb\u51cf\u8bb0\u4e86\u5927\u91cf\u7684\u884d\u751f\u54c1\u5934\u5bf8\u3002\u8fd9\u8ba9\u6295\u8d44\u8005\u60ca\u614c\u5931\u63aa\uff0c\u7ade\u76f8\u629b\u552eAIG\u80a1\u7968\uff0c\u8fd9\u6837\u4e00\u6765\uff0c\u5f53AIG\u8d8a\u6765\u8d8a\u9700\u8981\u8d44\u91d1\u7684\u65f6\u5019\uff0c\u7b79\u8d44\u5374\u53d8\u5f97\u66f4\u52a0\u56f0\u96be\u4e86\u3002<\/p>\n

\u7ebd\u7ea6\u54a8\u8be2\u516c\u53f8Capital Market Risk Advisors\u7684\u603b\u88c1\u52b3\u5c14(Leslie Rahl)\u8bf4\uff0c\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f\u5e76\u975e\u95ee\u9898\u7684\u6839\u6e90\uff0c\u4f46\u5b83\u4eec\u786e\u5b9e\u52a0\u6df1\u4e86\u8fd9\u573a\u91d1\u878d\u5371\u673a\u3002\u53d1\u884c\u5728\u5916\u7684\u5927\u91cf\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f\u5408\u7ea6\uff0c\u52a0\u4e0a\u5b83\u4eec\u5728\u673a\u6784\u95f4\u76f4\u63a5\u4ea4\u6613\u3001\u7f3a\u4e4f\u96c6\u4e2d\u5316\u6e05\u7b97\u7684\u4e8b\u5b9e\uff0c\u8ba9\u8bb8\u591a\u5927\u94f6\u884c\u548c\u7ecf\u7eaa\u5546\u7684\u547d\u8fd0\u4ea4\u7ec7\u5728\u4e86\u4e00\u8d77\u3002<\/p>\n

\u73b0\u4ee3\u53f2\u4e0a\uff0c\u51e0\u4e4e\u6ca1\u6709\u54ea\u6b21\u91d1\u878d\u5371\u673a\u79bb\u5f97\u4e86\u653f\u5e9c\u7684\u5e72\u9884\u3002\u653f\u5e9c\u5b98\u5458\u8d8a\u6765\u8d8a\u503e\u5411\u4e8e\u8ba4\u4e3a\uff0c\u6216\u8bb8\u8fd8\u9700\u8981\u66f4\u591a\u7684\u5e72\u9884\u3002\u4f46\u73b0\u5728\u9762\u4e34\u7684\u4e00\u5927\u95ee\u9898\u662f\uff1aFed\u5df2\u7ecf\u5bf9\u867d\u7136\u5065\u5168\u3001\u4f46\u5df2\u5931\u53bb\u5e02\u573a\u5ba0\u7231\u7684\u56f0\u5883\u4e2d\u673a\u6784\u63d0\u4f9b\u4e86\u8d44\u91d1\u652f\u6301\u3002\u5b83\u5df2\u7ecf\u4e0b\u8c03\u4e86\u5229\u7387\uff0c\u4ee5\u6b64\u6765\u51cf\u5c11\u7ecf\u6d4e\u6d3b\u52a8\u4e2d\u7684\u501f\u8d37\u6210\u672c\u3001\u9f13\u52b1\u6295\u8d44\u548c\u652f\u51fa\u3002<\/p>\n

\u4f46\u5b83\u5728\u5411\u91d1\u878d\u673a\u6784\u63d0\u4f9b\u6025\u9700\u8d44\u91d1\u65b9\u9762\u5374\u5e76\u672a\u505a\u597d\u51c6\u5907\uff0c\u8fd9\u4e9b\u673a\u6784\u9700\u8981\u8d44\u91d1\u6765\u6539\u5584\u8d22\u52a1\u72b6\u51b5\u3001\u589e\u52a0\u5bf9\u5916\u653e\u8d37\u3002<\/p>\n

\u6b63\u5e38\u60c5\u51b5\u4e0b\uff0c\u6025\u9700\u8d44\u672c\u7684\u516c\u53f8\u901a\u5e38\u4f1a\u9760\u81ea\u5df1\u6765\u7b79\u63aa\u3002\u5728\u773c\u4e0b\u8fd9\u573a\u5371\u673a\u4e2d\uff0c\u534e\u5c14\u8857\u5de8\u5934\u4eec\u7eb7\u7eb7\u5411\u653f\u5e9c\u63a7\u5236\u7684\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u6c42\u63f4\uff0c\u6bd4\u5982\u82b1\u65d7(Citigroup)\u5c31\u662f\u5982\u6b64\u3002<\/p>\n

\u4f46\u662f\uff0c\u4e0d\u8bba\u662f\u5728\u534e\u5c14\u8857\u8fd8\u662f\u5728\u534e\u76db\u987f\uff0c\u8d8a\u6765\u8d8a\u591a\u7684\u4eba\u9884\u8ba1\uff0c\u7f8e\u56fd\u7eb3\u7a0e\u4eba\u8981\u4e48\u5c06\u628a\u4e0d\u826f\u8d44\u4ea7\u4ece\u91d1\u878d\u673a\u6784\u624b\u4e2d\u627f\u63a5\u8fc7\u6765\uff0c\u4ee5\u4fbf\u540e\u8005\u6709\u6761\u4ef6\u7b79\u96c6\u8d44\u672c\u91d1\uff0c\u8981\u4e48\u5c06\u81ea\u5df1\u7684\u94b1\u6ce8\u5165\u8fd9\u4e9b\u516c\u53f8\uff0c\u50cf\u8d22\u653f\u90e8\u51b3\u5b9a\u63a5\u7ba1\u6309\u63ed\u5de8\u5934\u623f\u5229\u7f8e(Fannie Mae)\u548c\u623f\u5730\u7f8e(Freddie Mac)\u5c31\u5c5e\u6b64\u4f8b\u3002<\/p>\n

\u4f17\u8bae\u9662\u91d1\u878d\u670d\u52a1\u59d4\u5458\u4f1a\u4e3b\u5e2d\u3001\u9a6c\u8428\u8bf8\u585e\u5dde\u6c11\u4e3b\u515a\u4eba\u5df4\u5c3c\u00b7\u5f17\u5170\u514b(Barney Frank)\u63d0\u51fa\uff0c\u521b\u5efa\u4e00\u4e2a\u7c7b\u4f3cResolution Trust Corp.\u90a3\u6837\u7684\u673a\u6784\u3002\u8be5\u516c\u53f8\u5f53\u5e74\u63a5\u7ba1\u4e86\u5012\u95ed\u94f6\u884c\u548c\u50a8\u84c4\u673a\u6784\u7684\u8d44\u4ea7\uff0c\u7136\u540e\u82b1\u6570\u5e74\u65f6\u95f4\u4e3a\u5b83\u4eec\u5bfb\u627e\u4e70\u5bb6\u3002<\/p>\n

1989-1991\u5e74\u671f\u95f4\u8d1f\u8d23RTC\u7684\u5a01\u5ec9\u00b7\u897f\u5fb7\u66fc(William Seidman)\u8bf4\uff0c\u5f53\u5e02\u573a\u4e0a\u53d1\u751f\u91cd\u5927\u635f\u5931\u65f6\uff0c\u53ea\u6709\u4e09\u4e2a\u4eba\u80fd\u5206\u62c5\u8fd9\u635f\u5931\uff0c\u90a3\u5c31\u662f\u503a\u5238\u6301\u6709\u4eba\u3001\u80a1\u7968\u6301\u6709\u4eba\u548c\u653f\u5e9c\u3002\u8fd9\u6b63\u662f\u6211\u4eec\u76ee\u524d\u770b\u5230\u7684\u60c5\u666f\u3002\u6211\u4eec\u4f1a\u628a\u8fd9\u4e9b\u635f\u5931\u4e00\u53e4\u8111\u63a8\u7ed9\u7eb3\u7a0e\u4eba\u5417\uff1f<\/p>\n

RTC\u7684\u6210\u7acb\u5f53\u65f6\u4f3c\u4e4e\u5f88\u6709\u4e89\u8bae\uff0c\u800c\u4e14\u770b\u4e0a\u53bb\u91ce\u5fc3\u5f88\u5927\u3002\u800c\u5982\u4eca\u8981\u5efa\u7acb\u8fd9\u6837\u4e00\u4e2a\u673a\u6784\u4f1a\u66f4\u52a0\u590d\u6742\u3002RTC\u5904\u7f6e\u7684\u5927\u90e8\u5206\u662f\u5546\u4e1a\u5730\u4ea7\u3002\u800c\u4eca\u5929\u7684\u95ee\u9898\u8d44\u4ea7\u662f\u5404\u79cd\u5404\u6837\u590d\u6742\u7684\u503a\u5238\uff0c\u5176\u4e2d\u8bb8\u591a\u8fd8\u5305\u62ec\u5176\u4ed6\u6295\u8d44\u5de5\u5177\uff0c\u8fd9\u4e9b\u5de5\u5177\u4e2d\u76f8\u5e94\u5730\u53c8\u5305\u542b\u5176\u4ed6\u54c1\u79cd\uff0c\u6700\u540e\u7684\u4ea7\u54c1\u76f8\u8f83\u6700\u521d\u7684\u5b9e\u9645\u6309\u63ed\u8d37\u6b3e\u6216\u6d88\u8d39\u8d37\u6b3e\u5df2\u7ecf\u8fc7\u4e86\u6570\u9053\u64cd\u4f5c\u3002\u8981\u89e3\u5f00\u8fd9\u4e9b\u7ea0\u7f20\u7684\u4e1c\u897f\u5c06\u662f\u4e00\u4ef6\u7e41\u91cd\u7684\u5de5\u4f5c\uff0c\u8981\u89e6\u53ca\u57fa\u672c\u7684\u4e2d\u95f4\u62c5\u4fdd\u662f\u4ef6\u56f0\u96be\u7684\u4e8b\u3002<\/p>\n

\u5728\u8fd9\u573a\u5371\u673a\u7684\u521d\u671f\uff0c\u76d1\u7ba1\u673a\u6784\u53d1\u89c9\uff0c\u4ed6\u4eec\u7684\u89c4\u5219\u4e0d\u9002\u5e94\u4ed6\u4eec\u8d1f\u8d23\u76d1\u7ba1\u7684\u3001\u5df2\u8fc5\u901f\u53d8\u5316\u7684\u91d1\u878d\u7cfb\u7edf\u3002\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a(SEC)\u5bf9\u5904\u4e8e\u5371\u673a\u6838\u5fc3\u7684\u5404\u5bb6\u6295\u8d44\u94f6\u884c\u7684\u76d1\u7ba1\u4e0d\u50cf\u76f8\u5173\u673a\u6784\u5bf9\u5546\u4e1a\u94f6\u884c\u7684\u76d1\u7ba1\u90a3\u4e48\u4e25\u5bc6\u3002<\/p>\n

\u5927\u8427\u6761\u53d1\u751f\u540e\uff0c\u4e3a\u9632\u8303\u50a8\u6237\u6324\u5151\u7b49\u98ce\u9669\uff0c\u7f8e\u56fd\u653f\u5e9c\u5efa\u7acb\u4e86\u4e00\u5957\u5173\u95ed\u7834\u4ea7\u94f6\u884c\u7684\u5236\u5ea6\u3002\u800c\u73b0\u5728\uff0c\u6324\u5151\u5374\u53d1\u751f\u5728\u76d1\u7ba1\u90e8\u95e8\u57fa\u672c\u60f3\u4e0d\u5230\u7684\u9886\u57df\uff0c\u6bd4\u5982\u56de\u8d2d\u5e02\u573a\uff0c\u90a3\u91cc\u662f\u6295\u8d44\u94f6\u884c\u4e3a\u4ed6\u4eec\u7684\u65e5\u5e38\u64cd\u4f5c\u7b79\u96c6\u8d44\u91d1\u7684\u5730\u65b9\u3002\u800c\u4e14\uff0c\u76d1\u7ba1\u90e8\u95e8\u9488\u5bf9\u96f7\u66fc\u5144\u5f1f\u8fd9\u6837\u7684\u6295\u884c\u5012\u95ed\u4e5f\u6ca1\u6709\u76f8\u5e94\u7684\u5904\u7f6e\u7a0b\u5e8f\u3002\u800cAIG\u8fd9\u6837\u7684\u4fdd\u9669\u5546\u751a\u81f3\u4e0d\u53d7\u8054\u90a6\u673a\u6784\u76d1\u7ba1\u3002<\/p>\n

\u76d1\u7ba1\u673a\u6784\u51e0\u4e4e\u662f\u6709\u610f\u8981\u8ba9\u66f4\u591a\u94f6\u884c\u5728\u672a\u6765\u6570\u6708\u5012\u95ed\uff0c\u8054\u90a6\u5b58\u6b3e\u62c5\u4fdd\u516c\u53f8(Federal Deposit Insurance Corp.)\u6b63\u5728\u5236\u5b9a\u8ba1\u5212\uff0c\u8981\u6c42\u94f6\u884c\u589e\u7f34\u4fdd\u8d39\uff0c\u4ee5\u4fbf\u5b83\u80fd\u505a\u5f3a\u7528\u4e8e\u652f\u6301\u5b58\u6b3e\u7684\u57fa\u91d1\u3002\u68c0\u67e5\u4eba\u5458\u5bf9\u5168\u56fd\u8303\u56f4\u7684\u94f6\u884c\u6536\u7d27\u4e86\u63a7\u5236\u3002<\/p>\n

\u4e00\u4e2a\u8ba9\u4eba\u6b23\u6170\u7684\u7591\u95ee\u662f\uff0c\u4e3a\u4ec0\u4e48\u91d1\u878d\u5371\u673a\u5e76\u672a\u5bf9\u7f8e\u56fd\u7ecf\u6d4e\u9020\u6210\u66f4\u4e25\u91cd\u7684\u51b2\u51fb\u2500\u2500\u81f3\u5c11\u76ee\u524d\u5982\u6b64\u3002Verizon Communications\u7684\u9996\u5e2d\u6267\u884c\u957f\u4f0a\u6587\u00b7\u897f\u767b\u4f2f\u683c(Ivan Seidenberg)\u5468\u4e09\u8bf4\uff0c\u8fd9\u573a\u91d1\u878d\u5371\u673a\u5e76\u6ca1\u6709\u5bfc\u81f4\u65b0\u521b\u516c\u53f8\u51cf\u5c11\u3001\u7814\u53d1\u6295\u5165\u4e0b\u964d\u3001\u8425\u9500\u653e\u6162\u3002\u6211\u4eec\u5c1a\u672a\u89c1\u5230\u8fd9\u4e9b\u8ff9\u8c61\u3002\u6211\u76f8\u4fe1\uff0c\u6bcf\u5bb6\u516c\u53f8\u90fd\u5728\u5173\u6ce8\u7740\u5b83\u3002<\/p>\n

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\n

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\u5ba2\u89c2\u4e0a\u8bb2\uff0c\u91d1\u878d\u4e1a\u672c\u8eab\u5c31\u662f\u98ce\u9669\u4e0e\u673a\u9047\u5e76\u5b58\u7684\u884c\u4e1a\uff0c\u98ce\u9669\u63a7\u5236\u4e00\u76f4\u662f\u91d1\u878d\u4e1a\u7684\u91cd\u8981\u5185\u5bb9\u3002\u4f46\u4ece\u6b64\u6b21\u534e\u5c14\u8857\u91d1\u878d\u98ce\u66b4\u6765\u770b\uff0c\u4e0d\u5c11\u91d1\u878d\u673a\u6784\u53ea\u987e\u8ffd\u9010\u6700\u5927\u5229\u76ca\uff0c\u6781\u7aef\u5316\u5730\u53d1\u6325\u4e86\u5404\u79cd\u91d1\u878d\u884d\u751f\u54c1\u7684\u4f5c\u7528\uff0c\u4f7f\u865a\u62df\u7ecf\u6d4e\u8fc7\u5ea6\u81a8\u80c0\uff0c\u4ece\u800c\u917f\u6210\u6076\u679c\u3002 <\/p>\n

\u4ece\u76ee\u524d\u534e\u5c14\u8857\u60c5\u51b5\u6765\u770b\uff0c\u4e94\u5bb6\u5927\u6295\u8d44\u94f6\u884c\u4e2d\u5df2\u7ecf\u6709\u4e09\u5bb6\u6d88\u5931\uff0c\u5176\u8d1f\u9762\u5f71\u54cd\u8fd8\u6709\u5728\u884c\u4e1a\u5185\u6269\u5927\u7684\u8ff9\u8c61\u3002\u4f5c\u4e3a\u7f8e\u56fd\u5546\u4e1a\u4fdd\u9669\u7684\u4e3b\u8981\u63d0\u4f9b\u5546\uff0c\u7f8e\u56fd\u56fd\u9645\u96c6\u56e2\u7684\u4e25\u91cd\u5c40\u9762\u66f4\u503c\u5f97\u4eba\u4eec\u6df1\u601d\u3002\u4fdd\u9669\u5de8\u5934\u81ea\u8eab\u96be\u4fdd\uff0c\u8fd9\u6050\u6015\u662f\u7f8e\u56fd\u653f\u5e9c\u5927\u529b\u6551\u52a9\u4e4b\u540e\uff0c\u5e02\u573a\u5404\u65b9\u7684\u60c5\u7eea\u4ecd\u7eb7\u7eb7\u5012\u5411\u6d88\u6781\u65b9\u9762\u7684\u91cd\u8981\u539f\u56e0\u3002 <\/p>\n

\u4fdd\u9669\u4e1a\u7684\u5174\u8d77\u65e0\u7591\u662f\u73b0\u4ee3\u6587\u660e\u7684\u4e00\u5927\u6210\u679c\uff0c\u5b83\u4f7f\u5f97\u4f17\u591a\u4e2a\u4eba\u53ef\u4ee5\u9488\u5bf9\u4e00\u751f\u4e2d\u751f\u8001\u75c5\u6b7b\u7b49\u591a\u4e2a\u65b9\u9762\u672a\u96e8\u7ef8\u7f2a\uff0c\u6709\u5229\u4e8e\u5b9e\u73b0\u793e\u4f1a\u6574\u4f53\u7684\u548c\u8c10\u4e0e\u8fdb\u6b65\u3002\u56e0\u6b64\uff0c\u4fdd\u9669\u516c\u53f8\u7406\u5e94\u5177\u6709\u8f83\u9ad8\u7684\u884c\u4e1a\u6807\u51c6\uff0c\u5728\u5177\u4f53\u4e1a\u52a1\u4e2d\u5e94\u5f53\u660e\u786e\u53ef\u4ee5\u6d89\u8db3\u7684\u9886\u57df\uff0c\u907f\u514d\u906d\u53d7\u635f\u5931\uff0c\u66f4\u4e0d\u80fd\u65e0\u89c6\u201c\u9053\u5fb7\u98ce\u9669\u201d\u95ee\u9898\u3002 <\/p>\n

\u7f8e\u56fd\u91d1\u878d\u5371\u673a\u4ecd\u5728\u7ee7\u7eed\uff0c\u4e3a\u5404\u65b9\u6572\u54cd\u58f0\u58f0\u8b66\u949f\u3002\u9762\u5bf9\u8fd9\u4e00\u4e25\u91cd\u7684\u56fd\u9645\u7ecf\u6d4e\u4e8b\u4ef6\uff0c\u5404\u65b9\u5e94\u8be5\u6df1\u523b\u53cd\u601d\u5e76\u5438\u53d6\u6559\u8bad\u3002 <\/p>\n

\u65b0\u534e\u793e\u4eca\u6668\u4e13\u7535\u3000\u5168\u7403\u77e5\u540d\u6295\u8d44\u4eba\u4e54\u6cbb?\u7d22\u7f57\u65af16\u65e5\u8bf4,\u91d1\u878d\u5e02\u573a\u9707\u8361\u8fdc\u672a\u7ed3\u675f,\u82f1\u56fd\u53ef\u80fd\u6210\u4e3a\u8fd1\u4e00\u6bb5\u65f6\u671f\u534e\u5c14\u8857\u91d1\u878d\u5730\u9707\u9664\u7f8e\u56fd\u5916\u201c\u6700\u53d7\u4f24\u201d\u7684\u7ecf\u6d4e\u4f53\u3002 <\/p>\n

\u7d22\u7f57\u65af\u5f53\u5929\u63a5\u53d7\u82f1\u56fd\u5e7f\u64ad\u516c\u53f8(BBC)\u8bb0\u8005\u91c7\u8bbf\u65f6,\u5c31\u96f7\u66fc\u5144\u5f1f\u516c\u53f8\u7533\u8bf7\u7834\u4ea7\u4fdd\u62a4\u548c\u7f8e\u56fd\u56fd\u9645\u96c6\u56e2(AIG)\u9677\u5165\u56f0\u5883\u53d1\u8868\u610f\u89c1\u3002\u4ed6\u8bf4:\u201c\u6211\u62c5\u5fc3,\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a,\u6211\u4eec\u4ecd\u5728\u8fdb\u5165\u98ce\u66b4\u7684\u8fc7\u7a0b\u4e2d,\u800c\u975e\u8d70\u51fa\u98ce\u66b4\u3002\u201d <\/p>\n

\u8bb0\u8005\u95ee\u53ca\u653f\u5e9c\u662f\u5426\u5e94\u51fa\u624b\u62ef\u6551\u96f7\u66fc\u5144\u5f1f\u65f6,\u7d22\u7f57\u65af\u8bf4\u662f\u4e0e\u5426\u5e94\u4ea4\u7531\u5e02\u573a\u68c0\u9a8c,\u4f46\u4ed6\u5f3a\u8c03\u653f\u5e9c\u6551\u5e02\u9762\u4e34\u201c\u9053\u5fb7\u98ce\u9669\u201d,\u201c\u6700\u7ec8\u4f60\u4e0d\u5f97\u4e0d\u4e3a\u62ef\u6551\u91d1\u878d\u7cfb\u7edf\u800c\u65e0\u6240\u4e0d\u4e3a\u201d\u3002 <\/p>\n

\u7d22\u7f57\u65af\u76f4\u8a00,\u82f1\u56fd\u7ecf\u6d4e\u5bf9\u91d1\u878d\u884c\u4e1a\u7684\u4f9d\u8d56\u4f7f\u5176\u5728\u8fd9\u6b21\u91d1\u878d\u5730\u9707\u4e2d\u5c24\u4e3a\u8106\u5f31\u3002 <\/p>\n

\u201c\u91d1\u878d\u884c\u4e1a\u662f\u82f1\u56fd\u7ecf\u6d4e\u91cd\u8981\u90e8\u5206,\u201d\u4ed6\u8bf4,\u201c\u6240\u4ee5\u6211\u8ba4\u4e3a,\u82f1\u56fd\u5728\u8fd9\u6b21\u91d1\u878d\u5371\u673a\u4e2d\u53d7\u5230\u7684\u51b2\u51fb\u8fdc\u6bd4\u5176\u4ed6\u7edd\u5927\u591a\u6570\u56fd\u5bb6\u66f4\u4e25\u91cd\u3002\u201d <\/p>\n

\n

\u7f57\u6770\u65af\uff1a\u6211\u6709\u751f\u4e4b\u5e74\u770b\u4e0d\u5230\u53cd\u5f39\u4e86<\/strong><\/p>\n

\u65b0\u4eac\u62a5\/<\/p>\n

\u97e9\u5fb7\u5f3a\uff1a\u5317\u822a\u7ecf\u6d4e\u5b66\u9662\u7814\u7a76\u5458
\n\u5b8b\u9e3f\u5175\uff1a \u300a\u8d27\u5e01\u6218\u4e89\u300b\u4f5c\u8005\u3001\u5b8f\u6e90\u8bc1\u5238\u878d\u8d44\u90e8\u603b\u7ecf\u7406
\n\u7f57\u6770\u65af\uff1a\u6295\u8d44\u5927\u5e08<\/p>\n

2008\u5e746\u30017\u30018\u6708\u4ee5\u6765\uff0c\u7f8e\u56fd\u91d1\u878d\u5e02\u573a\u98ce\u4e91\u7a81\u53d8\uff0c\u5f62\u52bf\u6025\u8f6c\u76f4\u4e0b\uff0c\u5168\u7403\u80a1\u7968\u5e02\u573a\u51fa\u73b0\u4e86\u7f55\u89c1\u7684\u96c6\u4f53\u66b4\u8dcc\u884c\u60c5\u3002\u300a\u8d27\u5e01\u6218\u4e89\u300b\u4f5c\u8005\u3001\u5b8f\u6e90\u8bc1\u5238\u6295\u8d44\u94f6\u884c\u7ed3\u6784\u878d\u8d44\u90e8\u603b\u7ecf\u7406\u5b8b\u9e3f\u5175\u65e9\u57286\u6708\u5c31\u660e\u786e\u6307\u51fa\uff0c”\u7f8e\u8054\u50a8\u5b8c\u5168\u6e05\u695a\u95ee\u9898\u7684\u4e25\u91cd\u6027\uff0c\u4e00\u573a\u5de8\u5927\u7684\u91d1\u878d\u6d77\u5578\u5df2\u4e0d\u53ef\u907f\u514d\uff0c\u53d1\u751f\u7684\u65f6\u95f4\u6bb5\u5c31\u662f2008\u5e746\u6708\u52302009\u5e74\u590f\uff0c\u4f46\u76f4\u5230\u76ee\u524d\u4e3a\u6b62\uff0c\u7f8e\u8054\u50a8\u5b8c\u5168\u6ca1\u6709\u5411\u4e16\u754c\u6295\u8d44\u8005\u53d1\u51fa\u4efb\u4f55\u9884\u8b66\u3002\u5728\u6beb\u65e0\u8b66\u89c9\u548c\u9884\u9632\u7684\u60c5\u51b5\u4e0b\uff0c\u4e16\u754c\u8303\u56f4\u5185\u7684\u5e7f\u5927\u6295\u8d44\u4eba\u52bf\u5fc5\u906d\u53d7\u91cd\u521b\u3002”<\/p>\n

\u4ed6\u575a\u5b9a\u8ba4\u4e3a\uff0c\u81ea6\u6708\u5f00\u59cb\uff0c\u7f8e\u56fd\u6b21\u8d37\u5371\u673a\u5df2\u8fdb\u5165\u7b2c\u4e8c\u9636\u6bb5\uff0c\u5373\u4fe1\u7528\u8fdd\u7ea6\u7684\u5371\u673a\u3002\u800c\u6b21\u8d37\u5371\u673a\u5c06\u5206\u4e3a\u56db\u4e2a\u9636\u6bb5\u3002<\/p>\n

\u7b2c\u4e00\u9636\u6bb5\uff1a\u6d41\u52a8\u6027\u5371\u673a\uff082007\u5e742\u6708–2008\u5e745\u6708\uff09<\/p>\n

\u6211\u56fd\u4e3b\u6d41\u89c2\u5ff5\u8ba4\u4e3a\u7f8e\u56fd\u6b21\u8d37\u5371\u673a\u52304\u30015\u6708\u4efd\u5df2\u7ecf\u7ed3\u675f\u4e86\uff0c\u7f8e\u56fd\u7ecf\u6d4e\u4f1a\u5728\u4e0b\u534a\u5e74\u91cd\u65b0\u8d70\u5f3a\u3002\u5b8b\u9e3f\u5175\u8ba4\u4e3a\uff0c\u8fd9\u662f\u5371\u673a\u7684\u7b2c\u4e00\u9636\u6bb5\u521a\u521a\u6d88\u9000\u4e0b\u6765\u3002\u5982\u679c\u8bf4\u5371\u673a\u7684\u7279\u70b9\uff0c\u4ed6\u8bf4\uff0c\u4e3b\u8981\u662f\u6d41\u52a8\u6027\u5371\u673a\u3002\u7f8e\u56fd\u6b21\u7ea7\u623f\u5730\u4ea7\u62b5\u62bc\u8d37\u6b3e\u5e02\u573a\u5371\u673a\u7206\u53d1\uff0c\u7f8e\u56fd\u623f\u5730\u4ea7\u4e1a\u4e25\u91cd\u8870\u9000\u3002\u7f8e\u56fd\u592e\u884c\u6551\u5e02\uff0c\u6ce8\u5165\u4e861\u4e07\u4ebf\u7f8e\u5143\u7684\u6d41\u52a8\u6027\uff0c\u7f13\u89e3\u4e86\u4e2d\u592e\u94f6\u884c\u7684\u6d41\u52a8\u6027\u5a01\u80c1\u3002\u4f46\u8001\u767e\u59d3\u6709\u7740\u5927\u91cf\u7684\u8d1f\u503a\uff0c\u6b64\u4e3e\u89e3\u51b3\u4e86\u4e2d\u592e\u94f6\u884c\u7684\u6d41\u52a8\u6027\u5371\u673a\uff0c\u5374\u6ca1\u6709\u89e3\u51b3\u8d1f\u503a\u5371\u673a\u3002<\/p>\n

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\u7f57\u6770\u65af\u4e00\u5e74\u524d\u5c31\u8bf4\u4e0d\u8981\u78b0\u7f8e\u56fd\u7684\u91d1\u878d\u80a1\uff0c\u4ed6\u81ea\u5df1\u4e5f\u65e9\u5df2\u628a\u91d1\u878d\u80a1\u5356\u7a7a\u4e86\uff0c\u800c\u4e14\u73b0\u5728\u4ecd\u7136\u6301\u6709\u7a7a\u5934\u3002<\/p>\n

“\u5b83\u4eec\u5e76\u6ca1\u6709\u663e\u793a\u51fa\u4efb\u4f55\u4ef7\u503c\uff0c\u5982\u679c\u5b83\u4eec\u6da8\u4e86\uff0c\u90a3\u6211\u5c31\u4f1a\u7ee7\u7eed\u5356\u7a7a\uff0c\u8d1d\u5c14\u65af\u767b\u6211\u662f77\u7f8e\u5143\u5356\u7a7a\u7684\uff0c\u7f8e\u6797\u5219\u662f53\u7f8e\u5143\uff0c\u8981\u77e5\u9053\uff0c\u5728\u771f\u6b63\u7684\u718a\u5e02\u4e2d\uff0c\u8fd9\u4e9b\u80a1\u7968\u53ea\u503c10\u5757\u94b1\uff08\u8d1d\u5c14\u65af\u767b\u6700\u540e\u771f\u7684\u53ea\u670910\u5757\u94b1\uff09\uff0c\u5e76\u4e0d\u5149\u662f\u5b83\u4eec\uff0c\u6240\u6709\u6295\u8d44\u94f6\u884c\uff0c\u56de\u987e\u4e00\u4e0b\u5386\u53f2\u5c31\u53ef\u4ee5\u53d1\u73b0\uff0c\u6295\u8d44\u94f6\u884c\u5728\u718a\u5e02\u91cc\u4f1a\u6210\u6279\u5730\u5012\u95ed\u3002”\u4eca\u5e74\u5e74\u521d\u4ed6\u63a5\u53d7\u8bb0\u8005\u91c7\u8bbf\u65f6\u5982\u662f\u8bf4\u3002\u73b0\u5728\uff0c\u7f57\u6770\u65af\u5df2\u7ecf\u4ece\u7f8e\u56fd\u7ebd\u7ea6\u642c\u5bb6\u53bb\u4e86\u65b0\u52a0\u5761\uff0c\u4ed6\u8fd8\u628a\u81ea\u5df1\u7684\u5973\u513f\u9001\u5230\u4e86\u5f53\u5730\u7684\u534e\u8bed\u5b66\u6821\u3002<\/p>\n

\u8fd1\u65e5\u4ed6\u5728\u65b0\u52a0\u5761\u63a5\u53d7\u5a92\u4f53\u91c7\u8bbf\u65f6\uff0c\u88ab\u95ee\u53ca\u7f8e\u56fd\u7684\u8fd9\u573a\u91d1\u878d\u5371\u673a\u4f55\u65f6\u4f1a\u89e6\u5e95\u53cd\u5f39\uff0c\u4ed6\u56de\u7b54\u9053”\u8fd9\u662f\u4e00\u6761\u6f2b\u957f\u9053\u8def\uff0c\u4e8b\u5b9e\u4e0a\uff0c\u5728\u6211\u4eec\u6709\u751f\u4e4b\u5e74\u4f3c\u4e4e\u90fd\u770b\u4e0d\u5230\u4e86\u3002”<\/p>\n

\u4ed6\u8bf4\uff1a”\u4f2f\u5357\u514b\uff08\u7f8e\u8054\u50a8\u4e3b\u5e2d\uff09\u548c\u4ed6\u7684\u4f19\u8ba1\u4eec\u5f00\u59cb\u6765\u63f4\u6551\u4e86\uff0c\u8fd9\u53ef\u80fd\u4f1a\u628a\u95ee\u9898\u63a9\u76d6\u4e00\u6bb5\u65f6\u95f4\uff0c\u5f53\u7136\u6211\u4e0d\u77e5\u9053\u4ed6\u4eec\u80fd\u63a9\u76d6\u591a\u4e45\uff0c\u7136\u540e\u707e\u96be\u5c31\u4f1a\u7ee7\u7eed\u3002\u4ed6\u4eec\u80fd\u63a9\u76d6\u516d\u5929\u8fd8\u662f\u516d\u5468\uff1f\u6211\u4e0d\u77e5\u9053\uff0c\u6211\u5012\u662f\u5e0c\u671b\u6211\u80fd\u591f\u77e5\u9053\uff0c\u4f46\u6211\u771f\u4e0d\u77e5\u9053\u3002””\u5728\u8fc7\u53bb\u7684200\u5e74\u91cc\uff0c\u7f8e\u56fd\u7684\u6c11\u9009\u653f\u6cbb\u5bb6\u548c\u6d41\u6c13\u4eec\u603b\u5171\u8ba9\u7f8e\u56fd\u80cc\u4e0a\u4e865\u4e07\u4ebf\u7f8e\u5143\u7684\u8d1f\u503a\uff0c\u4f46\u662f\u5728\u8fc7\u53bb\u7684\u51e0\u5468\u91cc\uff0c\u67d0\u4e9b\u5b98\u50da\u53c8\u8ba9\u7f8e\u56fd\u80cc\u4e0a\u4e865\u4e07\u4ebf\u7f8e\u5143\u7684\u8d1f\u503a\u3002”<\/p>\n

\u4ed6\u8bf4\uff0c”\u56de\u987e\u5386\u53f2\u4f1a\u53d1\u73b0\uff0c\u6240\u6709\u90a3\u4e9b\u9677\u5165\u8870\u9000\u7684\u56fd\u5bb6\u5728\u5931\u8d25\u4e4b\u524d\u90fd\u5c1d\u8bd5\u8fc7\u76f4\u63a5\u7684\u7ecf\u6d4e\u5e72\u9884\uff0c\u7f8e\u56fd\u65e9\u5df2\u5f00\u59cb\u4e86\u76f4\u63a5\u7ecf\u6d4e\u5e72\u9884\uff0c\u4f8b\u5982\uff0c\u6211\u4eec\u4e0d\u8ba9\u4e2d\u56fd\u4eba\u4e70\u6211\u4eec\u7684\u77f3\u6cb9\u516c\u53f8\uff0c\u6211\u4eec\u4e0d\u8ba9\u8fea\u62dc\u4f01\u4e1a\u4e70\u6211\u4eec\u7684\u7801\u5934\uff0c\u8bf8\u5982\u6b64\u7c7b\u3002”<\/p>\n

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2002\u5e74\u79d1\u6280\u80a1\u6ce1\u6cab\u7834\u706d\uff0c\u56fd\u5185\u9700\u6c42\u840e\u7f29\uff0c\u7ecf\u6d4e\u518d\u6b21\u9677\u5165\u5371\u673a\u3002\u6b64\u65f6\u7f8e\u56fd\u901a\u8fc7\u7f8e\u5143\u8d2c\u503c\u523a\u6fc0\u6b21\u8d37\u6ce1\u6cab\uff0c\u4fbf\u5b9c\u7684\u623f\u5730\u4ea7\u8d37\u6b3e\u62c9\u52a8\u7f8e\u623f\u5730\u4ea7\u5927\u725b\u5e02\u3002\u4e0d\u8fc7\u97e9\u5fb7\u5f3a\u5f3a\u8c03\uff0c\u8fd9\u79cd\u9760\u6253\u5f3a\u5fc3\u9488\u65b9\u5f0f\u523a\u6fc0\u7684\u7ecf\u6d4e\u9700\u6c42\u4e0d\u662f\u771f\u5b9e\u7684\uff0c\u5176\u5fc5\u5c06\u5bfc\u81f4\u66f4\u5927\u7ecf\u6d4e\u5371\u673a\u3002<\/p>\n

\u97e9\u5fb7\u5f3a\u8d28\u7591\u7f8e\u56fd\u5728\u4e16\u754c\u4e0a\u901a\u8fc7\u5f3a\u52bf\u7f8e\u5143\u653f\u7b56\u7ef4\u6301\u53d1\u949e\u56fd\u5730\u4f4d\u53ef\u4ee5\u7ef4\u6301\u591a\u5c11\u5e74\uff0c\u56e0\u4e3a\u4ef7\u589e\u91cf\u7f29\uff0c\u56fd\u9645\u5bf9\u7f8e\u5143\u7684\u4fe1\u5fc3\u4e0d\u65ad\u4e0b\u964d\uff0c\u7f8e\u5143\u5728\u5404\u56fd\u5916\u6c47\u50a8\u5907\u4e2d\u7684\u6bd4\u4f8b\u4e5f\u4e0d\u65ad\u4e0b\u964d\u3002\u7531\u4e8e\u7f8e\u56fd\u4e0d\u662f\u6cd5\u5f8b\u610f\u4e49\u4e0a\u7684\u53d1\u949e\u56fd\uff0c\u4ed6\u9884\u6d4b\u572830\u5e74\u540e\u7684\u4eca\u5929\uff0c\u7f8e\u5143\u7684\u9738\u4e3b\u5730\u4f4d\u5c06\u7ed3\u675f\u3002<\/p>\n

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\u534e\u5c14\u8857\u6e38\u620f\u89c4\u5219\u88ab\u5927\u5e45\u6539\u5199 \u7f8e\u56fd\u91d1\u878d\u5371\u673a\uff1a\u6050\u614c\u9707\u98a4\u5168\u7403\u5e02\u573a \u5927\u8427\u6761\u4ee5\u6765\u6700\u4e25\u91cd\u5371\u673a\uff0c\u4f55\u5904\u662f\u5c3d\u5934\uff1f \u534e\u5c14\u8857\u6572\u54cd\u8b66\u949f \u7d22\u7f57\u65af\u6697\u793a\u82f1\u56fd\u662f\u4e0b\u4e00\u4e2a\u91cd\u707e\u533a \u7f57\u6770\u65af\uff1a\u6211\u6709\u751f\u4e4b\u5e74\u770b\u4e0d\u5230\u53cd\u5f39\u4e86 \u534e\u5c14\u8857\u6e38\u620f\u89c4\u5219\u88ab\u5927\u5e45\u6539\u5199 \u82f1\u56fd\u91d1\u878d\u65f6\u62a5\/\u5728\u7f8e\u8054\u50a8(Federal Reserve)\u4e3b\u5e2d\u672c\u00b7\u4f2f\u5357\u514b(Ben Bernanke)\u548c\u7f8e…
Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10,91],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=\/wp\/v2\/posts\/7453"}],"collection":[{"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7453"}],"version-history":[{"count":0,"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=\/wp\/v2\/posts\/7453\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}