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そして、サブプライムローン関連の証券価格が下落し、これらの証券を購入した世界中の証券会社や金融機関などに多大な損害が生じていったのです。, サブプライムローン絡みの金融商品は、当初格付けが高かったこともあって、世界中の金融機関が買っているのですから被害は甚大。 P. 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Worsening Subprime Crisis, FRB: Speech-Bernanke, Fostering Sustainable Homeownership-14 March 2008, “Fannie Mae Eases Credit To Aid Mortgage Lending”, http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=all, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1020396, “43% of first-time home buyers put no money down”, http://www.usatoday.com/money/perfi/housing/2006-01-17-real-estate-usat_x.htm, http://sgpropertypress.wordpress.com/2007/09/19/china-to-raise-downpayment-for-second-homes-sources/, http://www.stock-market-investors.com/stock-investment-risk/the-subprime-mortgage-crisis-explained.html, http://www.npr.org/templates/story/story.php?storyId=12561184, http://online.wsj.com/article/SB119662974358911035.html, http://www.banktech.com/story/featured/showArticle.jhtml?articleID=21401117, http://www.nytimes.com/2007/03/23/business/23speed.html?_r=1&partner=rssnyt&emc=rss&oref=slogin, http://www.realtor.org/rmodaily.nsf/f3c66d0c6457c1e1862570af000cb13b/b187c47b7d488dd8862572a7004ec179?OpenDocument, http://www.nytimes.com/2008/01/13/business/13view.html?_r=2&scp=1&sq=Tyler+Cowen&oref=login&oref=slogin, http://web.archive.org/20051216105820/www.fbi.gov/pressrel/pressrel05/quickflip121405.htm, http://articles.latimes.com/2008/aug/25/business/fi-mortgagefraud25, http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html, http://www.pri.org/business/giant-pool-of-money.html, http://www.bankrate.com/brm/news/mortgages/20070418_subprime_mortgage_morality_a1.asp?caret=3c, “Originate-to-Distribute Model and the Subprime Mortgage Crisis”, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1167786, http://www.city-journal.org/2009/19_1_credit.html, http://www.federalreserve.gov/newsevents/testimony/bernanke20090224a.htm, “Recipe for Disaster: The Formula That Killed Wall Street”, http://www.wired.com/techbiz/it/magazine/17-03/wp_quant, http://www.pimco.com/LeftNav/Viewpoints/2008/Viewpoints+Lessons+from+the+Crisis+Spence+November+2008.htm, http://oversight.house.gov/index.php?option=com_content&task=view&id=3437&Itemid=2, “Buttonwood | Credit and blame | Economist.com”, http://www.economist.com/finance/displaystory.cfm?story_id=9769471, http://www.sec.gov/news/press/2008/2008-110.htm, http://www.sec.gov/news/press/2008/2008-284.htm, “The woman who called Wall Street's meltdown”, http://money.cnn.com/2008/08/04/magazines/fortune/whitney_feature.fortune/index.htm, http://www.nytimes.com/2008/09/27/business/27sec.html?em, “Agency's' 04 Rule Let Banks Pile Up New Debt”, http://www.nytimes.com/2008/10/03/business/03sec.html?em, http://money.cnn.com/2008/01/30/real_estate/congress_subprime.fortune/, http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR2008060902626.html, http://online.wsj.com/article/SB122298982558700341.html, http://www.bloomberg.com/apps/news?pid=20601109&sid=adr.czwVm3ws&refer=home, http://www.vanityfair.com/magazine/2009/01/stiglitz200901, http://www.npr.org/templates/story/story.php?storyId=16734629, http://www.robertstoweengland.com/index.php/archived-articles/96-assault-on-the-mortgage-lenders, http://www.city-journal.org/html/10_1_the_trillion_dollar.html, http://www.lewrockwell.com/dilorenzo/dilorenzo125.html, http://www.nypost.com/seven/02052008/postopinion/opedcolumnists/the_real_scandal_243911.htm?page=0, http://www.prospect.org/cs/articles?article=did_liberals_cause_the_subprime_crisis, http://www.newamerica.net/blog/asset-building/2008/no-larry-cra-didn-t-cause-sub-prime-mess-3210, http://financialservices.house.gov/hearing110/barr021308.pdf, “The housing meltdown: Why did it happen in the United States?”, http://www.bis.org/publ/work259.pdf?noframes=1, http://www.investors.com/NewsAndAnalysis/Article/461979/200809182040/Congress-Tries-To-Fix-What-It-Broke.aspx, http://www.csmonitor.com/2008/0917/p09s01-coop.html, http://blogs.wsj.com/economics/2008/12/03/feds-kroszner-defends-community-reinvestment-act/, http://www.usnews.com/blogs/the-home-front/2008/12/17/sheila-bair-stop-blaming-the-community-reinvestment-act.html, http://krugman.blogs.nytimes.com/2010/01/07/cre-ative-destruction/, The Wall Street Journal Online - Featured Article, http://www.economist.com/specialreports/displaystory.cfm?story_id=9972549, “Responses to Questions Concerning Long-Term Capital Management and Related Events”, http://www.gao.gov/archive/2000/gg00067r.pdf, Federal Reserve Board: Monetary Policy and Open Market Operations, http://dallasfed.org/news/speeches/fisher/2006/fs061102.cfm, http://www.federalreserve.gov/newsevents/speech/bernanke20070911a.htm, http://article.nationalreview.com/385887/fixing-mortgages/john-mastrobattista, http://money.cnn.com/2004/07/13/real_estate/buying_selling/risingrates/, http://www.businessweek.com/magazine/content/04_29/b3892064_mz011.htm, “Agency's ’04 Rule Let Banks Pile Up New 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Bloomberg-U.S. European Bank Writedowns & Losses-November 5, 2009, http://www.bloomberg.com/apps/news?pid=newsarchive&refer=home&sid=aNIJ.UO9Pzxw, FRB: Press Release-FOMC Statement-18 September 2007, FRB: Press Release-FOMC statement-18 March 2008, http://federalreserve.gov/newsevents/speech/bernanke20071015a.htm, http://money.cnn.com/2008/11/26/news/economy/where_bailout_stands/index.htm?postversion=2008112813, http://www.federalreserve.gov/newsevents/press/monetary/20081125b.htm, http://www.federalreserve.gov/newsevents/press/monetary/20090318a.htm, http://www.cbsnews.com/stories/2009/03/12/60minutes/main4862191.shtml, http://www.huffingtonpost.com/2008/02/13/rebate-checks-in-the-mail_n_86525.html, http://news.bbc.co.uk/1/hi/business/7889897.stm, http://www.treas.gov/press/releases/20092181117388144.htm, Treasury - Statement by Secretary Henry M. Paulson, Jr. on Comprehensive Approach to Market Developments, “Administration Is Seeking $700 Billion for Wall Street”, http://www.nytimes.com/2008/09/21/business/21cong.html?hp, http://www.ustreas.gov/press/releases/tg65.htm, http://www.nytimes.com/2008/10/03/business/03sec.html+, http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm, http://www.ft.com/cms/s/0/3b94938c-1d59-11de-9eb3-00144feabdc0.html, http://www.telegraph.co.uk/finance/comment/3161595/Financial-Crisis-Someone-will-have-to-dig-us-out-of-all-this-debt.html, Bank of Wyoming Seized; 53rd U.S. Failure This Year (Update1), “Criticism rains down on mortgage industry - USATODAY.com”, http://www.usatoday.com/money/economy/housing/2007-10-23-mortgages-refinance_N.htm, “Hope Now says nearly 8% of subprime borrowers helped - Feb. 6, 2008”, http://money.cnn.com/2008/02/06/news/economy/loan_modification.ap/index.htm?source=yahoo_quote, “BofA to slash mortgage payments for Countrywide borrowers - Oct. 6, 2008”, http://money.cnn.com/2008/10/06/real_estate/Drastic_plan_slashes_mortgage_costs/index.htm?source=yahoo_quote, “CNN - Fannie & Freddie Suspend Foreclosures”, http://money.cnn.com/2008/11/20/real_estate/Fannie_suspends_foreclosures/index.htm?postversion=2008112018, “Economist-Understanding Foreclosure Drivers”, http://www.economist.com/world/unitedstates/PrinterFriendly.cfm?story_id=13145239, http://web.archive.org/web/20080626000254/http://banking.senate.gov/public/_files/HousingandEconomicRecoveryActSummary.pdf, http://money.cnn.com/2008/04/22/real_estate/no_help_for_most_borrowers/index.htm?cnn=yes, “Most mortgage fixes are bad medicine - Dec. 23, 2008”, http://money.cnn.com/2008/12/23/real_estate/new_modifications_same_problems/index.htm?cnn=yes, Boston Globe - Lenders Avoid Redoing Loans, Fed Concludes, LA Times-Homeowners who strategically default a growing problem-September 2009, http://www.mizuho-ri.co.jp/research/economics/pdf/us-eco/200903monthly.pdf, http://www.nli-research.co.jp/report/report/2009/06/repo0906-3.pdf, Fact Sheet-Homeowners Affordability and Stability Plan, NYT-U.S. Sets Big Incentives to Ward Off Foreclosures, Washington Post - Geithner & Summers - A New Financial Foundation, Treasury Department Report - Financial Regulatory Reform, http://online.wsj.com/article/SB124034036512839857.html#mod=loomia?loomia_si=t0:a16:g2:r3:c0.0532507:b24033012, http://www.reuters.com/article/newsOne/idUSTRE51R16220090228?pageNumber=3&virtualBrandChannel=0, The Economist-Rajan-Cycle Proof Regulation, http://www.realclearpolitics.com/articles/2009/03/making_rich_guys_richer.html, http://www.ft.com/cms/s/0/85106daa-f140-11dd-8790-0000779fd2ac.html, http://media.pimco-global.com/pdfs/pdf/GCB%20Focus%20May%2009.pdf?WT.cg_n=PIMCO-US&WT.ti=GCB%20Focus%20May%2009.pdf, Secretary Geithner Testimony to House Financial Service Committee-October 29, 2009, http://www.nytimes.com/interactive/2010/05/20/business/20100520-regulation-graphic.html, FBI Investigating Potential Fraud by Fannie Mae, Freddie Mac, Lehman, AIG, Cuomo: I'll Sue Foreclosure-Relief Scam Artists, http://www.cbsnews.com/stories/2008/06/19/national/main4194649.shtml, FBI ?
そして、サブプライムローン関連の証券価格が下落し、これらの証券を購入した世界中の証券会社や金融機関などに多大な損害が生じていったのです。, サブプライムローン絡みの金融商品は、当初格付けが高かったこともあって、世界中の金融機関が買っているのですから被害は甚大。 P. Minsky, 77, Economist Who Decoded Lending Trends”, http://query.nytimes.com/gst/fullpage.html?res=990CEEDB1F30F935A15753C1A960958260, http://money.cnn.com/2007/04/30/real_estate/speculators_fleeing_housing_markets/index.htm, http://www.local10.com/news/4277615/detail.html, http://realtytimes.com/rtpages/20050321_tighterrules.htm, http://www.city-journal.org/2008/eon1029ng.html, http://www.theatlantic.com/doc/200807/housing, http://www.dailyreckoning.co.uk/economic-forecasts/hyman-minsky-why-is-the-economist-suddenly-popular.html, http://www.nytimes.com/2010/05/14/business/14banks.html?hp, http://www.c-span.org/Watch/Media/2010/06/02/HP/R/33689/Financial+Crisis+Inquiry+Commission.aspx, “Minorities hit hard by rising costs of subprime loans - USATODAY.com”, http://www.usatoday.com/money/economy/housing/2007-04-25-subprime-minorities-usat_N.htm, http://money.cnn.com/2005/08/08/news/economy/illegal_immigrants/, Warning signs of a bad home loan (Page 2 of 2), NPR: Economists Brace for Worsening Subprime Crisis, FRB: Speech-Bernanke, Fostering Sustainable Homeownership-14 March 2008, “Fannie Mae Eases Credit To Aid Mortgage Lending”, http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=all, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1020396, “43% of first-time home buyers put no money down”, http://www.usatoday.com/money/perfi/housing/2006-01-17-real-estate-usat_x.htm, http://sgpropertypress.wordpress.com/2007/09/19/china-to-raise-downpayment-for-second-homes-sources/, http://www.stock-market-investors.com/stock-investment-risk/the-subprime-mortgage-crisis-explained.html, http://www.npr.org/templates/story/story.php?storyId=12561184, http://online.wsj.com/article/SB119662974358911035.html, http://www.banktech.com/story/featured/showArticle.jhtml?articleID=21401117, http://www.nytimes.com/2007/03/23/business/23speed.html?_r=1&partner=rssnyt&emc=rss&oref=slogin, 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http://blogs.wsj.com/economics/2008/12/03/feds-kroszner-defends-community-reinvestment-act/, http://www.usnews.com/blogs/the-home-front/2008/12/17/sheila-bair-stop-blaming-the-community-reinvestment-act.html, http://krugman.blogs.nytimes.com/2010/01/07/cre-ative-destruction/, The Wall Street Journal Online - Featured Article, http://www.economist.com/specialreports/displaystory.cfm?story_id=9972549, “Responses to Questions Concerning Long-Term Capital Management and Related Events”, http://www.gao.gov/archive/2000/gg00067r.pdf, Federal Reserve Board: Monetary Policy and Open Market Operations, http://dallasfed.org/news/speeches/fisher/2006/fs061102.cfm, http://www.federalreserve.gov/newsevents/speech/bernanke20070911a.htm, http://article.nationalreview.com/385887/fixing-mortgages/john-mastrobattista, http://money.cnn.com/2004/07/13/real_estate/buying_selling/risingrates/, http://www.businessweek.com/magazine/content/04_29/b3892064_mz011.htm, “Agency's ’04 Rule Let Banks Pile Up New 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先日、リーマンショックの記事を書きました。 けっこう好評をいただいて、読んだ方からのご要望にサブプライムローンをもう少し掘り下げてほしい、というご要望がありました。. Federal Reserve gives 16 Trillion of your money to their bankster buddies. 米国発のサブプライムローン問題は、最終的には、「世界金融危機（世界的な信用不安）」を引き起こし、2007年8月の「パリバショック」や2009年の「リーマンショック」なども一連の流れの中で起こったものです。 サブプライムローン問題が引き起こしたもの. An International Historical Comparison, http://www.brookings.edu/~/media/Files/rc/papers/2009/0615_economic_crisis_baily_elliott/0615_economic_crisis_baily_elliott.pdf, Financial Crisis Inquiry Commission - Homepage, “Government warned of mortgage meltdown Regulators ignored warnings about risky mortgages, delayed regulations on the industry”, http://money.cnn.com/2008/12/01/news/ignored_warnings.ap/index.htm, The Economic Crisis: Its Origins and the Way Forward, https://ja.wikipedia.org/w/index.php?title=サブプライム住宅ローン危機&oldid=80188127, 洗練された金融工学に支えられた自由で開かれた金融市場は、資金を最も利益が大きくかつ最も生産的な用途に振り向けて、市場の効率性と安定性を最も効果的に支える, 数学や物理学に内在する概念は、信用リスク評価用の様々な金融モデルという形で、市場に直接適用可能である, 経済的な不均衡、例えば巨額の貿易赤字や過剰消費を伺わせる低貯蓄率、は持続可能である, 様々な融資制度を設けてFRBが銀行とノンバンクに直接融資できるようにした。その際は様々な信用品質を持つ特定の種類の担保を取った。こうした制度の中にはターム物競争入札制度(, 企業が秩序を保ちつつ破綻できる仕組みを確立し、「救済される」という事態は排除する。, 納税者がいかなる損失をも被らないよう保障する。このために損失はその企業への投資家に回し、また最大手金融機関の拠出による資金プールを設立し受け皿とする。, この解体過程においてはFDICおよび連邦準備銀行との間で然るべき検査や預金残高の維持を求めることとする。, 金融企業と関連する規制当局に対し、資本および流動性についてもっと強力なポジションを取るよう義務付ける, Committee for a Responsible Federal Budget ". サブプライムローンは、最初の数年間こそ返済が優遇されていましたが、その分一定期間を過ぎると急に返済額が跳ね上がる、という性質のもの。, 今後所得が増加していく、という見込みがある場合には理にかなった構造とも言えますが、所得の増加が見込みにくいサブプライム層に、「最初は返済額が低く、その後にしわ寄せがきて多額の返済になる」というような性質を持つローンを背負わせて、破綻しないわけがないのです。, こうなってしまったのも、結局は企業や金融機関が目先の利益に走ったから。
Board of Governors of the U.S. Federal Reserve System, Release Z.1, 9/18/08.
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そして、サブプライムローン関連の証券価格が下落し、これらの証券を購入した世界中の証券会社や金融機関などに多大な損害が生じていったのです。, サブプライムローン絡みの金融商品は、当初格付けが高かったこともあって、世界中の金融機関が買っているのですから被害は甚大。 P. 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Worsening Subprime Crisis, FRB: Speech-Bernanke, Fostering Sustainable Homeownership-14 March 2008, “Fannie Mae Eases Credit To Aid Mortgage Lending”, http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=all, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1020396, “43% of first-time home buyers put no money down”, http://www.usatoday.com/money/perfi/housing/2006-01-17-real-estate-usat_x.htm, http://sgpropertypress.wordpress.com/2007/09/19/china-to-raise-downpayment-for-second-homes-sources/, http://www.stock-market-investors.com/stock-investment-risk/the-subprime-mortgage-crisis-explained.html, http://www.npr.org/templates/story/story.php?storyId=12561184, http://online.wsj.com/article/SB119662974358911035.html, http://www.banktech.com/story/featured/showArticle.jhtml?articleID=21401117, http://www.nytimes.com/2007/03/23/business/23speed.html?_r=1&partner=rssnyt&emc=rss&oref=slogin, 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