美国的问题不止于华尔街

剑桥—在离美国总统大选还有不到两个月的时候,人们的注意力也大都集中在了美国经济的现状及下届总统在这方面所要面临的挑战上。

我们正处在一场金融危机之中。这场危机是由对所有风险的严重错误定价和和美国在这十年的前五年中所产生的房地产泡沫的崩溃造成的。最初的次贷问题现在已经蔓延到整个的房地产以及其他的资产种类。住房问题正使金融危机愈演愈烈,而后者又正减少着维持经济活动所需的信贷供应。

的确,这场金融危机在最近几周已经恶化了。这表现在美联储接管半官方的房屋贷款公司房利美和房地美—这可能会让美国的纳税人们付出数百亿美金的代价—和雷曼兄弟公司的破产及美林证券的出售。最终,这些金融失败所反映的是房价的螺旋式下降和拥有负资产(即所背负的房贷债务超过房产的市值)的家庭越来越多。

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