谁杀死了华尔街?

坎布里奇——现在你成为金融怀疑论者不费吹灰之力。因此让我们提醒自己,将我们带进当前困境的金融创新在不久前似乎有多大魅力。

谁不想让信贷市场为买房服务?因此我们开始将真正的竞争引入抵押借贷领域。我们允许非银行机构开展房贷业务,让它们向得不到传统借款机构很好服务的未来购房者提供更具创新性、价格也更低廉的抵押贷款。

然后我们允许这些贷款被集中打包成向投资者出售的债券,在这个过程中成功实现了风险的降低。我们进一步把这些住房贷款的现金流拆分成风险不同的若干部分,为高风险债券的持有者补偿更高的利率。接着我们号召信用评级机构证明由风险较低的抵押贷款支持的债券安全到可以由养老基金和保险公司来购买。如果有些人还是放心不下,我们又创造出衍生产品,允许投资者为债券发行人的违约行为进行投保。

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