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Everything you thought you knew about the 2008 financial crisis is wrong.
所有你對2008年金融危機認知都是錯的
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If you’re a reasonably well-informed American—a reader of the main stream media—you probably
如果你是大眾媒體的讀者
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think that the 2008 financial crisis was caused by insufficient regulation of the financial
你會覺得金融危機因為失效的金融系統
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system and greed on Wall Street.
和華爾街的貪婪所造成
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Pelosi: “…the ramifications of the risk taking and the greed of these financial institutions.”
Pelosi:"這些金融機構冒險和貪婪的後果"
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In the second presidential debate in 2008, Obama said that the financial crisis was caused by deregulation.
2008年第二次總統選舉辯論中,歐巴馬說金融危機缺乏管制造成的
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Obama: “The biggest problem in this whole process was the deregulation of the financial system.”
歐巴馬:“這事件中最大的問題是缺乏管制的金融體系”
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And McCain blamed the government’s housing policy. Obama won the election, and his narrative
麥坎責怪政府的房屋政策。歐巴馬贏得了選舉,他關於金融危機的敘述
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about the crisis prevailed. There was never any serious debate, as the media immediately
也得到認可。不再有激烈的辯論
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accepted the idea that lack of regulation and greed on Wall Street were the reason for the financial crisis.
媒體接受了金融危機肇因於缺乏管制和華爾街的貪婪這個說法
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Chris Matthews: “What is going on in New York? Do they just not give a rat’s ***
Chris Matthews:"紐約是怎麼回事?他們完全"
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about what the American people think?”
“不管美國人民怎麼想?”
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The financial crisis was actually caused by the government’s housing policy, principally
金融危機其實是政府的房屋政策造成的,因為
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the adoption of the Affordable Housing Goals in 1992. These required Fannie Mae and Freddie
1992年實行的“負擔得起房屋”政策。需要 Fannie Mae和Freddie Mac
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Mac, two very large government-backed mortgage companies that dominated the mortgage market,
兩家支配整個房貸市場的大型政府支持的房貸公司
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to meet a quota when they bought mortgages from banks. At first, the quota was 30 percent.
達成貸款目標。一開始,目標是向銀行借百分之三十的貸款
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When Fannie and Freddie bought mortgages from banks, 30 percent of the mortgages had to
當 Fannie和Freddie 向銀行借貸款,百分之三十的貸款
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be made to borrowers below the median income where they lived. But the Department of Housing
必須供給收入在平均以下的人。但是房屋
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and Urban Development, HUD, was given the authority by Congress to raise the quota,
和城市發展部門,HUD,因為國會造成的壓力而提升放貸目標
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and in gradual increments HUD raised the quota to 50 percent by 2000 and to 56 percent in 2008.
目標漸漸在2000年提升至百分之五十,在2008年提升至百分之五十六
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In order to meet this quota, Fannie and Freddie had to reduce their underwriting
為了達成目標,Fannie和Freddie只好降低承保標準
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standards, because it was not possible to find enough prime mortgages among borrowers
因為不可能在收入低於平均以下的人中找到足夠的優質房貸
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below the median income. By 1995, Fannie and Freddie were accepting mortgages with 3 percent
1995年時,申請房貸時須支付百分之三的頭期款
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downpayments, and by 2000 mortgages with no downpayments at all. Because Fannie and Freddie
到了2000年,完全不用支付頭期款了,因為Fannie和Freddie
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were the dominant players in the housing finance, those reduced standards spread to the general
在房地產佔有大量市場,因此市場上充滿了降低標準的房貸
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By 2008, 56 percent of all mortgages outstanding in the United States were subprime or otherwise risky.
到了2008年,在美國百分之五十六的房貸是次級房貸
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And of these, 76 percent were on the books of government agencies, principally
百分之七十六登記在政府機構的帳上,主要是
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Fannie and Freddie. This shows, beyond question, that it was the government that created the
Fannie和Freddie。顯示了是政府創造了對於這些房貸的需求
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demand for these mortgages. If we don’t understand what caused the financial crisis,
如果我們不了解什麼原因造成金融危機,
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we will stumble into another one.
我們將會跌倒在另一次金融危機