----,

Housing Bubble

!!!!!!!

,
Freddie Mac, Fannie Mae

American

Internatinal Group (AIG)

......

'

'

(Mortgage)

(Securities)

Mortgage Based Securities(MBS)

, 'B'

'B',

'B'
-

'C'

, 'A'

'AAA'

'C'

Based Securities

MBS

'A'

'C'

'B'

'A'

'B'

Mortgage

'C'

'B'

MBS

(Credit History)

SIV SIV

Special Investment Vehicle

MBS
1)

(Equity Bond)

2)

(Mezanine Bond)

3)

(Investment Grade Bond)

SIV

MBS

% MBS

, %

Subprime Mortgage

CDO

(Collateral Debt Obligation)

SIV

?
:

(Hedge Fund)

CDO

CDO

/CDO

,
:

SIV-

CDO-

'

. %

"Bernanke Warns of 'Deep and Extensive Recession' If Feds Don't Take Action"
-----Fox news
Friday, September 19, 2008
"Hello recession, my old friend Economic downturns? He's seen more than a few."
------------------------Matthew DeBord
September 21, 2008, Los Angeles Times
"Depression or recession? I know which one I'd choose"
------------------- Brendan Keenan
Sunday September 21 2008
The Irish Independent

Goldman Sachs

Mac

Freddie

Fannie Mae

Northern Rock

Bear Stern

Lehmen Brothers

AIG,

Financial Times

"

Willem Buit

?"

:
,

'

:
# Matthias Chang The Shadow Money Lenders
# The Economist, Sep 18th 2008.
# http://www.greenleft.org.au/2008/768/39617

>>

>>

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--

,
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>>

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