2月 10, 2011



代写论文题目:Financial Crisis of 2008 vs 1931

The 2008 Financial Crisis caused a drought like condition for people all over the world and specially United States. The rates of unemployment rose high and all types of investments proved to be wrong. Trillions of dollars were lost. It all started with United States and percolated down to so many countries that it became the Global Financial Crisis. As we all know, it is the basic human behavior to blame something else for their troubles, several people have pointed their fingers at greed or credit. However, it is the belief of many bankers and economists that it was caused by unethical use of fair-value accounting, which is basically a rule for measuring companies’ liabilities and assets. Failure of Lehman Brothers on 15th September 2008 was a great shock to the USA market. In 1931due to dismal, and due to Wall Street crash in October caused a large fails in equity prices and then bank failures occurred in USA which causes the crisis in 1931(Calomiris, 2010). We will discuss the comparison between the crisis of 1931 and 2008.
As we all know that big losses can clearly induce problems for banks and the other financial institutions, let us focus on the more important and to the point question for our article which is whether describing these losses under unfair-value accounting generates more problems. Because of this financial crisis, the market for several products broke down. Assets that, either don’t have a steady market that gives precise pricing or valuations or rely on a complex set of address variables and time frames, must be ‘marked-to-model’. In such a situation, assumptions and guesswork must be taken into account to assign value to an asset. Fair-value accounting affords a much more explosive view of a financial statement. Based on this cause, Swagerman insisted that fair-value reporting strengthened the GFC. And, it was the same reason that the real estate billionaire Sam Zell also said that this was all due to the mark-to-market valuation methods.

As it all started with the US, let us start with what happened there. Highly complex financial instruments called derivatives, which are also called by some economists as the “weapons of mass destruction”, were introduced in 1990s. Because of the deregulation of derivatives in the US, the big investment banks and financial conglomerates, like JP Morgan, Citibank, Lehmann Brothers, Morgan Stanley, etc. introduced “Collateralized Debt Offerings” or CDOs, a type of Asset Based Securities and collateralized by debt obligations including bonds and loans. Then, there were also those Rating Agencies like Standard & Poor’s; Moody’s which falsely rated the derivatives as totally safe instruments (AAA rating). These securities became so popular in US that the investment banks started selling more and more of them, ultimately urging the ordinary people to take more and more loans from the market, thus affecting the Securitization Chain (which is the chain consisting of Home Buyers at the first stage, Lenders at the second, Investment Banks at the third and Investors at the last stage). Prices of homes skyrocketed and ultimately led to the sub-prime mortgage crisis of 2008. Thus, we can say that the prices of homes were not fairly valued in US.



2008年金融危机造成这样的干旱条件的人在世界各地,特别是美国。高失业率上升和所有类型的投资被证明是错误的。失去了万亿美元。这一切都开始与美国和渗出了这么多,它成为全球金融危机的国家。大家都知道,这是基本人权的行为,他们的麻烦归咎于别的东西,有几个人指出他们的手指在贪婪或信用卡。然而,许多银行家和经济学家的信念,它是由不道德地使用公允价值会计,这基本上是一个测量公司的负债和资产的规则。 2008年9月15日雷曼兄弟的破产是一个很大的冲击美国市场。 1931due惨淡,由于华尔街的崩溃在十月中引起了较大的失败发生在美国的股票价格,然后银行倒闭,这将导致危机在1931年(Calomiris,2010)。我们将讨论危机的1931年和2008年之间的比较。


这一切都开始与美国,让我们从那里发生了什么事。高度复杂的金融工具的衍生工具,一些经济学家也被称为“大规模杀伤性武器”,介绍了20世纪90年代。由于放松管制的衍生工具,在美国,大的投资银行和金融集团,JP摩根,花旗银行,雷曼兄弟,摩根士丹利(Morgan Stanley)等推出了“担保债券发行”或债务抵押债券,一种类型的资产基础证券和抵押的债务,包括债券和贷款。然后,有这些评级机构,如标准普尔,穆迪错误地额定衍生工具作为完全安全的工具(AAA评级)。这些证券变得如此受欢迎,在美国,投资银行开始出售越来越多的,最终促使普通的人,采取从市场上越来越多的贷款,从而影响了资产证券化链条(这是由购房者在链第一阶段,在第二,投资银行在第三,投资者在最后阶段)的贷款人。的房屋价格直线上升,最终导致了2008年的次级抵押贷款危机。因此,我们可以说,价格的房屋被不公平价值在美国。

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