Vietnam national university of economics and business



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Chuyển đổi dữ liệu12.05.2022
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Quản-trị-ngân-hàng-tmai
Khung-CTDT-TCNH-CLC, Ruot thang 4 (2)-99-102

2.3.1. Direct cause


a. Loss-making business situation and chain-line mass collapse of leading financial institutions.
When the economy entered a period of recession, the economy was difficult, real estate prices plummeted, borrowers were unable to repay debts and it was difficult to sell real estate to repay debts. As such, lending credit institutions face the risk of losing capital. In addition, the fact that real estate loan contracts used to secure MBS securities are difficult debts to claim, leading to MBS securities losing value in the market, causing banks and investors holding these securities not only to lose money but also gradually fall into liquidity difficulties. Due to the relevance, back-and-forth investment through the form of securitization has led to systematic collapse.
As of July 2008 alone, financial institutions had reported capital losses of over $435 billion. Moreover, no one can be sure of the true value of financial investments – real estate is estimated to be trillions of dollars still on the books of financial and banking corporations.
b. Crisis of people's confidence in the economy
Another cause of the deepening stock market crisis is the crisis of confidence in the American people's leadership team. The bailout plan appeared to have passed when most U.S. political leaders supported it and failed to pass the House of Representatives at the last minute. Immediately the market reacted negatively to this result when the major indices around the world all fell very deeply. Such a large-value rescue plan that when it comes to the House of Commons to vote again is uncertain whether it will get enough votes to pass, is in any case a risk to the market and especially in a weakening market. Although a few days later this package of solutions passed, it is clear that there have been inconsistencies within U.S. lawmakers on how to run and manage the market. Many market regulatory policies are no longer suitable and have not kept up with the development of the market. The problem is that when trust in the role of government has declined and the signs of a great depression and recession in the long term remain curved, immediate financial solutions are also difficult to change the market.
c. Market Greed
Investors focused primarily on profitability goals have not stopped at the creation of many new financial instruments, regardless of the level of risk and whether these products are suitable for the needs of the people. From the risks and not strictly managed, just run after the profit. It led to an explosion of balls that had stretched a long time ago.

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