Chapter 720: 720
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At 7 a.m. on October 1, 2007, Hank Paulson, then US Treasury Secretary, could not wait to drive to the Federal Reserve. He was upset that he missed his weekly breakfast with Fed Chairman Ben Bernanke last week on a business trip during the tough times of the subprime crisis.
That day UBS suddenly reported that the bank lost more than 4 billion Swiss francs, or about $3 billion, due to the crisis in the US subprime mortgage market.
Before Mr. Paulson arrived, Mr. Bernanke received an email from a Federal Reserve employee who had a preliminary understanding of the latest market developments. Due to the influence of time difference, the trading day in Europe is coming to an end, and the U.S. market has not yet begun. Bernanke knows that it will be a bad day.
I thought there would be a good start in October. After all, the market has returned to calm in the previous month, and house prices have rebounded slightly. The financial crisis seems to have passed. In the second and third quarters of 2007, the growth rate of economic output in the United States was close to 4%, and the unemployment rate remained low.
As a result, Bernanke also concluded to the media that "the impact of the subprime mortgage market on the broader economic and financial markets seems likely to be contained."
When Paulson and Bernanke sat opposite each other in the dining room, Bernanke looked at the financial section of the latest Wall Street Journal and said with a wry smile, "this Andy Smith is really..."
Paulson also shook his head and smiled bitterly. He also understood the embarrassment of his old friend Bernanke. After all, he had just come to a conclusion in the face of the interview. The next day, the media took out the words of Andy Smith, the most popular financial prodigy. It's really a little hard to hurt.
"In fact, Bernanke's judgment is wrong. It's just a brief lull before the storm." ——Quoted from Andy Smith's Facebook
"every time I see this report of Andy Smith, I feel really old. Look, there are beautiful women everywhere. The Italian goddess takes her children to travel with him in Paris. It's an enviable boy." Paulson didn't want to embarrass his friends, he said in a funny way.
Bernanke just smiled at the diverging topic. Well, most men envy that young and golden boy. After all, Americans are really interested in Andy Smith's gossip. Even if they have girlfriends, there are never fewer beauties around them, and there are all kinds of age groups. But what makes people envious is that they are all goddess level , many people are not without malicious guess, Andy Smith's good teeth.
Especially now in Paris, this senior beauty, Monica BELLUCCI, coughs up. If they really have an affair, then it's a proper idips complex!
"Seriously, I don't care about his refutation, but I really hope I'm right. If his judgment is right, the subprime mortgage crisis will become a financial storm, when the American economy will bear the brunt, Wall Street..."
Bernanke didn't finish his words, but Paulson, as the Treasury Secretary, naturally understood that his face was gloomy. Considering Andy Smith's invincibility in the financial market for more than a year and all his current value, he really made no mistake.
They both looked up at each other and saw the worry in each other's eyes. After a brief silence, Paulson first said, "we can't ignore what he said, just as he let his media report before the crisis started, we should prepare early, and we can't ignore all kinds of risks like market participants and regulators!"
Bernanke smiled bitterly and nodded. "Now who can ignore this young man's words and look at the gold? It's really... According to my understanding, he bought $4 billion of gold at the Bank of America at the beginning, 174 tons, and $648 an ounce. Now, it has risen to $750 an ounce, making $600 million in three months! It's so easy for this young man to make money. "
"When the crisis comes, the most important thing is to see how investors' mentality changes. When the stock market falls sharply, the risk aversion is very high. At this time, the gold with currency attribute will enter the rising channel. But at present, because the market thinks that the possibility of the US Federal Reserve to cut interest rates again increases, the US dollar depreciates, and crude oil futures, although surging higher and falling back, remain at a high of US $81 per barrel, both of which play a role in promoting the sharp rise of precious metal prices. "
Paulson took the breakfast from the messenger, unfolded the napkin, took a sip of the water goblet, with a knife and fork in his hand, cutting the food, he said.
"Even if the market is worried about inflation caused by zero interest rate easing monetary policy, this winter, the Federal Reserve will frequently cut interest rates to release the pressure of the financial crisis. What I am most worried about now is whether it will have a negative effect. After all, under the panic mood, anything can happen."
Bernanke's brow has been wrinkled into a Sichuan character, saying his plans and worries. This is not his aimless goal. There are too many such examples. Sometimes, in panic, the more he rescues the market, the more he panics. If he doesn't rescue, the more he collapses. He can only continue the vicious circle of adding firewood to fight the fire until he gets through.
In fact, after the winter, with frequent interest rate cuts, house prices fell unexpectedly, which led to more losses in mortgage-backed securities, financial stocks fell, the subprime crisis became a financial crisis, and entered the peak time of the financial crisis."Panic..." Paulson also frowned, muttering that his brain was spinning rapidly, and market panic was often the biggest enemy to save the market, mainly the problem of people's hearts. Thinking of this, he looked at Bernanke and said: "if Warren Buffett is not enough, then we can set up another Andy Smith, and then two people will stand up, maybe it will be stable Key role. "
Bernanke's eyes were also fixed, but he soon shook his head a little disappointed, and said: "Buffett can mobilize a lot of funds, but those funds are not his own, and Andy Smith's funds are entirely personal, the most important thing is his age, do you think his age will see wealth very little?"
"It's nothing more than benefits. Buffett will not give up his hand in vain. As long as he is in a critical moment, he will also be drawn into the plan and put benefits in front of him. I think this greedy young man will not give up opportunities, and if he wants to get them, he will listen to our arrangement!" Paulson's eyes narrowed slightly, and his mouth cocked slightly.
"His appetite is not too small. Look at the foot pot before, the bank runs in France, especially in Britain. Andy Smith has never been soft... Well, it's better to be a backup plan. After all, I don't know how far things will go. Let the mainstream media increase the publicity of his image. "
Bernanke said, and finally shook his head and laughed at Paulson. After all, Warren Buffett is too old, and the United States needs a new idol.
While in Paris, Andy is walking around the toy shop with a beautiful baby. He doesn't know that many people in the United States are thinking about him.
"This? Wow, little Deva, you have a good eye! " Andy is standing in front of a giant teddy bear two meters tall with a three-year-old girl who is still eating her fingers.
Little Dewar looked at the big bear and giggled. He held out his little finger to catch it. "Bear, yes."
Monica, wearing a black suit, stood behind her with a light smile on her face. She didn't care about the paparazzi who took photos on the glass at the door. The waistline of the suit coat was deliberately reduced to make her softer and more prominent.
Looking at the big boy who can make her live and die doting on her daughter, her heart is still very happy. These two days, the baby room of her Paris house has been filled with toys that Andy sweeps.
It seems that Dewar also likes him very much. Well, after all, an uncle who can meet all her requirements can easily please any child.
Deva lies on the Tui of teddy bear and laughs happily. He mumbles the Italian bear. Looking at the big teddy bear more than two meters high, Monica pulls off the corner of her mouth. As expected, she hears Andy's voice, "is there a new one? Well, send one to this address
"Andy, Dewar's room has been filled with toys..." Monica walked up slowly, softly.
"Then you should enlarge the room for dewar, shouldn't you? Deva. " Andy, squatting and playing with Deva, looks up at Monica and says with no concern.
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At 7 a.m. on October 1, 2007, Hank Paulson, then US Treasury Secretary, could not wait to drive to the Federal Reserve. He was upset that he missed his weekly breakfast with Fed Chairman Ben Bernanke last week on a business trip during the tough times of the subprime crisis.
That day UBS suddenly reported that the bank lost more than 4 billion Swiss francs, or about $3 billion, due to the crisis in the US subprime mortgage market.
Before Mr. Paulson arrived, Mr. Bernanke received an email from a Federal Reserve employee who had a preliminary understanding of the latest market developments. Due to the influence of time difference, the trading day in Europe is coming to an end, and the U.S. market has not yet begun. Bernanke knows that it will be a bad day.
I thought there would be a good start in October. After all, the market has returned to calm in the previous month, and house prices have rebounded slightly. The financial crisis seems to have passed. In the second and third quarters of 2007, the growth rate of economic output in the United States was close to 4%, and the unemployment rate remained low.
As a result, Bernanke also concluded to the media that "the impact of the subprime mortgage market on the broader economic and financial markets seems likely to be contained."
When Paulson and Bernanke sat opposite each other in the dining room, Bernanke looked at the financial section of the latest Wall Street Journal and said with a wry smile, "this Andy Smith is really..."
Paulson also shook his head and smiled bitterly. He also understood the embarrassment of his old friend Bernanke. After all, he had just come to a conclusion in the face of the interview. The next day, the media took out the words of Andy Smith, the most popular financial prodigy. It's really a little hard to hurt.
"In fact, Bernanke's judgment is wrong. It's just a brief lull before the storm." ——Quoted from Andy Smith's Facebook
"every time I see this report of Andy Smith, I feel really old. Look, there are beautiful women everywhere. The Italian goddess takes her children to travel with him in Paris. It's an enviable boy." Paulson didn't want to embarrass his friends, he said in a funny way.
Bernanke just smiled at the diverging topic. Well, most men envy that young and golden boy. After all, Americans are really interested in Andy Smith's gossip. Even if they have girlfriends, there are never fewer beauties around them, and there are all kinds of age groups. But what makes people envious is that they are all goddess level , many people are not without malicious guess, Andy Smith's good teeth.
Especially now in Paris, this senior beauty, Monica BELLUCCI, coughs up. If they really have an affair, then it's a proper idips complex!
"Seriously, I don't care about his refutation, but I really hope I'm right. If his judgment is right, the subprime mortgage crisis will become a financial storm, when the American economy will bear the brunt, Wall Street..."
Bernanke didn't finish his words, but Paulson, as the Treasury Secretary, naturally understood that his face was gloomy. Considering Andy Smith's invincibility in the financial market for more than a year and all his current value, he really made no mistake.
They both looked up at each other and saw the worry in each other's eyes. After a brief silence, Paulson first said, "we can't ignore what he said, just as he let his media report before the crisis started, we should prepare early, and we can't ignore all kinds of risks like market participants and regulators!"
Bernanke smiled bitterly and nodded. "Now who can ignore this young man's words and look at the gold? It's really... According to my understanding, he bought $4 billion of gold at the Bank of America at the beginning, 174 tons, and $648 an ounce. Now, it has risen to $750 an ounce, making $600 million in three months! It's so easy for this young man to make money. "
"When the crisis comes, the most important thing is to see how investors' mentality changes. When the stock market falls sharply, the risk aversion is very high. At this time, the gold with currency attribute will enter the rising channel. But at present, because the market thinks that the possibility of the US Federal Reserve to cut interest rates again increases, the US dollar depreciates, and crude oil futures, although surging higher and falling back, remain at a high of US $81 per barrel, both of which play a role in promoting the sharp rise of precious metal prices. "
Paulson took the breakfast from the messenger, unfolded the napkin, took a sip of the water goblet, with a knife and fork in his hand, cutting the food, he said.
"Even if the market is worried about inflation caused by zero interest rate easing monetary policy, this winter, the Federal Reserve will frequently cut interest rates to release the pressure of the financial crisis. What I am most worried about now is whether it will have a negative effect. After all, under the panic mood, anything can happen."
Bernanke's brow has been wrinkled into a Sichuan character, saying his plans and worries. This is not his aimless goal. There are too many such examples. Sometimes, in panic, the more he rescues the market, the more he panics. If he doesn't rescue, the more he collapses. He can only continue the vicious circle of adding firewood to fight the fire until he gets through.
In fact, after the winter, with frequent interest rate cuts, house prices fell unexpectedly, which led to more losses in mortgage-backed securities, financial stocks fell, the subprime crisis became a financial crisis, and entered the peak time of the financial crisis."Panic..." Paulson also frowned, muttering that his brain was spinning rapidly, and market panic was often the biggest enemy to save the market, mainly the problem of people's hearts. Thinking of this, he looked at Bernanke and said: "if Warren Buffett is not enough, then we can set up another Andy Smith, and then two people will stand up, maybe it will be stable Key role. "
Bernanke's eyes were also fixed, but he soon shook his head a little disappointed, and said: "Buffett can mobilize a lot of funds, but those funds are not his own, and Andy Smith's funds are entirely personal, the most important thing is his age, do you think his age will see wealth very little?"
"It's nothing more than benefits. Buffett will not give up his hand in vain. As long as he is in a critical moment, he will also be drawn into the plan and put benefits in front of him. I think this greedy young man will not give up opportunities, and if he wants to get them, he will listen to our arrangement!" Paulson's eyes narrowed slightly, and his mouth cocked slightly.
"His appetite is not too small. Look at the foot pot before, the bank runs in France, especially in Britain. Andy Smith has never been soft... Well, it's better to be a backup plan. After all, I don't know how far things will go. Let the mainstream media increase the publicity of his image. "
Bernanke said, and finally shook his head and laughed at Paulson. After all, Warren Buffett is too old, and the United States needs a new idol.
While in Paris, Andy is walking around the toy shop with a beautiful baby. He doesn't know that many people in the United States are thinking about him.
"This? Wow, little Deva, you have a good eye! " Andy is standing in front of a giant teddy bear two meters tall with a three-year-old girl who is still eating her fingers.
Little Dewar looked at the big bear and giggled. He held out his little finger to catch it. "Bear, yes."
Monica, wearing a black suit, stood behind her with a light smile on her face. She didn't care about the paparazzi who took photos on the glass at the door. The waistline of the suit coat was deliberately reduced to make her softer and more prominent.
Looking at the big boy who can make her live and die doting on her daughter, her heart is still very happy. These two days, the baby room of her Paris house has been filled with toys that Andy sweeps.
It seems that Dewar also likes him very much. Well, after all, an uncle who can meet all her requirements can easily please any child.
Deva lies on the Tui of teddy bear and laughs happily. He mumbles the Italian bear. Looking at the big teddy bear more than two meters high, Monica pulls off the corner of her mouth. As expected, she hears Andy's voice, "is there a new one? Well, send one to this address
"Andy, Dewar's room has been filled with toys..." Monica walked up slowly, softly.
"Then you should enlarge the room for dewar, shouldn't you? Deva. " Andy, squatting and playing with Deva, looks up at Monica and says with no concern.
At 7 a.m. on October 1, 2007, Hank Paulson, then US Treasury Secretary, could not wait to drive to the Federal Reserve. He was upset that he missed his weekly breakfast with Fed Chairman Ben Bernanke last week on a business trip during the tough times of the subprime crisis. That day UBS suddenly reported that the bank lost more than 4 billion Swiss francs, or about $3 billion, due to the crisis in the US subprime mortgage market. Before Mr. Paulson arrived, Mr. Bernanke received an email from a Federal Reserve employee who had a preliminary understanding of the latest market developments. Due to the influence of time difference, the trading day in Europe is coming to an end, and the U.S. market has not yet begun. Bernanke knows that it will be a bad day. I thought there would be a good start in October. After all, the market has returned to calm in the previous month, and house prices have rebounded slightly. The financial crisis seems to have passed. In the second and third quarters of 2007, the growth rate of economic output in the United States was close to 4%, and the unemployment rate remained low. As a result, Bernanke also concluded to the media that "the impact of the subprime mortgage market on the broader economic and financial markets seems likely to be contained." When Paulson and Bernanke sat opposite each other in the dining room, Bernanke looked at the financial section of the latest Wall Street Journal and said with a wry smile, "this Andy Smith is really..." Paulson also shook his head and smiled bitterly. He also understood the embarrassment of his old friend Bernanke. After all, he had just come to a conclusion in the face of the interview. The next day, the media took out the words of Andy Smith, the most popular financial prodigy. It's really a little hard to hurt. "In fact, Bernanke's judgment is wrong. It's just a brief lull before the storm." Quoted from Andy Smith's Facebook "every time I see this report of Andy Smith, I feel really old. Look, there are beautiful women everywhere. The Italian goddess takes her children to travel with him in Paris. It's an enviable boy." Paulson didn't want to embarrass his friends, he said in a funny way. Bernanke just smiled at the diverging topic. Well, most men envy that young and golden boy. After all, Americans are really interested in Andy Smith's gossip. Even if they have girlfriends, there are never fewer beauties around them, and there are all kinds of age groups. But what makes people envious is that they are all goddess level , many people are not without malicious guess, Andy Smith's good teeth. Especially now in Paris, this senior beauty, Monica BELLUCCI, coughs up. If they really have an affair, then it's a proper idips complex! "Seriously, I don't care about his refutation, but I really hope I'm right. If his judgment is right, the subprime mortgage crisis will become a financial storm, when the American economy will bear the brunt, Wall Street..." Bernanke didn't finish his words, but Paulson, as the Treasury Secretary, naturally understood that his face was gloomy. Considering Andy Smith's invincibility in the financial market for more than a year and all his current value, he really made no mistake. They both looked up at each other and saw the worry in each other's eyes. After a brief silence, Paulson first said, "we can't ignore what he said, just as he let his media report before the crisis started, we should prepare early, and we can't ignore all kinds of risks like market participants and regulators!" Bernanke smiled bitterly and nodded. "Now who can ignore this young man's words and look at the gold? It's really... According to my understanding, he bought $4 billion of gold at the Bank of America at the beginning, 174 tons, and $648 an ounce. Now, it has risen to $750 an ounce, making $600 million in three months! It's so easy for this young man to make money. " "When the crisis comes, the most important thing is to see how investors' mentality changes. When the stock market falls sharply, the risk aversion is very high. At this time, the gold with currency attribute will enter the rising channel. But at present, because the market thinks that the possibility of the US Federal Reserve to cut interest rates again increases, the US dollar depreciates, and crude oil futures, although surging higher and falling back, remain at a high of US $81 per barrel, both of which play a role in promoting the sharp rise of precious metal prices. " Paulson took the breakfast from the messenger, unfolded the napkin, took a sip of the water goblet, with a knife and fork in his hand, cutting the food, he said. "Even if the market is worried about inflation caused by zero interest rate easing monetary policy, this winter, the Federal Reserve will frequently cut interest rates to release the pressure of the financial crisis. What I am most worried about now is whether it will have a negative effect. After all, under the panic mood, anything can happen." Bernanke's brow has been wrinkled into a Sichuan character, saying his plans and worries. This is not his aimless goal. There are too many such examples. Sometimes, in panic, the more he rescues the market, the more he panics. If he doesn't rescue, the more he collapses. He can only continue the vicious circle of adding firewood to fight the fire until he gets through. In fact, after the winter, with frequent interest rate cuts, house prices fell unexpectedly, which led to more losses in mortgage-backed securities, financial stocks fell, the subprime crisis became a financial crisis, and entered the peak time of the financial crisis."Panic..." Paulson also frowned, muttering that his brain was spinning rapidly, and market panic was often the biggest enemy to save the market, mainly the problem of people's hearts. Thinking of this, he looked at Bernanke and said: "if Warren Buffett is not enough, then we can set up another Andy Smith, and then two people will stand up, maybe it will be stable Key role. " Bernanke's eyes were also fixed, but he soon shook his head a little disappointed, and said: "Buffett can mobilize a lot of funds, but those funds are not his own, and Andy Smith's funds are entirely personal, the most important thing is his age, do you think his age will see wealth very little?" "It's nothing more than benefits. Buffett will not give up his hand in vain. As long as he is in a critical moment, he will also be drawn into the plan and put benefits in front of him. I think this greedy young man will not give up opportunities, and if he wants to get them, he will listen to our arrangement!" Paulson's eyes narrowed slightly, and his mouth cocked slightly. "His appetite is not too small. Look at the foot pot before, the bank runs in France, especially in Britain. Andy Smith has never been soft... Well, it's better to be a backup plan. After all, I don't know how far things will go. Let the mainstream media increase the publicity of his image. " Bernanke said, and finally shook his head and laughed at Paulson. After all, Warren Buffett is too old, and the United States needs a new idol. While in Paris, Andy is walking around the toy shop with a beautiful baby. He doesn't know that many people in the United States are thinking about him. "This? Wow, little Deva, you have a good eye! " Andy is standing in front of a giant teddy bear two meters tall with a three-year-old girl who is still eating her fingers. Little Dewar looked at the big bear and giggled. He held out his little finger to catch it. "Bear, yes." Monica, wearing a black suit, stood behind her with a light smile on her face. She didn't care about the paparazzi who took photos on the glass at the door. The waistline of the suit coat was deliberately reduced to make her softer and more prominent. Looking at the big boy who can make her live and die doting on her daughter, her heart is still very happy. These two days, the baby room of her Paris house has been filled with toys that Andy sweeps. It seems that Dewar also likes him very much. Well, after all, an uncle who can meet all her requirements can easily please any child. Deva lies on the Tui of teddy bear and laughs happily. He mumbles the Italian bear. Looking at the big teddy bear more than two meters high, Monica pulls off the corner of her mouth. As expected, she hears Andy's voice, "is there a new one? Well, send one to this address "Andy, Dewar's room has been filled with toys..." Monica walked up slowly, softly. "Then you should enlarge the room for dewar, shouldn't you? Deva. " Andy, squatting and playing with Deva, looks up at Monica and says with no concern.
