第一篇：Inside Job 監(jiān)守自盜的觀后感

Inside Job---Big Crisis

Inside Job, a documentary, was filmed to explore the cause of the outbreak of the financial crisis in 2008.Starting with the situations of Iceland, interviewing the Wall Street financial elite, economists, government officials, financial consumers and showing the real objective data materials, the documentary, including four parts, shows us the reasons of the crisis and some of its influences subtly and logically.From the documentary, we can find out the reasons of the crisis as follows: Firstly, it is the broad policy of deregulation with easing credit conditions.Besides, greedy Wall Street financial elites and some greedy government officials accounts for it.What’s more, misguidance of the credit rating agencies also makes ―a contribution‖ to the crisis.Finally, it could be the dereliction of duty of the U.S.financial regulatory bodies.Among the reasons stated above, the broad policy of deregulation with easing credit conditions and dereliction of duty of the financial regulatory bodies seem to count much.The word, ―regulation‖ appears fluently, and it seems that every time when it mentioned, lack of regulation and dereliction of duty of the financial regulatory bodies are obvious to us.Now, let’s learn about how these causes account for the big crisis in detail.As we know, nothing could happen without reasons, and of course, together with its consequences.The crisis appeared when an industry was out of control.That’s the collapse of the financial markets.And the most important reason of the collapse is, obviously, the dereliction of duty of the regulation.But, why the regulation could not take its responsibility well? How could that happened?

Well, thanks to the fact that the financial industry was tightly regulated with most regular banks were local businesses, and prohibited from speculating with depositors' savings, the United States had 40 years of economic growth without a single financial crisis after the Great Depression.This great achievement, unfortunately, just could not last forever.When it came to the 1980s, with the thought that he highest order of business before the nation is to restore American economic prosperity, President Ronald Reagan together with his administration deregulated savings and loan companies, allowing them to make risky investments with their depositors' money.The deregulation continued or even worse situation it is when presidents Clinton and George W.Bush were in power.For example, by the late 1990s, the financial sector had consolidated into a few gigantic firms.Each of them was so large that their failure could threaten the whole system;the Clinton administration, however, helped them grow even larger.What’s worse, in 1999, at the urging of Summers and Rubin, Congress passed the Gramm-Leach-Bliley Act, which overturned Glass-Steagall, a law which prevented banks with consumer deposits from engaging in risky investment banking activities.The Gramm-Leach-Bliley Act played an important part in clearing the way for future mergers.Thus, the broad policy of deregulation continued, and the crisis was in the corner.In fact, when the deregulation continued, there came the chance for the financial industry and those greedy guys.Beginning in the 1990s, deregulation and advances in technology led to an explosion of complex financial products, called derivatives.In order to maximize the profit, financial enterprises focused on derivatives trading.What is worse, In December of 2000, Congress passed the Commodity Futures Modernization Act.It banned the regulation of derivatives.Financial derivatives were flourishing from that moment.Regulators, politicians, and businesspeople did not take seriously the threat of financial innovation on the stability of the financial system.Using derivatives such as CDO, CDS and subprime loan as well as credit default swaps, financial firms and bankers could gamble on virtually anything to earn a large fortune.The world's biggest financial firms started laundering money, defrauding customers, and cooking their books.The market became more unstable gradually.In other word, the wind was blowing, and it would rain at any time.Now, it comes to the misguidance of the credit rating agencies.As for investors, Rating is the scale and orientation or direction.But major rating agencies, such as Moody's, Standard & Poor's and Fitch, did not fulfill their own responsibility.The investment banks paid rating agencies to evaluate the CDOs, and many of them were given a AAA rating.Those agencies just wanted to earn as much money as they can.AAA means nothing to them.They gave out 2A even when some financial firms, such as Lehman Brothers, Merrill Lynch, AIG, were becoming impoverished.These people did a lot to blow the world up.Finally, when we say that the dereliction of duty of financial regulatory bodies was also an important cause, that means sometimes financial regulatory bodies did nothing when they did can do something with their rights in hand.They were just unwilling to do their jobs.Take the Securities and Exchange Commission;it conducted no major investigations of the investment banks during the bubble.It is their dereliction of duty made the situation even worse---to big crisis.When we finished learning the reasons of the crisis, we now turn to the influences.The global economic crisis of 2008 cost tens of millions of people their savings, their jobs, and their homes.This is the very fact without any overstatement.The consequences, actually, was disastrous.Here are the evidences we could find from the documentary.When it refers to Iceland, we must be impressed by her suffer.When the finance took over, a massive bubble was there with stock prices went up by a factor of nine and house prices more than doubled.Thus, When Iceland's banks collapsed, losing $100 billion, at the end of 2008, unemployment tripled in six months.There is nobody unaffected in Iceland.So a lot of people lost their savings.Isn’t it terrible?

In the American case, don’t expect it to be any better.When it dated back to 1980s, in America, hundreds of savings and loan companies had failed.That crisis cost tax payers 124 billion dollars, and cost many people their life savings.The next crisis came at the end of the '90s.The investment banks fueled a massive bubble in Internet stocks, which was followed by a crash in 2001 that caused 5 trillion dollars in investment losses.This time, unfortunately, the result was the biggest financial bubble in history.In September 2008, the bankruptcy of the U.S.investment bank Lehman Brothers, and the collapse of the world's largest insurance company, AIG, triggered a global financial crisis.Stocks fell off a cliff – the largest single point drop in history.Share prices continued to tumble in the aftermath of the Lehman collapse.The financial industry turned its back on society, corrupted America’s political system.For the first time in history, average Americans have less education and are less prosperous than their parents.They face a financial crisis as serious as any that we have faced since the Great Depression.On October 4th, 2008, President Bush signs a 700-billion-dollar bailout bill.But world stock markets continue to fall.Unemployment in the United States and Europe quickly rises to 10 percent.The national debt of the United States doubled.The result, in fact, was a global recession, which cost the world tens of trillions of dollars;rendered 30 million people unemployed.And as U.S.consumers cut back on spending, Chinese manufacturers see sales plummet.Over 10 million migrant workers in China lose their jobs.Life gets harder for those who lost their jobs.And when looked at the cost of the crisis — destruction of equity wealth, of housing wealth;the destruction of income, of jobs, about 9 million homeowners lost their homes and 50 million people globally could end up below the poverty line again…

Isn’t it a hugely, hugely expensive crisis? When those greedy traders and CEOs became enormously wealthy during the bubble, ironically, the poor have to pay for the crisis.Isn’t the culprits punished? When the reasons of the big crisis are obvious, that’s, when the root of the problem gets clear, isn’t it the very right time to take real action? Anyway, wisdom comes from experience.Governments, financial elite, and economists have to think twice before they make a decision.I hope that we are not going to experience such a hugely expensive crisis any more.

第二篇：《監(jiān)守自盜》觀后感

金融監(jiān)管失職引發(fā)的金融危機(jī)

----《監(jiān)守自盜》觀后感 《監(jiān)守自盜》是探究2008年金融危機(jī)爆發(fā)原因的紀(jì)錄片，本片主要是通過采訪華爾街金融精英、經(jīng)濟(jì)學(xué)家、政府要員、金融消費(fèi)者等和展示客觀真實(shí)的數(shù)據(jù)材料，給觀眾呈現(xiàn)出了金融危機(jī)爆發(fā)的諸多原因。

從影片中可以找出金融危機(jī)爆發(fā)的原因如下：低利潤和寬松的信貸條件；貪婪的華爾街金融精英對金錢的無止盡的追求；信用評價(jià)機(jī)構(gòu)的錯(cuò)誤引導(dǎo)；美國金融監(jiān)管機(jī)構(gòu)的失職。在上述原因中，美國金融機(jī)構(gòu)監(jiān)管的缺陷和失職是主要原因，2007年諾貝爾經(jīng)濟(jì)學(xué)獎(jiǎng)得主之一馬斯金教授曾指出：美國次貸危機(jī)爆發(fā)的主要責(zé)任在政府的監(jiān)管失職。在影片中“監(jiān)管”這個(gè)詞出現(xiàn)的頻率很高，但是幾乎每次提到監(jiān)管都意在指出金融監(jiān)管在市場經(jīng)濟(jì)運(yùn)行中的失職。

美國在金融危機(jī)前采取的是“多重多頭”的監(jiān)管體制，多重是指聯(lián)邦和各州均享有金融監(jiān)管的權(quán)力，多頭是指在一個(gè)國家有多個(gè)履行金融監(jiān)管職能的機(jī)構(gòu)。美國危機(jī)前的監(jiān)管機(jī)構(gòu)在聯(lián)邦層面主要有美國聯(lián)邦儲(chǔ)蓄系統(tǒng)(FRS)，貨幣監(jiān)管署（OCC），聯(lián)邦存款保險(xiǎn)公司（FDIC），證券交易委員會(huì)（SEC）)，商品期貨交易委員會(huì)（CFTC），儲(chǔ)蓄管理局（OTS），信用合作社管理局（NCUA）等七個(gè)機(jī)構(gòu)。上述機(jī)構(gòu)的分工是：FRS、OCC、FDIC三家機(jī)構(gòu)負(fù)責(zé)對商業(yè)銀行的監(jiān)管，SEC負(fù)責(zé)對商業(yè)銀行的監(jiān)管，CFTC負(fù)責(zé)期貨交易機(jī)構(gòu)和期貨市場的監(jiān)管，OTS負(fù)責(zé)對儲(chǔ)蓄存款協(xié)會(huì)和儲(chǔ)蓄貸款控股公司的監(jiān)管，NUCA負(fù)責(zé)對信用合作社的監(jiān)管。美國這種專業(yè)化分工和多重監(jiān)管機(jī)制很長時(shí)間是許多國家效仿的對象，這套制度在自由主義主導(dǎo)的美國確實(shí)支持過美國經(jīng)濟(jì)大繁榮，但是不可否認(rèn)的是這套制度確實(shí)讓美國經(jīng)濟(jì)秩序極度失控。

危機(jī)并不是憑空發(fā)生的，而是由某個(gè)行業(yè)失控引起的，某個(gè)行業(yè)就是金融行

業(yè)，而金融行業(yè)的失控的主要責(zé)任在于監(jiān)管的失職。1982年里根政府實(shí)行的是金融監(jiān)管寬松政策，放寬了對儲(chǔ)蓄貸款公司的限制，允許貸款公司動(dòng)用儲(chǔ)蓄存款進(jìn)行風(fēng)險(xiǎn)投資，這最終導(dǎo)致了80年代末上百家儲(chǔ)蓄貸款公司倒閉，直接經(jīng)濟(jì)損失1240億美元，無數(shù)人損失了一生積蓄。在這場儲(chǔ)貸危機(jī)中，OTS并沒有很好地履行自己的職責(zé)，進(jìn)行有效監(jiān)管。OTS是不是應(yīng)該存續(xù)存款公司的存款進(jìn)行核計(jì)，是不是該對風(fēng)險(xiǎn)投資進(jìn)行有效的督查和監(jiān)控，進(jìn)而限制儲(chǔ)蓄存款風(fēng)險(xiǎn)投資。在90年代末發(fā)生的危機(jī)中，針對投資銀行對因特網(wǎng)泡沫的股票投資崩潰導(dǎo)致5萬億美元憑空蒸發(fā)的事實(shí)，證券交易委員會(huì)對此毫無作為。這些只是監(jiān)管不力的具體表現(xiàn)，對于影片中所展示的金融監(jiān)管失職遠(yuǎn)不于此。

在危機(jī)前美國實(shí)行的是“多邊監(jiān)管”機(jī)制，這種機(jī)制隨著次貸證券化、金融創(chuàng)新以及監(jiān)管者為提高市場競爭力放松監(jiān)管的發(fā)展，就會(huì)出現(xiàn)監(jiān)管重復(fù)和監(jiān)管疏漏?；ㄆ煸谖C(jī)前是世界上最大的金融服務(wù)企業(yè)，監(jiān)管它的不僅有貨幣管理署、聯(lián)邦儲(chǔ)備銀行、聯(lián)邦存款保險(xiǎn)機(jī)構(gòu)、儲(chǔ)蓄機(jī)構(gòu)監(jiān)管署以及交易委員會(huì)，還有其他50個(gè)州的監(jiān)管機(jī)構(gòu)，這些機(jī)構(gòu)存在監(jiān)管重復(fù)的現(xiàn)象。不同的監(jiān)管文化、監(jiān)管理念、監(jiān)管標(biāo)準(zhǔn)，沒有統(tǒng)一的監(jiān)管標(biāo)準(zhǔn)確要做到高效監(jiān)管確實(shí)不易。另外監(jiān)管重復(fù)也可能會(huì)在造成無人監(jiān)管局面，有一名美聯(lián)儲(chǔ)委員在接受采訪時(shí)表示美聯(lián)儲(chǔ)沒有對不斷發(fā)放的抵押貸款進(jìn)行深入的調(diào)查是因?yàn)樗麄円詾橛腥嗽谶M(jìn)行調(diào)查，這種推脫中可以看到多重監(jiān)管缺失是會(huì)導(dǎo)致無監(jiān)管局面的出現(xiàn)。當(dāng)一個(gè)金融機(jī)構(gòu)處于低效監(jiān)管或者無監(jiān)管狀態(tài)時(shí)，在利益的驅(qū)使下，就會(huì)出現(xiàn)類似抵押貸款呈倍數(shù)增加的不合理現(xiàn)象。

多標(biāo)準(zhǔn)監(jiān)管和金融機(jī)構(gòu)之間的競爭，各監(jiān)管機(jī)構(gòu)監(jiān)管區(qū)存在監(jiān)管漏洞是很正常的，于是就出現(xiàn)了影片中呈現(xiàn)出的諸多監(jiān)管真空。隨著金融創(chuàng)新，各種金融衍生品蓬勃發(fā)展，為了最求利益的最大化，各類金融企業(yè)把焦點(diǎn)瞄準(zhǔn)了衍生品交易。

美聯(lián)儲(chǔ)主席格林斯潘和薩默斯部長合作提議金融衍生品不應(yīng)受到監(jiān)管，2000年12月國會(huì)通過了商品交易現(xiàn)代化法案，規(guī)定禁止對金融衍生品的監(jiān)管，不受法律約束的衍生品交易從此一發(fā)不可收拾，愈演愈烈。除了傳統(tǒng)的期權(quán)、期貨等衍生品，新出現(xiàn)的CDO和CDS等金融衍生品在不受監(jiān)管的前提下為投資銀行所用來大發(fā)財(cái)。抵押債務(wù)責(zé)任證券和信用違約互換都是風(fēng)險(xiǎn)分散、收益極高的金融產(chǎn)品，這些產(chǎn)品都處在資產(chǎn)證券化的鏈條中，具有明顯的蝴蝶效應(yīng)。由于資產(chǎn)證券化的發(fā)展，放貸者不再擔(dān)心還款，投資銀行同樣也不在乎，于是銷售的CDO越來越多，在短短三年內(nèi)抵押貸款總量增加了四倍，這使得原本就不穩(wěn)定的金融交易市場不穩(wěn)定性倍增。除了金融衍生品不受監(jiān)管外，對沖基金、私募基金、高杠桿率運(yùn)作等也都處于監(jiān)管真空或監(jiān)管不充分。游離于金融監(jiān)管之外的產(chǎn)品和交易逐漸釀成此次金融危機(jī)。

08年金融危機(jī)追本溯源，我們可以發(fā)現(xiàn)那些打上“3A”標(biāo)志的次債是一切問題的根源?！?A”是誰給的，當(dāng)然是美國的評級機(jī)構(gòu)。我記得影片中對沖基金經(jīng)理說：“有價(jià)證券沒有評級機(jī)構(gòu)的認(rèn)定就買不出去”。由此可以看出信用評級機(jī)構(gòu)的重要性，在整個(gè)金融交易鏈條中，評級對于投資者而言就是向標(biāo)和導(dǎo)向。但是美國的三大評級機(jī)構(gòu)穆迪、標(biāo)普、惠譽(yù)卻沒有盡好自己的責(zé)任。一方面評級更新比較滯后，另一方面美國的評級機(jī)構(gòu)評級與評級費(fèi)用呈正相關(guān)，評級越高，評級費(fèi)用也就越多。穆迪作為最大的評級機(jī)構(gòu)，其利潤從2000年到2007年番四了倍。于是“3A”證書也就成百上千的發(fā)放出去，每年都有上千億美元的投資被評級，甚至五大投資銀行在破滅前其評級仍至少是A級。美國證券交易委員會(huì)對于評級機(jī)構(gòu)的貪婪行為并沒有采取措施，這也助長了評級機(jī)構(gòu)進(jìn)行虛假評級。如果對美國的信用評議制度進(jìn)行規(guī)范化和立法化，把它作為金融監(jiān)管體系的一部分，那么次債的破壞程度就不會(huì)那么深，次債危機(jī)的影響也會(huì)減少?？梢哉f疏于

監(jiān)管的評級機(jī)構(gòu)發(fā)出的引導(dǎo)投資者投資的“3A”次債是此次危機(jī)爆發(fā)的重要原因。

此次危機(jī)的導(dǎo)火線是美國銀行利潤上漲以及房地產(chǎn)價(jià)格下降帶來的資金斷裂，這其中監(jiān)管失職負(fù)主要責(zé)任。業(yè)主公平保護(hù)法案廣泛授權(quán)聯(lián)邦儲(chǔ)備委員會(huì)對抵押貸款行業(yè)進(jìn)行規(guī)范，但是格林斯潘拒絕使用，抵押貸款行業(yè)處于放任自由的狀態(tài)。一些金融機(jī)構(gòu)為了更快更多的發(fā)放次級貸款，有意放松對貸款人基本貸款資質(zhì)和條件的審查，由于過度競爭一些機(jī)構(gòu)和開發(fā)商達(dá)成“默契”，部分借貸人購房時(shí)可以是“零首付”。每個(gè)人都可以申請抵押貸款，借款人用高額的次貸置地，房價(jià)和對房的需求急劇增加，形成了歷史上最大的經(jīng)濟(jì)泡沫，證券交易委員會(huì)在泡沫期間沒有對投資銀行進(jìn)行任何調(diào)查。疏于監(jiān)管的抵押貸款行業(yè)發(fā)放巨額得到貸款并且獲得巨額利潤，全國信貸公司放出970億的貸款從中獲利110億美元。在次貸證券化的鏈條中，風(fēng)險(xiǎn)巨大在于消費(fèi)者的還款能力是個(gè)未知數(shù)，當(dāng)消費(fèi)者還不起次貸時(shí)，次級債就欠款，進(jìn)而使得銀行或者信托倒閉，接著聯(lián)儲(chǔ)調(diào)控，從而信貸緊縮，之后帶來一系列的資金斷裂短缺，引爆金融危機(jī)的導(dǎo)火線就是如此。

把油輪比做的市場，為了防止巨大的油輪傾覆后原油泄漏所以要把巨大的油輪用水密隔艙加以分割，而市場中的監(jiān)管機(jī)制就相當(dāng)與于水密隔艙，監(jiān)管失職或放松監(jiān)管就相當(dāng)于去掉這些隔艙，沒有隔艙的油輪容易發(fā)生原油泄漏，所以要預(yù)防金融危機(jī)的發(fā)生就必須要監(jiān)管有效充分。

班級：09政教姓名：肖冬學(xué)號：0903040063

第三篇：監(jiān)守自盜觀后感

《監(jiān)守自盜》觀后感

看完了這部紀(jì)錄片之后給我?guī)淼恼鸷呈欠浅４蟮?，那些所謂的華爾街精英竟然為了自己的利益將全美乃至世界的經(jīng)濟(jì)置于危機(jī)之中。紀(jì)錄片開頭以冰島政府破產(chǎn)為開頭，講述了2008年金融危機(jī)爆發(fā)的前因后果。本片中邀請了很多金融界的名人，其中有華爾街的銀行高管、美聯(lián)儲(chǔ)委員以及其它美國金融監(jiān)管部門職員等等。他們各自站在各自的角度講述自己對于這場危機(jī)的看法以及自己當(dāng)時(shí)的所作所為。

本片客觀的反應(yīng)出了金融危機(jī)的產(chǎn)生的原因以及華爾街的銀行高管如何通過對金融衍生品的運(yùn)用來賺取高額的薪水。華爾街的銀行家通過自己手里雄厚的資本首先將政府里面的一切阻力掃除以使政府制定有利于維護(hù)自己利益的法規(guī)，其次還通過與國際三大評級機(jī)構(gòu)的相互勾結(jié)使其對所謂的垃圾債券給出比較高的評級，最后通過金融衍生品的運(yùn)用將次貸危機(jī)巧妙的轉(zhuǎn)移到普通大眾身上。

從金融工程的角度來看，這次危機(jī)到底是怎么形成的呢？首先我們來分析一下美國的金融監(jiān)管部門，美國在金融危機(jī)前采取的是“多重多頭”的監(jiān)管體制，多重是指聯(lián)邦和各州均享有金融監(jiān)管的權(quán)力，多頭是指在一個(gè)國家有多個(gè)履行金融監(jiān)管職能的機(jī)構(gòu)。美國危機(jī)前的監(jiān)管機(jī)構(gòu)在聯(lián)邦層面主要有美國聯(lián)邦儲(chǔ)蓄系統(tǒng)(FRS)、貨幣監(jiān)管署（OCC）、聯(lián)邦存款保險(xiǎn)公司（FDIC）、證券交易委員會(huì)（SEC）)、商品期貨交易委員會(huì)（CFTC）、儲(chǔ)蓄管理局（OTS）、信用合作社管理局（NCUA）等七個(gè)機(jī)構(gòu)。上述機(jī)構(gòu)的分工是：FRS、OCC、FDIC

三家機(jī)構(gòu)負(fù)責(zé)對商業(yè)銀行的監(jiān)管，SEC負(fù)責(zé)對商業(yè)銀行的監(jiān)管，CFTC負(fù)責(zé)期貨交易機(jī)構(gòu)和期貨市場的監(jiān)管，OTS負(fù)責(zé)對儲(chǔ)蓄存款協(xié)會(huì)和儲(chǔ)蓄貸款控股公司的監(jiān)管，NUCA負(fù)責(zé)對信用合作社的監(jiān)管。美國這種專業(yè)化分工和多重監(jiān)管機(jī)制很長時(shí)間是許多國家效仿的對象，這套制度在自由主義主導(dǎo)的美國確實(shí)支持過美國經(jīng)濟(jì)大繁榮，但是不可否認(rèn)的是這套制度確實(shí)讓美國經(jīng)濟(jì)秩序極度失控。

1982年里根政府實(shí)行的是金融監(jiān)管寬松政策，放寬了對儲(chǔ)蓄貸款公司的限制，允許貸款公司動(dòng)用儲(chǔ)蓄存款進(jìn)行風(fēng)險(xiǎn)投資，這最終導(dǎo)致了80年代末上百家儲(chǔ)蓄貸款公司倒閉，直接經(jīng)濟(jì)損失1240億美元，無數(shù)人損失了一生積蓄。在這場儲(chǔ)貸危機(jī)中，OTS并沒有很好地履行自己的職責(zé)，進(jìn)行有效監(jiān)管。OTS是不是應(yīng)該存續(xù)存款公司的存款進(jìn)行核計(jì)，是不是該對風(fēng)險(xiǎn)投資進(jìn)行有效的督查和監(jiān)控，進(jìn)而限制儲(chǔ)蓄存款風(fēng)險(xiǎn)投資。在90年代末發(fā)生的危機(jī)中，針對投資銀行對因特網(wǎng)泡沫的股票投資崩潰導(dǎo)致5萬億美元憑空蒸發(fā)的事實(shí)，證券交易委員會(huì)對此毫無作為。這些只是監(jiān)管不力的具體表現(xiàn)，對于影片中所展示的金融監(jiān)管失職遠(yuǎn)不于此。

金融危機(jī)發(fā)生之前，美國的“多邊監(jiān)管”機(jī)制隨著次貸證券化、金融創(chuàng)新以及監(jiān)管者為提高市場競爭力放松監(jiān)管的發(fā)展，就會(huì)出現(xiàn)監(jiān)管重復(fù)和監(jiān)管疏漏?；ㄆ煸谖C(jī)前是世界上最大的金融服務(wù)企業(yè)，監(jiān)管它的不僅有貨幣管理署、聯(lián)邦儲(chǔ)備銀行、聯(lián)邦存款保險(xiǎn)機(jī)構(gòu)、儲(chǔ)蓄機(jī)構(gòu)監(jiān)管署以及交易委員會(huì)，還有其他50個(gè)州的監(jiān)管機(jī)構(gòu)，這些機(jī)構(gòu)存在監(jiān)管重復(fù)的現(xiàn)象。不同的監(jiān)管文化、監(jiān)管理念、監(jiān)管標(biāo)準(zhǔn)，沒

有統(tǒng)一的監(jiān)管標(biāo)準(zhǔn)確要做到高效監(jiān)管確實(shí)不易。另外監(jiān)管重復(fù)也可能會(huì)在造成無人監(jiān)管局面，有一名美聯(lián)儲(chǔ)委員在接受采訪時(shí)表示美聯(lián)儲(chǔ)沒有對不斷發(fā)放的抵押貸款進(jìn)行深入的調(diào)查是因?yàn)樗麄円詾橛腥嗽谶M(jìn)行調(diào)查，這種推脫中可以看到多重監(jiān)管缺失是會(huì)導(dǎo)致無監(jiān)管局面的出現(xiàn)。當(dāng)一個(gè)金融機(jī)構(gòu)處于低效監(jiān)管或者無監(jiān)管狀態(tài)時(shí)，在利益的驅(qū)使下，就會(huì)出現(xiàn)類似抵押貸款呈倍數(shù)增加的不合理現(xiàn)象。

接下來再讓我們分析一下美國乃至世界的三大評級機(jī)構(gòu)：美國標(biāo)準(zhǔn)普爾公司、穆迪投資服務(wù)公司、惠譽(yù)國際信用評級有限公司。08年金融危機(jī)追本溯源，我們可以發(fā)現(xiàn)那些打上“3A”標(biāo)志的次債是一切問題的根源?！?A”是誰給的，當(dāng)然是美國的評級機(jī)構(gòu)。一位對沖基金經(jīng)理曾說：“有價(jià)證券沒有評級機(jī)構(gòu)的認(rèn)定就買不出去”。由此可以看出信用評級機(jī)構(gòu)的重要性，在整個(gè)金融交易鏈條中，評級對于投資者而言就是向標(biāo)和導(dǎo)向。但美國的三大評級機(jī)構(gòu)卻沒有盡好自己的責(zé)任，一方面評級更新比較滯后，另一方面美國的評級機(jī)構(gòu)評級與評級費(fèi)用呈正相關(guān)，評級越高，評級費(fèi)用也就越多。穆迪作為最大的評級機(jī)構(gòu)，其利潤從2000年到2007年番四了倍。于是“3A”證書也就成百上千的發(fā)放出去，每年都有上千億美元的投資被評級，甚至五大投資銀行在破滅前其評級仍至少是A級。美國證券交易委員會(huì)對于評級機(jī)構(gòu)的貪婪行為并沒有采取措施，這也助長了評級機(jī)構(gòu)進(jìn)行虛假評級。如果對美國的信用評議制度進(jìn)行規(guī)范化和立法化，把它作為金融監(jiān)管體系的一部分，那么次債的破壞程度就不會(huì)那么深，次債危機(jī)的影響也會(huì)減少?？梢哉f疏于監(jiān)管的評級機(jī)構(gòu)發(fā)出的引導(dǎo)投資者

投資的“3A”次債是此次危機(jī)爆發(fā)的重要原因。

最后讓我們來分析一下，這次的危機(jī)導(dǎo)火線即次貸危機(jī)的產(chǎn)生。在這里我們要著重“感謝”一下美聯(lián)儲(chǔ)的主席格林斯潘先生，正應(yīng)為他堅(jiān)持認(rèn)為抵押貸款行業(yè)應(yīng)當(dāng)處于放任自由的狀態(tài)。一些金融機(jī)構(gòu)為了更快更多的發(fā)放次級貸款，有意放松對貸款人基本貸款資質(zhì)和條件的審查，由于過度競爭一些機(jī)構(gòu)和開發(fā)商達(dá)成“默契”，部分借貸人購房時(shí)可以是“零首付”。每個(gè)人都可以申請抵押貸款，借款人用高額的次貸置地，房價(jià)和對房的需求急劇增加，形成了歷史上最大的經(jīng)濟(jì)泡沫，證券交易委員會(huì)在泡沫期間沒有對投資銀行進(jìn)行任何調(diào)查。疏于監(jiān)管的抵押貸款行業(yè)發(fā)放巨額得到貸款并且獲得巨額利潤，全國信貸公司放出970億的貸款從中獲利110億美元。在次貸證券化的鏈條中，風(fēng)險(xiǎn)巨大在于消費(fèi)者的還款能力是個(gè)未知數(shù)，當(dāng)消費(fèi)者還不起次貸時(shí)，次級債就欠款，進(jìn)而使得銀行或者信托倒閉，接著聯(lián)儲(chǔ)調(diào)控，從而信貸緊縮，之后帶來一系列的資金斷裂短缺，引爆金融危機(jī)的導(dǎo)火線就是如此。

從金融行業(yè)的發(fā)展歷史來看，金融危機(jī)的產(chǎn)生是必然現(xiàn)象而不是偶然現(xiàn)象。只要資本家這個(gè)群體還存在，那么他們就會(huì)毫不留情的用各種手段奪走你手中的財(cái)富。而且還是在你不知情的情況下悄無聲息的進(jìn)行著財(cái)富轉(zhuǎn)移，這次危機(jī)就體現(xiàn)的非常明顯。危機(jī)也只是他們的一種手段，從這次危機(jī)中華爾街那些精英賺的盆滿缽盈。這些錢的背后是數(shù)以萬計(jì)的普通人破產(chǎn)，很多人甚至回到了貧困線以內(nèi)。我覺得避免危機(jī)最好的辦法就是向共產(chǎn)主義邁進(jìn)，要逐步消除資本家這個(gè)階

級才能從根本上消除金融危機(jī)。

第四篇：監(jiān)守自盜觀后感

監(jiān)守自盜觀后感

銀行家天生的貪婪會(huì)使得他們將個(gè)人的利益置于國家利益之上，為了自己的富裕而置民眾于不顧?；ㄆ煦y行的Chuck Prince有一句名言：“在音樂停下之前（金融危機(jī)之前）我們要不停的跳舞（撈錢）?！倍藭r(shí)伴隨著音樂，被蒙在鼓里的民眾也會(huì)跟著跳舞，可當(dāng)他們停下舞步的時(shí)候，才發(fā)現(xiàn)音樂早已停止了。

著名投資家索羅斯把金融市場比做超大型油輪，為了防止巨大的油輪傾覆要把巨大的油輪用水密隔艙加以分割，而市場中的監(jiān)管機(jī)制就相當(dāng)與于水密隔艙，監(jiān)管失職或放松監(jiān)管就相當(dāng)于去掉這些隔艙，沒有隔艙的油輪液體容易發(fā)生晃動(dòng)，造成船體傾覆。所以要預(yù)防金融危機(jī)的發(fā)生就必須要監(jiān)管有效充分。

然而，從80年代初里根政府開始，啟動(dòng)了長達(dá)30年的對金融業(yè)放松監(jiān)管的進(jìn)程。1982年，里根政府對經(jīng)營存貸款業(yè)務(wù)的銀行放松監(jiān)管，允許他們用儲(chǔ)戶存款進(jìn)行風(fēng)險(xiǎn)投資。聯(lián)邦儲(chǔ)備銀行擁有廣泛的權(quán)力去規(guī)范抵押品市場，但美聯(lián)儲(chǔ)主席拒絕使用這些權(quán)力。在泡沫飛漲期間，證券和交易所監(jiān)督管理委員會(huì)對各家投資銀行沒有進(jìn)行過哪怕一次大一點(diǎn)規(guī)模的調(diào)查。隨著金融創(chuàng)新，各種金融衍生品蓬勃發(fā)展，為了最求利益的最大化，各類金融企業(yè)把焦點(diǎn)瞄準(zhǔn)了衍生品交易。美聯(lián)儲(chǔ)主席格林斯潘和薩默斯部長合作提議金融衍生品不應(yīng)受到監(jiān)管，2000年12月國會(huì)通過了商品交易現(xiàn)代化法案，規(guī)定禁止對金融衍生品的監(jiān)管，不受法律約束的衍生品交易從此一發(fā)不可收拾，愈演愈烈。除了傳統(tǒng)的期權(quán)、期貨等衍生品，新出現(xiàn)的CDO和CDS等金融衍生品在不受監(jiān)管的前提下為投資銀行所用來大發(fā)其財(cái)。抵押債務(wù)責(zé)任證券和信用違約互換都是風(fēng)險(xiǎn)分散、收益極高的金融產(chǎn)品，這些產(chǎn)品都處在資產(chǎn)證券化的鏈條中，具有明顯的蝴蝶效應(yīng)。由于資產(chǎn)證券化的發(fā)展，放貸者不再擔(dān)心還款，投資銀行同樣也不在乎，于是銷售的CDO越來越多，在短短三年內(nèi)抵押貸款總量增加了四倍，這使得原本就不穩(wěn)定的金融交易市場不穩(wěn)定性倍增。除了金融衍生品不受監(jiān)管外，對沖基金、私募基金、高杠桿率運(yùn)作等也都處于監(jiān)管真空或監(jiān)管不充分。游離于金融監(jiān)管之外的產(chǎn)品和交易逐漸釀成此次金融危機(jī)。

最終，次貸的多米諾骨牌徹底坍塌，經(jīng)濟(jì)危機(jī)對世界經(jīng)濟(jì)造成重大沖擊。影片開頭的小國冰島的一片凄慘景象和中國東南沿海無數(shù)工廠關(guān)門、工人失業(yè)的景象讓人觸目驚心。

第五篇：《監(jiān)守自盜》 觀后感

《監(jiān)守自盜》觀后感

這個(gè)世界，可怕的不是那些站在明處挑釁的人，而是那些躲在背后操控全局的人。話說：經(jīng)濟(jì)基礎(chǔ)決定上層建筑，但又有多少國家政治被經(jīng)濟(jì)綁架。掌握游戲規(guī)則的銀行家們，肆意的宣泄著他們的本性，淪喪著他們的道德底線，為了一己私欲，讓全球投資者為之買單，把99%的財(cái)富聚集到1%的人手中，然后低調(diào)離去，看起來似乎不帶走一紙證券。英格蘭銀行、美聯(lián)儲(chǔ)以及世界上諸多中央銀行的成立如此，一戰(zhàn)二戰(zhàn)的本質(zhì)如此，08年的金融危機(jī)亦是如此。

把2008年全球金融危機(jī)歸咎于次貸是片面的。事實(shí)上次貸是美國政府以改善低收入家庭的住房條件為初衷，通過房地美和房利美實(shí)施的貸款政策。債務(wù)人還款能力有限，存在壞賬風(fēng)險(xiǎn)，但是只要放貸人有嚴(yán)格的風(fēng)險(xiǎn)控制意識(shí)，以及政府的扶持，不至于造成什么嚴(yán)重的后果。然而人類特別是經(jīng)濟(jì)人貪婪的本性，使他們?yōu)榱似髽I(yè)、個(gè)人利益的最大化，創(chuàng)新推出了風(fēng)險(xiǎn)巨大的衍生證券CDO，這完全是不負(fù)責(zé)任的。除了既得利益之外，評級機(jī)構(gòu)失去本身的職責(zé)所在，并非客觀的評級；保險(xiǎn)公司不顧投保人的利益，盲目承保。于是一切向利益看齊的氛圍下，就沒有人關(guān)注風(fēng)險(xiǎn)了（還是看到風(fēng)險(xiǎn)的人都躲在背后偷笑），加之市場的狂熱追捧，投資者更加瘋狂。泡沫吹的太大了，總會(huì)飽和，總會(huì)因?yàn)橐患∈鲁蔀閷?dǎo)火索從而破滅，從此便開始了一連串的惡性循環(huán)。

金融危機(jī)，歸根結(jié)底，是人與人心理的一場博弈。金融業(yè)作為一個(gè)新興的行業(yè)，還存在許多問題，監(jiān)管不到位，市場不夠完善或者其他種種，但最終行為經(jīng)濟(jì)學(xué)起著絕大部分的作用。在利益面前，人類貪婪的本性顯露無疑，追求更多，羊群效應(yīng)引導(dǎo)著更多人加入游戲，人越來越多，游戲越來越狂熱，以至于玩家們都失去本性，但總有幾個(gè)保持著理性的銀行家巨頭，在玩夠的時(shí)候輕輕那么一點(diǎn)，導(dǎo)致虛無的游戲崩盤，然后在背后冷笑著數(shù)錢。下一步便是經(jīng)濟(jì)引發(fā)的政治博弈。

Inside Job was a documentary film opened on 2008, a critical period of

global crisis exploded from the dilemma of bubble credit in several sectors like real state, stock.The documentary conducted face to face interviews with well known Economist, Politicians, and people evolved in main parts of

financial business.It also disclosed a sequence of objective data to illustrate the essential root of the cause of crises.As the main topic of movie, five parts have been indicated to narrate the truth happening during this economic catastrophe logically.There were.How to got here, The Bubble, The crises,Accountability and Where We are now.The starting points was detected from 1970, the first oil shock and earlier financial disaster up to 2008.The entire picture gives us a clear skeleton of complicated financial structure especially US.Virtually, it implies the domino effect generated by political system, bachelors, and all society in the whole financial system.Therefore, the

documentary is called Inside Job which exposures all inside works in this deep and intricate economic circle.Churchill said that there is no eternal friendship but permanent common interests.a story in movie shows a originally poor officer who works in

securities exchange agency in 1970 incredible became a millionaire just in 10 years.This is a reflection of credit crises in US.After 2000, the profit and size of mortgage, loan plan was the main concern.No one cares about the quality of it.In order to loan as many as possible, the majority of financial agencies lease the investigation of borrower`s affordability due to the serious

competition.Typically, in real estate sector, 0 first payment on mortgage was possible.Hence, almost everyone, they loan and invest in land.Indeed, the price of land and house were abruptly skyrocketed.Eventually, this

consequence became the most serious bubble economy in the history!

Another example was that while a selling group in Goldman Sachs was selling a speculated bond, Timberwolves whose actual grade was down to C level with pleased attitude to costumer, the conversation among group

members underground was “Hi!Dude, the Timberwolves is awful！!” They advertise some junk bond as the “most premium investment” by purchasing large amount of CDS(Credit Default Swap).They bet the loss of investment of those customers who bought these high risk bonds.It was just like a

gambling combined with cheating.In other words, the more their customers lose, the more they can earn from this dirty game.This is the moral default in financial crises among normal selling group and people.They clear notice that it is illegal to sell the high risk speculated bond to people, whereas they do it only for satisfying individual own greedy desire.Actually, at the point, all people in Wall Street was addicted on the similar gambling.One

neuroscientist did a interest experiment on the brain reaction d those who evolved in the CDS gambling when they successfully cheat on investors.The result surprisingly pointed that the part of brain stimulated is as same as people taking cocaine.In front of profit, most people have already fallen in the abyss of moral hazard.One counterpart is Lehman brothers, they against the Goldman Sachs` behaviors and refuse cheating on investors and buying CDS.Consequently, they bankrupted.Even though the above stories are truth,the head of Goldman Sachs denied what they have done on their customers during the crises.The purchasing of CDS is the necessary of company`s

business, he said to the public.It follows that the cause financial crises dose not only happen in the economic system self, but also our own moral level.According to the data mentioned in the film, most credit crises was

caused by the “premium bond” marked with AAA.Who gave this best A

grade to those actual speculated bond? Of course, that is the bond evaluating agency!Higher rank of the bond means more investor can be attracted to the program.As more company evaluated as A level, the investigation fee will be more to the agency.This demonstrate that those evaluating agencies have tremendously important rule in the entire bond trading system.In congress, “Big Three” agencies such as Moody, they defended for their behavior during the financial crises as a ridiculous reason----AAA grade is subjective to our own evaluations.Investor should not rely on our subjective judgment.Besides those inside jobs in the economic system, government sectors

also have trouble in moral problem.Rent Seeking is a main collusion between government servant and companies.From 1998 to 2008, Financial sector devoted more than 5 billion dollars to rent seeking.Therefore, under the

protection of government servant, those companies were able to play unfair gambling game with investors.Citibank, Chuck Prince said: until music stops, we will not stop dancing.The sentence in bracket implies the real meaning of his statement.Hence enhancing the management on both financial and

government sectors is critically significant to prevent the economic crises in the future.Otherwise, crises will possibly happen in every moment despite of inside system of financial itself.