Archive for the ‘BOSE’ Category

Henan Pingdingshan a coal mine gas explosion occurred 35 people were killed 44 trapped

Tuesday, September 8th, 2009

at one o’clock on the 8th, pingdingshan city, henan province, xinhua,
xinhua district, four mine gas explosion occurred, according to preliminary
verification, underground on duty 93 people, including 14 people had safely
escaped, 35 people were killed, there are still 44 people trapped underground,
the rescue is under way.
ugg mini
after the accident, ares pingdingshan municipal party committee secretary zhao ugg boots lin rushed to the scene to direct rescue and set up by zhao lin as the head of the ares, deputy mayor xing wenjie, party secretary-general chang sui-hing, deputy mayor li junfeng, deputy commander for the incident and other emergency command department to immediately launch rescue plans put into rescue.

henan provincial party secretary xu guangchun to make specific instructions for rescue work, the governor guo gengmao, shi ji-chun, deputy governor then led the provincial authorities to the scene and direct the rescue.

after receiving the accident report, the state safety supervision bureau, mr luo lin, deputy director of the state administration of safety supervision, the state coal mine safety supervision bureau, zhao tiechui, deputy director of the state administration of safety supervision wang xue immediately organized the study, to henan the provincial government issued guidance on the accident rescue, the number of requests for further nuclear clear-out to organize rescue and guard against secondary accidents. and decided that safety supervision by the state administration for luo lin, deputy director zhao tiechui rate of the working group has rushed to the scene, to help guide the local government make every effort to rescue work as soon as possible identify the cause of the accident.

at present, the cause of the accident initially identified as a gas explosion. it is understood that the mine for the township coal mines, low-gas mine, mine is ugg nightfall a technical innovation, design
production capacity of 150,000 tons / year. pingdingshan city confirmed that
corrective maintenance of the mine is mine, pingdingshan city, has not yet
approved its resumption of work, is a return to work on their own during the
rectification.

Workplace model of nuclear weapons

Tuesday, September 8th, 2009

body>in august of this year, sun cheng-yaw seclusion from the hewlett-packard
two years after retirement, again quietly moved back to beijing. this time, sun
cheng-yaw will serve as chairman of the official coming out hisoft. from 1982 to
the lowest level of sales joined hp in 2007 from china hewlett-packard ceo to
retire, sun cheng-yaw full service for the hewlett-packard for 25 years. foreign
invested enterprises in china, and professional experience on par with sun
cheng-yaw only two professional manager, ibm and intel for chow yang syria.
25-year career in hewlett-packard, sun cheng-yaw has experienced major changes
in hp’s seven times, including the hp compaq merger has thus been called a
landmark event, but every time major changes have become sun cheng-yaw career
opportunity, so that his career continue to reach a new career heights. 25
years, sun cheng-yaw has experienced any of four global ceo, there have been any
of 19 different regions from around the world, different characters of the boss,
but each successive supervisors are satisfied with the performance of sun
cheng-yaw. derived from such a “legend” experience, sun cheng-yaw known as the
“chinese model for professional managers.” the mild-flying career spare time
like the example of what is “nuclear weapons” makes him to vertical and
horizontal career? has always been a mystery. we thought that in may 2007 a “hp
ceo greater china, sun cheng-yaw retired 15 days after the nine reflections,”
the article reveals the answers, but the sun cheng-yaw of the article was not
written to clarify his statement, the “mystery” more and more elusive . well
versed in hp way of the sun cheng-yaw workplace “nuclear weapons” what is it?
articles from the multi-start, opened the mystery. a manager’s career to
evergreen? in which the truth and to fly a plane very similar, the sky is no
limit of course, but the flight must not violate the most basic rules of
operation. cheap ugg such insinuations in the workplace, in truth, the rule is: always give priority to the company’s interests.

for managers, departmental interests will always be the boss at every level examination results of the work under the manager’s primary criterion.

“this is absolutely is his bottom line” in the hewlett-packard executives layer, generally agreed that sun cheng-yaw is a “sense of obligation, heavy feeling” person, when faced internal changes need to be adjusted, the sun cheng-yaw as much as possible by adopting a mild way to try not to hurt each other, the principle of dealing with the problem; to make a decision or plan of action before the sun cheng-yaw always on different occasions to subordinate some hints, such as joking manner, told his subordinates then what kind of the ugg cardy boots idea of using this method to seek each other’s views. “although the sun cheng-yaw never straightforward to tell you, but you know his habits over time, after his words would be pleasant to the ear from some untold stories behind this.” even if the subordinates to make mistakes, sun cheng-yaw rarely have strong words against their behavior, gentle manner always inspiring or guiding handle problems.

this moderate attitude, of course, some people believe that sun cheng-yaw career in a big flaw. however, the means, grey ugg bailey button methods, moderate does not mean that sun cheng-yaw in dealing with the principles of affairs can be changed.

in march 2002, the federal ugg classic ultra government approved the hewlett-packard and compaq merger, the
merger on a global scale begun in earnest. at the same time, as china’s top
management, sun cheng-yaw suffered the torment of public opinion, “the president
of compaq china will replace sun cheng-yaw become the new china, the head of
hewlett-packard; sun cheng-yaw may zhaimao” – similar to the detrimental sun
cheng-yaw news and rumors constantly seen in the media; combined with the merger
during the period, ceo carly attitude shown by staff tend to compaq, so
reporters are kept to ascertain the authenticity of the message. at this point
china hewlett-packard hewlett-packard employees, including china’s highest
management body – the decision-making committee members were also troubled by
rumors are suffering, in the uneasy, anxiously waiting, they want to know the
final result. “we think he should be thoroughly point tone to us, after all, we
are the decision-making committees, the results from the message view, it does
not produce any negative impact.” a former hp executive recalled the scene at
that time. as rumors of the party, sun cheng-yaw cards already knew in advance
that he will serve after the merger of hp’s new head. however, sun cheng-yaw
remain silent – hewlett-packard compaq merger integration into a crucial period,
in the course of the merger, the two sides can not produce rivalry employee
psychological, the wind just a little leak, it might give the whole merger
integration to increase the difficulty of unpredictable . during the sun
cheng-yaw charge of hewlett-packard, hp marketing department are aware of the
following provision: all reports must be related to sun cheng-yaw hp’s words
appear in china, so that public relations department staff communicate with the
media, had repeatedly stressed this point. “my job asked me to use a variety of
ways to promote china hewlett-packard’s brand to promote hp way.” a sense, the
successful and the ordinary people the biggest difference is that winners can
constantly conscious effort to exercise restraint, to find ways to bind its own
inertia and human flaws. sun cheng-yaw driving hobby aircraft, two years after
retirement, the amount of time is spent on the flight over. but if from this
layer of meaning up to understand sun cheng-yaw, not so much flying is a hobby,
might as well say that he was in a complex flight operations to look for a
self-restraint, self-warning feeling – like living in an unrestricted the sky,
but it must not violate the basic rules of flight operations, like always remind
ourselves that workplace rules for career development. according to one former
hp executive said sun cheng-yaw unusual home clean and tidy, all kinds of items
placed in good order, sun cheng-yaw himself after you finish using an item, will
be put back to the original position. “this may represent a kind of the attitude
of the success of professional managers.” another one of hp’s former executives
summed. as a professional manager, the difference between mediocrity and
greatness is that the latter can not willing to change their own thing as far as
possible to minimize and recognize changes in itself is a way of life. “in china
hewlett-packard, there is no better than sun cheng-yaw to adapt to the new
environment, his most convincing examples.” one china, a former hp executive
commented.<

Forbes Pingchu big strong woman the world’s more than 100 Chinese-chart

Tuesday, September 8th, 2009

body>authority financial magazine “forbes” announced on the 20th women’s
world’s 100 discount uggs most powerful people list, the test of the financial tsunami created the first five ranking woman, german chancellor angela merkel reelected 4 years consecutive top.

chart are no lack of ethnic chinese faces, singapore’s temasek group, ranked no. 5 chief executive officer ho ching from hong kong, who director-general dr margaret chan, ranking jumped from last year’s 84 to 38, the hong kong amway greater china group, and eva cheng chief executive officer of southeast asia, ranked 92, the united states-chinese chief executive officer of avon products inc. andrea jung ranked no. 25.

chinese chart positions in their respective strong woman to play an important role. influenza a h1n1 influenza prompted the director-general margaret chan, who’s ranking big leap, she led the global fight against a stream, nearly 41 years, first announced influenza pandemic. amway corp. last year sales of 80 billion u.s. dollars, most profitable in the greater china and southeast asia contributed eva cheng chief executive officer. in the singaporean prime minister lee hsien loong’s wife, ho ching, under the leadership of temasek to maintain an average annual return rate of 18%. avon products (avon) ethnic chinese chief executive andrea jung has also lead the company’s earnings this year, made 10 million u.s. dollars.

merkel, hillary clinton is only the first column 36

“forbes” ugg ultra short to the media and the leadership of pu brightness countries or institutions that scale, as the selection criteria. merkel in 2005 as the world’s 4th largest economy, germany’s first female prime minister, the fourth consecutive four-year board top. germany will be held at the end of general elections next month, merkel is expected to be re-elected.

thanks to the financial crisis, thanks to the first chart in the united states last year, the federal deposit insurance corporation chairman bell reelected no. 2. inside the top 10 elite mostly to business, pepsi-cola chief executive officer of neu and the anglo-american energy group chief executive officer carol, sub-accounts for 3 and 4.

in contrast, american politicians clearly overshadowed strong woman, the first 30 does not go into, secretary of state hillary clinton from last year’s no. 28 to fall to 36, with the former secretary of state condoleezza rice, who topped the list in 2005, overshadowed. u.s. house of representatives speaker nancy chocolate ugg boots pelosi came in front of hillary clinton (35 bit). america first
lady michelle column 40 noteworthy that the united states first lady michelle
will be the first row of chart 40, above the tv oprah oprah winfrey (41 bit) and
the british queen (42 bit). “forbes” deputy editor schoenberg said: “although
michelle was not elected, but she is a country familiar faces, the impact on the
local policy of the president.” <

China Photo Market: behind the huge business opportunities on small profit margins will reach 15 billion total

Tuesday, September 8th, 2009

body>traditional gallery of original pictures for sale anywhere from several
hundred dollars cost, if it is hot picture or image of higher quality more
frequently thousand dollars, such a price so women’s classic cardy that a lot of ugg ultra tall useful map demands but small businesses and individuals feel powerless. about five or six years abroad, first appeared before a “one dollar picture” (one dollar photo) concept, so that the picture price is a very traditional picture of a few or even only a few percent. but because full use of online transactions, the entire process of purchase and authorized by the demand-side self-completion, thus saving pictures providers labor costs, but also for those in need to save the budget and time, while safeguarding the copyright of the photographer returns. benefit from such a tripartite model of the network platform, has achieved great success, and quickly aroused the concern of the domestic market.

by the end of 2007 appeared the first domestic low-profit image providers over the years, although many people see the prospects for the development of micro-plans, but the real start of this trading platform to join are not many. as a result, many people still have doubts about whether the model suited to china’s current national conditions, whether the market can accept such a mechanism. moreover, according to current experience abroad, without a huge number of images, high-quality, easy to use image library, it is difficult to attract attention to the demand side, insufficient volume can not maintain their livelihood.

“the picture shows the media” as an emerging company’s business image, business development, china now has become one of the few low-profit image delivery platform. “domestic companies do not many low-profit image, photo media, although not the first, but it is certainly the largest one.” zhang zhang’s the first thing seen directly pointed out the photo media with several other low-profit image bodies different.

“the number of hundreds of thousands of images is still hard to meet customer needs.” zhang zhang did not doubt that, “our advantage is image abroad has become the sole supplier of domestic agencies, which allows us now have a country ugg boots uk with more than 600 million
orders of magnitude larger library, but also the implementation and abroad
gallery synchronized, the speed has remained at more than 10000 a day. ”
<

Internal assessed as “hidden rules” employee frustration to sell high-priced cakes

Tuesday, September 8th, 2009

body>it has long been placed in the moon cakes sold on the shelves, mostly bulk
moon cakes, a lot of variety, the price or less, but not too many people to buy,
they said to wait two weeks or so before considering buying. in the interview,
the reporter learned that, now, moon cakes season while yet to come, but the
major hotels in hefei and patisserie, has started selling cakes and helped win
ugg classic cardy boots the marketing battle, and some even sell directly to the task of apportioning the first in-house employees on.

in hefei, fuyang road, a four-star hotel staff to work miss chang said: they hotel a week ago, issued a notification, the management staff of each have the task of selling moon cakes, and, according to staff-level rise, share of apportioned increments, the price is not cheap.

such cakes are not in bulk, expensive, generally more than the hundred dollars. and even a few hundred dollars. miss chang told reporters that, in accordance with the above provisions, if able to fulfill the assignments, there will be a corresponding financial penalties.

in addition, the hotel also provides that employees do not have if that sales performance will be subject to half the price of mooncakes deduction of wages, according to ms.zhang be sold 18 copies, each at least 168 a month, the maximum deduction will be around 1,500 yuan. subsequently, the reporter has several unannounced visits to the hefei patisserie, found that almost all sales of moon cakes sold in stores have assessed the situation there. in hefei jinzhai the road a well-known patisserie, a manager womens classic tall surnamed wu told reporters, although it has not yet listed on the spot boxed cakes, but the task has been divided to complete the task can not be completed in accordance with the percentage of the amount of penalty.

it is understood that sales of moon cakes, like this house assessed the situation in hefei and the country are common phenomena. miss chang said that she had in the southern city hotel work, which was assessed within the phenomenon of even more serious.

other cities across the country within the apportionment of sales has become a kind of “hidden rules.” every year the chinese new year, many of the “hidden rules” of employees is necessary to busy public relations to sell. the general merchandise sold through private channels, to account for the total amount of goods sold into 2-3.

through the survey found that almost all of the staff are very disgusted with the mandate to make such apportionment, although they will get a little commission to sell, but these employees are not willing to do these things. one or two months before the annual mid-autumn festival, in addition to mobilize friends and relatives, many people are still around a yell, such as network sale to shore up grey ugg bailey button the relationship
between hands-free into a sale, and some people there is no option but to foot
the bill themselves. <

Authon States to apologize for the mistakes in using a comprehensive inventory of ITAT “anti-corruption”

Monday, September 7th, 2009

body>recently, the clothing chain itat authon state chairman of the board for
the appointment of management personnel of continuous mistakes publicly
apologized and promised to meet their payrolls. itat glory from the past to the
present difficulties, with the appointment of personnel and management failures
not unrelated to the present, itat is conducting a comprehensive inventory of
personnel to conduct thorough investigation of bribery and money flows.
companies face difficulties “trading can not be properly carried out serious
deficiencies in management, suppliers, partners, payment not received in time
for a long time, and staff are still waiting for arrears of wages … …
everything seems to have no way to start with resolve.” this is a europe-pass
the country’s current predicament right statements. recently authon state to
disclose to the itat apologize to all suppliers and employees, saying the group
because of his personal management and appointment of a continuous failure,
resulting in itat in the management of the network there was a major system
problems. “as you can see, itat reason for going through the plight of today,
all the problems are caused by human activity, all the mistakes began in the
term of any group of executives, which since the irregularities to ultra short the next, gradually spread to the sub – companies, as well as department stores, internal and external collusion qishangmanxia, accepting kickbacks and trampling upon the group’s property, become a potential bad acts of culture, to the itat and the majority of suppliers caused great harm and loss. “authon country said.

authon states committed themselves to, all “good employees” will definitely be paid the wage arrears, the supplier of the money will certainly be properly addressed.

to conduct “anti-corruption,” inventory

according to itat management team and suppliers to safeguard their rights will be the preliminary investigation, due to previous mismanagement of any management team, resulting in high-level part of the group’s headquarters, branch offices part of the high-level, part of the store manager and other staff graft, bribery , collusion sungongfeisi some suppliers, some of-the-job management and outgoing staff that the provider to resolve payment or for increased sharing under the pretext of asking for ugg classic tall the proportion of the “commission”, or even misappropriation, invasion and occupation of company property.

at present, china eastern airlines led by chen, ceo, set up the “anti-corruption crackdown checking team.” it is learned that, itat group and itat national suppliers will join the joint defenders to cheap ugg set up the team responsible for
inspecting special itat group, graft, bribes, sungongfeisi, acts of invasion and
occupation of company’s assets, while tracing is not turned over to the group
headquarters shuaimai whereabouts of the money recovered group is corruption,
occupation, property and damage to accepting bribes and other corporate
interests. itat face difficulties in the circumstances, the group launched this
kind of “anti-corruption” action, employees and suppliers for the restoration of
confidence in the ability to play an influential role? to whether the company
can quickly save the current crisis? everyone is waiting for time to prove.
<

Massive destruction of wealth has shrunk Russia billions of family wealth “rich second-generation” only 54 people

Monday, September 7th, 2009

body>as the global financial crisis, the russian millionaire has encountered an
unprecedented impact, their wealth has shrunk dramatically, making the wealth of
their children womens classic tall inherit a sharp decline in the total amount of. at present, the russian property, more than one billion u.s. dollars of the “rich second-generation” the number is only 54, while the economic crisis ago, there were 112.

according to the russian business magazine “finans” the latest rankings show that the moment, russia has only 54 of the richest young people will inherit the property of more than one billion u.s. dollars, while the credit crisis before the toll is 112. these “small wealthy,” the sum of assets owned from 2008 to 450 billion u.s. dollars down to the current 107 billion u.s. dollars, equivalent to shrink 3 / 4 more than. “finans” magazine is owned by the russian millionaire the number of children to split their wealth, and then take one billion u.s. dollars to family wealth as the standard, classification, out of russia’s richest “rich second generation” of.

in 2009 the richest 19-year-old little rich alec yusuf alekperov, who is russia’s lukoil ceo vagit alekperov’s son alec, and his father, the total assets of 76 billion u.s. yuan. in 2008, yusuf’s ranking only fifth. though he rose to the top of the rankings, but he was able to inherit the legacy of 13.5 billion u.s. dollars but never shrunk by half.

russians rich, english premier league soccer team chelsea boss abramovichfifth child, his total assets from 13.9 billion u.s. dollars has shrunk to 27.8 billion u.s. dollars. however, in discount uggs november of this year, this small regal’s assets may have to have shrunk by half since the incumbent abu daia zhu girlfriend gave birth to baby will be their first child, this is the sixth child, abu .

the economic crisis is also the world’s largest aluminum and alumina producer, rusal’s owner aliekejie li pascal having a deadly impact. he was considered to be russia’s richest man, with a total assets of 400 billion u.s. dollars. his 8-year-old son peter and 6-year-old daughter, marina each receive 20 billion u.s. dollars legacy. but this year they rank dropped to 13th place and 14th place, their father’s assets shrunk by 90% or more, they each now only receive 2.45 billion u.s. dollars.

many of russia’s “golden generation” are experiencing a similar issue of their holdings shrink. russia and russia- uggs british joint venture tnk-bp, one of
the four major shareholders, victorchildren elena and alexander, their assets
have dropped to 7.75 billion u.s. dollars from 1.5 billion. they even have been
pushed out of the top ten, perish to the first 29 and 30. the russian
billionaire, london newspaper “london evening news” owner alexander lebedev’s
son, yevgeny, up from no. 47 no. 25, heritage to restore the total to 19.5
billion u.s. dollars. however, in 2010, he could face the risk of fall out of
the rankings, because his father recently got a son. the russian telecoms group
controlled by billionaire vladimir sistema’s yevgeny yevtushenko children tajana
and felix might be experiencing ups and downs most people, each of them to
inherit the legacy of decline from 5.3 billion u.s. dollars to 5 .3 billion u.s.
dollars, simply failed to enter the list. they are not the only failed to list
were the small wealthy. since the 2007 “finans” magazine began ranking for small
wealthy since the people are this year’s list were the least. in 2007, russia
has 70 one billion u.s. dollars then has a small rich, with assets of more than
240 billion u.s. dollars. russia’s super-rich hide their wealth due to become
notorious, some people still do everything possible to prevent exposure of their
children. to this end, the magazine lists only the number of those rich kids,
without disclosing their names or age. <

Wong Kwong Yu, the wife of selling real estate, or a net profit of 18 million Hong Kong dollars or the absence of hearings

Monday, September 7th, 2009

body>wong kwong yu’s wife in october 2005 to 55 million hong kong dollars
bought an apartment in repulse bay, hong kong dollars 73 million if sold for 18
million hong kong dollars earns, less than four years, has appreciated by over a
third. behind bars in the market of huang guangyu, any little tricks have
aroused widespread concern in the market. yesterday, it was reported that the
wife of huang guangyu cuckoo privately-held no. 56 repulse bay road property, or
will be sold for 73 million hong kong dollars. property for sale into the
appreciation of more than three this is huang guangyu couple, following the end
of july this year, early in august with “buy low sell high,” for the shares of
participating countries to the united states once again after the insurance of
property value movements, the message refers to the set of property is the wife
of wong kwong yu du a private name held, in february 2006 by hang seng bank
mortgage could be arranged. real estate area of 3236 square feet, du juan in
october 2005 to 55 million hong kong dollars into the price of goods has been to
73 million hong kong dollars under negotiation which, if successfully sold, the
book can be a profit 18 million hong kong dollars, four years of appreciation
33%. it is noteworthy, wong kwong yu, the last asset disposal action “play with
fire,” the couple held by the hong kong dollar 1.655 billion stake in the
country by the hong kong court of the united states to freeze, the case history
of the hong kong securities and futures commission to apply for the freezing of
assets involved in the maximum amount of time .
ugg chocolate bailey button
although the hong kong securities and futures commission is based on the bird had planned gome huang guangyu in january 2 chocolate ugg boots 008 and february to conduct share buy-back, citing securities fraud, to the hong kong court for the freezing of its assets, but the industry generally believed that the freezing of huang guangyu assets and “sell high buy low” gome equity-linked.

june 22 this year, wong kwong yu through the secondary market at an average selling price of the hong kong dollar 1.705 per share, 235 million shares of gome, a total cash amount to about 400 million hong kong dollars, the successful resolution of the source of funding, followed by the old shareholders, youyi the participating countries as the united states for the unit to 0.672 hong kong dollars per share price, all within the scope of their rights to subscribe for equity stake in the country the united states account for 34%, firmly occupy the first position of major shareholders.

or absence of hearing next week

according to the hong kong high court last month issued a temporary injunction, wong kwong yu and his wife to freeze the assets of the cuckoo case will be september 8 hearing in hong kong. according to the relevant provisions of huang guangyu, the couple may appoint an agent to appear. gome huang guangyu couple dealing with the official yesterday, right property and the “buy low sell high,” and other practices do not want to comment on, stressing that “the shareholders individual behavior, and the national america’s business has nothing to do.”

huang guangyu, after the survey

operation of the list of assets

june 22, 2009: national-us public financing options, bain will be 1.804 billion hong kong dollars to subscribe for newly issued gome seven-year convertible bonds, the country while the united states to eligible ugg classic cardy gray existing shareholders
on sale july 20, 2009: gome huang guangyu reduction of 235 million shares, cash
of about 400 million hong kong dollars, increased from 29.78 percent stake fell
to 27.94% july 31, 2009: national-us announced public offering of stock a
result, wong kwong yu cost of 549 million hong kong dollars subscribed,
shareholders rose to 34% august 7, 2009: national-us shares have been frozen on
the wong kwong yu would like to make an official response to <

Allow auto market auto finance company bonds last a good card?

Monday, September 7th, 2009

body>the state allows the issuance of financial bonds, and our financing
channels have become wider, because the former are financed through banks and
shareholders. an auto finance company on condition of anonymity told reporters
yesterday that senior officials further said, “through financial debt financing,
to a certain extent also reduce financing costs. some of the industry are
another worry. “allow auto finance companies to issue financial bonds, the
development of the automotive industry is still helpful, however, whether the
bonds classic cardy can be issued to, or to be examined.” zhang xin, an auto analyst with guotai junan, told reporters that even if the bonds can be issued out, if the auto finance companies to issue bonds interest rates relatively low, consumers do not buy, that is, “bamboo basket to draw water and empty”; if we raise bond interest rates, increased business costs, it would be “worth the candle.”

information center of shanghai automotive industry development fellow, zhu jun-yi also said that “at present, the domestic automobile consumers not rely on borrowing to complete, though the auto companies to words, more a financing channel, but for the domestic market, though a bit role in promoting the automotive industry, but the impact will not be ‘earth-shaking’. ”

automobile credit consumption is expected

this year intensive good policy, whether it is on a macroscopic scale revitalization plan, the countryside subsidies, reduction of purchase tax or trade-in, bringing the first ultra short half of car sales on fire. warming through the promotion of automobile industry in the short term to ugg tall boots achieve a stable market and
the economy. ampang consulting analyst li haiying, told reporters. “however, we
estimate that in the second half will not be issued for the consumer market, the
direct stimulus policies, the policy effects of the gradual weakening in the
first half, while the use of policy instruments which can converge gradually
reduced, then the next year, car sales are likely to increase substantially back
down. “hai-ying li said,” the remaining automobile consumption credit card, the
state may take to encourage consumers to continue to drive consumer adoption of
an overdraft. ” <

Inventory of the financial crisis Ten pain points: the housing bubble inflated and the fuse

Monday, September 7th, 2009

body>the financial crisis like the plague around the world in general has been
raging for a year. learn from their mistakes and then look back a year later,
resulting in the deep-rooted causes of the financial crisis all too clear. china
institute of international economics ultra short and development research department of the world fellows zhen bing xi-reporter summed up the result in the spread of financial crisis, the world’s top ten reasons:

the real estate market bubble expansion and the financial crisis triggered. from the end of last century until 2006 that five or six years time, the united states appeared in history’s biggest real estate bubble, house prices from 2000 to 2006 increased by 35%, equivalent to twice the growth rate of the previous five years house prices this case is like a game of musical chairs, as long as the music kept everyone dancing, but when the music stopped, the game will stop here, the real estate bubble has burst.

the real estate boom or a bubble, due to two changes in the banking sector. first, the bank is no longer in the balance sheet loan package will be sold to other financial investors, and as a means of risk transfer. second, excessive use of bank short-term financial instruments to hold financial assets, leading banks are not allowed to use these tools to adjust short-term debt. therefore, as long as the decline in funding liquidity to the financial system will bring significant pressure.

u.s. over-borrowing is the source of the crisis. the united states is a high-debt, low savings country. this was especially prominent in recent years, the average family will be home as the “automated teller machine” to support the high consumption, because they feel that as long as housing prices, his home equity will be appreciated, as from the bank to obtain a large number of loans to maintain high consumption. once prices fall, their house on insolvency, will lose consumer sources.

macro-economic policy failures. beginning of this century, the u.s. monetary policy, there have been at least twice too far, the first from 2001 to 2003, economic recession and recovery is weak, the fed interest rates from 6.5% to 1%, so contributes ugg bailey button to the use of loans to buy american families house, so as to stimulate the real estate prosperity. the second time was when the real estate and the u.s. economy overheating, from june 2004 to june 2006, the fed again 17 consecutive interest rate hikes, short-term interest rate from 1% adjusted to 5.25%, so the real estate began to cool, the housing prices in 2007, has also begun to fall.

congress to the “two room” too much privilege. fannie mae and freddie mac account for nearly 50% of the u.s. sub-prime, so the two government-backed mortgage companies to fail, the government must protect. the united states congress also has its own goals, that is, the americans can afford housing, political objectives. so banks to provide mortgages in low-income families, the “two rooms” can be for sale mortgage-backed securities guaranteed, these “bad assets” hands to those financial systems. in 2004, after congress has also taken another approach, to put pressure on the two rooms, making them in 2005 and 2006 high-risk mortgage guarantee, this guarantee has increased more than threefold.

financial derivatives implies a huge risk. since the 80s of last century, the u.s. financial industry has created a lot of financial derivatives. 2007 the u.s. financial derivatives worth about 300 trillion u.s. dollars, equivalent to the u.s. gdp, more ugg amelie suede than 20 times. excessive
financial products has led to a mismatch of assets, also led to a growing number
of circumvent the regulatory behavior. chain of investments in financial
derivatives in the end investors have lacked a means of risk monitoring, when
the derivatives of the source of problems in the subprime mortgage assets, when
built on top of that the investment market of financial derivatives like
“castles in the air” generally slumped collapsed. financial rating agencies
dereliction of duty. investment in financial derivatives products, such as
excessive reliance on the u.s. standard & poor’s rating agency to carry out
precisely because global investors confidence in u.s. financial rating agencies,
only purchase a large number of the sub-prime related products. but the rating
agencies, there are many problems in itself, but the models used are the rating
agencies of their own design, the lack of relevant regulatory authorities of the
argument. financial innovation in the derivatives against the backdrop of lack
of government regulation, which is a very important reason. the reagan
administration from the 20th century the early 80s to relax regulation of the
financial industry, whether it is the democratic party, the republican party is
doing, so a growing number of financial derivatives on the subject to government
supervision department. <