Hello, friends, I am reporter Zhan Funi. I am now broadcasting news to you at the door of the Federal Bankruptcy Court in Fenway District.》,

Yesterday was probably the busiest day since its establishment of the Federal Bankruptcy Court, which was behind me, because in one day, the court received more than 2,000 bankruptcy applications. What is this concept? We know that the court only takes seven hours to accept the case, so that means that almost every minute a person comes to the court and submits a bankruptcy application.

Then we can't help but ask, what exactly makes so many people submit bankruptcy applications in court at the same time? The answer is their loan.

What I hold is the statistical data of bankruptcy applications released by the court. According to the data, more than 99% of yesterday's bankruptcy applications were individual bankruptcies, and these bankrupt individuals were minorities with very low credit ratings, or people who did not have formal jobs. These people were unable to obtain formal preferential loans from banks due to their low credit ratings. Whether they bought a car or a house, they could only go to a loan company to handle subprime loan business.

There is no doubt that this kind of subprime loan business is much higher than the interest rate of preferential loans from regular banks. In the end, these people with insufficient repayment ability will be overwhelmed by the high loan interest rate, so they have no choice but to submit a bankruptcy application to the bank.

If the bankruptcy of only one person or a few people may be blamed for unexpected reasons, but if so many people have collective bankruptcy, we must ask questions about the current credit system and the subprime loan market: Why does this happen? Is there something unknown inside of it hidden? What impact will it have on the entire society?

OK, let's go back to the studio and thanks to Zhan Funi for reporting at the door of the court.

It is impossible not to say that the 2,000 bankruptcy filings a day are indeed shocking, but as Jane Chan said, this does not seem like an isolated incident. Will it have an impact on the entire society? For this reason, we connected with Delong, a professor of financial studies at Harvard University. I believe this expert will give us a relatively fair explanation.

Hello everyone, I am Delonk. I personally think it is extremely serious about receiving 2,000 bankruptcy applications in a day, because this is only Fenway District. So how many people will file for bankruptcy in South Brighton District or other places? I have not calculated this point so I cannot give an answer, but this is definitely an incalculable huge number.

Then these bankrupt individuals are helpless in choosing to go bankrupt because they cannot bear the burden of subprime loans. Their bankruptcy is not only the individual bankruptcy, but also the bankruptcy of the subprime credit system. Their bankruptcy will directly affect those subprime lending institutions.

Due to the bankruptcy of the borrower, the court will freeze all the assets of the bankrupt individuals. That is to say, before the court complete liquidation is over, all subprime lenders will no longer be able to get even a cent from these borrowers. This is undoubtedly a very serious blow to them. I believe that many small subprime lenders will go bankrupt, which will trigger a series of more serious credit default swap issues.

Once this kind of credit default swap problem occurs, the original credit crisis in the subprime loan market will evolve into a subprime loan crisis and eventually into a large-scale economic crisis.

It is foreseeable that in this crisis, many companies will go bankrupt, thousands of people will lose their jobs, and the New England region will enter winter ahead of schedule.

OK, thank you very much for accepting our connection. According to the latest news received by our station, the largest credit rating agency in New England will lower the credit ratings of all subprime loans in accordance with this personal bankruptcy storm, and the downgrade will exceed 40%. In other words, all subprime loan contracts will lose their credit protection and become a high-risk investment field, affecting the current hot CDS market.

...

This is a program broadcast on Northeast Finance Channel. At this time, Zhou Ming was lying on the bed in the room watching TV.

For Zhou Ming, the broadcast of this program clearly represents the smooth implementation of his plan. Not only did the minorities in the Vader community make good use of their own experiences to promote their relatives and friends and start personal bankruptcy, but they also had a very effective speech to so many gang brothers that day, and they all took the initiative to go to the court to file for bankruptcy.

Judging from the TV station's special program, this may have caused a great response. After all, it is not only those minority and gang brothers who have insufficient credit ratings, but also many real estate speculators. Since they are engaged in real estate speculation business and their credit ratings are also insufficient, they can only find loan institutions to apply for loans.

Now seeing so many people applying for personal bankruptcy, people with a little IQ understand that in the next period of time, since their properties will be liquidated and auctioned, a large number of real estate will be put into the real estate market, which will cause housing prices to drop rapidly, and they will no longer be able to conduct real estate speculation activities, and at the same time they will have to pay high interest from loan companies. The final result will only choose bankruptcy like these minorities.

Suddenly, Zhou Ming's cell phone on the bedside rang, and Zhou Ming picked it up and answered it. It was Lin Muqing who called it.

"It's great. I've seen the news. There are many people who are filing for personal bankruptcy. Zhou Ming, you are really successful! Because of these people's bankruptcy application, it will definitely lead to a subprime mortgage crisis. Brighton Bank and the Adams family are going to be finished! Zhou Ming, you have created another miracle!" Lin Muqing said excitedly.

Zhou Ming smiled and said, "Maybe a miracle. After all, it is a bit of a big lucky component to be able to impress the minority of the Vader community and the motel owners who run the underground world. However, it is too early to say that Brighton Bank and the Adams family will be over. I don't think they are so weak. In fact, there are many things to do next, which depends on the performance of those three major families."

After Zhou Ming's words, Lin Muqing calmed down: "I read the news that credit rating agencies have significantly lowered the credit ratings of all subprime loans. I think there must be three major families here."

Zhou Ming thought for a while and said, "This is hard to say, but now I have taken the corner of the subprime mortgage crisis. It would be too stupid if they did something, so Sister Mu Qing, I believe you can leave Rhode Island and return to Brighton soon, and I can leave this damn motel, and we can be together again."

Lin Muqing blushed and spat at Zhou Ming and said, "Shameless, who is going to be with you."

Regarding Sister Mu Qing's arrogance and shyness, Zhou Ming pretended to be disappointed and said: "This is how Sister Mu Qing doesn't have this idea. It seems that I am so passionate about myself. It's really sad..."

Before Zhou Ming could finish his words, Lin Muqing immediately said: "No, I want to be with you!"

However, Lin Muqing just changed her words and heard Zhou Ming's laughter. She was so smart that she immediately realized something: "Zhou Ming, you dare to lie to me, I ignore you!"

Zhou Ming laughed loudly, and then Zhou Ming hung up the phone with a few love words with Lin Muqing, but then he received another call, which was called by Governor Edward.

"I didn't expect that the Governor actually called me on his own initiative. I was so flattered!" Zhou Ming said.

Edward ignored Zhou Ming's irony and said with emotion: "You have already taken a corner of the subprime mortgage crisis. Whether you are an ally friend or a governor, I should call you this. It's hard to imagine that you can really do it!"

"Even a few flapping wings of a butterfly in the Brazilian tropical rainforest can cause a tornado in the United States. Then it is not surprising that I triggered a subprime mortgage crisis, and my efforts are all for him." Zhou Ming said, "It's just that the subprime mortgage crisis is easy to trigger. How to control his subsequent development is the key. I'm just targeting Brooke Investment Company now, but how to develop in the future depends on you big consortium families."

Zhou Ming's words are not casually said, because if there are loopholes that can be exploited in the market, he will work hard specifically for this loophole, and with a little luck, it is indeed easy to cause a crisis. However, how to control the scale and direction of the crisis after the crisis breaks out is not something that can be done by hard work, and it requires huge funds and social and political resources.

Simply put, Zhou Ming is responsible for killing and burying. I have already started anyway, so you can do whatever you want.

"What a proud boy, but you do have the capital for arrogant." Edward said with a smile, "Don't worry, we are all ready. You have a very good start. I believe that the Adams family will never take care of you again in one week. Maybe they will have to negotiate with you."

"This is really good news, so I'm waiting for the good news you bring to me by Mr. Governor."

After Zhou Ming finished speaking, he hung up the phone, and then he turned his gaze back to the TV. The scene turned back to the door of the bankruptcy court again. From the picture, Zhou Ming could see many people who filed for bankruptcy lined up at the door, and it seemed that a few people in suits were walking around the queue, constantly saying something to those people, looking begging.
Chapter completed!