{"id":1213,"date":"2012-05-07T19:45:51","date_gmt":"2012-05-08T03:45:51","guid":{"rendered":"http:\/\/smartandresponsible.com\/blog\/?p=1213"},"modified":"2012-07-05T20:44:51","modified_gmt":"2012-07-06T04:44:51","slug":"america-financial-crisis-2","status":"publish","type":"post","link":"https:\/\/smartandresponsible.com\/blog\/america-financial-crisis-2\/","title":{"rendered":"\u30a2\u30e1\u30ea\u30ab\u91d1\u878d\u5371\u6a5f\u3068\u4eba\u9593\u306e\u54c0\u3057\u3055\uff08\uff12\uff09"},"content":{"rendered":"

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 <\/p>\n

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\"\"<\/a><\/p>\n

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\"\"<\/a><\/p>\n

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\u756a\u7d44\u3067\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3092\u53d7\u3051\u3066\u3044\u305f\u30d9\u30b9\u30c8\u30fb\u30bb\u30e9\u30fc\u201dThe Big Short\u201d\u306e\u8457\u8005Michael Lewis\u306f\u300cMass Delusion(\u96c6\u56e3\u7684\u5984\u60f3\uff09\u300d<\/strong>\u3068\u3044\u3046\u8a00\u8449\u3092\u4f7f\u3063\u3066\u3044\u307e\u3057\u305f\u3002\u305d\u306e\u30ea\u30b9\u30af\u3092\u898b\u306a\u3051\u308c\u3070\u3001\u3069\u3093\u3069\u3093\u5132\u304b\u308b\u3001\u3069\u3093\u3069\u3093\u5831\u916c\u304c\u3082\u3089\u3048\u308b\u30fb\u30fb\u30fb\u3060\u304b\u3089\u898b\u306a\u304b\u3063\u305f\u306e\u3060\u3068\u3002\u305d\u306e\u3088\u3046\u306a\u5546\u54c1\u306e\u30ea\u30b9\u30af\u306f\u3001\u3042\u308b\u5c02\u9580\u5bb6\u306e\u8a00\u8449\u3092\u501f\u308a\u308c\u3070\u300c\u5e74\u53ce$40,000\u306e\u30a4\u30f3\u30bf\u30fc\u30f3\u3067\u3082\u3001\u308f\u304b\u308b\u3088\u3046\u306a\u3082\u306e\u300d\u3067\u3042\u3063\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u4f55\u767e\u30df\u30ea\u30aa\u30f3\u3082\u7a3c\u3050\u3088\u3046\u306a\u5c02\u9580\u5bb6\u3082\u7d4c\u55b6\u8005\u3082\u305d\u306e\u30ea\u30b9\u30af\u3092\u898b\u3088\u3046\u3068\u306f\u3057\u306a\u304b\u3063\u305f\u306e\u3067\u3059\u3002\u305d\u308c\u306f\u3001\u300cCriminal Neglect(\u904e\u5931\u7684\u6020\u6162)\u300d\u3067\u3042\u308a\u3001\u6c17\u3065\u304f\u52aa\u529b\u306f\u3067\u304d\u305f\u306f\u305a\u306a\u306e\u306b\u6562\u3048\u3066\u898b\u306a\u3044\u3053\u3068\u3092\u9078\u3093\u3060\u306e\u3060\u3068\u756a\u7d44\u3067\u306f\u89e3\u8aac\u3057\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n

Lehman Brothers\u304c\u7834\u7dbb\u3059\u308b\u307e\u3067\u306e\u671f\u9593\u3001\u305d\u306e\u7d4c\u55b6\u306e\u5371\u3046\u3055\u3092\u96a0\u3059\u305f\u3081\u306b\u60aa\u8cea\u306a\u4f1a\u8a08\u64cd\u4f5c\u3082\u3055\u308c\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u540c\u793e\u306e\u4f1a\u8a08\u76e3\u67fb\u3092\u3057\u3066\u3044\u305fEarnest Young\u3082\u76ee\u3092\u3064\u3076\u308a\u307e\u3057\u305f\u3002Lehman\u304c\u5012\u7523\u3059\u308b\u76f4\u524d\u306e\u4f55\u30f6\u6708\u304b\u306e\u9593\u3001Lehman\u306e\u5efa\u7269\u306e\u4e2d\u306b\u3001\u653f\u5e9c\u6a5f\u95a2\u3067\u3042\u308bSEC\u3068Federal Reserve\u3068\u306e\u8077\u54e1\u304c\u6d3e\u9063\u3055\u308c\u3066\u76e3\u8996\u3057\u3066\u3044\u305f\u3068\u306e\u3053\u3068\u3067\u3059\u304c\u3001\u5f7c\u3089\u3082\u554f\u984c\u3092\u898b\u3088\u3046\u3068\u3057\u306a\u304b\u3063\u305f\u306e\u304b\u898b\u3048\u306a\u304b\u3063\u305f\u306e\u304b\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u304c\u3001\u3068\u306b\u304b\u304f\u300c\u898b\u308b\u3053\u3068\u304c\u306a\u304b\u3063\u305f\u300d\u306e\u3067\u3059\u3002<\/p>\n

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\u305d\u3046\u8003\u3048\u308b\u3068\u3001\u3053\u306eCredit Default Swap\u306b\u3057\u3066\u3082\u3001\u305d\u308c\u306b\u4f3c\u305f\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3084\u5148\u7269\u53d6\u5f15\u306a\u3069\u3082\u3001\u3082\u3068\u3082\u3068\u306e\u610f\u56f3\u306f\u3088\u3044\u3082\u306e\u3067\u3059\u3002\u5c06\u6765\u306e\u640d\u5931\u306b\u5099\u3048\u3066\u8cb7\u3063\u3066\u304a\u304f\u4fdd\u967a\u306e\u3088\u3046\u306a\u3082\u306e\u306a\u3093\u3067\u3059\u304b\u3089\u3002\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u300c\u30d8\u30c3\u30b8\u300d\u3068\u306f\u3001\u3082\u3068\u3082\u3068\u300c\u57a3\u6839\u300d\u306e\u3053\u3068\u3067\u3001\u30ea\u30b9\u30af\u306b\u5bfe\u3057\u3066\u57a3\u6839\u3092\u3064\u304f\u3063\u3066\u5b88\u308b\u3068\u3044\u3046\u610f\u5473\u3067\u3057\u305f\u3002\u3082\u3068\u3082\u3068\u3088\u3044\u3082\u306e\u3060\u3063\u305f\u306e\u3067\u3059\u3002\u3068\u3053\u308d\u304c\u305d\u308c\u3092\u3001\u307e\u308b\u3067\u53cd\u5bfe\u306e\u610f\u56f3\u3092\u6301\u3063\u3066\u3001\u6295\u6a5f\u7684\u3001\u3064\u307e\u308a\u8ced\u3051\u306b\u4f7f\u3046\u3088\u3046\u306b\u306a\u3063\u3066\u3057\u307e\u3063\u305f\u308f\u3051\u3067\u3059\u3002\u3082\u3068\u3082\u3068\u306e\u610f\u56f3\u3092\u898b\u5931\u3063\u305f\u306e\u3067\u3059\u306d\u3002\u305d\u3057\u3066\u3001\u305d\u3053\u304b\u3089\u306f\u6163\u6027\u3067\u8d70\u308a\u7d9a\u3051\u308b\u304b\u3089\u3001\u60aa\u3044\u52b9\u679c\u304c\u96ea\u3060\u308b\u307e\u5f0f\u306b\u7a4d\u307f\u3042\u304c\u3063\u305f\u306e\u3067\u3057\u3087\u3046\u3002\u30de\u30ea\u30d5\u30a1\u30ca\u304c\u533b\u7642\u63aa\u7f6e\u306b\u3082\u4f7f\u3048\u308b\u304c\u5feb\u697d\uff65\u5815\u843d\u306b\u3082\u4f7f\u3048\u308b\u3088\u3046\u306b\u3001\u305d\u306e\u3082\u306e\u81ea\u4f53\u306f\u60aa\u304f\u3082\u3088\u304f\u3082\u4f7f\u3048\u308b\u3068\u3044\u3046\u3082\u306e\u306f\u305f\u304f\u3055\u3093\u3042\u308b\u306e\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u8981\u306f\u4f7f\u3046\u8005\u6b21\u7b2c\u30fb\u30fb\u30fb<\/p>\n

\u554f\u984c\u306f\u3001\u300c\u65b9\u5411\u6027\u300d\u3067\u3059\u306d\u3002\u6700\u521d\u306e\u7684\u5916\u308c\u306f\u307b\u3093\u306e\u4e9b\u7d30\u306a\u3082\u306e\u3067\u3082\u3001\u6163\u6027\u3067\u8d70\u308b\u3046\u3061\u65b9\u5411\u304c\u3069\u3093\u3069\u3093\u5143\u306e\u3042\u308b\u3079\u304d\u8ecc\u9053\u304b\u3089\u5916\u308c\u3066\u304d\u3066\u3057\u307e\u3044\u307e\u3059\u3002\u6163\u6027\u306b\u6163\u308c\u3059\u304e\u3066\u3001\u5916\u308c\u3066\u3044\u308b\u3053\u3068\u3082\u898b\u3048\u306a\u304f\u306a\u308a\u3001\u305f\u3060\u305f\u3060\u8d70\u308a\u7d9a\u3051\u308b\u30fb\u30fb\u30fb\u3046\u307e\u304f\u3044\u3063\u3066\u3044\u308b\u3046\u3061\u306f\u3001\u307e\u308b\u3067\u81ea\u5206\u305f\u3061\u304c\u738b\u69d8\u306e\u3088\u3046\u306a\u52e2\u3044\u3067\u3059\u3002\u3082\u3046\u3072\u3068\u3064\u8056\u66f8\u306e\u8a00\u8449\u3092\u601d\u3044\u51fa\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u305d\u306e\u3046\u3061\u306b\u5f7c\u3089\u306f\u8a00\u3046\u3088\u3046\u306b\u306a\u3063\u305f\u3002\u300c\u3055\u3042\u3001\u308f\u308c\u308f\u308c\u306f\u753a\u3092\u5efa\u3066\u3001\u9802\u304c\u5929\u306b\u5c4a\u304f\u5854\u3092\u5efa\u3066\u3001\u540d\u3092\u3042\u3052\u3088\u3046\u3002\u300d(\u5275\u4e16\u8a1811:4)<\/p><\/blockquote>\n

\u3053\u3053\u306b\u3067\u3066\u304f\u308b\u5854\u306f\u3001\u300c\u30d0\u30d9\u30eb\u306e\u5854\u300d\u306e\u3053\u3068\u3067\u3059\u3002\u30d0\u30d9\u30eb\u3068\u306f\u30d0\u30d3\u30ed\u30f3\u306e\u5225\u540d\u3067\u3059\u304c\u3001\u30d0\u30d3\u30ed\u30f3\u306e\u753a\u306f\u3001\u653f\u6cbb\u7684\u653e\u6f2b\u3001\u8feb\u5bb3\u3001\u7f6a\u3001\u5feb\u697d\u3001\u5984\u4fe1\u3001\u5bcc\u3001\u6ec5\u3073\u306a\u3069\u306e\u8c61\u5fb4\u3067\u3057\u305f\u3002\u30a6\u30a9\u30fc\u30eb\u30fb\u30b9\u30c8\u30ea\u30fc\u30c8\u3068\u30d0\u30d3\u30ed\u30f3\u30012000\u5e74\u521d\u982d\u3068\u5275\u4e16\u8a18\u306e\u6642\u4ee3\u3001\u9060\u304f\u96e2\u308c\u3066\u3044\u308b\u3088\u3046\u3067\u3044\u3066\u4eba\u9593\u306e\u611a\u304b\u3055\u306f\u5171\u901a\u306a\u306e\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\"\"<\/a><\/p>\n

\u3072\u3068\u3054\u3068\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3082\u3057\u3082\u79c1\u304c\u3001\u3082\u3063\u3068\u982d\u304c\u3088\u304f\u3066\u5b66\u6b74\u3082\u3042\u3063\u3066\u30b3\u30cd\u3082\u3042\u3063\u3066\u3001\u30a6\u30a9\u30fc\u30eb\u30fb\u30b9\u30c8\u30ea\u30fc\u30c8\u3067\u6848\u5916\u6210\u529f\u3057\u3066\u3044\u305f\u308a\u3057\u305f\u3089\u3069\u3046\u3067\u3057\u3087\u3046\u306d\u3002\u30ea\u30b9\u30af\u3092\u3068\u3063\u305f\u3089\u4f55\u767e\u30df\u30ea\u30aa\u30f3\u3082\u3082\u3089\u3048\u308b\u7acb\u5834\u306b\u3042\u3063\u305f\u3089\u3001\u304d\u3063\u3068\u540c\u3058\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u305f\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u4eba\u9593\u306a\u3093\u3066\u5f31\u3044\u3082\u306e\u3067\u3059\u304b\u3089\u306d\u3002\u540c\u3058\u7f6a\u3092\u72af\u3057\u3066\u3044\u306a\u3044\u306e\u306f\u3001\u305d\u3046\u3044\u3046\u30c1\u30e3\u30f3\u30b9\u304c\u306a\u3044\u3060\u3051\u3068\u3044\u3046\u3060\u3051\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n

\u305f\u3060\u3001\u4f55\u767e\u30df\u30ea\u30aa\u30f3\u3068\u3044\u3046\u5831\u916c\u3092\u3082\u3089\u3044\u3064\u3064\u3001\u305d\u306e\u3088\u3046\u306a\u30ea\u30b9\u30af\u3092\u898b\u306a\u3044\u307e\u307e\u3001\u4f55\u767e\u30df\u30ea\u30aa\u30f3\u3068\u3044\u3046\u30d1\u30c3\u30b1\u30fc\u30b8\u3092\u3082\u3089\u3063\u3066\u4f1a\u793e\u3092\u305d\u306e\u307e\u307e\u53bb\u3063\u3066\u3044\u304f\u30c8\u30c3\u30d7\u5c64\u306f\u3001\u4f55\u3092\u898b\u3056\u3057\u3066\u3001\u4f55\u3092\u8ffd\u3063\u3066\u751f\u304d\u3066\u3044\u308b\u306e\u304b\u306a\uff5e\u3068\u3075\u3068\u601d\u3044\u307e\u3059\u3002\u3061\u3087\u3063\u3068\u79c1\u306b\u306f\u60f3\u50cf\u3082\u3064\u304d\u307e\u305b\u3093\u3051\u3069\u30011\u5e74\u306b\u4f55\u767e\u30df\u30ea\u30aa\u30f3\u3082\u7a3c\u3050\u306a\u3093\u3066\u3001\u305d\u3093\u306a\u306b\u305f\u304f\u3055\u3093\u304a\u91d1\u304c\u3042\u3063\u3066\u3082\u6b7b\u306c\u307e\u3067\u306b\u4f7f\u3044\u5207\u308c\u306a\u3044\u3060\u308d\u3046\u3051\u3069\u3001\u305d\u308c\u3067\u3082\u307e\u3060\u304a\u91d1\u304c\u6b32\u3057\u3044\u306e\u304b\u306a\u3002Wall Street Greed\u3068\u306f\u3001\u79c1\u306e\u3088\u3046\u306a\u30d5\u30c4\u30fc\u306e\u4eba\u9593\u304c\u6301\u3064\u3088\u3046\u306a\u7269\u6b32\u3068\u304b\u91d1\u92ad\u6b32\u3068\u3044\u3046\u3082\u306e\u3067\u306f\u306a\u304f\u3066\u3001\u30d0\u30b9\u30b1\u30c3\u30c8\u306e\u8a66\u5408\u3067\u8ab0\u304c\u4f55\u70b9\u5165\u308c\u305f\u304b\u3092\u7af6\u3046\u3088\u3046\u306a\u30ca\u30f3\u30d0\u30fc\u30fb\u30b2\u30fc\u30e0\u306a\u3093\u3067\u3057\u3087\u3046\u304b\uff1f\u4f55\u3092\u6c42\u3081\u3066\u3044\u308b\u3093\u3060\u308d\u3046\u3001\u305d\u3046\u3044\u3046\u4eba\u305f\u3061\u306f\u30fb\u30fb\u30fb<\/p>\n

Vanguard\u793e\u306e\u5275\u59cb\u8005John Bogle\u304c\u5f7c\u306e\u8457\u66f8\u201dEnough\u201d\u306e\u5192\u982d\u3067\u66f8\u3044\u3066\u3044\u305f\u3053\u3068\u3092\u601d\u3044\u51fa\u3057\u307e\u3057\u305f\u3002\u3042\u308b\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30fb\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306e\u958b\u3044\u305f\u76db\u5927\u306a\u30d1\u30fc\u30c6\u30a3\u30fc\u3067\u3001\u5ba2\u306e\u3072\u3068\u308a\u304c\u540c\u69d8\u306b\u305d\u3053\u306b\u5ba2\u3068\u3057\u3066\u5c45\u5408\u308f\u305b\u305fJoseph Heller\uff08\u73fe\u4ee3\u6587\u5b66\u306e\u4ee3\u8868\u4f5c\u201dCatch-22\u201d\u306e\u8457\u8005\uff09\u306b\u5197\u8ac7\u534a\u5206\u3067\u8a00\u3044\u307e\u3057\u305f\u3002\u300c\u3053\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30fb\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306f\u3001\u541b\u304c\u201dCatch-22\u201d\u3067\u3053\u308c\u307e\u3067\u306b\u7a3c\u3044\u3060\u304a\u91d1\u3088\u308a\u5927\u304d\u3044\u984d\u3092\u4e00\u65e5\u3067\u7a3c\u3044\u3060\u305d\u3046\u3060\u3088\u3002\u300d\u305d\u308c\u306b\u7b54\u3048\u3066\u3001Heller\u306f\u3053\u3046\u8a00\u3063\u305f\u305d\u3046\u3067\u3059\u3002\u300c\u305d\u3046\u3060\u3001\u3067\u3082\u50d5\u306f\u5f7c\u304c\u4e00\u751f\u624b\u306b\u5165\u308c\u308b\u3053\u3068\u306e\u306a\u3044\u3082\u306e\u3092\u6301\u3063\u3066\u3044\u308b\u3088\u3002\u305d\u308c\u306fenough\uff08\u6e80\u3061\u8db3\u308a\u308b\u3053\u3068\uff09\u3060\u3002\u300d\u8056\u66f8\u306b\u3082\u3053\u3046\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u6e80\u3061\u8db3\u308a\u308b\u5fc3\u3092\u4f34\u3046\u656c\u8654\u3053\u305d\u3001\u5927\u304d\u306a\u5229\u76ca\u3092\u53d7\u3051\u308b\u9053\u3067\u3059\u3002\uff08I\u30c6\u30e2\u30c66:6)<\/p><\/blockquote>\n

\u300c\u6e80\u3061\u8db3\u308a\u308b\u5fc3\u300d\u3060\u3051\u306f\u3069\u3093\u306a\u72b6\u6cc1\u306b\u3042\u3063\u3066\u3082\u6301\u3063\u3066\u3044\u305f\u3044\u3082\u306e\u3067\u3059\u3002\u898b\u3066\u3044\u308b\u3064\u3082\u308a\u3067\u7684\u306e\u5916\u308c\u305f\u65b9\u5411\u3092\u898b\u3066\u3044\u308b\u306e\u3067\u306a\u304f\u3001\u7684\u306b\u7126\u70b9\u3092\u5408\u308f\u305b\u3066\u3044\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u3067\u3082\u3053\u308c\u304c\u96e3\u3057\u3044\u3053\u3068\u3067\u3002\u4e00\u65e524\u6642\u9593\u306e\u3046\u3061\u3067\u3082\u3001\u3059\u3050\u306b\u7684\u304c\u5916\u308c\u3066\u8df3\u3093\u3067\u3044\u3063\u3066\u3057\u307e\u3046\u81ea\u5206\u304c\u3044\u307e\u3057\u3066\u3002\u671d\u8d77\u304d\u3066\u8056\u66f8\u3092\u9759\u304b\u306b\u8aad\u308030\u5206\u9593\u3001\u79c1\u306b\u3068\u3063\u3066\u3053\u308c\u304c\u3001\u3042\u308b\u3079\u304d\u5834\u6240\u306b\u5e30\u308b\u300c\u7684\u5b9a\u3081\u300d\u306e\u3068\u304d\u3067\u3059\u3002<\/p>\n

\n\n\n\n\t
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