不可否定,“大缓和”时代极为宽松的货币政策、美国政府的房地产政策导向、资产证券化监管的漏洞、信用评级机构的道德风险等因素均对危机的演变起到了关键性作用。但客观来看,次贷危机爆发的最根本原因是次级抵押贷款本身信贷风险过高,资产证券化作为一种金融工具被滥用,仅将次贷危机发生完全归因于证券化和金融衍生品有失公允。信贷机构在此过程中更需反思自身存在的问题。 Undeniably, the extremely loose monetary policy in the era of “moderate easing”, the direction of real estate policies of the U.S. government, the loopholes in the regulation of securitization and the moral hazard of credit rating agencies all played a key role in the evolution of the crisis. Objectively speaking, the most fundamental reason for the subprime mortgage crisis is that the credit risk of subprime mortgage loans is too high. Asset securitization is abused as a financial instrument and the subprime mortgage crisis is entirely attributed to securitization and financial derivatives The product is unfair In the process, credit institutions need to reflect more on their own problems.