对金融危机最普遍的官方解释是次贷问题，然而次贷总共不过几千亿，而美国政府救市资金早已到了万亿以上，为什么危机还是看不到头?有文章指出危机的根源是金融机构采用“杠杆”交易;另一些专家指出金融危机的背后是62万亿的信用违约掉期(Credit Default Swap, CDS)。那么，次贷，杠杆和CDS之间究竟是什么关系?它们之间通过什么样的相互作用产生了今天的金融危机?在众多的金融危机分析文章中，始终没有看到对这些问题的简单明了的解释。本文试图通过自己的理解为这些问题提供一个答案，为通俗易懂起见，我们使用了几个假想的例子。有不恰当之处欢迎批评讨论。

　　一。杠杆。目前，许多投资银行为了赚取暴利，采用20-30倍杠杆操作，假设一个银行

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Gifted & Talented (Advanced Academics) Programs

The Houston Independent School District provides two program options for Gifted and Talented students. The Vanguard Magnet program is designed to meet the needs of G/T students in grades K-12 by providing an environment for students to work with their cognitive peers.

The Vanguard Neighborhood programs (formerly known as Neighborhood G/T) are designed to meet the needs of G/T students in grades K-12 at their neighborhood (zoned) schools. Both Vanguard Magnet and Vanguard Neighb

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因为贪心，昨天赚的钱今天全部进去了，能赚600赚成了200。哎，什么时候才能认识到见好就收的重要性呐。又是一次血的教训呀。