趣话金融：有毒资产Toxic Debts Toxic Assets
<p><span word="Background">Background</span>:</p><p><span word="In">In</span> <span word="the">the</span> <span word="financial">financial</span> <span word="marketplace">marketplace</span>, <span word="new">new</span> <span word="buzzwords">buzzwords</span> <span word="have">have</span> <span word="been">been</span> <span word="popping">popping</span> <span word="in">in</span> <span word="recent">recent</span> <span word="years">years</span> <span word="all">all</span> <span word="over">over</span> <span word="the">the</span> <span word="media">media</span>, <span word="including">including</span> <span word="in">in</span> <span word="TV">TV</span> <span word="talk">talk</span> <span word="shows">shows</span> <span word="and">and</span> <span word="newspaper">newspaper</span> <span word="articles">articles</span>. <span word="Two">Two</span> <span word="phrases">phrases</span> <span word="in">in</span> <span word="particular">particular</span>, “<span word="toxic">toxic</span> <span word="debts">debts</span>” <span word="and">and</span> “<span word="toxic">toxic</span> <span word="assets">assets</span>,” <span word="have">have</span> <span word="received">received</span> <span word="a">a</span> <span word="lot">lot</span> <span word="of">of</span> <span word="attention">attention</span> <span word="in">in</span> <span word="the">the</span> <span word="financial">financial</span> <span word="world">world</span>. <span word="Both">Both</span> <span word="terms">terms</span> <span word="were">were</span> <span word="originated">originated</span> <span word="in">in</span> <span word="the">the</span> <span word="US">US</span> <span word="and">and</span> <span word="first">first</span> <span word="appeared">appeared</span> <span word="as">as</span> <span word="early">early</span> <span word="as">as</span> <span word="in">in</span> 2006. <span word="Toxic">Toxic</span> <span word="debts">debts</span> <span word="and">and</span> <span word="assets">assets</span> <span word="refer">refer</span> <span word="to">to</span> <span word="non">non</span>-<span word="performing">performing</span> <span word="assets">assets</span> <span word="or">or</span> <span word="non">non</span>-<span word="performing">performing</span> <span word="loans">loans</span>. <span word="In">In</span> <span word="other">other</span> <span word="words">words</span>, <span word="the">the</span> <span word="assets">assets</span> <span word="or">or</span> <span word="loans">loans</span> <span word="do">do</span> <span word="not">not</span> <span word="yield">yield</span> <span word="or">or</span> <span word="generate">generate</span> <span word="income">income</span> <span word="for">for</span> <span word="the">the</span> <span word="lender">lender</span>, <span word="and">and</span> <span word="people">people</span> <span word="who">who</span> <span word="received">received</span> <span word="the">the</span> <span word="loan">loan</span> <span word="do">do</span> <span word="not">not</span> <span word="have">have</span> <span word="the">the</span> <span word="means">means</span> <span word="to">to</span> <span word="repay">repay</span> <span word="the">the</span> <span word="loan">loan</span>. <span word="These">These</span> <span word="assets">assets</span> <span word="were">were</span> <span word="once">once</span> <span word="valuable">valuable</span> <span word="but">but</span> <span word="later">later</span> <span word="lost">lost</span> <span word="this">this</span> <span word="value">value</span> <span word="or">or</span> <span word="became">became</span> <span word="completely">completely</span> <span word="worthless">worthless</span> <span word="because">because</span> <span word="of">of</span> <span word="the">the</span> <span word="financial">financial</span> <span word="crisis">crisis</span>. <span word="Because">Because</span> <span word="these">these</span> <span word="assets">assets</span> <span word="are">are</span> <span word="no">no</span> <span word="longer">longer</span> <span word="valuable">valuable</span>, <span word="they">they</span> <span word="became">became</span> “<span word="toxic">toxic</span>” <span word="to">to</span> <span word="the">the</span> <span word="bank">bank</span>. <span word="Toxic">Toxic</span> <span word="debts">debts</span> <span word="and">and</span> <span word="assets">assets</span> <span word="corrodethe">corrodethe</span> <span word="bank">bank</span>’<span word="s">s</span> <span word="inherent">inherent</span> <span word="value">value</span> <span word="and">and</span>, <span word="comprise">comprise</span> <span word="its">its</span> <span word="ability">ability</span> <span word="to">to</span> <span word="make">make</span> <span word="loans">loans</span> <span word="to">to</span> <span word="consumers">consumers</span>. <span word="If">If</span> <span word="such">such</span> <span word="a">a</span> <span word="vicious">vicious</span> <span word="cycle">cycle</span> <span word="were">were</span> <span word="to">to</span> <span word="continue">continue</span>, <span word="the">the</span> <span word="bank">bank</span> <span word="eventually">eventually</span> <span word="would">would</span> <span word="not">not</span> <span word="be">be</span> <span word="able">able</span> <span word="to">to</span> <span word="survive">survive</span>. <span word="How">How</span> <span word="could">could</span> <span word="this">this</span> <span word="ever">ever</span> <span word="happen">happen</span>?</p><p>___________________________________________________</p><p><span word="Tom">Tom</span>: <span word="How">How</span> <span word="could">could</span> <span word="toxic">toxic</span> <span word="debts">debts</span> <span word="or">or</span> <span word="assets">assets</span> <span word="ever">ever</span> <span word="happen">happen</span> <span word="in">in</span> <span word="America">America</span>?</p><p><span word="Tina">Tina</span>: <span word="Toxic">Toxic</span> <span word="debts">debts</span> <span word="or">or</span> <span word="assets">assets</span> <span word="occur">occur</span> <span word="for">for</span> <span word="many">many</span> <span word="reasons">reasons</span>. <span word="I">I</span> <span word="am">am</span> <span word="sure">sure</span> <span word="you">you</span> <span word="know">know</span> <span word="that">that</span> <span word="toxic">toxic</span> <span word="assets">assets</span> <span word="are">are</span> <span word="acquired">acquired</span> <span word="or">or</span> <span word="purchased">purchased</span> <span word="at">at</span> <span word="prices">prices</span> <span word="that">that</span> <span word="do">do</span> <span word="not">not</span> <span word="actually">actually</span> <span word="reflect">reflect</span> <span word="the">the</span> <span word="real">real</span> <span word="value">value</span> <span word="of">of</span> <span word="the">the</span> <span word="properties">properties</span>.</p><p><span word="Tom">Tom</span>: <span word="So">So</span>, <span word="in">in</span> <span word="other">other</span> <span word="words">words</span>, <span word="the">the</span> <span word="properties">properties</span> <span word="were">were</span> <span word="sold">sold</span> <span word="undervalued">undervalued</span>? <span word="How">How</span> <span word="could">could</span> <span word="this">this</span> <span word="happen">happen</span>?</p>
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