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1、Whydideconomistsnotforeseethecrisis?Asweknown,somanygreateconomistsintheworldnow,butwhenthecrisisiscoming,nobodycanforeseeit.Thatisaproblem.Soweshouldconsiderwhy.(ElizabethⅡ，2008)Inmyopinion,Ithinkreasonsaretheout-of-datamathematicalmodel(TheFinancialCrisisandtheSystemicFai
2、lureofAcademicEconomics,2002)andoverlyburdensomefinancialderivatives,somedisputesofinterest,supervisionofderelictionofdutyaswell.(WangZili,2008)Inearly2006,Americanhousesalesbegantoincrease,U.S.economyeventheworldeconomyweresparkling,theinflationhasbeenwarmingaswell,butthem
3、ostimportantpointwastheunemploymentratewasapproximatezero.Thenthissituationdidnotlastlong.Ahalfyearlater,Americanhousesaleshadaseriousdecline.Thecompanyprovidedmoneytopeopletopaythehousewhichhadabigtroubleintheirloansplungingintherealestate.In2007,thepaniccausedthebigcollap
4、seinsubprimedebt.LatertheFederalReservebegantodeclinetheinterestrate.(ZuiHouDeDaoCao,2010)Atthatmoment,theFederalReservebegantodeclinetheinterestratecircularly.Inanotherword,theperiodofdeclininginterestratecameout.In2008,America'slargesttwomortgagecompaniesFannieMaeandtheHo
5、usingBondsofthelandtheUnitedStatesbeganlarge-scalesell-off,whichindicatesthattheentirerealestateindustryhasbegunfull-scalecollapse.(Plzlu,2009)Fromthisview,everythinghappenedorderly,butnobodyforeseeit.Atfirst,becauseAmericanhousesalesbegantoincrease,someguaranteecompaniesan
6、dintermediariessawthebigmarketandtheprofitintheincreasingrealestate.Sotheywerebecominggreedyandtheybegantoconsiderhowtomaximizetheprofit.Inanotherwordwashowtomakesomeoneaffordthehousethatcouldn’thaveafforded.Asacitizen,everybodywantedtoowntheirownhouse.Theguaranteecompanies
7、andintermediariesusedthisstateofmindtoletthesepeopleandbanksbelievethattheyhadtheabilitytopaythehouse.(Sundi,2009)(GeorgeAkeLove,2009)Sotherewasabigproblem.Whatthesupervisiondidatthattime?Theanswerwastheyweresharingthedividendofeconomicgrowth.Theywerenotdoingasregulatoryres
8、ponsibilities.Fromthehistory,wefoundthesupervisioninAmericaduringthattimejustincre
