In the late 199s, Internet bubble stocks began to appear in the United States. A company offering ticketing services with the stock code TMCS rose by 3% on the first day of listing. Another company that has nothing to do with it and provides property management, just because the code name TMCO is similar to TMCS, its share price has also risen by 15%.

whether in Shenzhen stock exchange or Nasdaq, the blindness of investors has always been applicable. According to the time difference and spatial difference of economic development, yesterday in the United States is like today, and the concept we are speculating now is what the United States originally speculated. (Look at the picture below) When the Internet concept is hot and it seems that a bull market is coming, there are only a few people who don't blindly follow the trend.

The rise of the Wall Street financial empire is actually a microcosm of the rise of the United States. Capital market, a financial hub with tentacles all over the world, is constantly pushing the world economy forward. The game of capital market affects the game and rise and fall of big countries, and money is the blood of finance. Without liquidity, there is nothing. So I can't help thinking about John Hanlow: If a country wants to prosper, it must issue paper money. In addition, he has a son named Adam Smith.

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first, the economic cycle is the inevitable result of human nature.

when the economy is good, people are too optimistic about the future and blindly expand, and the redundant staff who have been cut have not been cut. As a result, bad years soon came, and people became blind and pessimistic, so it went on and on.

when the market collapses, everyone wants cash or gold, but at this time, the market is the most illiquid. Because there is no central bank as a lender of last resort, people will lose confidence. Therefore, in history, the United States often faces panic, and often experiences more rapid prosperity and heavier collapse than other countries. The amplitude of the American economic cycle is far greater than that of Europe.

(In the long run, a completely free market is bound to collapse. There must be a strong central bank. )

Second, Wall Street is the heart of the rise of the United States

In the process of the development of the American economy, Wall Street has undertaken different historical missions in different historical periods, which provides a steady stream of funds for the development of the United States and realizes the optimal allocation of social resources. It supported the war financing of the American federal government in the Civil War, promoted the first wave of heavy industrialization brought by the railway in the United States, expanded the huge economic benefits that the United States gained in the two world wars, and realized the successful transformation of the United States into a new economy after the 198s. Especially in the era of knowledge economy, the capital market closely combines knowledge with economy, which promotes the rapid development of American science and technology and keeps the United States in the leading position in the strategic scientific and technological field in today's fierce international competition.

of course, in the process of promoting the optimal allocation of social resources, Wall Street has grown into the center of the global financial system with the development of American economy. Therefore, the success of American economy is a good example of the coordinated development between capital market and real economy.

(Science and technology are the primary productive forces. However, if there is no capital market, science and technology cannot be effectively transformed into productive forces. At school, we analyzed the reasons for the rise of the United States, thinking of politics, economy, culture, science and technology, but ignoring the most important capital. )

Third, is the rise of the United States (Wall Street) a historical necessity?

by 19, the United States had replaced Britain as the largest economic power in the world.

World War I (1914-1918) stimulated the demand for American munitions and agricultural products. The four-year war made the United States the most powerful country in the world both industrially and financially.

when the great economic crisis broke out in p>1929, the United States entered a four-year economic recession. However, no matter how much sorrow war brings to mankind, it will bring great benefits to the United States. During World War II (1939-1945), in addition to the huge demand created by the war, the civilian economy also continued to grow, and housing, household appliances, automobiles, etc. gave birth to the great prosperity of the postwar American economy.

In the early 196s, the bull market ended, and then Wall Street entered an era of great changes. Institutional investors represented by * * * mutual funds have risen rapidly, and the share of public investors in market transactions has gradually declined; Computer technology is applied to securities trading; Securities are publicly listed; The fixed employment system ended completely, and the floating commission system expanded; The rise of Nasdaq market.

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Wall Street later experienced the bursting of internet stocks and economic recession, the "9.11" incident and the Enron scandal in 22, but all of them quickly recovered from the crisis. As long as there are people on earth who need capital and others can provide it, Wall Street will not disappear.

the screenshot below is a note.

Summary:

On the other hand, in China, the securities market was re-established in 199. In less than 3 years, compared with the development of Wall Street for more than 2 years, it has developed rapidly, showing the same weaknesses of emerging markets: blindness, disorder and speculation. However, it is still young, and I believe it will get better based on the history of American financial development.

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