The Stock Market Is Going Down Again, But The Stock Market Is Down.

In recent days, the housing market seems to have slowed down, but the stock market is booming again.

On Monday, the market smells of "blood and rain".

In the next two days, the stock market recovered slightly, and the public opinion suddenly became "quiet".

Here, the dispute between "inverted Liu" and "ting Liu" is like a big play. You sing me on the stage.

This kind of market agitation effect, which is shorter than the market fluctuation effect, is really startling, and it also makes people worry.

The way of responsibility recognition and Facebook imputation makes the market reform face blurred. The serious kidnapping of the market from public opinion will only hinder reform and damage the market.

First, the market.

First of all, we should take a look at why the stock market has dropped recently.

I am afraid that is one of the main reasons.

Beginning in 2017, the central bank launched a battle against MLF (SLF), triggering speculation in the market.

The conclusion is that liquidity is tightening.

Of course, in order to keep up with the central bank's "demeanor", we are all modest and unscramble. What is "robust neutral" and "steady contraction", or "marginal tightening" and "structural tightening"?

With many people crying out, China must not be able to pierce the bubble. Public opinion is so scared that the masses can not understand North and south.

In fact, liquidity is tightening.

Without raising interest rates to pierce bubbles, it does not mean laissez faire or palliative bubbles.

In order to "soft landing", it is always necessary to gradually reduce the overflowing bubbles.

Needless to say, "risk prevention" has become the top priority of the current economic work since last year.

In the past few years, the fact that the economy has turned from real to virtual is also very serious. The so-called one house pfer is much higher than the annual income of a listed company. It shows that the real economy's investment return is very poor, and the increasing capital flight makes asset price deviate from the real value too far, and is becoming more and more intense, which has triggered the risk of systemic crisis.

Therefore, the "deleveraging" has been repeatedly stressed that "from the virtual to the real" has been repeatedly stressed that "risk prevention" is the bottom line of the high-voltage line.

The central bank policy shift, the signs of active contraction of liquidity are obvious.

Look at M2, keep going down.

In March, the M2 money supply increased by 10.6% over the same period last year. The growth rate came to a new low in July last year, and RMB loans increased by 1 trillion and 20 billion yuan, or 349 billion 700 million yuan less than the same period last year.

Since April, the central bank's policy has been secretly overweight.

Short term capital structure is mainly tight, and long-term capital will also be affected by the actual cost of capital.

So flood irrigation has become a long way to water, or even slowly sucking, the stock market is only a piece of land on the ground, of course, it is unavoidable to feel the financial strain.

There is little money in the market, and the stock market naturally drops accordingly.

Some people say that the central bank has tightened up, it can not be too fast, and the impact on the market will not come so fast. Of course, it is still naive.

Our market, because of market communication skills, market surprise, and the depth of market and other special reasons, sensitivity is always unexpected, and conductivity is always unexpected.

However, even if it is so naive, we must see that besides the careful calculation of monetary policy, there is also a drastic supervision.

No money.

I'm afraid the main cause is two.

Yes, it has just returned. It is Quentin Tarantino, a master of financial regulation and violence aesthetics, who worked for 17 months in the securities and Futures Commission, issued 70 notices and 70 rules, and averaged 7 days.

At the beginning of March, when he took office, there were at least 7 regulatory documents issued monthly, covering all aspects.

We must know how to manage, punish and punish.

In March 29th alone, the CBRC authorities made 25 decisions on administrative penalties and punished 17 banking institutions.

In April, sword means interbank, financing and mutual funds.

As urgent as a law, it can hardly stop.

Among them, supervision of the same industry and outsourcing is the key.

Over the past two years, banks have issued interbank certificates of deposit to raise funds, and then used to purchase interbank financing, and then interbank financing, and then entrusted funds to securities firms and funds for outsourcing investment, then outsourcing investment and thickening trading proceeds by adding leverage, and then the money market is crazy about buying and selling. Then the bank mismatch and risk of capital chain breakage are accumulating.

Money has been used to entertain itself every night, and suddenly it has been drastic.

So stocks, bonds and Oomune Saisai fell.

Do not say that institutions, residents short-term loans rose sharply in March, to the highest level in history, and may also be under strict regulation and regulation, many people can not afford the threshold of housing loans, so the violation of consumer loans and other vacancy to make up for the gap.

So there is less water for irrigation and more people for competition. Of course, not many people poured this stock market.

The economy is going to be leveraged, the market is running short, and the money of individuals is not moving. Everyone's habit of big habit has not been changed, and the stock market will drop accordingly.

The decline of the stock market is only the normal performance of the economy.

One misunderstanding is that the stock market is the report card of the stock market.

The pcript is just a window, which reflects the overall and long-term accumulation.

The stock market reflects mainly the macro economic situation and the achievement of micro individual integration.

You may not know how the insurance industry has been developing over the years, but you can see that you can snipe on the stock market.

One leaf knows the autumn, knows is behind the general trend.

Similarly, the impact on the stock market is also the overall situation.

Misunderstanding two, bad stock market is too strict regulation.

Whether a class is good or not can not be maintained by invigilator.

If the exam is not good, the invigilator is too strict. In fact, it has no confidence in his IQ.

There is no doubt that each student's intelligence level and degree of effort are the ultimate factors of whether he can get the maximum investment income and succeed in life.

Because of this, the duties of invigilator are especially important.

Only in strict accordance with the norms to achieve openness, fairness and impartiality can we guarantee individual rights and interests and ensure the maximization of overall welfare.

The stock market is also, regulation does not guarantee that the market is going up or down, nor does it guarantee the geometry of personal income.

Indulging in palliative indulgence, in the short term, can even improve the overall performance, but the false and bubble components will only become stronger and stronger, and the market will be out of order due to imbalanced fairness. Moral hazard will inevitably lead to a reverse elimination, thereby damaging the foundation of the market and damaging the vitality and motivation of the market to survive.

So, now the regulators must return to the normal order of the market, and illegal and illegal means of speculation have become the object of governance.

Those who used to splash their water would help to cut the leek. Now there is no chance.

No speculation can be made, and the stock market's vanity will surely decrease.

Money can't be fry.

The main cause is three.

The decline of the stock market is a sign that the stock market is returning to normal.

It is true that capricious "high sending and pferring" is also true.

A company called Jinli Technology has revised the allocation plan to 10 to 6.

Revenue declined 34% in 2016, while net profit increased by 470%, due to its 2015 premium of 38 times buying a gaming platform.

Where is the geometry of the castles in the air? If it collapses, who will bear it? Many companies will send it to the high side, where the performance will drop by 50% or even a loss.

Should I?

It's also true that "the whole family is sent high".

In 2015, hareun submitted a distribution plan of 20 shares for every 10 shares, and the stock of the company rose sharply.

However, the main shareholder has time and precise reduction. The first shareholder, Zijin electronics, has reduced 177 million shares in four weeks in two weeks, and nearly nine yuan in the nine run management industry for two days.

After the completion of the reduction, hareun announcement made a loss of 800 million yuan in 2014, and it will be ST for two consecutive years.

As for the whole board and board of directors and family members, there are a few examples.

borrow

It is not a secret to cover the shady deal of large shareholders' holdings and liquidation.

For example, no dividends.

Then someone came out and said, "what's wrong with the bonus?" Buffett is not paying dividends. Why does Buffett not pay dividends? Because he thinks he can earn more money for every 1 yuan he earned.

Indeed, so far, the company's annual compound interest growth has reached nearly 19%, and the Berkhire Hathaway Inc's stock price closed at 250 thousand US dollars in February.

In our stock market, the iron chicken has no need to say. The company's development is very good, but the stock price is very low. The company's development is bad, but the share price is very high. There are many internal controls of the company's executives. Shareholders lose their value after the dedication of funds. The board of directors always insults their financial agents, often insults their IQ, and sometimes even directly insults their personalities.

Should the SFC not go out? Is it right or wrong for the SFC to come out and manage? Who is unwilling to come out of the SFC? Liu Shi Yu is not a mere figure.

He has been in the central bank system for many years. He came to the Securities Regulatory Commission from the Agricultural Bank of China.

Liu Shiyu did not have no better chance to talk.

When he took office, it was a good time to give voice to himself after the "stock market disaster".

But he was almost silent for a year and did not show himself by means of "subversive" and "big opening up". Instead, he kept silent and focused on maintaining the continuity of existing policies and ensuring the stable restoration of market confidence.

Besides, Liu Shiyu did not have a better way to shoot.

In the case of the mouth and cannon, the most profitable way and the least risky way is to get a bowl of fried noodles and speak some Mandarin words.

Now, comrade Liu Shiyu poked at his finger, and the public opinion turned to heaven.

This acid is so cool that people can't believe it.

Someone poked him and said,

So fast, rare in the world! Why do you know why it is rare? Because in the past, when the stock market dropped, the number of IPO stopped, the number of times and the length of the time were rare. Because of the hard work of making scarce resources and holding IPO hard circle funds, it is rare in the world. Because the restriction of IPO has become a sharp weapon for rent seeking corruption, the former vice chairman of the securities and Futures Commission has been sacked. The vast sums of money involved are rare in the world.

No question, how can we know if the little swallow is the real life of the king amah? How can we let the old hand who plays the high leverage hollow somersault game silently withdraw the legendary plan? How can we let everyone know that China's endless male edition, female companion, old version, and less edition "Buffett" do not rely on the growth of the company to share the wealth with you. They just rely on the "market" to absorb your capital to become rich. The question is not uncommon!

Why is Liu Shiyu's "mouth gun" almost the same meaning as the phrase "Eighteen big hands off"? This market has been long for a long time and has accumulated for a long time. Everyone is a stakeholder in the twisted mechanism.

"Mouth cannon" is a kind of intentional pressure, in fact, it is also a kind of open side.

This is a method of releasing pressure with full and small wisdom, and it is also a helpless move to promote market reform under the characteristics of our country.

In the past, everyone was scolding the regulators for nonfeasance. Everyone blamed the stock market for not being marketed. But when regulators were really monitoring, the stock market was really undergoing market reforms. Those who cursed the Chinese stock market and even the gambling houses were not as good as the others. Now they abuse the regulators for condemning the violation.

What has regulation done? It is only normalization.

Each appointment

When the president took office, he shouted and yielded to false prosperity and aura.

As a result, IPO became more and more dead, and registration system was fading away.

The problem is that behind the false is deeper darkness. After darkness, the deeper is the cliff.

Is this not the reason why the supply side structural reform needs courage and wisdom to get rid of it? Is this the root of the reality that we need to guard against systemic risk?

So reform is so difficult and pressure comes from all sides.

Even those who have been "robbed" have become the defenders of the old rules and hidden rules of the market because of the Stockholm effect.

Among them, there must be many real turbid water users taking advantage of their efforts.

It is easy to get rid of the reality, because it is easy to get into the right place, and it is not easy to get into the market. It is not easy to sort out the market order. It is easy to seek short-term exploding points and temporary achievements. It is not easy to establish and perfect the mechanism step by step.

But China's economic pformation to this step, anyway, has been unable to avoid.

We need to be sober and sober up. At this time, we must support real reform.

It is up to everybody to say that we need to advance our efforts.

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