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On "Butterfly Effect"——A Financial Creation of Financial Crisis in U.S.A

DI Rui-hong(School of Finance,Lanzhou Commercial College,Lanzhou 730020,China)  
The subprime mortgage crisis,started in summer 2007,has soon become a financial crisis in U.S.A and is going down the whole world.One of the causes is financial creation.The concept of mortgage creation is based on the increasing price of real estate,which made the creation of security instrument,based on the mortgage creation,lack of dependable asset base.The falling price of real estate exposed the risk of creative mortgage loans,the "butterfly effect" of financial creation came true and all financial institutions are in unprecedented crisis,which gave us good inspiration about our future financial creation.
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