Various liquidity crises in the past 30 years on the U.S. Capital Market: In 1)1994, the Federal Reserve raised interest rates several times in a row, pulling short-term interest from 3% to 5.5%, leading to panic dumping of long-term Treasury bonds, and the 30-year long-term Intrerest rate at the end of the year once reached 8%. The tail of this round of interest rate hikes was marked by the filing for bankruptcy protection in December of that year in Orange County, Southern California, due to huge losses due to speculation on Intrerest Rate derivatives. After that, the Bull Market, which lasted for five years and three months, focused on high-tech stocks, began. In 2)1997, the Asian financial crisis began in Thailand in July and spread to Malaysia and Indonesia, culminating in the signing of a bailout protocol between the IMF and South Korea in November of that year. The trigger for Russia's debt default crisis in 3)1998 was a drop in oil prices, which fell below $10 a barrel in mid-1998. On August 17, the Russian government announced that it would stop paying foreign creditors for 90 days. The knock-on effect of the debt default led to the "long-term capital" of the Heding fund on the brink of bankruptcy, which was bailed out by the Federal Reserve at the end of September. On October 15th, the Federal Reserve cut interest rates urgently, thus starting the final madness of dotcom in the fifteenth month. 4)2000 three consecutive years of bear market in high-tech stocks from March 2003 to March 2003. There are several rebounds in between, giving false hope. The landmark event was the 911 incident in 2001, which caused the stock market to shut down for a week and planes to be grounded for a week. The worst time was probably in October 2002, when some companies had Market Cap and cash on their books. 5)2007-2009 subprime mortgage crisis. In February 2007, Newcenturyfinancial, a subprime mortgage company, entered a death spiral and declared bankruptcy in early April. At the end of July, countrywidehomeloan's quarterly earnings report was announced, triggering a series of liquidity crunches on related financial products around the world. After that, the Fed cut interest rates urgently, which temporarily eased the situation. But since mid-January 2008, there have been waves of big dumps, wave after wave of government bailouts. Despite this, the price of oil was once speculated to $140 a barrel in July of that year, but after the bankruptcy of Lehman Brothers on September 15, ordinary people really knew how serious the problem was.