0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 g1 U6 h$ M8 a8 a3 i5 PWhy bank will sell 借據給第三者???
: O5 H% N3 u# ]# L$ v. U+ `# y9 y; N9 MI was so confused.....

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, F$ [- R( p5 H' H0 U4 J+ k( j7 P講到尾都係賺錢
6 x. r( g; D# h& pso銀行可以不斷放款
8 z7 V$ c( M! \5 k* W美國的房貸問題散佈到全世界( J* F: }1 }8 n

' o# C$ r  h( q* e, Ymortgage loan
2 J0 `! e! G: H1 l5 G4 C>conduit6 Y- I  t" o8 C3 n7 h, h4 R1 Z
>RMBS(Residential Mortgage Backed Securities)9 g1 h: X5 G) v2 ^/ X
>arranger, e/ G: _; C; D! `; z+ Z, Y
>CDO(Collateralized Debt Obligation)
, r" y$ ?  q, ~0 C% j6 b3 m/ O最後去到投資者

Kev

i thought it is the reason of rate of return.: u, G0 |# O3 t9 E# ?3 s9 M# D
CDs could have different ratings, AAA -> F,
( D2 }" l5 S5 g5 D0 K5 d8 B6 n7 U, o" }more risky ones would have higher premium (interest rate) as a compensation for an investment.& n2 f% J3 r$ w" L, U1 @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ C4 @2 P: A8 S. q# j+ J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 @# [' D5 ]. G# [0 _* _/ YAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 T" P2 q0 R/ b: d0 @! g
similar to bonds, CDs trading in the secondary market have different value at different times,: W2 k# V3 s- ^5 Q2 e& {2 @
normally the value is calculated by adding it's principle and interest. $ C" d6 J6 l. W
eg. the value of the mortgage+the interests to be recieved in the future.
* ^7 z* q8 M3 G8 [banks who sell the CDs, could enjoy a few benefits like, the present value of cash and passing the risk of holding a debt to another party.% `3 k: B) h% _+ c& h

* P4 o3 t$ L, [7 X4 I/ qim not quite sure if the multiplier effect does really matter in this case.
* X6 N. \5 U8 x' zin stock market, it's the demand and supply pushing the price up/downwards.+ v. s% R# K' V& Q  m
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 X0 \7 ^7 r& ~
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, g, s2 u: E& N5 [The capital loss that ppl suffer nowadays, i believe, most of them does not really suffer a real $ lost yet as long as they dont sell their securities.
8 D( S* L( l/ k, n( Rbut the value of their assets did really drop significantly.8 J4 n4 H) D0 \/ N

$ B4 \" u' H/ c4 Q3 \[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ]

Kev

原帖由 balachiDavis 於 2008-10-8 04:09 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
) t; H3 s# o9 A% N+ gRefer to last example,
5 |$ i; D  s" R5 ~that means bank A have no money because we borrow 10 dollars from bank A
. y# }- r6 ~* Z' ^Because bank A doesnt have enough cash on hand
0 U7 ~! ]$ O* M+ _7 W" b4 g" Etherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E. g; j5 g+ c- T& _" f( @2 |
so does it mean if E failed to pay D, & \6 e3 f& O  G) ~) R2 ^4 r
all the B,C,D,E have to go bankrupt?+ `7 n3 p& Y0 Q

, v! k( k0 b! Y6 |% i' k; l# m/ o2 ^4 ^$ G$ N$ l7 e
the multiplier just tell how much money created in a whole economy,
! \& q' |, Z. [( O# @+ kin this case it doesnt really matter how much money is created,
6 ^1 ^! j- ^: x6 [  k5 iit's the problem of the debt itself.. d$ p( U+ W* |$ W  x; v, ]
the debt(securities) is bad, faulty, that harmed the whole system.

benny1219

原帖由 kerr12ca 於 2008-10-8 02:44 PM 發表 http://www.26fun.com/bbs/images/common/back.gif* a/ x9 D- H2 R5 k8 ?) s2 c5 L# _
小弟一直都唔明..." K. C  k$ Z) N

! M5 N! n' A2 j/ E6 D+ T% c8 W3 f$ Q全世界都蝕錢，咁邊個賺緊錢呢?
9 ]* c$ ]: a) M5 b! f- N0 R& c5 v" \' `2 [
無可能淨係有人蝕錢無人賺架嘛...: ?# Q; y5 j! C3 M5 O
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敬請各師兄解答% N4 Y2 L$ Z' n2 @$ J
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Thanks

+ `: E% u7 Q0 X# V6 O那些根本係 紙上財富  
0 f$ Q$ R: }- j8 a. _2 W. {, i各式各樣的證券被炒到上天 你一樣唔賣那筆錢永遠都不是真的存在

qulapo

with regards to the current crisis, Chain of fools does a reasonable job of explaining what happened with a nice graphic
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http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產- z7 C0 w; [9 D- F; [# g& P5 K# E
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: r! e1 S& k3 ]4 y% X
於是投資銀行就去搵銀行抵押借錢投資, 打個比喻1蚊既野借10蚊5 }" o# I  }. R4 }) t8 n
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
& d" p5 ~' Y1 q( N' a4 o扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 I% a! {- \& S
計番回報率就已經係50%,所以可以好好賺
5 Q; T6 N9 ^( o( u9 p; O前提係銀行之間要互相信任先可以咁樣借法6 ^) A( N* B+ U
同埋個市場既前境要係好先得
2 I# W/ m  }4 c! j- E0 g% R4 A但當經濟一差,公司估值趺了,物價不升反趺& u6 Z, c$ X% @! G/ x( f! v( O3 y
例如剛才說10蚊的, 趺到得番9蚊,
2 w$ |1 q9 A- N咁投資銀行一下子就要還11蚊, 一來一回變左虧200%4 u- u* Z) v% H! a
所以你就會覺得D錢好似蒸發哂咁6 T2 H* B' O3 g7 F0 B8 l! w! k' ~) i

& F/ R# j, j( ^+ @0 k2 g' e5 Z) v# O你都可以當標野咁諗, 個樣野多人可以狂升值,
' }, ^5 R, K3 L9 S: o8 e8 f1 Y' `但當冇人要既時候一蚊都唔值...中間D錢其實真係冇人話賺左~

kuru

唔係d錢蒸發, 而係比美國佬洗晒未來錢, , p, [; N+ q3 g8 J  v4 G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' U" D5 X) T1 u$ c% x6 U
呢刻樓市爆, 原本冇錢買樓既, 又係問銀行借但又唔留錢供, 既然冇錢還比銀行
9 c" \* _4 D. r* b( T) f咁你話d錢蒸發左去邊?

fcukyoukelly

原帖由 kuru 於 2008-10-12 05:08 PM 發表 http://www.26fun.com/bbs/images/common/back.gif* D2 g( f1 E( {4 w+ C2 I
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
. S* x8 P$ z9 M8 c6 Q/ R淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 J, i& a7 {& _& I
呢刻樓市爆, 原本冇錢買樓既, 又係問銀行借但又唔留錢供, 既然冇錢還比銀行
# L6 E! Q0 J! t# l咁你話d錢蒸發左去邊? ...

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正係咁樣  a* l% F5 Y- Y  C
其實, 以個人立場去睇, 美國好多市民都唔怕銀行/財務/投資公司結業/ k2 |* q4 o7 `( D, |
分分鐘佢地唔使還錢
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/ e0 g8 f- R( J9 ^+ O% m# i4 Q再講, 美國人先洗未來錢應該係世界第一, 唔知點解無錢都可以買咁車買樓," j  [. \) Z2 w9 L
連國家都係問人借, 不停發債券, 印鈔票
5 P6 e# I0 A' q6 }一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
, I& N+ \: w$ s) F* w編編唔生產又使用物品使用得最多, 美國就係咁既情況

Jk

咁而家"爆哂煲"算唔算先至係變番"正常"???

fcukyoukelly

原帖由 Jk 於 2008-10-22 02:15 AM 發表 http://www.26fun.com/bbs/images/common/back.gif
6 z# w7 f+ {$ }+ @7 b咁而家"爆哂煲"算唔算先至係變番"正常"???

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/ u. }2 }! T5 F7 C7 b: u7 W" K其實係...
- q/ D: k4 F& ~! h, H5 j( B' c% U因為以前未生產, 先消費! R1 |8 l5 z9 r4 D
而家就要多生產, 少消費