0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif) j! }8 `+ _' `; i- z
Why bank will sell 借據給第三者???
' w  M7 S$ r, E. G9 g6 @I was so confused.....

, t1 |2 y( ?0 M2 `) y- ]( u
5 n2 D7 n" _6 [) L3 |講到尾都係賺錢: `: X% n0 W/ i0 [7 i
so銀行可以不斷放款
* U% `' e# ]: X6 ]- R5 n- Q美國的房貸問題散佈到全世界
1 }2 ~/ p/ ~: C1 u
% l" r3 s6 _1 S9 f3 E4 Rmortgage loan 4 F9 r+ Z- N  j* h% I$ u, s1 f) s
>conduit- v: N& Y1 V! H- a3 f$ v
>RMBS(Residential Mortgage Backed Securities)' I. Y8 T5 d9 d1 E( }1 j; i' f
>arranger
. t/ Z2 ]( K* a7 j: `( ?' }>CDO(Collateralized Debt Obligation)5 d' n) H2 v6 V* c+ U8 j4 L1 U* k
最後去到投資者

Kev

i thought it is the reason of rate of return.) z- i5 t3 P1 L+ r) _0 N7 A
CDs could have different ratings, AAA -> F,
+ Z" S; V, j1 h1 S) Mmore risky ones would have higher premium (interest rate) as a compensation for an investment.
, ]7 f# F' q. A6 I2 t5 r4 N9 F+ Amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 l! Q, T. `3 v! R/ T: H  t
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 U" t3 [- N1 Y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( a9 i& a) M% W* j, C% wsimilar to bonds, CDs trading in the secondary market have different value at different times,
$ W% F# \, A6 q* D  ?; _9 V" dnormally the value is calculated by adding it's principle and interest. ) i6 M  x/ @4 Z  G, E
eg. the value of the mortgage+the interests to be recieved in the future.
) i- j/ l3 c' Z! a- h5 Fbanks 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.+ X% z6 t% ~6 |( @  S
0 G0 I+ i& E6 ]$ W8 j( X
im not quite sure if the multiplier effect does really matter in this case.) }0 w8 l/ g2 y6 u1 ]
in stock market, it's the demand and supply pushing the price up/downwards.
" b+ P3 n# |0 s* i5 S9 LFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" y! ~6 n/ D& y- ~$ r# a/ Y! QA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" K' u6 B  C% S( i! M# zThe 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.
5 Q; I5 ]- \- Z* Obut the value of their assets did really drop significantly.
- n( h0 a0 R/ |# y" V8 A4 H
0 g( U3 m% f* W# _[ 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.gif1 H6 [- @- F# a7 V
Refer to last example,+ ^# a' u6 Y0 h, N8 x+ R& @* k
that means bank A have no money because we borrow 10 dollars from bank A
" S) x( k" X1 U3 GBecause bank A doesnt have enough cash on hand
' G; l3 q, a( x0 ~  k& Gtherefore bank A need to be bankrrupt ??? Am I right ?? ...

7 x; W# n/ J8 R) ~  g/ {
/ S& Q/ a0 [# m7 g8 C
. P5 I. \1 o) Z  I! H
A->B->C->D->E
! P" D/ b& r+ `/ W# E- U4 iso does it mean if E failed to pay D, 2 \4 D, E1 d/ ]% g' l: a* M
all the B,C,D,E have to go bankrupt?7 m5 W2 x: z. w, \1 n2 D

. Z2 B: T. z' g- l9 l: b: G  e$ s9 b- E: V% I& R) l: ?8 u
the multiplier just tell how much money created in a whole economy, 0 X8 E6 F8 c5 J) L" d+ X! R
in this case it doesnt really matter how much money is created,
. z$ A. M! N" W( @0 p3 t# \  h% bit's the problem of the debt itself.$ s! F' V( B  g, q6 a5 P
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' J1 H9 S* K  \+ a0 F$ H/ R1 r
小弟一直都唔明..." ^/ k7 y& J+ a+ y: R& o

5 Q5 |5 b4 \/ L" h# @& R' U全世界都蝕錢，咁邊個賺緊錢呢?7 t) r2 j. X$ x

2 ~' l- t2 C3 s, y& w- R1 n無可能淨係有人蝕錢無人賺架嘛...+ Z. g  R$ D! J! T; U
+ T- [5 k4 V0 [/ _: t0 T$ t0 J
敬請各師兄解答
& {" M. y" f  Z: P+ `$ `9 Y' d
3 j0 D$ A# x% {# h+ w- O) @Thanks

" O1 [) S! D% b3 G  t
那些根本係 紙上財富  , H* D- Y! z# l% y" V0 H
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' a1 k- ~1 N+ j* ^# }
: S1 C5 v7 F, _" t) P; ?1 L
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/ Y! s1 q. g# }% H
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 e9 Z8 `4 t4 h6 H. P7 }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, W5 x5 y  @$ [' \' d  }% }
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
7 x( A, U$ F' V1 s3 ?6 V" G扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,, c0 u6 `6 p& M
計番回報率就已經係50%,所以可以好好賺
0 C3 m! e6 `, O: s4 `. o前提係銀行之間要互相信任先可以咁樣借法; L2 T' r$ j; `7 j; m, v
同埋個市場既前境要係好先得
. \, S1 ?+ _5 H: ]/ J但當經濟一差,公司估值趺了,物價不升反趺+ N7 C% x0 Y  H. L3 t. I+ ]9 e
例如剛才說10蚊的, 趺到得番9蚊, % R7 h- Y5 |/ u# n  t8 j
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
2 T7 `' `/ Z  {5 A; m所以你就會覺得D錢好似蒸發哂咁1 ~. z+ @" K) b
* J% m/ r0 Y$ }' y: g4 |' K* _/ l
你都可以當標野咁諗, 個樣野多人可以狂升值, ; W8 t; n! U2 o5 k  H; q2 H8 B4 F
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,
  P2 E0 Z. X. K* u. k) J" [; T淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # ~( ]9 _; j( m9 [& \/ P
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$ l+ A4 _4 D: X; Q& }% O7 a
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) t9 u' z& ?% o1 x: u: o7 D
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
: `- \# B5 F% a% A* L淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 r0 s* t& l( b6 b
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5 H* u0 A) l# V
咁你話d錢蒸發左去邊? ...

! M, O! |, p0 t( I( H+ X# Z

: ^2 e1 W+ y" X; X+ e正係咁樣
' ?7 {1 g% A, @+ u+ b1 H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- C1 R2 q; {( s( |& b) h" K
分分鐘佢地唔使還錢# @9 u, ]# @8 K& T9 x1 v

2 _5 ~; f" ~  D$ ^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,) o# Z( z7 G. Z3 ]- X
連國家都係問人借, 不停發債券, 印鈔票
' [$ o! Z, O, ?4 i& u4 l( I一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
  x* W2 f  ]/ d1 q) ?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
( i! o8 Q) i+ D4 V( B7 Q0 ?咁而家"爆哂煲"算唔算先至係變番"正常"???

. ?6 g* D2 j/ z% y  j, T9 i$ F9 M

) M" r$ R9 k  m其實係...1 B" ?) i8 h2 V0 u) i( K
因為以前未生產, 先消費( F7 N9 a& n7 |0 u
而家就要多生產, 少消費