0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
* d# Y; p/ j. U! \3 O8 R/ aWhy bank will sell 借據給第三者???
( S( f$ e4 \+ i9 \: D' ]I was so confused.....

, W; f5 }6 r( H) h$ b$ c! U& Z2 X

& C/ p, B8 `, i) L4 D$ h, V講到尾都係賺錢
' v& I# w! C8 A( X% d& Lso銀行可以不斷放款$ h, L4 r! L& a  Z
美國的房貸問題散佈到全世界
+ [/ F# N3 T' t6 _% Q' I' z
" W' F& n: V3 N. Imortgage loan / W6 H2 U/ S; n% m* H( d
>conduit/ [# u3 O" y$ V! l: Y5 N3 A
>RMBS(Residential Mortgage Backed Securities)& V) j) m+ S( R. I) i
>arranger  `5 M7 t: ^! Z% v
>CDO(Collateralized Debt Obligation)
- Y! k2 r2 ~* ?+ p: s# |最後去到投資者

Kev

i thought it is the reason of rate of return.
7 Y; Z1 f2 Z  }, V* q8 WCDs could have different ratings, AAA -> F,
0 B4 N: J3 a) s# X: l7 }! ]6 i5 ymore risky ones would have higher premium (interest rate) as a compensation for an investment.$ w' N, `( U& _" R8 K( O6 o) W
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% r( s' q' X0 a5 ?
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: d% v8 u9 }! V+ C
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 f9 B* _( w% X8 ~7 }6 E
similar to bonds, CDs trading in the secondary market have different value at different times,
! q+ J4 p- ?$ U: r, knormally the value is calculated by adding it's principle and interest.
+ N3 f4 v3 z$ d' \! _* \eg. the value of the mortgage+the interests to be recieved in the future.
9 C+ ]' a$ T* Z% }7 E% I1 B  obanks 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.
" q) m6 {2 L  w, F) W% Q# ]- O* C( L) h! ^, [  \; j
im not quite sure if the multiplier effect does really matter in this case.
+ S+ H- t! `9 z# y* yin stock market, it's the demand and supply pushing the price up/downwards.
7 ^6 U1 N* k6 r9 |$ JFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," f& q' k5 P+ k+ E7 C$ h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: }) j# `8 r9 z3 T: eThe 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.
' x9 n! E5 r! t' ?/ `* [. Ibut the value of their assets did really drop significantly.  @: S! B- u/ q3 g3 z

. c. q* E* E! h1 N& Z6 |" ?[ 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.gif8 b$ Y+ C9 ~( R
Refer to last example,! A# j5 R4 @' v8 G* a9 J) v
that means bank A have no money because we borrow 10 dollars from bank A
. t, [: D8 M6 X% b. D+ zBecause bank A doesnt have enough cash on hand 5 F/ U4 T5 w6 d( A6 O2 z
therefore bank A need to be bankrrupt ??? Am I right ?? ...

% U! ^. Y& x  m+ R5 i+ y
9 p. y! \* `/ U
- [+ P/ Y; H1 X2 T/ f' z
A->B->C->D->E
1 Q9 D4 I. n+ H0 M& zso does it mean if E failed to pay D,
7 x- _6 v3 }1 C. J- c' |8 Iall the B,C,D,E have to go bankrupt?
/ U" c1 Z2 m8 @' ^
) H! t3 O0 H& v" d, z0 D. P' s. M- _5 W5 E, V. R4 `
the multiplier just tell how much money created in a whole economy,
% K& W; Y. m3 V7 ]* b/ p" z, ?in this case it doesnt really matter how much money is created, 2 `" P* V- ~- O; e7 Z) P- g1 z
it's the problem of the debt itself.
* i; Y  ~/ g# a6 n' ?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.gif8 ?* J( Y- d; v1 z6 L& S
小弟一直都唔明...( Q1 q; W5 Q9 i/ l4 k& g5 s6 j
8 W) x! g! G+ n- j+ i
全世界都蝕錢，咁邊個賺緊錢呢?
0 V8 W7 u" y( ?" ?  Z0 j4 j6 L3 [, Q3 T6 y4 p4 O6 U
無可能淨係有人蝕錢無人賺架嘛...
4 ?$ D. G( d, b1 L/ h. p2 E3 U% ?# N' V
敬請各師兄解答
" }% k4 g# J, s* N, I5 }, k" J5 ^4 V
Thanks

' [1 X/ s5 ?, R, T那些根本係 紙上財富  * o0 E; r* U9 F1 e# y
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 graphic3 W1 C1 V5 r) C0 w
4 j- @$ Z9 B* U3 r4 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
' _" U3 ]& q$ M, h7 \2 w8 c9 g當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% M& F3 i- A, U" {7 ]0 ?. ~( r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
9 m3 l3 _: Q& X個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 H$ n4 s2 g$ T3 x扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
2 R! ]. l! g9 p3 k# J* u7 ^2 Z計番回報率就已經係50%,所以可以好好賺
9 t% i& b8 t$ h6 A; F; m前提係銀行之間要互相信任先可以咁樣借法
& `% P' S7 }+ ]* r4 i5 h6 ]0 z, i同埋個市場既前境要係好先得$ D+ N8 R4 n: w1 u1 q
但當經濟一差,公司估值趺了,物價不升反趺
* f8 S0 s3 [  N" Z( k例如剛才說10蚊的, 趺到得番9蚊, 1 y6 n# m& _; x# F* |* k7 q% {
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 H3 P" w( h- c所以你就會覺得D錢好似蒸發哂咁
8 N$ m$ |/ Q5 k
$ @( k* E! l9 Z你都可以當標野咁諗, 個樣野多人可以狂升值,
* Y7 ?/ _5 S7 J; e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, 8 @/ @, f3 s0 J4 D) }8 V5 f7 D. j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! P+ R& ?% t! ?# @5 @
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- ]: J7 @; L$ {
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! F& t  K# {# F, y+ a: g( Z
唔係d錢蒸發, 而係比美國佬洗晒未來錢, * j5 k' p8 q2 H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 Z4 W+ S/ Z/ v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/ N" z9 F$ {  |* W9 g/ K# y- y
咁你話d錢蒸發左去邊? ...

  `% g! ~- e9 ]) P' G+ D! E$ s2 X" S5 n
正係咁樣
. X1 D5 K. F  J, F( b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
# t, x4 l1 o/ x3 u$ }" l  s分分鐘佢地唔使還錢
6 I8 l/ Y& }: F) H9 |, ^. E3 m5 w0 X. p& w( X2 k
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,
6 {! `4 N0 T0 B連國家都係問人借, 不停發債券, 印鈔票3 o* X& N% Q$ `% G
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
" \% }# U( {' e6 z' P4 ?+ q3 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: ^& b  U: I% l" Z5 _5 A  S0 M
咁而家"爆哂煲"算唔算先至係變番"正常"???

( W6 w7 P6 q! b5 Q. |* k
+ T! z& }( u8 H' t' B5 D9 ?其實係..." c5 ?1 q6 K/ e. x' ]
因為以前未生產, 先消費
( S" t$ n' L" u5 v1 S, }  P$ J而家就要多生產, 少消費