0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
1 `6 C3 J; j* D4 i3 LWhy bank will sell 借據給第三者???
) U/ w* D3 Z1 ^( k! kI was so confused.....

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講到尾都係賺錢; `2 Q6 _& y% A2 u+ X
so銀行可以不斷放款9 h) S! i5 F) ?% j* }
美國的房貸問題散佈到全世界  m1 S! b4 r$ [. b4 u1 e

4 c/ J! P) Z; a6 Gmortgage loan
, k+ L" x& t' s! J7 a>conduit1 Z2 i! D# ?/ b
>RMBS(Residential Mortgage Backed Securities)
* U0 v' O1 K) o>arranger
/ L8 r+ i) E8 B6 j" M>CDO(Collateralized Debt Obligation)
8 f- _2 u+ \5 {/ U8 m最後去到投資者

Kev

i thought it is the reason of rate of return.6 w) C% k4 b$ f! n1 b. N" v7 G
CDs could have different ratings, AAA -> F,+ F! @, x. T6 c
more risky ones would have higher premium (interest rate) as a compensation for an investment.
' \( [  g" I2 d- lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 {* v3 ^6 p) ]: k: n
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. K. d# I, b, E5 nAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* O$ p/ k( I( {+ r
similar to bonds, CDs trading in the secondary market have different value at different times,
4 w# |5 |5 F6 W1 L0 Cnormally the value is calculated by adding it's principle and interest. 0 X, q4 w  _; l% p8 ^  u/ t
eg. the value of the mortgage+the interests to be recieved in the future. 3 B& W2 ]) i6 \9 P7 d
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.
7 L5 h' w, ~/ P0 B; U! T, t; K( f. F. j% N8 ]  d0 e+ g5 j# {
im not quite sure if the multiplier effect does really matter in this case.
7 _. d6 V- Z6 s* P7 D  M8 H8 T& Xin stock market, it's the demand and supply pushing the price up/downwards.
5 A" d6 K( g- W) B. {. E( CFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* [6 |9 o2 U* T4 R8 e: z  C
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. S1 T8 J. H  a9 [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. 7 c  g& @$ J7 l" l3 @" ~* ^
but the value of their assets did really drop significantly.0 u3 S# U4 S0 i8 A1 Z* I

1 Q; S# O+ D# \& b[ 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. C' A' x3 t5 _$ V5 }" R
Refer to last example,& @, e2 S( @% S! H
that means bank A have no money because we borrow 10 dollars from bank A
6 c, g) J' i0 A% B, l' N8 K3 eBecause bank A doesnt have enough cash on hand
: v; _% e/ N2 \7 J6 q# |therefore bank A need to be bankrrupt ??? Am I right ?? ...

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7 H! F5 f3 I: T- NA->B->C->D->E
0 I) P  p3 w. e# O. c. Qso does it mean if E failed to pay D, 5 A4 ?: u4 R  U
all the B,C,D,E have to go bankrupt?8 V/ Z) u. U9 `7 X3 k+ Z5 d
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' @/ J- L2 T8 g( p# kthe multiplier just tell how much money created in a whole economy, * p5 z; G% H. a! b
in this case it doesnt really matter how much money is created,
8 w& O# s$ `! Kit's the problem of the debt itself.
0 Q& ?7 ~- v! e( X$ ithe 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
& |9 B3 n& D, k+ e! q小弟一直都唔明...+ i! U; Q$ F' g( s

4 h; L2 f$ d: Z, [; x. t全世界都蝕錢，咁邊個賺緊錢呢?. l4 j* A4 c- ~+ y$ b  }3 D2 ~

! ^" U% a; t, `無可能淨係有人蝕錢無人賺架嘛...
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& Z0 ]9 ~) q/ Y- A# B! r  s# {敬請各師兄解答% A9 N" p  M0 e

2 N9 K7 f* R3 F  z3 S7 g) lThanks

  ?: R& ]4 {! [. {( q* R) A7 T
那些根本係 紙上財富  1 \' M0 m: z  x( G+ k
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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! e* d& `% c2 Mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
9 }* _( M# m7 M( `當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
* _& Y/ L( L/ ~& Q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
6 {: G4 L+ B; I% n個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
  Y+ w1 w: g8 i! x6 a  [! C; u8 E5 H+ y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,: ?) l- y' Y; L; [6 U. G
計番回報率就已經係50%,所以可以好好賺
; z5 o5 ~" v- |* D前提係銀行之間要互相信任先可以咁樣借法4 }+ H- R: a# i9 i3 X7 k+ f9 i
同埋個市場既前境要係好先得
  H' I  N3 o: }. c但當經濟一差,公司估值趺了,物價不升反趺7 K& o. U: Z3 q; |
例如剛才說10蚊的, 趺到得番9蚊,
" B  g1 b% Y% ]9 d$ H- U咁投資銀行一下子就要還11蚊, 一來一回變左虧200%; Y9 C+ U6 k) \
所以你就會覺得D錢好似蒸發哂咁
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5 C1 `* M% `3 {7 X2 s你都可以當標野咁諗, 個樣野多人可以狂升值, 1 p7 |! K6 {' C' w
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, " X! I+ w7 Q7 v/ S2 E; Z) I
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ R9 J6 V- g/ [& d9 G7 q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, f& T" {3 T" I; |# `$ k* s
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- p9 M' Z5 m% |* h" \+ N
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
  g  l( V! N* z' I, [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & \( X( \7 b) B; m8 n. r
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
3 j" w0 C( j2 f7 Y咁你話d錢蒸發左去邊? ...

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# [9 w$ o) m) F, W正係咁樣
+ L) ]3 d4 G4 x$ R) ^9 `4 @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
9 k# H! a, z/ H1 g' H: y分分鐘佢地唔使還錢
+ D% W/ F. D) O, P' }0 d5 ]: d% K7 d; V0 ^: G
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,% E! V( c8 `, q) n) R
連國家都係問人借, 不停發債券, 印鈔票  Z/ ]6 x7 n8 ?6 c2 E
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產9 }2 p: Y3 T* Z) E9 W: H8 G' m
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
* o, I0 ^* v& i- V! v# t咁而家"爆哂煲"算唔算先至係變番"正常"???

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9 x& u2 e$ x8 w- d其實係...
% R, D& F' F, X. F% g+ P因為以前未生產, 先消費
8 ]1 p( x& q  h3 Q4 j& T6 u( x% |而家就要多生產, 少消費