0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
" C' X# P, W# M6 EWhy bank will sell 借據給第三者???
, W& l$ c9 a& U" m2 p7 G  kI was so confused.....

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講到尾都係賺錢5 m( L$ F" l# \7 U7 T
so銀行可以不斷放款3 q6 ~% d$ X/ X$ J; U  Z
美國的房貸問題散佈到全世界
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mortgage loan % [* V0 j( b( R" |2 ~
>conduit! W" p$ G( _! t7 y1 p3 K' ]( M
>RMBS(Residential Mortgage Backed Securities)* a  T% W8 h# J* \% ]8 E0 p$ U) O% F
>arranger& \, N& W3 g1 o* N; q3 V: Q$ p) F
>CDO(Collateralized Debt Obligation)( p) f  C% a; ]
最後去到投資者

Kev

i thought it is the reason of rate of return.
5 V% _9 d( j1 ?% o* cCDs could have different ratings, AAA -> F,
6 t% U5 V4 h& s7 hmore risky ones would have higher premium (interest rate) as a compensation for an investment.
0 }% @5 A% X& B0 Hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ Q& [5 r" K, U5 j# g, k) u
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) L# r1 V/ P! {4 N* r! `Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- |, d9 [) D1 U( \2 K2 A" x
similar to bonds, CDs trading in the secondary market have different value at different times,! ~& u' u! m9 u' W) Z" H
normally the value is calculated by adding it's principle and interest. 9 o! n% }) r8 T% i
eg. the value of the mortgage+the interests to be recieved in the future.
- d  ?3 f3 I3 w& Z% R0 u2 f1 X( 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./ h9 y. X1 ~1 q* ]5 B
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im not quite sure if the multiplier effect does really matter in this case.7 g5 X4 G) k" s) T* m  q* x
in stock market, it's the demand and supply pushing the price up/downwards.
) M7 |, K8 M8 C/ {3 J: `; ?For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ A( g/ C' Q' T1 EA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# H9 E: R2 R/ BThe 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. 4 g0 K. W# o( o( D% c; I
but the value of their assets did really drop significantly.4 L7 G# Q9 X7 a- A
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[ 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
0 o; _, S* L# q+ PRefer to last example,/ x' x( u3 z( C( Y5 o
that means bank A have no money because we borrow 10 dollars from bank A 6 v' ?* M$ {8 D% [
Because bank A doesnt have enough cash on hand
6 ~$ `- Y* K' T  A: [- X  K+ _$ H( jtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E& B! h: f8 s- ~0 O" U/ `
so does it mean if E failed to pay D, 4 g, Q$ H: g6 \7 s0 N
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
$ t# Y3 \4 y: M6 L$ t( Y$ F3 Y) e. `  Kin this case it doesnt really matter how much money is created, % r8 p6 Q4 @" b/ z4 _! R
it's the problem of the debt itself.
& ]+ u7 q& e( K" w1 d  W9 ^) ?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
/ S: h: Q. ^$ T( X- V, }% b8 p8 C' y小弟一直都唔明...
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6 q3 z* a) R9 M全世界都蝕錢，咁邊個賺緊錢呢?8 ]. L$ d/ `0 @, W! }
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無可能淨係有人蝕錢無人賺架嘛...5 _$ R0 m& B) c6 N& A
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敬請各師兄解答
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: l- I+ k3 f2 J; VThanks

; Q/ H2 V+ ?/ }. g5 E: u那些根本係 紙上財富  * ?! G& O- M/ c/ w) S; N8 W3 ^
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 graphic0 X2 s( A. ]( j0 q+ P

4 B& ~1 J' t, ?' M7 m' rhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產$ i; T3 _& M, @- {! Z9 ]1 @
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% v7 ^) j: y6 r& g3 x$ B# }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
  q2 z' e% q. I) U. K# h8 Q個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
: C! l! K1 g& b% m5 i8 o扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ H9 I! X$ P! o/ n! d. R) u2 y3 K
計番回報率就已經係50%,所以可以好好賺1 W, U) u5 e: R7 p$ W* H
前提係銀行之間要互相信任先可以咁樣借法
1 @( w. I  w5 h! s% i: N6 ^同埋個市場既前境要係好先得. T3 `2 Z+ [5 ^
但當經濟一差,公司估值趺了,物價不升反趺
0 v" G5 D) x! F% T) M4 |* [例如剛才說10蚊的, 趺到得番9蚊, 9 U: D3 ]: Y) e8 O0 r  V8 H# C
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
+ ~& W1 V" e0 |- ]$ w7 j; r# D所以你就會覺得D錢好似蒸發哂咁' E+ j. P8 F  b! N" z& p2 O4 F

" u  M  y& [, \% f你都可以當標野咁諗, 個樣野多人可以狂升值,
/ U& ~! C6 A% }" B/ }# {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, 7 t6 }2 C. J+ B$ z: M9 o  D) |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" j" L0 k$ l! H5 G9 m7 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
+ R) d- U' Z' y' y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
6 b% s% D3 n- W% s唔係d錢蒸發, 而係比美國佬洗晒未來錢,
( \4 O; F4 N* z& j# c! {淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% K& W$ _, c/ m6 P. Q2 S, N3 z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
% A# d- U* N1 W; X0 M( i咁你話d錢蒸發左去邊? ...

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正係咁樣% F- M4 J- a$ 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* w6 ~& Q0 R3 O! w) s1 R2 t* k" e
分分鐘佢地唔使還錢/ \2 K& X& ?1 ?2 w( L( I' D: ?0 v
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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,
7 C" S7 w8 B4 F" g) `連國家都係問人借, 不停發債券, 印鈔票
$ ~& L; |7 ]# k7 X) t一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# Q; T, d) v' b+ \8 k# v9 W. T
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  ?5 y# M/ u8 U2 F$ y
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...* x. z8 K+ e' {2 C
因為以前未生產, 先消費
7 H* u% J8 ^( @1 P# ^# }而家就要多生產, 少消費