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 Q; g, g9 c6 B% [Why bank will sell 借據給第三者???
0 y2 H' h. c, C, M$ F. J& }+ @I was so confused.....

1 U- E6 b0 M3 o4 |' @4 K) z: f: \" z5 z$ ?: m; }, U9 I8 r
講到尾都係賺錢; F. e4 O2 h: X# s
so銀行可以不斷放款
! D- p/ B' ?, \  H  O( _# m1 Z美國的房貸問題散佈到全世界
0 I/ U' {# j2 V3 W+ L5 S
/ L6 ~9 R  D7 A3 w$ \0 jmortgage loan , q/ C, P+ X# d4 T& p' o" C3 }
>conduit8 e, A5 w) }/ H3 o
>RMBS(Residential Mortgage Backed Securities)# s/ E! \6 g. \
>arranger
& I* s3 R% H( h- f: o6 C>CDO(Collateralized Debt Obligation)2 Q$ M9 r1 H/ e& Z
最後去到投資者

Kev

i thought it is the reason of rate of return.
- V- W4 M, Z+ R. \CDs could have different ratings, AAA -> F,+ q: i  o/ P% q7 S' j# `
more risky ones would have higher premium (interest rate) as a compensation for an investment.
$ P. V* u3 `2 N3 s9 f1 s' ?6 J( kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! f, y5 E& O+ G/ Kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
  H5 m2 j* x' b& D* P" i# Z7 x/ _Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% s) i8 H/ f- R8 i0 f2 G- H1 I- r
similar to bonds, CDs trading in the secondary market have different value at different times,
+ {  Q+ n7 F; h) n% P6 o* knormally the value is calculated by adding it's principle and interest.
4 a1 b# q  g" A* q+ I; jeg. the value of the mortgage+the interests to be recieved in the future.
8 O) v$ G* I% o4 ?- _! Lbanks 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.6 G" W4 j" h& y( H  L6 f% q" r
% k6 }* J2 [! h! y
im not quite sure if the multiplier effect does really matter in this case.
9 Z9 x$ s9 s% Y+ n' I4 Iin stock market, it's the demand and supply pushing the price up/downwards.5 R+ d& m! w9 _" r
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* l* r+ k/ h7 L2 t% r# _' O
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ t% A) Y" a% Z+ z7 g# r
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. 2 T% p6 l3 e$ R# j( Q
but the value of their assets did really drop significantly.
; e& V, m0 _( z, Y+ o: P! {% s) @
& @7 O# k5 S+ K0 C; K[ 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
* t8 g3 n) n/ D: Y7 C/ ]Refer to last example,0 Z; t  [: z: Q# u- J6 `: _$ w/ d
that means bank A have no money because we borrow 10 dollars from bank A
2 S" }8 N9 |4 t- b) h% Y6 N: qBecause bank A doesnt have enough cash on hand 9 L  |6 [4 ?0 Z8 ?
therefore bank A need to be bankrrupt ??? Am I right ?? ...

! S9 l2 x2 O1 [8 u3 N/ ~# w
% t% C) w) m% C. _
' o6 N+ `7 o( Z- e; A
A->B->C->D->E
4 D' `% z, \8 E, e; |so does it mean if E failed to pay D,
, `  V1 y4 r  Jall the B,C,D,E have to go bankrupt?5 V- ^9 t+ B( S3 s) s: z

- x* c) i8 e9 O# L4 w0 b
+ O/ P" l- I; ~! V% N9 W0 r! vthe multiplier just tell how much money created in a whole economy,
7 f3 J' }" c* W' W' c+ p' J# O+ ~in this case it doesnt really matter how much money is created,
+ q" `% x. J, s; A5 zit's the problem of the debt itself.
4 h& ^5 \& F% x4 E, `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) B0 ~0 L! Z: W. B0 j2 }, M2 ^1 H
小弟一直都唔明...
3 f& m) N* _9 \8 q2 k2 a( W1 r( F
1 ?9 w5 U% a1 n' x- S: t2 i* r全世界都蝕錢，咁邊個賺緊錢呢?
$ b: f4 D8 S* \7 p6 L4 x
% m( {/ O8 y& v* r# R/ u" N  d無可能淨係有人蝕錢無人賺架嘛...* @% K! Z1 V6 l+ v1 t' f
) K, N8 l- U/ s) B. u- p
敬請各師兄解答3 K3 O: _' S3 l4 T7 I( m

3 C9 F1 c, R' V4 nThanks

; P; l& _9 O  `
那些根本係 紙上財富  
; G( v3 q9 Z( o. f/ }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. s' e. c8 n1 E6 e6 X+ d2 W8 ]

+ {$ M/ ~1 e, `, W' o3 R7 b% Z1 y2 yhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
  b9 \6 e2 W0 c4 j: M' \當經濟好,投資銀行相信會賺錢, 物價既估值相對較高+ k/ O/ \' F' a5 }4 z
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
1 }. Z: e2 U. B$ B個件物價係市場好既時候升, 例如15%先算,變左12蚊啦; i. A% h5 b0 _1 V
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
6 y$ [$ a- h4 K2 u9 w5 F計番回報率就已經係50%,所以可以好好賺
% T1 }+ K  k! j4 |) h- A前提係銀行之間要互相信任先可以咁樣借法5 l7 b) S* z1 _) w8 Q! C' f: i: F+ Z6 I
同埋個市場既前境要係好先得& B0 ?4 j3 p* N8 z$ f
但當經濟一差,公司估值趺了,物價不升反趺+ G: k9 c- V* ~/ R" ]' W9 ]
例如剛才說10蚊的, 趺到得番9蚊,
. ~8 h/ `8 H& u; G5 L咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
2 _+ b* V4 f7 C+ P& Z3 r- g所以你就會覺得D錢好似蒸發哂咁. D6 b9 y, K5 {# M: W) N; K
( g8 |" e' {( g( t  U  @
你都可以當標野咁諗, 個樣野多人可以狂升值,
) g! W) r7 K7 w2 e+ w# c& L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,   v* q& P4 B9 V( L  V
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 y7 ~. I) a: m7 R' D' @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 r0 |1 w- h5 E/ 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( H/ r8 K1 M- S! @5 `
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
# Z$ ~. V% I& u3 W淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- u5 c! G1 k7 o! ]: O" 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( |3 [1 u& |) a
咁你話d錢蒸發左去邊? ...

. Z; d3 z' @4 e3 e/ v) D& S/ n6 q# y# N' c
正係咁樣
/ X; a5 G6 ]. A/ s) i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
% S, S& c: i% @分分鐘佢地唔使還錢
+ y  A8 c( t0 W9 E5 S
; V/ x# e, ^% i) E5 Q1 e' |( ]9 ^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,
8 W" Z+ M# d7 ^$ B連國家都係問人借, 不停發債券, 印鈔票
2 y+ U- q& i3 S! i; O" {0 M. e4 q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: e$ v$ V, D  `0 H( p) 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.gif6 I  n! o0 G2 o- M3 }; x: K) [
咁而家"爆哂煲"算唔算先至係變番"正常"???

8 _% _4 t/ f$ I2 s/ h7 O. ]* U% G, @: z2 Q
  |1 j) W  N) y, _! Z
其實係...7 L4 _4 Q0 `4 ~) r
因為以前未生產, 先消費! h8 n! |' \4 y
而家就要多生產, 少消費