0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
4 E0 P$ m: i8 g! uWhy bank will sell 借據給第三者???  d9 `+ n; E3 k. Q
I was so confused.....

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講到尾都係賺錢' ?3 K: |  j, C4 C' k: R! O
so銀行可以不斷放款8 j. }5 }3 d  f- D
美國的房貸問題散佈到全世界
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1 B2 k( {+ F) X( ^0 Fmortgage loan
- h: [2 |. v% l; Y5 _# S  U>conduit5 N3 h% ^# p5 [) J+ m# Q
>RMBS(Residential Mortgage Backed Securities)8 L% O' H: n$ X+ t* o# k
>arranger$ q4 S- [  A% s. C9 P2 a, M4 j
>CDO(Collateralized Debt Obligation)5 s  f' z0 `: h% u+ L5 E( o
最後去到投資者

Kev

i thought it is the reason of rate of return.$ p! N$ ^2 K: A$ N
CDs could have different ratings, AAA -> F,
2 _( Y3 U" z9 ?1 k% [  imore risky ones would have higher premium (interest rate) as a compensation for an investment.
, m6 c6 U( U. b% W3 p/ tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ I. c$ F' u6 W1 U  I& g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ ^1 h6 A* u, y6 e: d- y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 S( F# F" M) s7 i/ c# }similar to bonds, CDs trading in the secondary market have different value at different times,0 o0 S5 Q! `$ |9 a% m
normally the value is calculated by adding it's principle and interest.
. V9 U8 E* K. T7 E3 Beg. the value of the mortgage+the interests to be recieved in the future. ; M6 X. x0 E8 n0 I, T
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.9 N' F! w) q- F
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im not quite sure if the multiplier effect does really matter in this case.3 I, H! l0 A9 B% g: _( T5 q
in stock market, it's the demand and supply pushing the price up/downwards.0 F$ f% Q) [- v- ^' v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% D, {0 h- ~9 z- }/ [A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 R4 a$ H8 _  O0 u  A) n
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.
8 g' ~6 z7 Q0 o2 |) o' e: xbut the value of their assets did really drop significantly./ M, ?( H: P- P. K6 z+ X. C; i8 X
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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
4 o" J% _' M3 T. CRefer to last example,/ W% M) c4 N$ I
that means bank A have no money because we borrow 10 dollars from bank A $ N) }. \, t1 x8 R! j* [( _
Because bank A doesnt have enough cash on hand 0 {5 B8 J3 y* j  e
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
9 M: Y3 f, R* @+ P8 A' B( ^/ u3 @so does it mean if E failed to pay D,
) X( ]  c6 G7 P. Call the B,C,D,E have to go bankrupt?- d9 Z2 h1 l+ u4 T9 T0 i

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, ^6 `1 K! V* y+ Z+ D6 Vthe multiplier just tell how much money created in a whole economy, 9 T4 p' j8 X% _7 Z& @& ^9 t! r
in this case it doesnt really matter how much money is created,
: _4 `1 h- R/ ^. }1 ^it's the problem of the debt itself.
1 R1 {4 G1 X+ uthe 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
8 @( p. G$ Q5 i. O! V小弟一直都唔明...
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1 m) O8 \6 k4 I  T  T全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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4 p) b5 v( L$ v4 _( C敬請各師兄解答
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* y" y1 y/ Y; n. S: I/ ]7 BThanks

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那些根本係 紙上財富  
) x4 Z  f8 J. G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) T8 @3 R2 O; n7 {  O4 Z9 M
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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
' V4 Q& X) h" [: X; I  Q2 q當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# F4 j8 D' ?' O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2 _$ Z# ]1 A/ o1 P, R$ `, M$ d
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! B1 B5 h) G1 Q( X扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
. w6 E8 D" O& ~計番回報率就已經係50%,所以可以好好賺: e5 Q. b1 x; N5 @6 l
前提係銀行之間要互相信任先可以咁樣借法4 l( L; `4 U  U5 j1 ~. h* P% Z( ?
同埋個市場既前境要係好先得8 T+ g" c) a/ @6 k  g: S3 M+ r/ d2 R, G
但當經濟一差,公司估值趺了,物價不升反趺( Q  {1 V; N: J  _7 [
例如剛才說10蚊的, 趺到得番9蚊, # N( x5 [1 |; v2 ^# m* X& c
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 _! G, w; v- j0 r: P0 ]所以你就會覺得D錢好似蒸發哂咁6 i7 O) b, m9 ~& v" e
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你都可以當標野咁諗, 個樣野多人可以狂升值, ; `6 c% E6 j$ I, \
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. q, h' q+ W/ q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 _/ J: ~( w. \$ A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- ^% b: N4 _$ i* i# v2 ~& \9 a) q0 `
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.gif5 d, J9 y0 K- A. ~
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
6 x( y0 ?* s" K. T1 x淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ T! \* y& ?' d  U% J: D+ g! y
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 O9 d% i3 R9 [* D; d+ n# x
咁你話d錢蒸發左去邊? ...

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/ ?( a( i) B" a/ R- U5 l正係咁樣3 D7 E" z- {5 `2 D
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
" Q. B2 A/ Q2 p9 }分分鐘佢地唔使還錢
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1 h: v5 }# J) x- q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,
9 f- x- o! g( q, ~# M) w" @/ c2 p1 B連國家都係問人借, 不停發債券, 印鈔票$ c2 q: n0 {6 D5 t# ^
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# y8 [0 V) y" A0 p) w% R  i
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/ F. Z4 w$ `6 @( w% i: @2 q) x
咁而家"爆哂煲"算唔算先至係變番"正常"???

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5 k- _0 D* \% F其實係...8 ^0 j. ~9 }" Q4 Q
因為以前未生產, 先消費
  L9 T2 ?+ _( Z6 A而家就要多生產, 少消費