0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' _3 }/ |2 K8 a3 ?: G! a& dWhy bank will sell 借據給第三者???0 B' c$ c2 u2 t
I was so confused.....

: [: F; T, _- q

1 [$ k6 E  W2 o6 W4 V講到尾都係賺錢& ]( s3 g9 S: ]) M
so銀行可以不斷放款
: Z# C, }: n! ^, |美國的房貸問題散佈到全世界# E6 ~( n+ g7 B. Z# @
, w1 b5 G' ?" w; b# o
mortgage loan 7 _, w' \# @  X: N
>conduit
* b) y* j( u2 U3 F: Q3 C$ K>RMBS(Residential Mortgage Backed Securities)
. x# Y8 u* X+ c>arranger
/ b- `! j5 O% R! u2 c>CDO(Collateralized Debt Obligation)
( e3 x( u0 T/ h8 e& ~1 Z' j最後去到投資者

Kev

i thought it is the reason of rate of return.
( f8 E+ c5 k* k# ~7 YCDs could have different ratings, AAA -> F,
8 C% ?! s* I* tmore risky ones would have higher premium (interest rate) as a compensation for an investment.! H# E: M# H2 K4 s8 y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 E4 `) f% J# Ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 i) D$ j+ I  T9 {Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( v3 N. J" z( r- y7 S' _
similar to bonds, CDs trading in the secondary market have different value at different times,
" Q3 {1 c* H9 K' d" vnormally the value is calculated by adding it's principle and interest.
  v9 R: q( t7 W2 Veg. the value of the mortgage+the interests to be recieved in the future.
" F2 r& [+ _, c; h6 X% \4 X( 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.
  ]* B/ S5 V4 b, u, ^. E$ N0 ?9 f. W7 n7 A4 S9 ~# z
im not quite sure if the multiplier effect does really matter in this case.
' x9 z. ]7 x, ~7 s& A6 |in stock market, it's the demand and supply pushing the price up/downwards.( G1 d8 W7 {) Q9 a0 [, X* k2 Q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 o/ `1 k5 p; o& p- k% ]- s
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 y5 P( |* _8 j5 `* L
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. 5 V+ b: w* Y7 G7 x' P
but the value of their assets did really drop significantly.. i0 a! s) D" {# G5 K

; o# q1 Y' f0 Y6 ]) J6 u6 i5 `[ 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
- n8 i. l( @) @+ aRefer to last example,
' A: F$ z2 {3 I+ m8 d  v: c! R" ?( Ythat means bank A have no money because we borrow 10 dollars from bank A 5 _" F9 D4 j9 w7 m( A2 L7 y. U8 A' Y
Because bank A doesnt have enough cash on hand
& {1 d. Z! |3 P  z# L8 M7 |$ {therefore bank A need to be bankrrupt ??? Am I right ?? ...

2 a) K5 s: |; A6 Q4 I  f
/ a, `+ S$ f" _) r$ p( n: k, p, y0 j' Z) z, r( e
A->B->C->D->E6 I/ U6 c4 M, ?5 ^  X
so does it mean if E failed to pay D, 0 s9 C# B4 n: s) N) s0 l- I/ I4 v2 z# v
all the B,C,D,E have to go bankrupt?3 ?6 O/ i# z6 r
6 s- g# p$ w. B

. _* b) y1 M- f2 I- @& j  V7 jthe multiplier just tell how much money created in a whole economy,
2 b4 p4 R* h4 W, Pin this case it doesnt really matter how much money is created,
: N( Z# C8 g5 y  o% C& lit's the problem of the debt itself.; h% J5 m" b8 P) ~  K
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! E8 ~9 C4 f% C. U4 p5 |
小弟一直都唔明...! U# o* ?. S0 j5 ^) Y) M7 A
+ K7 b8 t( z; v( L8 ]" A) _
全世界都蝕錢，咁邊個賺緊錢呢?
% g; J* u- n) y  J) P2 K2 ?1 [& o
無可能淨係有人蝕錢無人賺架嘛...
) Z  R! X8 V' L' F5 R3 r8 i4 A2 f8 d' G& x! W1 d0 g5 h
敬請各師兄解答, e3 p1 y. G9 O' l/ ]

5 z! R+ K9 S. xThanks

% S& b* ^3 x8 u) Z
那些根本係 紙上財富  + p+ j0 ?( e$ b% `( I& B' p
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+ S7 P* f0 z+ K( H% ?  c
4 \0 Q# s  R+ A& r
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
* K2 ]/ |& t2 j當經濟好,投資銀行相信會賺錢, 物價既估值相對較高! p% ]# g+ U) |$ g- 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
8 q) W9 L) ]% G7 `; N) U5 S) i6 m個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
: @! ]4 g, ^- {( S) e& x9 v/ Q( o8 D扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
3 E0 n/ v' t! ^! V( A: W* I6 `計番回報率就已經係50%,所以可以好好賺
9 |; _! b5 u9 ]前提係銀行之間要互相信任先可以咁樣借法, F) v7 i9 x0 ^, T2 \
同埋個市場既前境要係好先得
5 [; o2 R* a. @- q7 I但當經濟一差,公司估值趺了,物價不升反趺
( D5 p1 ?8 w' n) u7 w) |1 H例如剛才說10蚊的, 趺到得番9蚊,
4 ]2 W7 a. J9 O5 r2 ?3 E7 x$ m咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
, B+ P: ?  q1 A1 v所以你就會覺得D錢好似蒸發哂咁
: h* @+ W& c" ]0 T/ X
7 G9 [5 x+ H7 N$ I3 w你都可以當標野咁諗, 個樣野多人可以狂升值, ( a) L8 v- y+ ]
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,
" {$ B0 S1 A& o9 R+ [  }) f淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 L9 A' B8 i. S& Z% 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: u6 F1 ^+ \* ]: Z# 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
; Y: w( i( b0 G- b) U  J9 I唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, L: K& j  q. c淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- E/ }2 _7 ~9 l. U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' E0 f2 g! b7 \) f3 M, x% j  d
咁你話d錢蒸發左去邊? ...

0 E( ~  I+ v1 C) u7 W3 I

( e6 Q" _- Q8 u7 T- q# k' ?( W. D正係咁樣1 q; m' {- h, p! `5 u; ?1 `
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
4 r# R- _" }- {1 \) \' f( |分分鐘佢地唔使還錢- h' S2 L; T9 n! v+ E0 i

9 `/ w- u. G* \9 z* \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,# X( U; e4 S1 `, f; v
連國家都係問人借, 不停發債券, 印鈔票- X" N; k9 p3 |
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
& ~* t( _' e, N9 o/ j1 H) U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# V; J9 l- ^; r咁而家"爆哂煲"算唔算先至係變番"正常"???

  Q. @* ]' a4 l' ?, Y3 g
# [, o* t/ b/ U# m其實係...
- G. m9 B' m, q4 |- X$ N因為以前未生產, 先消費" A& M, t# [7 S" H2 ], Y
而家就要多生產, 少消費