0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
* x4 R7 M+ @' i* RWhy bank will sell 借據給第三者???
  V3 V6 v5 c/ [* @3 t9 d( @- DI was so confused.....

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講到尾都係賺錢
7 h( p7 T& z$ v" s4 j$ @  W" Zso銀行可以不斷放款, _0 e1 @. m: I" |' E
美國的房貸問題散佈到全世界3 {/ V8 g: j5 l# b( H) _9 `
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mortgage loan 4 `6 z& k- j: X
>conduit
3 r+ v9 }$ e; F$ H+ w0 K8 b( _>RMBS(Residential Mortgage Backed Securities)
; f: K  t7 `  i2 b1 w4 S>arranger
0 s7 _: B. `- p# l- E, H>CDO(Collateralized Debt Obligation)$ f0 [4 h, s) q% p/ h, s$ G% d
最後去到投資者

Kev

i thought it is the reason of rate of return.* e" f+ ]: E8 k$ }7 A# g5 n
CDs could have different ratings, AAA -> F,6 S' D; p' h% N+ n2 O& N  h
more risky ones would have higher premium (interest rate) as a compensation for an investment.5 A# j6 y1 K" O) p% V  t
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 Q' G1 i2 w' U- e4 |in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 K$ A& y5 N3 O0 t; Z: FAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 {2 B+ ~! n! O: P
similar to bonds, CDs trading in the secondary market have different value at different times,
( T* z" v/ A! P0 x+ qnormally the value is calculated by adding it's principle and interest.
3 v' I4 s2 \: [- l* yeg. the value of the mortgage+the interests to be recieved in the future.
! W: i# W! d7 q- [$ z" |2 n  ^! Fbanks 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.
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im not quite sure if the multiplier effect does really matter in this case.) b' F) G% d) z7 b+ g/ Z
in stock market, it's the demand and supply pushing the price up/downwards., K- A7 E/ k1 Q+ }2 c- G7 {' i" U: {
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
$ i' A7 {" v2 }8 @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 Z; ~: ^$ ^3 H3 b# G; c3 f& H
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.
. u( E* B% y. C% G4 @, N# p- d+ p5 Hbut the value of their assets did really drop significantly.
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1 P& y$ @9 Q9 o* B5 u[ 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: r) R) D- d5 }- N* aRefer to last example,6 F; r. x! N& R$ `, I2 T  L! z
that means bank A have no money because we borrow 10 dollars from bank A 7 M0 _8 H6 j0 z8 D
Because bank A doesnt have enough cash on hand
  _, R* a; g  y+ P; P' L  P; {4 {therefore bank A need to be bankrrupt ??? Am I right ?? ...

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( c* L9 S7 L& p$ h( ]; [* V( ]A->B->C->D->E7 Z2 @4 n( D2 U' _& U
so does it mean if E failed to pay D, 8 V+ ?& K% n9 g8 P. M1 {
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,
% j( j- q! z$ `/ k. Qin this case it doesnt really matter how much money is created,
4 W. U+ m6 y7 Z1 z& t: E0 Q( m0 @it's the problem of the debt itself./ r  Y% K6 N( U. L% v+ g6 G$ z
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# `7 f( P( t3 p9 }4 y  p* V2 b
小弟一直都唔明...
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* w% h5 G9 u* Y8 O0 K* u全世界都蝕錢，咁邊個賺緊錢呢?1 i; o5 P. g3 Z

6 B9 c5 P" f2 z" Q  e無可能淨係有人蝕錢無人賺架嘛...' e5 Y2 H0 F! q: C8 k0 n

# u' o- L. g: `敬請各師兄解答% e9 G7 C1 S% y( c( V3 T
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Thanks

6 P' x1 C4 H5 p0 F6 b那些根本係 紙上財富  ' @& M, K9 {9 ~/ p- p/ D
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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# M, I7 g/ ?% T) H3 B# qhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
. v8 C7 f0 i5 V5 W( x! k當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ z; C  G0 d0 A6 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
# a4 Z* s3 T$ E% ^個件物價係市場好既時候升, 例如15%先算,變左12蚊啦' a& u& \6 C8 d  B( B2 M
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
0 G1 b. m) D3 R計番回報率就已經係50%,所以可以好好賺- L' D& s! z/ M, \& R! v
前提係銀行之間要互相信任先可以咁樣借法
% _; F1 _& Q3 u4 v$ ]( P$ t同埋個市場既前境要係好先得
* u2 ~! E# O- V- ]+ u. Z9 k但當經濟一差,公司估值趺了,物價不升反趺
' M( m& F5 q4 d) p2 `, ]2 d3 [8 @例如剛才說10蚊的, 趺到得番9蚊, : K* _: A0 ?" j6 e
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%! l9 i; r4 v# u
所以你就會覺得D錢好似蒸發哂咁6 h: \7 k- O( v/ I! @. d& p; M( }5 P

1 k( x  A& B$ K1 a你都可以當標野咁諗, 個樣野多人可以狂升值, / i% d$ W1 w, 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, , i( V/ S5 p# e% |( Z4 n4 P' M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& X" U# S8 H" x$ C. @- J: G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
0 y8 t) \1 M$ X6 ?. l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.gif0 i5 [; N) l* e9 H6 \
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ( V* S/ P# T+ x9 d( L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   H  ]4 C6 Q- u# g
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, w) N# W/ i- ^6 r
咁你話d錢蒸發左去邊? ...

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+ O6 \" [& z+ `3 q3 a, R+ r正係咁樣# |7 }% A" ]* a6 f( v3 b
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
' }0 J# y1 H* ~% \/ O( u2 v分分鐘佢地唔使還錢
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3 ]+ a4 W  g+ P) ]1 {" S; r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,
1 q- s7 I. x8 d1 q3 ^% k' @! e' D連國家都係問人借, 不停發債券, 印鈔票
  [- u' l, F' z3 J/ ^7 J( Y. Y一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' I$ s6 M) D8 u) r! C
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
6 b+ O1 l$ y/ Y! N* M% H. R. i2 s咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
* k0 N/ R3 N5 k6 C因為以前未生產, 先消費% m/ ~  G. R; w2 j; \
而家就要多生產, 少消費