0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
1 Y, k% b8 o; [1 \) {7 @# _Why bank will sell 借據給第三者???3 E4 H4 Y; k# i- X
I was so confused.....

6 n. \0 x5 E9 ~
2 b& F" U1 m( D講到尾都係賺錢! Q) e/ e+ ~  W& f& O8 P, s8 n9 A
so銀行可以不斷放款
/ Y% b7 \( v# Z6 e美國的房貸問題散佈到全世界" g, t) y9 v/ L5 O! s

' F7 w4 G. v7 N, C% kmortgage loan # E+ e0 c4 r# }* t4 ]4 m
>conduit
6 I. F  ?9 B7 W>RMBS(Residential Mortgage Backed Securities)
& ]6 `  Q7 h* X>arranger
+ c: a( g/ D- f>CDO(Collateralized Debt Obligation)  E+ c3 k, U5 o5 W7 V
最後去到投資者

Kev

i thought it is the reason of rate of return.) f0 g% Q$ \2 O' |. V
CDs could have different ratings, AAA -> F,1 B  F0 a( u2 e5 M5 f
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ _+ _8 G1 y; ^# cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 ?, W5 _0 W, C! H$ Qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 d7 p5 W) I5 \2 K  M" u! ~* RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 K& N5 e5 V. x& p7 r7 Z& k
similar to bonds, CDs trading in the secondary market have different value at different times,
) Z( F4 i! s  p( m& x0 ~normally the value is calculated by adding it's principle and interest. / d! p! u3 y+ H, u
eg. the value of the mortgage+the interests to be recieved in the future. 7 Y5 B6 y1 u  Y; |$ Z) E6 a
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.4 f" F2 s3 h7 s
' i* P2 D  M/ Y" c# f7 S5 f
im not quite sure if the multiplier effect does really matter in this case.4 O* L6 d) V+ K6 a
in stock market, it's the demand and supply pushing the price up/downwards.
6 y+ @: R8 n+ o; r' F  }7 y9 o7 CFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% p" S7 d" P- e* M& N0 d) A% RA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! f. S8 G3 O* 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. ( R1 ]  r7 {$ e
but the value of their assets did really drop significantly.0 E/ }" `4 `2 Q
% B7 q0 q, @: [5 m
[ 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.gif4 M# f  _" k5 U7 v. W3 O# }
Refer to last example,; E; @: n8 i/ h+ u
that means bank A have no money because we borrow 10 dollars from bank A . H. w+ @- J2 j4 }6 i- k7 \3 V; G1 p
Because bank A doesnt have enough cash on hand ! m4 z5 A- H8 E2 J
therefore bank A need to be bankrrupt ??? Am I right ?? ...

6 r- ]: M4 C5 w: `" G$ k3 W& y

9 m. i. W/ _( [7 p' T$ i# Q
: X) m2 i. H9 V$ uA->B->C->D->E
% W+ L7 j$ d; T( ?3 Hso does it mean if E failed to pay D,
: v, j+ @- W  D7 U- k/ nall the B,C,D,E have to go bankrupt?4 b% O; a& [/ ]" @0 O
& V: R* v4 l7 {7 A' t
& D: F) ^) V5 `9 C6 N
the multiplier just tell how much money created in a whole economy, 0 {( v. f' N2 F$ `# Y2 z! {. c3 A
in this case it doesnt really matter how much money is created,
* K1 ~  p; C+ b3 ~it's the problem of the debt itself.3 i. n+ p6 \/ N9 \
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
- |, e# D$ P8 C. c% _3 N, V9 r" D, \小弟一直都唔明...
: _: q1 K# H; z' x2 W9 a! W4 g5 N9 W
. @( v! O& E: |4 ~, x7 ]' ^全世界都蝕錢，咁邊個賺緊錢呢?
9 G- h2 ?: P& Z1 l5 W  f; w
0 s3 [4 C: u6 N) ^8 q. U無可能淨係有人蝕錢無人賺架嘛...2 [' l- S; Z; k$ B9 S8 m+ P' K

9 p1 o/ p1 S$ Q2 p& ^- ?敬請各師兄解答
" K4 K6 h( S3 o; K1 M/ E3 r3 }
6 k+ ?0 w; ^1 [  U% i8 FThanks

' a4 S4 M4 `/ n
那些根本係 紙上財富  
3 H- }2 A$ s1 r7 }6 i1 Y( W2 x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
4 w+ R, p& l3 }2 S: |; F8 v$ C$ W, R: [+ B( J8 ?7 D9 [5 u0 [
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
/ k& Q1 c0 r- L2 N! M- Y* ?; [當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' w5 I8 `2 W/ q& `6 ]6 i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
; v! n0 a3 N1 y" B1 `% o2 f個件物價係市場好既時候升, 例如15%先算,變左12蚊啦8 X- m) N9 p. a9 p
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 f% ^& v- z. W
計番回報率就已經係50%,所以可以好好賺+ N& A1 a# Q5 s8 G( y% w/ F7 M
前提係銀行之間要互相信任先可以咁樣借法7 \' w4 i1 F8 R; F) O7 V( q
同埋個市場既前境要係好先得
: N; n8 [# f* W但當經濟一差,公司估值趺了,物價不升反趺
: P; y; d& Y# y# b例如剛才說10蚊的, 趺到得番9蚊, & @5 f3 U  J' ^: l* ]5 ?
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
; a! F+ I8 n( V- m1 Z5 {. L( N所以你就會覺得D錢好似蒸發哂咁8 I& t9 _; b" T  A$ w% P
3 e1 K- j7 J! Z& d/ |
你都可以當標野咁諗, 個樣野多人可以狂升值,
" R0 B  b/ p. p" n4 _: N6 u; q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, 5 [+ a$ {0 Q, y+ o2 I! @" G* V5 \
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: e  L- m3 D$ v9 C: R5 H' |0 ?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) u( R7 n: x) x2 }8 D2 }8 U6 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
/ n0 N( ?8 t$ e5 o5 c; Y$ O唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 u: ?+ t  D7 b. Y6 w) Y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- V; v2 M  f" P- B1 E7 _0 M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
+ K: c" p4 j( }4 ]' W咁你話d錢蒸發左去邊? ...

' ~5 @- D0 E  w* a" k& z7 `/ N9 U
; z/ i3 V/ v& R, T1 l) g) R正係咁樣* ^* f0 \, i, h5 f' O
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 S" @+ q9 s2 ~, }分分鐘佢地唔使還錢
+ [  g  \$ P3 x" G& M! ]; m
1 \; r6 f6 Q6 X/ H2 a" W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,
( I4 A8 k6 d) G# ~, L( q/ X) h0 r連國家都係問人借, 不停發債券, 印鈔票
0 X: A/ P$ @9 ?. E/ b" s- U一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
0 Q1 t% j3 p: }7 [; B) K( 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
0 a7 v( K2 t# G" ^咁而家"爆哂煲"算唔算先至係變番"正常"???

3 [7 g5 e/ |2 A  J# _
( X+ J% }+ q4 |. _- ]
其實係...3 p( \2 k- O4 h; y( Y5 R
因為以前未生產, 先消費% s7 F: p3 }6 @+ o3 Q4 w
而家就要多生產, 少消費