0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
" z/ G: ]0 `& Q  G5 LWhy bank will sell 借據給第三者???
1 S2 u/ |/ x) Z/ z5 j8 ?+ tI was so confused.....

  K7 H% S" [7 W* Z7 t6 h4 |9 ^# Z9 D& a3 D
講到尾都係賺錢& V$ M: {0 ?6 j6 h, ]
so銀行可以不斷放款9 p. c8 o; ^4 O0 R& k
美國的房貸問題散佈到全世界& Y4 J& Y& v+ ?* p. g
# g, b$ t; c+ M
mortgage loan - G: g% u8 B9 S" d$ |2 J
>conduit, ]( [" `9 `$ s0 S
>RMBS(Residential Mortgage Backed Securities)
. Y. Q7 q4 J/ e>arranger, J0 A  t' Y: J" c5 ]6 C! o
>CDO(Collateralized Debt Obligation)% A; r, O& Z$ Z/ Q% W. ~
最後去到投資者

Kev

i thought it is the reason of rate of return.$ {8 K: ], A! |/ J& K
CDs could have different ratings, AAA -> F,
8 m2 h: |/ L% L0 z6 z1 G9 xmore risky ones would have higher premium (interest rate) as a compensation for an investment.7 [; {5 U! G; q7 C
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  o/ _1 p3 Y' v* |$ u4 ^% A  {$ ]! _in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& j  G/ |6 {/ k$ cAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% E! Y8 k3 _( Z( Q" o' w' ]) C) ]similar to bonds, CDs trading in the secondary market have different value at different times,* y, C4 N9 E- a8 w! c0 B; ^
normally the value is calculated by adding it's principle and interest.
4 c: N3 v/ d5 xeg. the value of the mortgage+the interests to be recieved in the future.
# E9 O) n# K, o+ _2 ?$ @" `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.
  H* y' C4 R# y/ o# b# t7 Q
3 V+ K. }( V& j% ?8 Y) x& h/ ?4 dim not quite sure if the multiplier effect does really matter in this case.
2 m* l7 f' O5 h, G+ Z% yin stock market, it's the demand and supply pushing the price up/downwards.
" ^3 R! {, q, v- {5 rFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 R0 X# b5 x; s! `
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, z3 W& a5 y- {5 q; y! I) {! o. k# jThe 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.
6 I0 H! E) _' G) ^1 {$ }but the value of their assets did really drop significantly.
2 B5 F9 `+ h8 `, H( D- C0 U# T1 q
; c1 z) l5 H- B[ 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
5 `- h9 i( I9 E- `Refer to last example,; N) J. R  ?9 O2 ^6 n! q/ R
that means bank A have no money because we borrow 10 dollars from bank A ( ^+ H( n( T# _0 L& P! t# ?
Because bank A doesnt have enough cash on hand $ {, g5 R6 p$ f& N  s$ w) b4 x
therefore bank A need to be bankrrupt ??? Am I right ?? ...

6 z* q, O! P1 s1 C4 E0 M; X0 e5 H1 X. j" d( b# j: Q
. f5 [2 H1 ]2 j
A->B->C->D->E
4 e# J3 u# T1 c( F# u* @, }5 ?so does it mean if E failed to pay D, 9 `, ?+ W! S* I: b- ~% w1 l+ g: \
all the B,C,D,E have to go bankrupt?$ ~9 s" H$ N2 ^5 }' U
/ P9 S% ~: |1 [, i, R

/ X, ?* V5 ], i. @the multiplier just tell how much money created in a whole economy,
7 o" p- G8 y; |  }in this case it doesnt really matter how much money is created, * u! n5 l6 s" I4 z9 F0 `
it's the problem of the debt itself.+ f- t, K' r6 w$ 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
9 Q! c4 y% y  m' k小弟一直都唔明.../ z* D# D( y  Y% c% \
* j* D3 z, [4 P% [4 g2 Z; s& q
全世界都蝕錢，咁邊個賺緊錢呢?
# D3 ^  [2 P7 X% F0 b
, A- ^/ n) F5 ~$ A% Q. ]4 v- r無可能淨係有人蝕錢無人賺架嘛...4 o8 W( B& W  s- D1 ^
5 j7 o$ Y3 W7 q- d
敬請各師兄解答
4 X4 _. {3 W3 n( q0 m) G6 g) a% a6 o: n) m( ^- S( T! q
Thanks

2 E& i* h2 p6 |. l6 z那些根本係 紙上財富  
+ j  d9 `/ ~3 x2 f0 D3 N1 V/ Y. Q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
' j! \. P) k  t% p1 ]. K% X" u
$ i! c# t% o) B) g9 R8 B) Ihttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
/ A4 y) U4 y- o& C- W) D9 r. l6 v當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
* s0 G, o" A$ U5 s( T( 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7 M( s9 m8 z% n0 H
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦- C, A6 F/ b. t% K; D
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
$ q/ U# X& V) J% u8 d% k! `計番回報率就已經係50%,所以可以好好賺
' X( Q3 ]0 w1 |; i5 r, j: U前提係銀行之間要互相信任先可以咁樣借法
6 P2 R  D; F# b  ^$ }& b同埋個市場既前境要係好先得
% J. x5 D  D! _) X3 m0 k% l但當經濟一差,公司估值趺了,物價不升反趺) s# T' B8 `0 M$ t8 Y2 C
例如剛才說10蚊的, 趺到得番9蚊,   \3 q8 ]5 S" k
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" Q  u# Y9 D; I& |" W4 D
所以你就會覺得D錢好似蒸發哂咁
3 v9 w  `$ [; L* {8 T7 P  t0 O+ p) s! `# {% a9 Q) I
你都可以當標野咁諗, 個樣野多人可以狂升值, 6 ?7 D% I4 {$ e4 d: q" {: w
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,
; o, Y2 U# C* \! o3 h淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; V- b+ j# Z, t4 y) `6 o
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) y8 Q, G/ X  P9 M7 Z2 s. Q$ d
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
6 P* u% {5 n* F- G2 P8 Y% \唔係d錢蒸發, 而係比美國佬洗晒未來錢, # v; a3 Y3 k) I1 y# z0 Z5 j1 T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 u# f4 x# s9 k* r3 e9 f! Q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  s, H5 m* `9 L
咁你話d錢蒸發左去邊? ...

; D# l; ^5 q% q7 @- T+ h" a  I

. v- t% s2 g) i3 p, x: g% C% U正係咁樣  E$ u( N, ?; H& T- U$ O, |, v" R. H
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- m4 e  \3 y9 r8 K- T
分分鐘佢地唔使還錢
9 [1 Z% ]4 I+ I9 {0 `$ n  p! ^0 v4 N; _3 @* v
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,
7 g. W6 N4 s' t' G3 b2 |% E, |2 q7 r5 P連國家都係問人借, 不停發債券, 印鈔票
8 f, u- A* _- B" E/ C+ H) {一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
6 U# `: l/ [$ G) I+ E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) z' P) b3 p* ^* j" F* C% S/ N
咁而家"爆哂煲"算唔算先至係變番"正常"???

6 X  M  M5 Z* D! h, i& c
% A7 U/ |0 E# E
其實係...2 L6 Z  F' z3 g: m+ G: I
因為以前未生產, 先消費
  V- s- p' ]- [; ~! T( q而家就要多生產, 少消費