0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
) d' F  ]5 g/ M2 ?Why bank will sell 借據給第三者???
" C9 S; h. K8 [6 A3 g" `I was so confused.....

+ v, ]! y+ B4 ^- L* t4 I

% Z3 I% s# {( d講到尾都係賺錢
% C( Z) a7 f4 V% i6 Iso銀行可以不斷放款
% r/ z" l$ b  z* Y) Z- s美國的房貸問題散佈到全世界
# A  o/ d4 S9 I& J) O. x
4 `6 _# J  b. G) T9 E; @mortgage loan * K# y' e8 J: N- S3 a" t
>conduit
$ Y* Z% [; b! C>RMBS(Residential Mortgage Backed Securities)9 \8 p6 n! G3 D7 u. Y7 z# t( p$ A
>arranger) g& e; ?0 G7 a8 v  G: N
>CDO(Collateralized Debt Obligation)
2 z( ]9 @3 f% s8 s# J! _! t/ U2 J; G最後去到投資者

Kev

i thought it is the reason of rate of return.# t3 x& T# V8 e% `$ @1 j: q# u
CDs could have different ratings, AAA -> F,+ S4 E, L5 x8 U2 y7 V) B* j) R
more risky ones would have higher premium (interest rate) as a compensation for an investment.
. c, Y4 {8 F+ I) \- `. k6 jmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 R  d% B5 X& X7 t  k# [
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 V3 w: ~/ d0 W7 S! h# n' [2 h
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 q6 L  c- l" L7 E! H% d) D; Y% ?
similar to bonds, CDs trading in the secondary market have different value at different times,
, W3 E' V* J! z; o& Tnormally the value is calculated by adding it's principle and interest.
5 z1 x0 R+ V5 A- ]2 h9 N, \; ]& Eeg. the value of the mortgage+the interests to be recieved in the future. . U" i8 t$ w! N0 i
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.
2 q! @( ~- d" Q7 y
, H& Z+ Z+ j' m2 r7 Him not quite sure if the multiplier effect does really matter in this case.# v# c6 e: A. {! X
in stock market, it's the demand and supply pushing the price up/downwards.
% w5 s; v( v, F8 SFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 @# ?+ @7 K# V/ A
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; k1 b0 A  m. J& y  I
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.
* |& [. s; J3 H: z2 w" n! Ubut the value of their assets did really drop significantly.
3 F9 |' [/ T1 d) ?- n! O3 P4 g% o; g2 n" P1 M5 c3 H' r0 @: D) o  t. C( N
[ 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
  I0 b( A& _" s1 u  ^Refer to last example,/ P- _/ d* c7 F; j/ S( C
that means bank A have no money because we borrow 10 dollars from bank A
% a2 g/ R* p2 Q* n5 F# a% ^Because bank A doesnt have enough cash on hand
9 B2 \( f" P( _5 {3 Ttherefore bank A need to be bankrrupt ??? Am I right ?? ...

2 Q% a5 l5 N) v' s2 o3 H
( ~( A" w0 _/ I% m/ Q% [6 w' I
; w2 e# t8 W( hA->B->C->D->E
- S" z0 b! w) C; }so does it mean if E failed to pay D, , z# b0 Y! U& k( s' Q% l! V
all the B,C,D,E have to go bankrupt?
9 u( n1 a+ z& V5 `  i" K; H6 B: v8 r5 L  o" a, e

3 _5 S8 i5 ?" L" p9 jthe multiplier just tell how much money created in a whole economy,
' M2 q* D. G" C7 ]) ^  B" Qin this case it doesnt really matter how much money is created, $ ]; h; i1 Z) G. U
it's the problem of the debt itself.; F! {5 }. t, }7 ?1 N3 n* T$ L
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
: W! m/ K& }1 N" o: k  w; `小弟一直都唔明...2 o0 S) Y2 n+ D1 o  a# O  z
3 M$ L6 n: t) C6 U0 ^2 B& ~0 A
全世界都蝕錢，咁邊個賺緊錢呢?- f: L5 {- b  U, o+ ~% Q
( G) m& E6 M% H2 m. k; U* z9 a- ^" U8 ~
無可能淨係有人蝕錢無人賺架嘛...
% p9 h* G6 x  G  x. C# q& I# n" k  _- h8 r" h; g* J
敬請各師兄解答0 ^' d/ s# ~8 |# b& P  y" g

1 n8 Q# U9 a3 c& [6 ~9 C7 K. fThanks

: S5 b: ?: y" P" ?7 e
那些根本係 紙上財富  ! z  L( v; @3 I2 `7 H
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
- G, K7 S8 |. ~3 F- ~/ j2 `2 c5 G
) ]) P+ g$ p" D. ahttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產2 O/ a& P( J' G
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" ^1 D% ]7 R) h+ M) J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 [" R" ~8 o6 r) U2 m' n
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% q8 V+ L0 ~) g4 O/ S
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ l* L9 J- {/ Y* W& ?- c- x
計番回報率就已經係50%,所以可以好好賺  w5 e6 U( @3 o4 o2 Q
前提係銀行之間要互相信任先可以咁樣借法4 X" Q1 ^$ ~: i' p5 p3 A  n" a$ F9 n
同埋個市場既前境要係好先得
) _# d0 q$ ~9 ]2 M6 Z1 C& E# Q8 n但當經濟一差,公司估值趺了,物價不升反趺# @9 {/ H+ E3 i- @" d+ S
例如剛才說10蚊的, 趺到得番9蚊,
; n: F  S/ }; @. |8 L  ?: C" I' H咁投資銀行一下子就要還11蚊, 一來一回變左虧200%: [! Y3 {4 \9 c& C8 H2 k
所以你就會覺得D錢好似蒸發哂咁1 L7 l, k0 l$ m7 N! p( L
* v+ S6 D5 s8 a7 m; R
你都可以當標野咁諗, 個樣野多人可以狂升值, 5 W% l3 p/ J. G9 O+ s& T
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, 3 A5 O  _4 Q5 I( o( M0 p. X' e
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 y2 V6 \$ h, {3 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
+ {! z1 i; s9 b3 E2 o' n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, e- Q) {" i: @
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
* q9 ~9 ]' ~/ f7 X! Z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ G- ^$ Y. p: z5 ^5 q! M0 L: V
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1 E$ f4 Y7 n4 N6 W. x
咁你話d錢蒸發左去邊? ...

" M* \6 ^  e+ m8 n
0 r, N( `  w/ Z3 p% R正係咁樣
4 g9 d$ ^3 N7 m8 U2 m+ E' g# W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' H0 ~8 O+ g' I7 l0 O* D
分分鐘佢地唔使還錢
( L- c+ Y6 v6 z0 J. u' H) D, N' F  s/ N  m- r1 O" 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,/ n% A( Z8 u( |# u
連國家都係問人借, 不停發債券, 印鈔票- u  i3 [. n: B! a5 `
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產5 I- [2 z1 x5 \7 R% \% S2 i$ M
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; _) O* q0 K; n咁而家"爆哂煲"算唔算先至係變番"正常"???

( n* u( W; I" {  G' {% I2 ?6 r( j

, h- K  P9 |# R& z+ O. \( ~# ~* J其實係...
- r5 b  `: P* K/ K因為以前未生產, 先消費
* m& x. D0 D' ]而家就要多生產, 少消費