0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
8 f5 |0 j7 i% q3 S! ~' X. p! C+ TWhy bank will sell 借據給第三者???0 {5 C- E1 r% \4 C
I was so confused.....

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講到尾都係賺錢7 L8 G% o/ l- L
so銀行可以不斷放款
  |9 `( s( v: [美國的房貸問題散佈到全世界
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# K7 E4 i4 R; N6 }$ h! o" Amortgage loan
1 H+ b1 T1 a% Z( T2 s9 w8 u>conduit
6 S3 ^) V( I6 G1 U>RMBS(Residential Mortgage Backed Securities)
( n9 G! W# S! N- \" h>arranger: p, G0 q  s& h% z0 n
>CDO(Collateralized Debt Obligation)) }! ~1 s  g4 p" D- B, ?
最後去到投資者

Kev

i thought it is the reason of rate of return.
8 \) R5 U9 |; s& Q: V; [/ j- ]3 aCDs could have different ratings, AAA -> F,# g# e, G8 p8 S. A
more risky ones would have higher premium (interest rate) as a compensation for an investment.& ?$ [: D. F4 L0 @% |' Q9 R
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% s: z3 l+ G! P# L9 y7 Din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 j" _" A# J. `, ]
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 w: @1 C$ c' W6 `1 A8 Rsimilar to bonds, CDs trading in the secondary market have different value at different times,
2 @/ ?, Z; s! h8 o5 G2 Y2 Bnormally the value is calculated by adding it's principle and interest. : j5 o0 E( g% V: W
eg. the value of the mortgage+the interests to be recieved in the future. / s6 t3 @: _' O, K9 w9 p; l
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.& L5 a& u) T& ]; }$ j( i5 G' M

/ n5 R$ I. w( ?8 t9 Lim not quite sure if the multiplier effect does really matter in this case.
: b8 k8 |  w( S5 k; Y  T; s# Kin stock market, it's the demand and supply pushing the price up/downwards.
$ {' [9 r9 V( U  ]) kFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* R0 P. Z" Y2 c9 Y: |) K( \' O3 v% WA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 N1 ~6 _: \3 S
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. / C. U2 I* \. G- B3 {
but the value of their assets did really drop significantly.# s( B& L# h( W+ @4 p; {

1 r2 E( k% Y% i3 J4 S  p' J' q[ 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
( ?1 o! k8 j+ e; V% DRefer to last example,5 A! j0 m! O2 P' M2 I+ \
that means bank A have no money because we borrow 10 dollars from bank A & X$ B4 j( r( R  A" S( m4 W
Because bank A doesnt have enough cash on hand
0 ~2 \7 Q3 L+ k0 Htherefore bank A need to be bankrrupt ??? Am I right ?? ...

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2 l9 ]5 p! x: [+ ]3 `* A4 e# R1 q& ?7 _2 w/ R" H/ j; y' ^% s
A->B->C->D->E
! o& |+ C. z4 `$ G6 Zso does it mean if E failed to pay D, 6 F' p2 t6 y2 T2 d, o5 o
all the B,C,D,E have to go bankrupt?
$ k5 ?/ f( s. r. M; K- [3 c0 r3 c- ~3 R6 s/ ~  {! s* |( b* }

$ I8 k# h! \4 zthe multiplier just tell how much money created in a whole economy,
; I5 _5 r& t& X3 ]6 F+ Bin this case it doesnt really matter how much money is created,
8 i, g" X  B( H% b& G. Sit's the problem of the debt itself.
, \+ m3 ~  j: e5 t+ Hthe 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
# T, s5 L3 c" R4 z小弟一直都唔明...
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& }3 M$ S, a. G4 @, E. n! u全世界都蝕錢，咁邊個賺緊錢呢?0 E9 P% K& a+ m1 R3 r: |
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無可能淨係有人蝕錢無人賺架嘛...
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( V( e0 H4 m! a+ _( i3 H" R  I/ V' ~* ~敬請各師兄解答
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2 O# V' m1 B* V; nThanks

4 {* `8 p1 {  {0 _* s; t那些根本係 紙上財富  
2 m6 O8 O1 ?  E% s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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3 }+ v; B# B5 _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" j/ y2 Z/ b1 ]- C( |/ d/ v! s! K
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高; ?. s/ `+ S4 t2 U. [! }5 o5 x
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" m* e2 M' S% g
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 {% Q) n# P' v% V0 ]- f; S* X
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
; U6 J* t! f4 F1 j. h計番回報率就已經係50%,所以可以好好賺
, |' F$ B3 s8 v* n" A前提係銀行之間要互相信任先可以咁樣借法7 Q9 V- m3 y) X2 @/ ?$ g3 }/ z
同埋個市場既前境要係好先得( k% j- r, t* c; }( B" D
但當經濟一差,公司估值趺了,物價不升反趺1 L9 Z/ ^4 N5 B: u2 R0 S% `# Z) W
例如剛才說10蚊的, 趺到得番9蚊, 6 U. T4 d" a: [4 X/ I0 ^
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 F5 ~) ~3 Y3 |6 o% O9 m5 M所以你就會覺得D錢好似蒸發哂咁' P2 U: X# j* J3 t6 d5 Y. S8 |

. Y' E/ r+ O  R7 `# @6 Q你都可以當標野咁諗, 個樣野多人可以狂升值, 4 M3 g* u/ L6 v8 V4 O+ m
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,
  d6 `+ l& V, a淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , R3 [* P0 f1 f6 i6 K* 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
* D/ j. A1 ], P' D4 e% t8 v2 J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 C+ B' t5 a4 P/ Q唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; `) _2 C! W  q, r; o; a# S8 M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & Z* _- C* ]5 U5 d
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
  a% L, V+ B: r, ~4 t& `咁你話d錢蒸發左去邊? ...

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" I$ n4 ]: z+ `; \0 s正係咁樣! K0 X4 H! k$ K" d: y
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) T7 B5 L$ X8 {) Q/ Z0 g+ E
分分鐘佢地唔使還錢" j$ g, ?3 `" }) c

5 ^$ }/ h. F+ i! @8 `3 c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,
" @2 U6 b* m: \' L% {7 r* R' `連國家都係問人借, 不停發債券, 印鈔票: [7 N3 I' u* R
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: H/ j5 F1 @  R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
2 i8 {: I% ?4 q4 S咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...5 H( h( @1 [+ X9 U1 `7 }" W; @
因為以前未生產, 先消費! o8 [" h' r% ^9 H! R* \2 v
而家就要多生產, 少消費