0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
8 U: x1 }7 J! g  v+ \7 R( FWhy bank will sell 借據給第三者???
. S7 A% f; k2 FI was so confused.....

$ Q/ R8 S9 ]# ~
4 _* `; ?. u# k7 G講到尾都係賺錢  D/ P2 _8 d6 p: w* W
so銀行可以不斷放款
# L- H! t; T; K$ K7 W( T美國的房貸問題散佈到全世界
! r2 I2 |( i5 [5 i3 F8 P1 V& N, Z9 L2 H8 l  ], r* q# m
mortgage loan
; D- z: \* l3 J) m" \7 h>conduit
) y9 C- U5 V) Y' ?  v>RMBS(Residential Mortgage Backed Securities)- K  O- y3 u' M3 w* z
>arranger
# H' y1 i$ W" X' f! B8 I>CDO(Collateralized Debt Obligation)
0 l- B9 O# p" R+ r+ S, Z3 \0 R最後去到投資者

Kev

i thought it is the reason of rate of return.
; T# B) U5 g$ ECDs could have different ratings, AAA -> F,/ t$ G! E4 @/ n6 [
more risky ones would have higher premium (interest rate) as a compensation for an investment.
2 \2 m, O( m  P8 n4 y* wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 B0 x5 p! M: S- win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 e0 L  \) N0 t. q5 ZAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 J& l/ i( q4 k6 g
similar to bonds, CDs trading in the secondary market have different value at different times,, f7 F! @6 a8 v) M
normally the value is calculated by adding it's principle and interest. * e0 i9 M; \3 }
eg. the value of the mortgage+the interests to be recieved in the future. 6 ^* }  \& ?- J- }6 [. x, x" X$ z) x
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.
! o9 `0 t$ |7 `. ]$ `" q- H  V( m$ z# V4 z$ U
im not quite sure if the multiplier effect does really matter in this case.
" m$ Y8 J6 @' Lin stock market, it's the demand and supply pushing the price up/downwards.
* ^3 w; H) R3 \. EFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: J9 m) @& ^! d6 D. B% U7 xA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; c( @+ V) `& {0 g
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. 0 N/ f) `5 s& P/ ~% D
but the value of their assets did really drop significantly.2 J- f5 x" P, K  a6 b

" Q1 X5 H1 B: K[ 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 ?% }) G  c! ZRefer to last example,: R* r  R0 L6 K8 w- F* }
that means bank A have no money because we borrow 10 dollars from bank A " _. Y* L8 W0 F1 _
Because bank A doesnt have enough cash on hand - w- Q) G, g8 S4 C
therefore bank A need to be bankrrupt ??? Am I right ?? ...

& N$ e7 Q7 M9 d
9 h5 H) A1 p% U" O( ]& m) W- w* M9 z2 Y$ n9 B
A->B->C->D->E8 Q3 u- u$ p/ a! O9 i2 @
so does it mean if E failed to pay D, + d. }' t6 |$ U0 a
all the B,C,D,E have to go bankrupt?
: p7 `* l6 }5 N% b9 I  r1 V' \& u
4 q  q# e' K: D1 N$ U# E8 K; t% f. S( }4 g! O( x5 m4 C; \: o
the multiplier just tell how much money created in a whole economy,
# @. S( |# A2 x9 Q, T8 b6 m8 K% T+ Hin this case it doesnt really matter how much money is created, ' Q  k" b' ]/ Q) C, Z
it's the problem of the debt itself.
- J: v, [' c& B$ m( Ythe 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% m$ V- P3 t$ r4 u3 V
小弟一直都唔明...
. m" B3 h6 j& o6 s
* B8 r; N. W7 ^- U9 a全世界都蝕錢，咁邊個賺緊錢呢?6 @) j: C6 L4 r3 T3 I
7 D! U2 A+ w- I0 a0 j4 t  d
無可能淨係有人蝕錢無人賺架嘛...
+ ]3 D; n# u4 O& \0 E9 F) Y0 y. n
* L! J  @3 f  \8 w/ C; o# z敬請各師兄解答
3 b, @0 }8 ~3 o% D: S9 o$ G5 }) p9 f6 f* C
Thanks

+ Q7 n* }5 G1 ]+ Z, |5 p0 K那些根本係 紙上財富  
* G! s, g- [+ I' ~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* c' _" d( C  L9 L7 i: D
1 h' C8 b" N- q! O. g5 F; g
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4 [: s$ G" |- t& G
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ e2 n" r; X; ?+ G2 f! u/ w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4 w% S1 w0 j' w+ I
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( E5 i7 {, ?  q: t% p) a5 l$ |扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
0 v: u8 S+ ]- u* g( `4 c* r) }, e$ A計番回報率就已經係50%,所以可以好好賺( y4 C# ~$ m: P; e) h& Y0 l1 U
前提係銀行之間要互相信任先可以咁樣借法  Z/ i8 [2 K! e( P0 Z  [
同埋個市場既前境要係好先得
- c6 u4 b1 w: l, }+ e- N但當經濟一差,公司估值趺了,物價不升反趺  }. q: a" c9 \# E% N/ l
例如剛才說10蚊的, 趺到得番9蚊,
1 k3 f. E# m! O9 P1 e& }8 S4 I, R咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 }1 M. z( k3 H, t6 q% ~) c- I7 b所以你就會覺得D錢好似蒸發哂咁
( n! I$ u- M' q( p! F) l4 M* n* [) \  w* C! z& ~- E; ~1 n5 \& c
你都可以當標野咁諗, 個樣野多人可以狂升值,
) c( U0 T5 k, ?* V; R$ A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,
+ |7 Z5 n; w# o' O  S+ h! q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 m% Z0 Y) \3 M$ U( f& G1 E
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; _8 a- U6 h* E- H! |  B! i
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.gif7 P7 H  h0 A5 H: u( G' p4 _! u+ w1 m
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
& u, B* h! b% k6 ]: s- L淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# G( ]9 M1 ?4 _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% y) F7 V. Q1 p7 ]9 v3 q% Y
咁你話d錢蒸發左去邊? ...

3 d5 g& M$ h% l0 z

* V. Z2 b  {) u正係咁樣
6 |' m- K" S0 K1 M& H- f! x7 p0 A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8 u/ q+ c1 `. C* R
分分鐘佢地唔使還錢3 e, B  b- `9 a/ a8 C( b7 c
2 @8 q2 H+ m; Y$ k0 [
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,
! E8 L3 }+ [' t4 R/ y" [. M0 p連國家都係問人借, 不停發債券, 印鈔票. ^; m* ?* L3 T2 I' y! G& v, C* H
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# Q" I( t9 i- r( {$ O2 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
/ h. W6 V; F5 }, H咁而家"爆哂煲"算唔算先至係變番"正常"???

4 T  \" ?! e) ]5 L1 b
: q3 k, F- E/ f6 E其實係...
8 g6 V% U$ @  {; x; S! ~0 D2 c因為以前未生產, 先消費' k  t4 J* a4 y1 l3 u( f, K
而家就要多生產, 少消費