0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
0 K$ K4 t! Q7 @$ i* T5 ~Why bank will sell 借據給第三者???
: u% E+ a8 x7 }# ]I was so confused.....

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' U7 {0 C- H! m+ a; \+ n9 K8 ]講到尾都係賺錢
* C) Z. J+ H& d7 S8 l; dso銀行可以不斷放款2 S+ n0 K: W3 M/ Q, q1 F0 z# B* x
美國的房貸問題散佈到全世界
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6 u4 N; X  V; y- k  s6 imortgage loan - N! t' Y8 n6 i) F1 _8 T, F
>conduit& ~1 v4 z" l- B$ i, v8 j0 k: W
>RMBS(Residential Mortgage Backed Securities)/ K3 @' t, E( s
>arranger3 g7 x# ]" C; o, D7 q1 C+ F
>CDO(Collateralized Debt Obligation)
# c* K" d+ h* y5 w最後去到投資者

Kev

i thought it is the reason of rate of return.
7 c- R  b7 d. H2 I1 h# y" |CDs could have different ratings, AAA -> F,; q5 F* |$ }! y  ^$ e
more risky ones would have higher premium (interest rate) as a compensation for an investment.
. l. d# \/ {3 l% `3 ^main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 V' Y+ f& i/ k) ]
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 L, F/ r# N+ q4 Y9 ^9 HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' K+ ?% x/ S$ }% Y) S  esimilar to bonds, CDs trading in the secondary market have different value at different times,7 |4 o6 Z+ H1 z! C* D  u9 y
normally the value is calculated by adding it's principle and interest. 5 [  b4 W5 @  {
eg. the value of the mortgage+the interests to be recieved in the future.
; F" T6 @6 e' t7 D5 l- qbanks 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.
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im not quite sure if the multiplier effect does really matter in this case.) ^$ r" Y9 f) o5 ~" u! k; C
in stock market, it's the demand and supply pushing the price up/downwards.
1 ?4 m2 }. F; RFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ N" a3 j: N: D1 ~5 O
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( u2 A; K3 ^1 `0 ^6 e: l" @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. ( {) J+ C9 b1 N) ?. r/ c& g
but the value of their assets did really drop significantly.( Q$ K$ X8 y9 M- I

6 r1 A4 q4 V1 h1 ^$ y8 g3 U7 a[ 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+ t7 m! x* P1 k5 Z( h
Refer to last example,
( b  G2 F' U3 jthat means bank A have no money because we borrow 10 dollars from bank A
8 z" Z- I3 [, L* f% g  R; c* LBecause bank A doesnt have enough cash on hand
; c2 {7 B. L; K, Btherefore bank A need to be bankrrupt ??? Am I right ?? ...

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2 }, m! f" i1 {A->B->C->D->E/ |1 x" B% g$ ]* z! W: y! l+ b6 i
so does it mean if E failed to pay D,
1 R) X5 J/ \( I! q/ e! {% `! Oall the B,C,D,E have to go bankrupt?
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' ^  i9 J4 S" x# g/ v& Vthe multiplier just tell how much money created in a whole economy,
# \* ^: x8 `+ i& g. Y4 |in this case it doesnt really matter how much money is created, , u% k5 B. d  V) }. T
it's the problem of the debt itself.( F% u. S& H! ~; N
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
" M& G  o  T) H) O小弟一直都唔明...! t% S! f% t3 R
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答2 r# Z5 `: @/ l+ Z: i. |

7 e  z& Y. p7 d$ _1 i" rThanks

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那些根本係 紙上財富  7 x8 t9 ^; w0 _' i: O$ `8 f2 ?% 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 graphic6 y4 a1 I9 _/ u! j$ K3 T0 J2 Z; d
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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' }6 P4 C4 z2 ]& N5 E0 G8 F' I
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
$ H8 D1 U! q+ ^- q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1 }: R7 g9 l# g7 ]# f
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 w% ?. {7 ]) `% H
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
  x) r: X7 k8 V! G. L* s計番回報率就已經係50%,所以可以好好賺! U4 n, s, g: B0 D
前提係銀行之間要互相信任先可以咁樣借法  _$ V7 A1 B& s! c4 \
同埋個市場既前境要係好先得
* N' Q& @# M  g; _3 f+ [8 j# y+ ~但當經濟一差,公司估值趺了,物價不升反趺% B- \' d! W. b7 l( }+ r$ ~. H- @
例如剛才說10蚊的, 趺到得番9蚊,
1 s+ V3 ^. x, f咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
  p7 a2 l5 J9 A3 ^5 c' v0 H; m所以你就會覺得D錢好似蒸發哂咁
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# j; c9 W/ @3 l你都可以當標野咁諗, 個樣野多人可以狂升值, ! t, s4 E1 f  o+ 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,
, ^% h" _; G6 ?3 [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   B+ e& ~2 \! n6 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- ^7 k9 ?, A) T) o
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
5 T5 |; w0 G$ `  R+ H7 D. A/ K唔係d錢蒸發, 而係比美國佬洗晒未來錢,
/ y; G6 q9 Q0 r' Z$ a# S# m) H- n3 V3 J淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 P& U+ g, S/ r
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
" N  _) |/ H3 U咁你話d錢蒸發左去邊? ...

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正係咁樣
9 F3 \# z. D2 _% D" g* j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* K& d* h* G3 w( ?+ s7 M9 V
分分鐘佢地唔使還錢
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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,* S4 Z) D) v. O
連國家都係問人借, 不停發債券, 印鈔票+ b3 F7 Q1 s5 h
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ u# L1 p' w" b- `+ p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
) [+ c8 S$ S9 ~" t9 z3 {7 K咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ k# ~4 p1 t# k  r2 @. {其實係...: O  F+ T; H" m, t6 f$ q
因為以前未生產, 先消費1 d( T5 C1 o7 R: X$ P: r5 V5 [9 B
而家就要多生產, 少消費