0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
5 N; M& D! D, r) c% v% o. KWhy bank will sell 借據給第三者???
) S. J/ w1 r6 J$ M, GI was so confused.....

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: o, c5 F- n  L5 \' N/ n講到尾都係賺錢
4 m" l/ ?+ \1 v6 ?; [8 yso銀行可以不斷放款/ j/ B' W' T. `+ M% X3 C2 M
美國的房貸問題散佈到全世界
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' `8 b6 ]8 u2 O) C( Kmortgage loan
+ p7 Y- ^9 h- [- g( e% q>conduit: t1 l% Q0 v6 z) a3 \& R
>RMBS(Residential Mortgage Backed Securities)) z1 m0 P& ~4 D, g/ h
>arranger
2 t, V- Y) o" M) ]3 q; X>CDO(Collateralized Debt Obligation)/ H& M3 i' z) e$ G+ s* S! [' @
最後去到投資者

Kev

i thought it is the reason of rate of return.4 c* |! h8 a5 J8 ]
CDs could have different ratings, AAA -> F,' r/ B! m/ `: t9 \$ H0 D: m2 b
more risky ones would have higher premium (interest rate) as a compensation for an investment.
2 c" t+ I2 n; X9 [( K! f% rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( x. q7 Q$ z; a$ T5 z5 min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% X- j$ ]& H5 Z8 i/ _% X9 J2 h
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ k" {6 W0 Q# N, g+ M7 Hsimilar to bonds, CDs trading in the secondary market have different value at different times,
- p( O- y. Z" ]3 s0 E$ ]1 \normally the value is calculated by adding it's principle and interest. * S( T& _% D* ]- t- S' o5 Y; q/ q2 H
eg. the value of the mortgage+the interests to be recieved in the future. ; T8 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.
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6 X7 j9 M% e8 B+ Z! P* ]8 Gim not quite sure if the multiplier effect does really matter in this case.2 y: b7 E, l9 r
in stock market, it's the demand and supply pushing the price up/downwards.
% [* P" X8 @* P# O7 [For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 N6 n) H' U( S' D( z* x
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! _2 S- P- n! I6 N7 a) ~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.
6 g+ Y' Q1 q8 @3 l* j7 @& b0 \but the value of their assets did really drop significantly.
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, f# X' l. |( c[ 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  \* ]9 ?2 s7 h1 R
Refer to last example,
) Z# K; _0 x! tthat means bank A have no money because we borrow 10 dollars from bank A
( u7 P6 O' h+ O) g4 a& _# bBecause bank A doesnt have enough cash on hand + U  f% ?5 ^! l7 {/ g6 H
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
  v* k& C- u& l% m% _$ _so does it mean if E failed to pay D, ( K1 ^7 Q5 w6 @6 D
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
- A  I. r" T+ I5 \7 f. `in this case it doesnt really matter how much money is created,   Q7 I8 h& D' N. T
it's the problem of the debt itself.
2 w' o0 ?2 x3 L8 t: D% Vthe 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
4 q1 V8 h5 |; a" V9 g* z小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?7 s$ D% L, Z) h5 v: ?* r/ J
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無可能淨係有人蝕錢無人賺架嘛...# B4 Y3 a; g" m6 K1 w

& N6 |4 q. c% A' X/ o3 R敬請各師兄解答+ R  |' p- s4 r

8 Z, ]5 {& }0 x- U9 v, _1 O+ j/ lThanks

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那些根本係 紙上財富  3 s$ m. N; H* n# p. d& A0 ^
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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  l, i/ b. n* W$ P. M% Thttp://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) a# i+ Q! u( l1 `* v6 W! N( x當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
  i, u6 L! V- A9 d) t2 [7 c0 k, y3 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+ W" k+ I  ^# n
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
1 q9 ]0 k* ]  v# H# f/ T扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,3 c) T0 B5 [7 i# t
計番回報率就已經係50%,所以可以好好賺: v! S* c6 e4 S
前提係銀行之間要互相信任先可以咁樣借法
' S  V) W/ i% A, b同埋個市場既前境要係好先得
( [7 p0 \1 _3 v- c* I$ v" _. ]4 Z! _但當經濟一差,公司估值趺了,物價不升反趺
. Y' D' k5 Q, U- N+ }* E例如剛才說10蚊的, 趺到得番9蚊,
! ?6 Y, M. F6 ~0 f5 t+ g1 C& |咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( s/ H& _  S& j  M
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
; A9 A  k3 x9 M& Q0 D* 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,
" A/ O  x& f- W" C- M1 [; Z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . S1 y2 n4 z$ W
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
( p: [2 j7 x6 |* V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
3 e$ {0 R' D/ q8 P( ?唔係d錢蒸發, 而係比美國佬洗晒未來錢, ! \2 Q: x$ u+ x
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 j( r2 y% `, {; S- e8 A
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% P9 h7 b6 r2 B6 L咁你話d錢蒸發左去邊? ...

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正係咁樣
$ z6 Y1 h/ f2 b- ?9 D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
& H, \, Z# J. Y7 S! R/ I: O' |分分鐘佢地唔使還錢! P! B4 U: b6 R; p* ~* u
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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,2 X) m3 d, h% a$ R2 K3 W' @5 h
連國家都係問人借, 不停發債券, 印鈔票
& [+ p9 e  ]' Y( t8 i4 i一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! |2 \5 n: b& X% ]; a6 C" g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
3 U: ~# V+ ?$ a# A2 k咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...$ L9 Y6 X2 J2 M8 P; T
因為以前未生產, 先消費
3 M8 H; k- _! i而家就要多生產, 少消費