0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
+ ?  s9 U) a9 _( d' F! R# Y7 uWhy bank will sell 借據給第三者???
6 y% n$ j  }3 D7 d- v; {I was so confused.....

, f' f2 T& S" K& t& _( u% w( A0 u9 L9 L( U  t' q% ~( Q
講到尾都係賺錢
" ]  X/ g$ Y" Z4 Eso銀行可以不斷放款
8 T  n5 q) H3 C+ x美國的房貸問題散佈到全世界4 r: H$ ^1 q8 E5 j  H% q, D  ~

: l' i3 y/ p3 Y' r! D/ }5 Cmortgage loan
$ R" i0 E4 m, U6 [4 ?& y>conduit
" O- k8 U3 v" U>RMBS(Residential Mortgage Backed Securities)4 F  m: \% e3 Q1 _
>arranger
/ v6 v$ E" n/ `6 b) S>CDO(Collateralized Debt Obligation)
& u; u0 i/ C# y% S9 }/ ?6 M2 M最後去到投資者

Kev

i thought it is the reason of rate of return.
/ ]2 i+ |5 g2 H( L# ^& i& ?8 RCDs could have different ratings, AAA -> F,2 x1 f! X( G* D) S
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! O( u9 k* @& W- H5 Y( Pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ W0 t9 |" D' P9 q# Y) ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& M) l6 y+ |. K, D4 ]Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) O. f! z# |( I* A4 v
similar to bonds, CDs trading in the secondary market have different value at different times,
: C9 N; i9 s3 }# [  S+ onormally the value is calculated by adding it's principle and interest.
. p2 V6 |: o  X/ P9 W' Y+ }# qeg. the value of the mortgage+the interests to be recieved in the future. ) l' m& w8 l! S  A* b. m
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.
, M2 q# F. V5 j: X! Y/ n  Y; M3 S4 Y9 [9 z# t! `
im not quite sure if the multiplier effect does really matter in this case.
2 K2 Y5 L( c( a' t1 t' ^. u% i3 Fin stock market, it's the demand and supply pushing the price up/downwards.
' u9 }5 P" [& l# KFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,  }" \+ a2 f' u& E3 v
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! F7 k. n9 Z  _: [
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.
2 V( A6 [1 L; Zbut the value of their assets did really drop significantly." Z) w1 G" B- N) J

9 I( q+ {; b- ?[ 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.gif2 P: ]" C; Q* t1 v+ v+ P) s
Refer to last example,
! J  U8 D* p' lthat means bank A have no money because we borrow 10 dollars from bank A
) ?! X7 K; _1 ^1 QBecause bank A doesnt have enough cash on hand
* E) W8 ?8 K. ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

0 d) w* e: K, V+ }: i1 F( {
6 B1 L* ?9 g5 q) q: x" e0 O+ K
( m$ J' O2 ~6 p1 N( w$ a9 D3 T5 XA->B->C->D->E0 L& [" _4 d, ^+ f: V# f9 F6 p. s8 P
so does it mean if E failed to pay D, " V, T9 i- z0 l) n
all the B,C,D,E have to go bankrupt?0 G) H# S2 @0 ]3 F! m

4 N2 t8 f: E" {' E
: `  s9 l, K: a) a# G; S: V7 ithe multiplier just tell how much money created in a whole economy,
% X1 M! @( S4 D" M  W+ F7 l5 n8 Pin this case it doesnt really matter how much money is created, & B! V, e7 I/ c
it's the problem of the debt itself.
% s6 i6 ^8 J/ K4 d, e7 H' ethe 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' g" b- h& d6 X0 N& H9 }( A! n
小弟一直都唔明...
+ A* n4 g# M* F% w/ |. `5 w! b/ Y8 w% \  H# ^; [; p# `
全世界都蝕錢，咁邊個賺緊錢呢?$ U' M/ F+ j8 c
7 F: t% l: e& J6 e) F- B  Q
無可能淨係有人蝕錢無人賺架嘛...
* M# n/ D3 s! ^
( E5 b8 l, H3 N# E" w( `5 S0 f0 E敬請各師兄解答
5 U% K3 L2 r& L7 q  r5 V) w
) n& t# ^/ b5 l: H( hThanks

1 s& a/ W" s. i+ A) w- h$ c
那些根本係 紙上財富  
8 R. v) S' X" k5 {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
6 Z+ D( e: q. V8 m
/ R; g" h1 J1 Lhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產: S, F( J" v) i4 q5 F: |; j
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高/ n, F# R5 n) @3 M5 T: Q" F+ u
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* j( J6 Q8 A$ U% v; k. n
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, v3 X. q; G- Z% }& m
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
. G5 b8 I6 A: I4 J) {. e計番回報率就已經係50%,所以可以好好賺! ?# Z  H9 T6 n- }
前提係銀行之間要互相信任先可以咁樣借法
6 H( ], w/ q. |6 O同埋個市場既前境要係好先得
8 Y2 j/ \0 o( k但當經濟一差,公司估值趺了,物價不升反趺' F, i% n* e! \0 }7 b& f. s2 C
例如剛才說10蚊的, 趺到得番9蚊,
$ ^; A! m# e* l咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
  s0 B8 j' q4 p) z! @  ]所以你就會覺得D錢好似蒸發哂咁
  k6 X4 l1 i4 J# y
% T) B; n* D2 G& d3 k2 I你都可以當標野咁諗, 個樣野多人可以狂升值,
0 @1 X- K' _, _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,
: |( p  q# y9 d2 `3 H" E. j淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* M: y$ @7 w9 C; B* s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 N9 ^; h8 l3 A% ^
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.gif5 k( u3 I2 G1 {0 \: i' c7 ?
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 P1 w+ F$ Q3 H& U" i; Z) C7 ^" k
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ ?8 N# L, G, T% q- x0 ?1 F7 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( E; z. ^) e# M; n9 R8 @, C) u* |
咁你話d錢蒸發左去邊? ...

, n5 F' a8 F* V0 O8 x& ?
+ k8 P' _% l, q& o+ c) R# M3 b/ d7 x
正係咁樣
) [% z, S" E; D9 Z  P2 Y0 h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 J* e( G4 y/ S$ F" n/ ~$ e! B
分分鐘佢地唔使還錢
5 R1 t" L* E+ c+ _# I" T7 d) g3 |1 `* @7 e0 u, p" h4 f. g  y8 ?
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,7 z/ Y2 y! i2 g' C1 b, h6 l  |
連國家都係問人借, 不停發債券, 印鈔票
1 u2 S- T6 t# J" x1 n! I  L, i一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 C# W2 M: h& S- y' ^" x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
7 s+ _" O6 |9 p/ O咁而家"爆哂煲"算唔算先至係變番"正常"???

4 f  {# k6 {0 b. R8 d% c

9 w6 m0 i! |* G4 m7 Y其實係...
6 l2 c4 [% y& ~% B( ?因為以前未生產, 先消費
: F% Y. V* l! u8 Y" I而家就要多生產, 少消費