0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
1 F; }0 N8 a3 R' Z) I, @/ {Why bank will sell 借據給第三者???( R: M. F) q: F* ~& G
I was so confused.....

! Y# R, {: d9 b2 _/ L" i  a( O
" U; ^; F8 d6 s8 P1 z2 l講到尾都係賺錢' r( X/ C) ], I5 o* F/ z$ Q
so銀行可以不斷放款2 M, n$ I3 ]( g* \
美國的房貸問題散佈到全世界7 s& Q5 I; b" v1 _7 S
/ P, O( S6 {) F, O
mortgage loan 8 i7 F+ A& b* q* {# j
>conduit
- [! r$ m$ H' ^7 J/ T+ e>RMBS(Residential Mortgage Backed Securities)
: \8 E6 v5 B1 Q: u* l2 E% l7 x4 D>arranger
4 {. D1 T: D+ Q3 _>CDO(Collateralized Debt Obligation)' y9 {7 m9 w; U+ d; y
最後去到投資者

Kev

i thought it is the reason of rate of return.
& r% q; s) o5 x5 w% rCDs could have different ratings, AAA -> F,0 ^( E% Q  U( f4 e$ T- Z3 |
more risky ones would have higher premium (interest rate) as a compensation for an investment.
; K, X7 s; i: wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! m3 h& L" r$ |( H
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 ]  D& w6 w) J, h; B
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. x3 z) i3 I: w$ E: ~
similar to bonds, CDs trading in the secondary market have different value at different times,
: Y$ `7 E- ?5 l- Dnormally the value is calculated by adding it's principle and interest. & V6 z9 V" z; a; g9 t$ ?
eg. the value of the mortgage+the interests to be recieved in the future. 5 Z0 z  o% V3 o7 r. F0 Q9 z: G
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.4 V) o) F( B0 [3 l; ?
+ P- w) K  N, o  E- M% c9 x0 e; \( q
im not quite sure if the multiplier effect does really matter in this case.
0 a1 [5 _3 L* n- Xin stock market, it's the demand and supply pushing the price up/downwards.
' w; k( G( ]  c7 OFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 w7 \) [- C  Q0 _1 EA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( H$ [3 w( f0 {9 R; yThe 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. 9 t1 e0 f4 ]- _8 c& c
but the value of their assets did really drop significantly.
* M* ]- v+ W6 V$ X: k0 B
* C# \+ R: @' `& c/ R9 f[ 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 U& O0 C' a: y9 t/ ], J( e. l3 uRefer to last example,) q5 n8 n& K( c, ?. b" L7 b
that means bank A have no money because we borrow 10 dollars from bank A
: q8 i8 N1 v9 w' K% u; _$ ~: x: \Because bank A doesnt have enough cash on hand
$ ^, z( _. I0 }" u7 T! Htherefore bank A need to be bankrrupt ??? Am I right ?? ...

( W$ @6 W7 J3 O0 A. F4 d, Q! F# J" n. R5 m+ j* m! A  `4 l
9 \5 a6 `3 r/ P. @
A->B->C->D->E
: i. {5 d- L) b  y3 k) vso does it mean if E failed to pay D, * y6 g$ p! |8 V' w
all the B,C,D,E have to go bankrupt?
3 B. \3 ^0 l7 r$ D1 z! D$ c9 w; ~+ R
6 ]. W( z* }- J/ }8 k* v/ g5 Z
the multiplier just tell how much money created in a whole economy,
) m$ H+ W' H/ S- H; ^6 win this case it doesnt really matter how much money is created, 4 |' Y" W1 U) l& S* q
it's the problem of the debt itself.
$ r7 ]0 |3 `, a. K8 D2 Mthe 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
! H9 s4 p4 F5 N& [/ ?小弟一直都唔明...
: E9 ?$ E8 ?- h* |( P% a; W
8 w! i. k: a8 L6 @- ^0 o全世界都蝕錢，咁邊個賺緊錢呢?5 o0 N3 U7 Y5 d& u/ ~  m  R. c
7 j/ m; d8 d  e6 G5 H+ D4 A5 k
無可能淨係有人蝕錢無人賺架嘛...
5 n( h# P6 |. U2 O/ E! v$ {- W
: W2 J7 C# B8 O: s/ k" b$ O敬請各師兄解答1 V( w: v$ [" h
! S9 o! [5 L' t0 D  @3 s
Thanks

- P( p. l8 r% p那些根本係 紙上財富  ) u' r8 d. L3 ]8 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 graphic
- p/ u" U+ {/ G$ X8 |# A" x/ F0 V. W: x" e% @" p
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1 ]) a+ k, o, F/ C- Q, ~( |+ _% C! x
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- g# m5 ~$ [  V! J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
0 O( q# C& c6 |5 \9 O5 W- D個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
6 P2 [( J4 M/ o3 i扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
+ t9 Z$ D1 ]7 g6 c' y1 [9 f$ x計番回報率就已經係50%,所以可以好好賺- }0 j. ~7 x+ k6 c. d! V
前提係銀行之間要互相信任先可以咁樣借法5 U/ f: O8 L5 q9 I1 j7 A: i
同埋個市場既前境要係好先得
4 u9 R: }# X2 h  p( H但當經濟一差,公司估值趺了,物價不升反趺
* V8 T7 M$ q; J例如剛才說10蚊的, 趺到得番9蚊,
% q) n! S6 p) e咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% C* T( S7 u" S% g! K2 P" j; F9 x  O所以你就會覺得D錢好似蒸發哂咁
7 h* u) X  R1 F  F" i% ~% W/ F- o8 V# E/ x) m6 Q
你都可以當標野咁諗, 個樣野多人可以狂升值,
, C1 S/ N8 b, I$ L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,
- F7 i& k! y( Z& J淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( u/ @  R; d6 ]) L4 T0 v
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
* G4 D* O$ e5 \/ e4 ?! g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& B: L, L3 I9 D* r
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ' s3 g7 ?: A! _! R* T: M. y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & X3 s' i6 ?+ 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% K/ ^6 b. }# W5 Y/ p
咁你話d錢蒸發左去邊? ...

# D( P3 S) w# O) i/ V1 A: r+ ~2 ^, m. }% @
正係咁樣, T  h% f# d3 K7 |$ P! S# M2 \+ g" r
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* l5 y9 |5 t- w3 x$ I% S分分鐘佢地唔使還錢
5 E* f' M" z$ K, S7 w' ~1 g4 x& ^  ?, P1 t5 w! N, V6 l
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,
+ ?1 e, Y2 B  W3 o" G0 N連國家都係問人借, 不停發債券, 印鈔票
/ G5 H" P, l0 e/ r$ A一個國家好少出口, 而又大量入口 ,反映到佢唔多生產* c' z5 z7 a5 J& z& r6 f
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 |: N7 c$ Y5 p  |/ }1 ]$ [) i咁而家"爆哂煲"算唔算先至係變番"正常"???

) _+ u+ t: p) w4 S6 K
( _# ?; y, K0 m- i% p9 ?9 T其實係...
. |+ A4 Y4 Y% {/ L+ [/ x因為以前未生產, 先消費
! `( [, P4 ]( v2 P9 |3 ^/ J* c8 P而家就要多生產, 少消費