0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
3 P$ \1 E! n& H7 ^, E' \+ l& XWhy bank will sell 借據給第三者???
4 h4 F+ q, r1 Y2 V8 Q* @. ?I was so confused.....

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講到尾都係賺錢+ y" q. }# V- G$ T
so銀行可以不斷放款
/ o& ]* @4 Y. m/ r美國的房貸問題散佈到全世界0 S- H4 D& T1 A4 U9 i% X
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mortgage loan 3 J3 x, ?* F1 J" @
>conduit0 D2 d: Y/ X; B* R/ B2 n' D4 U
>RMBS(Residential Mortgage Backed Securities)% }! A1 z0 t# ]8 U: ]. s. E
>arranger
1 }% O/ L) D) `* V( C- E, q# j; }>CDO(Collateralized Debt Obligation)$ q! g) [1 s! k8 S0 r
最後去到投資者

Kev

i thought it is the reason of rate of return.' @/ B6 D4 o5 U
CDs could have different ratings, AAA -> F,% f; m2 d, U# k6 V* `4 d% j' w# n
more risky ones would have higher premium (interest rate) as a compensation for an investment.
( t! e% ?  q6 I9 ~  O5 mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# \1 X; N# ?5 m5 E! Oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 e3 `( C$ u4 d  N
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 ^- {2 a' q2 }3 F+ s( nsimilar to bonds, CDs trading in the secondary market have different value at different times,
6 o" N- S$ T& Q3 m6 _6 enormally the value is calculated by adding it's principle and interest.
9 c' T; n3 k) a9 h7 s0 ceg. the value of the mortgage+the interests to be recieved in the future.
7 p' e' v1 m/ hbanks 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.& @( L0 ^7 Q, v3 x* v* i
7 M4 T% h9 |! ~* s9 h0 ]
im not quite sure if the multiplier effect does really matter in this case.
2 |" `  @6 R6 y- r' Uin stock market, it's the demand and supply pushing the price up/downwards.
8 }: b9 ?  n+ q" {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 h1 Q  s5 ~: |6 [( Z8 c2 ^6 D
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% U; X9 {4 ]0 |' ^, v1 \3 k0 MThe 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. % Q3 G2 K! E; p. h) N
but the value of their assets did really drop significantly.; a5 `  }" j$ t# [- S

- N+ S6 D5 y$ w! a$ a- V: f7 o[ 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.gif7 p1 f2 q- A% L# p$ U9 P7 W) o5 T
Refer to last example,
0 p# z( ?% W0 q- h, g3 Kthat means bank A have no money because we borrow 10 dollars from bank A
6 A( F; N, D) L; [" EBecause bank A doesnt have enough cash on hand
3 W4 r% ~' \* g3 Htherefore bank A need to be bankrrupt ??? Am I right ?? ...

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, j1 ]. q! }: E& ?" @- VA->B->C->D->E, p; R- ?$ @* A, k
so does it mean if E failed to pay D,
" W& n9 r) H/ Qall the B,C,D,E have to go bankrupt?3 Q1 {- q* H7 ], J. S( ^/ q
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  {) W( b* R0 |# p! Bthe multiplier just tell how much money created in a whole economy,
& [7 F$ I- {3 [2 K0 Rin this case it doesnt really matter how much money is created,
2 A$ C4 y% B& K; {5 wit's the problem of the debt itself.1 f: _; I; r4 S* A; \
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
9 D( z0 Y; n4 b小弟一直都唔明...' `+ d- Q7 Y0 V) T$ N; E

  z6 R, ]" M; L& a$ [全世界都蝕錢，咁邊個賺緊錢呢?' g& j1 q" O: d, \* O, }

) F  c4 l& {1 T9 p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
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Thanks

. s0 ]- x: x& `% [! U那些根本係 紙上財富  ( k( l/ _/ U) {! O- S
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" L3 F& j/ H, [# s' \5 l
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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6 `* n1 B7 k' I) K
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" c: r% w$ M4 I! z) }! W: d# n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 q, J/ b/ v, u  T3 R- `
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦3 v% ?3 E- Y, @! L
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,; E# j# Q' x1 p* e2 e, d# e/ U
計番回報率就已經係50%,所以可以好好賺. |( m1 A( _: B
前提係銀行之間要互相信任先可以咁樣借法
: ?, r( n. g7 r$ O4 \) ?3 [' O同埋個市場既前境要係好先得3 C% I$ w% M3 @4 V/ |
但當經濟一差,公司估值趺了,物價不升反趺
9 Z4 @" _+ G6 ~0 p9 n: k( A例如剛才說10蚊的, 趺到得番9蚊, 1 p  X$ ~% a3 b
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 B4 ]; E' `/ ]; G+ X* A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,
' N% [5 x( E: \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, ) `6 I0 [1 ~% f5 r0 ?0 C/ a# v0 [
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % D6 k9 m: S2 K! c
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& U' w3 @. w  S  C$ {9 C& X: C
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' ]; k2 D" T: F$ R5 h9 u2 J- g
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 R/ z! Z3 P  u8 X4 D) o, Q! U$ M淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! s# Z  X# Z6 V: L6 s0 J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
+ Y0 y3 Y$ G8 Z/ B2 ^咁你話d錢蒸發左去邊? ...

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正係咁樣
# x+ R4 |0 k# K: [* H6 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
3 `" T! ?* K& d, `# ^7 L# B0 z分分鐘佢地唔使還錢
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9 b6 F9 f# ^$ b7 n& J7 S2 w: f5 y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,! [* H+ A+ l  ^$ A5 w6 W
連國家都係問人借, 不停發債券, 印鈔票
6 Y) n9 d* _0 N8 @' i. _一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* j6 i! p$ y$ z' n% l0 r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.gif6 |6 ^% E( j9 m/ e( F
咁而家"爆哂煲"算唔算先至係變番"正常"???

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& I) C1 B) Q# ~2 V* N) L其實係...  A+ n3 r9 r$ `% E5 W1 a
因為以前未生產, 先消費5 I5 i4 Z  p& U. s" C( G* o! ~
而家就要多生產, 少消費