0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
* [' A. K5 i0 ^+ E/ @+ l  t. J7 jWhy bank will sell 借據給第三者???
) G! A* o. B& J" A$ P  eI was so confused.....

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# q# f4 F" F9 u/ W講到尾都係賺錢
; g9 j3 V4 w% t- gso銀行可以不斷放款, A8 J  d$ h5 j( o; w  G$ T
美國的房貸問題散佈到全世界$ c! D* n2 z' a) f$ O, u, G& R

  H* g8 I0 j* i& u$ ?mortgage loan ; {  q4 n4 h; m) G7 M) @7 u  p
>conduit2 t9 `' e  q1 N) A2 Y3 p
>RMBS(Residential Mortgage Backed Securities)
; V) ?9 \, E1 s>arranger% ?0 q7 I0 f; {/ B* O( k4 Z
>CDO(Collateralized Debt Obligation)& y# v+ L8 V* N% R$ u* S) s
最後去到投資者

Kev

i thought it is the reason of rate of return.3 y$ Y5 v, t0 R4 h/ S
CDs could have different ratings, AAA -> F,0 D+ c/ S1 S. q$ ~" U+ u0 _
more risky ones would have higher premium (interest rate) as a compensation for an investment.
. e! \9 ]6 Q' s. H) a' lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ y. n6 M: f# h4 Din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ Z, `+ y' n0 ~' N1 T7 ?+ @
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* d2 a8 l7 q+ z$ ysimilar to bonds, CDs trading in the secondary market have different value at different times,6 |2 w4 E2 B* B  ]  \2 H1 W, b  _) J
normally the value is calculated by adding it's principle and interest.
1 k* g5 S0 z! x) Z  g! P  @% T" Eeg. the value of the mortgage+the interests to be recieved in the future. * B( v9 a" _3 Q$ _% M& x4 W( n
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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im not quite sure if the multiplier effect does really matter in this case.
6 c& u4 m1 x2 @* M; e3 Din stock market, it's the demand and supply pushing the price up/downwards.
  y! T1 x0 X% i6 N2 xFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) G/ y8 F% M; T$ ]" d8 m5 Z$ G
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 B/ i5 s" T/ ?8 h. c" VThe 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 I  E7 v* a+ H- e" H% g+ ^
but the value of their assets did really drop significantly.; a: ]1 q: S* D7 G, k  G

$ q( @! j" y1 Y[ 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( Q7 y, }3 W- x
Refer to last example,: {5 E! b1 O8 W; E4 e, _. f7 h6 C0 I
that means bank A have no money because we borrow 10 dollars from bank A
" Y  u/ i) y  k& D) l3 q, L* GBecause bank A doesnt have enough cash on hand
7 T2 u4 A4 s$ m) r6 k* ?therefore bank A need to be bankrrupt ??? Am I right ?? ...

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- h4 K  l# W7 L0 B9 ~A->B->C->D->E
; T. @8 M. J, f5 C6 O3 ~so does it mean if E failed to pay D,
* p! A" J* s  {9 l7 h4 h2 v/ T" _; Qall the B,C,D,E have to go bankrupt?4 M. p$ \. u$ u# ]5 n  `( {: v$ F, H
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# S/ s/ f% Q; E8 |: vthe multiplier just tell how much money created in a whole economy, , b7 g: L: j0 @: p2 E3 D3 d" K5 r) [
in this case it doesnt really matter how much money is created, , y0 d+ t: p: M% H
it's the problem of the debt itself.3 [1 i: b1 |1 V* g1 g" R, H
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- z4 _. o5 `7 J7 Y
小弟一直都唔明...& q" O* V: C8 s) ?! q7 ~
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全世界都蝕錢，咁邊個賺緊錢呢?0 _6 v- H( J& l, n2 v, h- n5 r

  ?. ?4 [8 j5 C  z, Q  y) T+ a無可能淨係有人蝕錢無人賺架嘛...+ z+ m# l3 g- c0 [3 N6 g4 Q

) A& r! @$ l! n  `2 G敬請各師兄解答, h  S$ [! X$ d
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Thanks

4 y+ e+ S# ~" L" D. {* _1 ^* N  {那些根本係 紙上財富    y7 n, E. V. f. j5 r6 J' f! I
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, c1 B, T* p1 M: H

+ F- }  }6 {6 }$ N5 I# L& ^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
2 Q# I7 ?, j* }6 H" [& Y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
: E" S  ~2 [" l: @% F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. D# p' X  o% x) t) S1 A
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦  s( t0 I! I: A9 s8 a5 P4 j
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,9 Q: T9 m4 A! X8 q6 g; v! Z! F
計番回報率就已經係50%,所以可以好好賺; f' h% r- O+ }2 Y% e/ B- e
前提係銀行之間要互相信任先可以咁樣借法
) U* `6 q! \' u6 M1 b) }同埋個市場既前境要係好先得
; i1 ]% ^+ Y7 G9 r: {但當經濟一差,公司估值趺了,物價不升反趺. R9 S% T; D; @3 G0 [
例如剛才說10蚊的, 趺到得番9蚊, 6 J; D5 [" ~/ l+ f: E8 g
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%, t  B( X) c* l* H* @
所以你就會覺得D錢好似蒸發哂咁
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4 c7 `) V6 x1 l你都可以當標野咁諗, 個樣野多人可以狂升值, 8 `9 f( h% v" _- S7 _- G- a
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,
$ D' j7 X5 K3 C! @) \8 v1 u4 G淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # P/ Y# v+ n) A& P- h+ K
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. b/ e, v$ `3 R; w: h) B, \
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 R, q2 O1 J, O4 o. Z7 l/ ^3 e唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 k, L+ q3 M4 S6 a! i& x1 ]4 \: f
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( Y) E+ ~1 v- x( X3 I1 E: o
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* T0 ~, O0 {1 E3 }
咁你話d錢蒸發左去邊? ...

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: ?  l3 @. }6 Q' q  P正係咁樣# O4 V8 @6 ?$ U% N
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
! ?" T9 z: Z' p% k1 x分分鐘佢地唔使還錢
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0 w. U4 a+ P2 H. e: s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,8 e  k; Y3 Y* L8 W& y
連國家都係問人借, 不停發債券, 印鈔票
6 T& O2 k* g& b' u& o  }一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
9 M8 T% G2 J6 H- U9 i, c" T, a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
1 G# p6 M, \+ r0 x咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...$ V; W( e8 {' j# C2 J
因為以前未生產, 先消費
% Z6 }3 p; ?) z8 H' V: ~  B而家就要多生產, 少消費