0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
; U7 y# `$ j  P( V+ F% FWhy bank will sell 借據給第三者???- ~; V9 l/ K0 U$ v2 c$ a
I was so confused.....

# H8 O  k" I- e1 b9 i8 h" @4 l& k# y

1 T, m' t) f$ a: \講到尾都係賺錢1 J6 y: P% A# I8 Z
so銀行可以不斷放款% i9 l) v0 S4 h% v0 u5 H7 C( J
美國的房貸問題散佈到全世界
3 x8 j3 }; b- p: {$ x# u" U: p% B: T
mortgage loan ; A6 _3 E& a3 b. T2 R3 A
>conduit
$ o8 `0 I* _8 k3 X" Y, s>RMBS(Residential Mortgage Backed Securities)
- ^) @: ]* |0 a" e" l>arranger
: i0 T0 \. z( P>CDO(Collateralized Debt Obligation)
! F' f. m6 S" I; Q" g. ?! d最後去到投資者

Kev

i thought it is the reason of rate of return.
: R  k# `* _! C. X# B! TCDs could have different ratings, AAA -> F,
7 V; R3 `! o2 O8 a, imore risky ones would have higher premium (interest rate) as a compensation for an investment.9 G, o1 k( U6 I. h- _" M8 g# G
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 P3 |6 {! C# t7 }  l
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 {8 O, I6 ~- {, |& F
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 `4 e7 Q  j) ^' ^2 c3 U& f
similar to bonds, CDs trading in the secondary market have different value at different times,% T* H- p6 f9 k, ?+ s
normally the value is calculated by adding it's principle and interest.
  G6 i+ `) ]* |* Geg. the value of the mortgage+the interests to be recieved in the future. " w3 ~5 p  Q/ Z6 G2 d
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.
' H/ M/ n0 r4 F- ~
0 {7 o/ c& X5 F2 o8 O2 t. qim not quite sure if the multiplier effect does really matter in this case.
7 C5 @+ c% x; f  @4 }0 kin stock market, it's the demand and supply pushing the price up/downwards.
+ V8 n$ ?0 X" A( IFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 Y& H  O: A6 N# p- CA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., C/ d' J' l7 f
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 S/ M1 |, O3 G7 Bbut the value of their assets did really drop significantly.5 L* A% l" T2 F( v  |
4 O- S$ s6 n5 u) [* 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) u: b1 Y7 O* z8 n
Refer to last example,
0 u$ W  ~/ O, A: y5 d+ vthat means bank A have no money because we borrow 10 dollars from bank A
! B6 K  D4 u, I. OBecause bank A doesnt have enough cash on hand 1 v' u0 l# n; \  ~7 z( d- Y5 w
therefore bank A need to be bankrrupt ??? Am I right ?? ...

# m6 F% c$ [! `$ i$ k' Y, x4 }: k9 r* z8 C
, H) |3 I) D3 r* h
A->B->C->D->E
/ |; S5 `1 T, C( Z$ h1 nso does it mean if E failed to pay D, 1 S4 S3 a' u( L7 M" h
all the B,C,D,E have to go bankrupt?
/ G) U; e0 m- P* Y, X  e3 P
0 u: ^  g7 m$ A& Z) T' r5 D1 e
2 c# G5 f. j. Q" Z" W( ^. b/ Uthe multiplier just tell how much money created in a whole economy, 5 n1 |5 d% f! M% i& U/ v2 e, @
in this case it doesnt really matter how much money is created,
4 w& F( W: ?( Z- [/ H" m( O4 n! Git's the problem of the debt itself.7 i* v, [; ~- o6 v$ h! B+ \
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% e  w9 H6 `5 S) C& n
小弟一直都唔明...- H0 s. p) S' t: T4 w

) g" t! C0 U0 b6 [3 x全世界都蝕錢，咁邊個賺緊錢呢?3 ]5 u& _. y( h* z2 G

3 l9 W0 c* V) u無可能淨係有人蝕錢無人賺架嘛...) M. D# r' ~  p7 R, s. g
! J  u* H# g9 f& b
敬請各師兄解答
( |- L2 U9 ~  Y' x1 e; }0 f1 y' z
Thanks

) ?" v9 c' X7 ~
那些根本係 紙上財富  & c% D5 e; m6 L2 f7 Q9 O2 G
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& H$ O/ K3 c' U

$ e3 G3 J$ T- U' L1 D; S% Ihttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
7 D+ T7 M$ f( h( K0 r8 R當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
4 u3 w* D+ d& U* ]5 O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
7 M* t. p% J% U! J" R/ }( N個件物價係市場好既時候升, 例如15%先算,變左12蚊啦0 X) I$ w, g7 i) C# K5 s( S
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,& B5 F8 \2 \8 Y. m
計番回報率就已經係50%,所以可以好好賺
4 ?  o. b6 Z8 L5 `前提係銀行之間要互相信任先可以咁樣借法/ H+ ~* e! p! c' t
同埋個市場既前境要係好先得
, x+ J& J8 K2 l3 p$ y. L但當經濟一差,公司估值趺了,物價不升反趺# c) `9 C3 Y) C% b( L
例如剛才說10蚊的, 趺到得番9蚊,
- W3 [4 t1 s7 @- X( {# r: g咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
$ J3 Q" V( H- ?( H所以你就會覺得D錢好似蒸發哂咁2 ~2 d0 {1 A2 \% H1 T2 g

0 i! r; r3 s; k  x0 S0 z+ H你都可以當標野咁諗, 個樣野多人可以狂升值,
, o3 C$ a$ A. I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, - B( F( ~" _* _9 b. L# u( r, i
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # ^9 ]2 T  q* v) N& ]/ y7 `& H2 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* K0 {$ o8 l' \0 {
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
  F5 z, Q5 t$ i唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 z( [+ W2 L+ G8 ?4 U/ I) P% ]* N4 W
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, g: }3 X' I* {1 v4 m0 h8 a& ^6 q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
) ~7 S% r, _2 x( k5 S6 m咁你話d錢蒸發左去邊? ...

  B9 d# ?# u# m3 h2 T

0 N; t6 i4 L  A$ C正係咁樣
6 a7 ^* f: [: s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
$ e) L: d/ ~( x5 A; g" G分分鐘佢地唔使還錢
# z, y$ r/ G7 a; e- V( i
* n  Y3 ?) H2 o- p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 z6 h; r+ W' V$ U% p
連國家都係問人借, 不停發債券, 印鈔票8 _2 i# ~& N4 [- r8 ?- b- r+ w
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
5 r2 x8 w1 Z5 A9 X, a; {+ Y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
# j$ J: {) u$ }3 i咁而家"爆哂煲"算唔算先至係變番"正常"???

2 t1 y, P7 J% A9 k% K7 s9 Y- r& u$ K' r. u
其實係...7 j( F2 t( I) o" p6 x
因為以前未生產, 先消費
: r# I2 P( ~4 N4 H而家就要多生產, 少消費