0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 S7 d: Z  i$ J! oWhy bank will sell 借據給第三者???
8 i8 O) n3 M/ q, gI was so confused.....

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- C! Q1 w3 S2 ]5 }- I講到尾都係賺錢5 ^4 V: c9 W6 ?
so銀行可以不斷放款
! l2 I0 w. g2 H& {( A- Q- j美國的房貸問題散佈到全世界* ]+ y. c0 I# q+ s, n

& d7 D7 y7 {4 j2 n4 |% e7 r& I, Xmortgage loan / N0 u; N* S: h' s" c  W1 Q
>conduit
5 I3 ]2 |( O4 M" v- B>RMBS(Residential Mortgage Backed Securities)5 D- I* f, ?' u' S
>arranger9 h& J- H) B4 E  m# e
>CDO(Collateralized Debt Obligation); b$ [: x$ \5 g, H
最後去到投資者

Kev

i thought it is the reason of rate of return.  K& C+ k) R7 x) H/ R/ V
CDs could have different ratings, AAA -> F,
$ T1 S. P2 Y8 p  Y4 j! ]4 N- amore risky ones would have higher premium (interest rate) as a compensation for an investment.
" F$ |) a4 n9 I/ r" H: zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ b* z# O4 U; v. I/ R8 Pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 J" A5 _9 T3 t! P) a. W' G: ]
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, R! b: z( s& [$ g$ n6 x, `, Zsimilar to bonds, CDs trading in the secondary market have different value at different times,
: V5 M, k+ A+ ?- h$ |! }$ c( v% xnormally the value is calculated by adding it's principle and interest.
8 _' T+ L* |8 I9 v, Q1 E5 O2 Keg. the value of the mortgage+the interests to be recieved in the future. $ H+ G* e7 v& m' j/ v2 f3 C) I
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.3 h0 j2 P: C1 A5 I+ h) {
in stock market, it's the demand and supply pushing the price up/downwards.
6 ^0 c) \8 N8 k7 _* @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! s" {1 m- i; }8 h" U4 {
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% b$ b# ^# l8 g; _( d/ jThe 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. % v" {  _5 |8 I3 J2 @  ^* v
but the value of their assets did really drop significantly.( @  i1 ~! e( h' r

3 ^2 {" P* A  ^; v( B2 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.gif) o  x3 g6 K# J+ n
Refer to last example," C& Y8 {, x  _# }+ \
that means bank A have no money because we borrow 10 dollars from bank A ; A  O; e' u3 K4 x3 T
Because bank A doesnt have enough cash on hand
! ]6 R2 N7 m3 Q: F( f, Z1 mtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E2 |/ E, X: u+ H/ H" ]* r
so does it mean if E failed to pay D,
3 Y; \/ b# n: \. |9 P: j6 ?% Jall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, : Q" N. b' i6 z! _3 e
in this case it doesnt really matter how much money is created,
/ a5 v9 E6 I7 ]8 |# C2 Xit's the problem of the debt itself.
( Z7 \/ H2 C. r6 f- t- s% ]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.gif1 N' N5 e: ?; f) R/ J
小弟一直都唔明...- o! O- P  |! O4 j

- @) Z8 P4 U" |3 ^全世界都蝕錢，咁邊個賺緊錢呢?% v! Q/ w  t+ r. N+ b

4 |4 B  Y7 I% T! u' ?8 h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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7 j* @) [3 e4 q$ E; Q6 D3 U  S( xThanks

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那些根本係 紙上財富  
( ]) y1 i! C* a4 J' g( e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) k5 y3 M0 @; t/ l9 t/ ?
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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) r# P4 k8 K$ E" [- L6 ]
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
! h$ i: V* h: f8 J3 X: L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 H2 U' a  F2 V3 N4 H- s: t6 W個件物價係市場好既時候升, 例如15%先算,變左12蚊啦/ J, {" @! E7 m- y% l, M
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,( C; C" a8 o9 P
計番回報率就已經係50%,所以可以好好賺4 s" L# {+ R6 y1 }9 u2 I
前提係銀行之間要互相信任先可以咁樣借法7 z7 _" L( n! ~6 A! G6 C
同埋個市場既前境要係好先得
, M" v4 ~' k& c4 b" U但當經濟一差,公司估值趺了,物價不升反趺
9 ]( _5 n8 V4 W1 P! `" D例如剛才說10蚊的, 趺到得番9蚊,
" C8 A, k0 S% E$ g% W1 J2 O咁投資銀行一下子就要還11蚊, 一來一回變左虧200%9 k/ z1 Z" H$ H: Y# j
所以你就會覺得D錢好似蒸發哂咁6 H" @7 Y" j5 c+ ?% P4 ?1 P* H
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你都可以當標野咁諗, 個樣野多人可以狂升值, . A" X8 n& w  `- A2 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, 3 O4 O3 u3 ]. \4 e3 ?
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  J7 k3 ^- j& j5 Y- e; F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
% a7 }- H: R/ }5 y4 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.gif
9 s" P: H2 x, c# C+ i唔係d錢蒸發, 而係比美國佬洗晒未來錢, : i$ B8 A2 \( {8 S( j0 G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# f  K$ B6 J* m2 u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" ^, T& J2 v* T/ i
咁你話d錢蒸發左去邊? ...

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正係咁樣
9 T  m5 d8 L& |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) [/ W0 K8 ^5 Q" Z  H6 [0 }$ p2 C
分分鐘佢地唔使還錢, a2 h! q0 q6 I) r# O8 ~2 u, \* ?2 ~

: f9 }7 y) U9 h1 n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,2 C# B' p) j; r# D, o4 U- G
連國家都係問人借, 不停發債券, 印鈔票" f' t$ c3 ^! n, L6 d$ z3 Y
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: H9 z3 d+ q$ u- U$ P. 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# r0 d1 F9 Z4 ~
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...2 G6 b  |1 `- [7 J. L( p9 G
因為以前未生產, 先消費8 {3 x) H" [9 `, e5 J+ F8 q
而家就要多生產, 少消費