0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 L8 I7 D0 u. a! r) d; ~+ I. r0 r; fWhy bank will sell 借據給第三者???+ `: f1 R3 M5 Q/ t2 A% `! E/ T6 w
I was so confused.....

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5 u+ k8 ?: L+ m& [5 k講到尾都係賺錢- G2 h* Z) g4 d5 I/ |( g
so銀行可以不斷放款
/ y9 n. _6 z& _, P美國的房貸問題散佈到全世界
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mortgage loan
* X2 ?6 e5 d% w+ U2 X  M- ^>conduit
; D. Q! b1 h$ A. y6 J  N7 s9 F>RMBS(Residential Mortgage Backed Securities)
# k9 x0 d2 D2 \( {% \% m, H>arranger3 r8 n4 c$ m- _
>CDO(Collateralized Debt Obligation)1 X5 \4 S( ^, ~3 S& o" y4 s0 \
最後去到投資者

Kev

i thought it is the reason of rate of return.
5 F' L9 V  X5 G7 \# ZCDs could have different ratings, AAA -> F,
/ V0 C3 w" l% h7 h  }4 A: O/ ]more risky ones would have higher premium (interest rate) as a compensation for an investment.
- ~1 l# m! q5 {4 S/ H' B7 o: Smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! ?7 k) a5 T9 G, f8 v7 ]8 b! [
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 Y8 g. c- ~6 v( |2 ^% V$ }# v# zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" A" {1 L' i: L9 C+ b2 fsimilar to bonds, CDs trading in the secondary market have different value at different times,9 e6 M) E5 }: `) i* W* P1 V# b4 v
normally the value is calculated by adding it's principle and interest.
$ t( Z  N( w. X3 R0 a4 C$ Peg. the value of the mortgage+the interests to be recieved in the future.
6 ~2 N' [$ }% s& O4 h4 ~. Z# J* _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.5 \4 S% I0 B! a! s

/ O' x# M  o8 M( c& S) L% him not quite sure if the multiplier effect does really matter in this case.& U0 |6 u) o: I
in stock market, it's the demand and supply pushing the price up/downwards.
& z/ s" R: S- C$ }$ q# _For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% H/ q2 h" ^1 i; r( v: L5 ^A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., `( t4 C  v, C1 n! j9 p( C( ?
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. " C0 K. n# b- U) ~  \( U
but the value of their assets did really drop significantly.9 E( S, s. [, N! m0 d
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[ 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/ F; ]* k5 ]8 Q* BRefer to last example,
7 N1 o6 I# q& w8 `8 Y9 ~that means bank A have no money because we borrow 10 dollars from bank A
3 C  T* ~! ~. d3 k! \1 K4 _Because bank A doesnt have enough cash on hand $ |- |$ Z, d9 p( W
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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, i  {9 b, o1 ^* rA->B->C->D->E/ A( V* j* I3 X2 n0 `
so does it mean if E failed to pay D, # ]% O9 l7 R* f  Y
all the B,C,D,E have to go bankrupt?/ a! M& G% C, h4 }: m6 u

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8 @( O0 r2 @( c/ z" Cthe multiplier just tell how much money created in a whole economy,
' Z( X$ h/ ^  R2 a' n5 R- q: Gin this case it doesnt really matter how much money is created,
1 W: R0 T4 _9 N2 J7 h( R6 cit's the problem of the debt itself.$ B+ U5 c* E  f: f
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
- p: q1 |+ P2 ^! @7 x+ S4 ^, V小弟一直都唔明...0 h! `8 Z# R$ [3 Y* r2 j

. T# ~$ D9 H2 u! `8 v6 R* j全世界都蝕錢，咁邊個賺緊錢呢?& M+ X" b; `+ B. b( Q

3 X# ?2 t. r, D$ K無可能淨係有人蝕錢無人賺架嘛.... W  X( h0 [) P8 `) l) ?) r# h) i
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敬請各師兄解答. |* [% q( G- t: F4 f' d; S6 T

2 R8 j5 \2 z' F9 e  bThanks

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那些根本係 紙上財富  & j3 u1 o& Y& h. N( z( S; R6 Q
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
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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
! W. d; `: N: u3 a當經濟好,投資銀行相信會賺錢, 物價既估值相對較高7 b6 w/ g! A) B# x( d/ a" I+ E
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
  d3 ]) T/ W4 ]; ]% m個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 A3 L6 n. j& B
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
* Q5 `8 O* V. R% z計番回報率就已經係50%,所以可以好好賺( X! H- x  Q( ?, {- e* S  X
前提係銀行之間要互相信任先可以咁樣借法( N! U1 n0 p- x( i
同埋個市場既前境要係好先得" c0 R6 [' P" S7 j0 J+ @* f( A
但當經濟一差,公司估值趺了,物價不升反趺2 w7 l# B) s; d
例如剛才說10蚊的, 趺到得番9蚊, 9 `3 w* a6 n: {+ @! ^1 p
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ d7 Q: W( Y$ R' ?5 e
所以你就會覺得D錢好似蒸發哂咁' O& R2 J7 V2 Z8 Q! m7 N
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你都可以當標野咁諗, 個樣野多人可以狂升值, % W" h9 D! @, d- H1 l5 ~
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) c( \0 z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- ~  V! n, [- x! {6 v* n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  g4 ]* b' x  }% X2 T( d
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
/ f' |. F, X. ?# G$ a) m唔係d錢蒸發, 而係比美國佬洗晒未來錢, ' \4 u; V; e1 V. m
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' i1 k4 ]/ X3 ^+ 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2 F. s5 t" K& ]: \6 d1 E: t0 d
咁你話d錢蒸發左去邊? ...

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正係咁樣
9 d1 ~, f7 Y5 e0 u) C: A; k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
4 _" g6 l- A  [( s分分鐘佢地唔使還錢0 d% W) R/ W; C1 r- u  |( v
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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,
* q% p; x. D; N& v$ P8 P1 k8 k連國家都係問人借, 不停發債券, 印鈔票- C; H! {/ n. }) L& n3 e* R9 Z3 G
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ E$ h6 |, L) p8 p$ X" o2 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
3 w. y4 K6 ^  @& u  I  S" O, D# `咁而家"爆哂煲"算唔算先至係變番"正常"???

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; b% Z! ?/ e. y其實係...
9 e: X; m3 M4 w因為以前未生產, 先消費
( B" p; ]5 Q4 k) i而家就要多生產, 少消費