0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
+ ]- }( q! \7 f9 `- RWhy bank will sell 借據給第三者???- c: `7 b! a- v5 P, M. |* Y7 g2 {
I was so confused.....

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, m5 {1 f6 j8 d. f/ z  f# X講到尾都係賺錢
3 I! g8 s! }4 _1 }' wso銀行可以不斷放款/ z. I+ R" G. ^/ {: H( }
美國的房貸問題散佈到全世界
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2 I' H& W, U' f5 T/ Pmortgage loan
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>RMBS(Residential Mortgage Backed Securities)
: n5 X# j2 U0 ?: }>arranger
6 g" Z% O( r+ V>CDO(Collateralized Debt Obligation)
! A' K+ `  z  c) x- I( q/ N2 R最後去到投資者

Kev

i thought it is the reason of rate of return.
2 X( G, v3 h. n' M2 H) qCDs could have different ratings, AAA -> F,8 x; e1 \8 [( n6 [, `' t  U
more risky ones would have higher premium (interest rate) as a compensation for an investment.0 R2 r$ ~8 O7 I" L4 z& [
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ G9 x* e( x0 V& {0 s2 i
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." q, ?3 O: J: r$ O! {/ A  }; B( s
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* Z2 h+ E6 |8 K8 L/ ssimilar to bonds, CDs trading in the secondary market have different value at different times,
( _  h9 y) J$ W0 c& snormally the value is calculated by adding it's principle and interest.
6 e* z5 b3 S1 F5 L# G3 O+ Neg. the value of the mortgage+the interests to be recieved in the future. + O  k1 C; p5 X6 m4 a* a
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.: q; H# G$ ?8 B0 Q% [, K
7 |# [2 g8 g6 G
im not quite sure if the multiplier effect does really matter in this case.
( d/ D2 f' V+ \( Ain stock market, it's the demand and supply pushing the price up/downwards.
( f! ~  t+ g2 X5 ?& c' G& C. oFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& k' l% x3 E. M, m
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% o& @1 Y8 [+ h! Q+ ~3 [$ pThe 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.
  F; _  A$ _, E) R  i  m3 tbut the value of their assets did really drop significantly.: }# J/ E( C' z/ t" K

$ P5 }- O" {5 k7 e# s5 u* W$ k0 W[ 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  P) v0 S: V1 S: S+ G
Refer to last example," r2 |& w. p& T! \
that means bank A have no money because we borrow 10 dollars from bank A
5 V2 s5 [2 r& tBecause bank A doesnt have enough cash on hand % t) g% z) X. u0 v
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ |% k5 c: \/ c7 jA->B->C->D->E
- {0 s1 |( H, v6 a2 E, A3 b: Pso does it mean if E failed to pay D, ' o% m! r  v' Z' e# j
all the B,C,D,E have to go bankrupt?  q% ?5 v% ^" x5 D

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the multiplier just tell how much money created in a whole economy, $ B: I  f5 |# q( O. X
in this case it doesnt really matter how much money is created, , B* F5 L) A7 |; B
it's the problem of the debt itself.2 D! f, s* s% {: 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
1 u9 j* }4 H. [3 r1 Y  M- u; w小弟一直都唔明...5 z5 d; y! `. [5 C/ h3 s" C

2 A$ i* X7 m' y9 d7 n( I全世界都蝕錢，咁邊個賺緊錢呢?" T+ s- y9 {. I6 K

  [2 j) i& R9 ]. ^2 n2 D3 k. Z2 {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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; Q1 b9 r* x' _3 p9 U; F6 JThanks

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那些根本係 紙上財富  # t, S) l& H$ 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
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; U$ u, v7 T, t* Bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產1 w. N: X% ~5 l, X) W
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 P2 X/ @2 @) H+ L: Y
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2 I2 I6 p5 t" @2 H) u3 U+ m
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
; I# q: [/ p# w扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,% f5 N( I8 U9 m$ i& N
計番回報率就已經係50%,所以可以好好賺# m0 x# F+ u/ E
前提係銀行之間要互相信任先可以咁樣借法. \0 `* Y$ B/ [4 F2 L0 f- k9 C
同埋個市場既前境要係好先得
, h# ^  r' B) r  K) R5 n但當經濟一差,公司估值趺了,物價不升反趺
8 a  t: I/ [: \" |3 l8 {例如剛才說10蚊的, 趺到得番9蚊,
% Y) O6 ]5 f/ X7 t* u咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 t" t; [7 y  E8 h/ a, m所以你就會覺得D錢好似蒸發哂咁
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' X) Y: |: n, A7 g4 P你都可以當標野咁諗, 個樣野多人可以狂升值,
& w& X8 p- m) |9 M% ?7 @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, $ L# j; P1 o' [1 [4 W
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 ^- p" }5 O! |/ h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6 Z+ }; E& u( ?$ l1 l3 \/ \% [5 s( s5 j
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
$ e3 O" w+ l' _; U: z3 T唔係d錢蒸發, 而係比美國佬洗晒未來錢,
( p* q, ?& F- m* ~! C1 o2 _/ _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% j7 C6 p' J8 A' Z  ?" r6 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
/ d5 F1 k3 r$ n, m3 L( \$ |咁你話d錢蒸發左去邊? ...

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4 P8 s3 l2 {7 _正係咁樣9 N3 W* n, e  C* ]: J( |& 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; e9 F. p  O8 h  z" \# r% x# t0 Z
分分鐘佢地唔使還錢: j+ n, e, a& H- ~# \4 _4 a$ A
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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,& i& T- }4 r6 P' Z
連國家都係問人借, 不停發債券, 印鈔票4 [3 h$ v: W5 W# r
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! k6 I5 Q! H; W  x7 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
2 B8 F* w- M3 x* O# u1 o咁而家"爆哂煲"算唔算先至係變番"正常"???

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. F% ~- z; m, l9 X& o其實係...
7 {: K* |. B0 n# S因為以前未生產, 先消費
! b$ V2 ]9 s7 J; j9 q而家就要多生產, 少消費