0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif5 k  e! `, M  [* ]) ?
Why bank will sell 借據給第三者???
5 R# S6 X! i$ Y% r9 ]* L& }+ Y8 RI was so confused.....

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講到尾都係賺錢
7 _" ]1 i$ o9 a/ E6 b: D5 Bso銀行可以不斷放款) q7 {% P  E2 E& X% C7 O
美國的房貸問題散佈到全世界
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mortgage loan
5 _& o8 _4 h7 P9 j& V" p# Y  O>conduit' J. m1 c. L9 i1 U8 u
>RMBS(Residential Mortgage Backed Securities)& L! o4 l8 ?# q$ k
>arranger9 \" d" l2 y) I. s, a
>CDO(Collateralized Debt Obligation)
0 D( C/ u5 x5 c1 V最後去到投資者

Kev

i thought it is the reason of rate of return.
& x6 Q+ L( m) v- fCDs could have different ratings, AAA -> F,
% Q/ P* E) R( N! p) s3 `. c( {more risky ones would have higher premium (interest rate) as a compensation for an investment.
) d) L# e  Q8 H$ k$ p5 {main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 o1 P# N% t& a
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
  r1 X$ [' `9 WAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# j( w; ?2 e/ U  Ssimilar to bonds, CDs trading in the secondary market have different value at different times,
+ l* Y5 q8 d( Q& i9 lnormally the value is calculated by adding it's principle and interest.
6 K3 z$ a6 j- P& Peg. the value of the mortgage+the interests to be recieved in the future. # O, y  v$ E( c
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.
5 G. Z& t, _, B2 K7 h) k* Ain stock market, it's the demand and supply pushing the price up/downwards.1 v, j* ^- R4 ~( O
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' p+ @7 u5 x4 L: @3 G8 uA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 w( \: s+ f1 C0 t' AThe 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. / t) \; o7 D6 `/ H: V! h+ }3 y* V
but the value of their assets did really drop significantly.
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' w( t+ R5 h4 ?6 E[ 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" C# t1 _% f+ ^! p) h- d7 |& a
Refer to last example,
% B: L( f4 R" a2 L3 sthat means bank A have no money because we borrow 10 dollars from bank A
: |1 p8 c! D' ]Because bank A doesnt have enough cash on hand 0 P  X5 G" L1 W+ ]( S
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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2 ]# Q; w* g( N' iA->B->C->D->E
! H! a: C: @; y6 @% Cso does it mean if E failed to pay D, ( t6 [/ ^- u  L. t
all 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,
% {% C2 w/ B/ Z* {2 D5 oin this case it doesnt really matter how much money is created, + ?' A5 C, M: C$ ~( v$ L
it's the problem of the debt itself.
! X0 \6 _" E4 M, @( a# g" T; U& xthe 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- B8 z6 p( ]. u$ q$ g
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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0 b" B  T) E1 O) Y敬請各師兄解答9 O* Q3 O7 K- a8 V( O0 V
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Thanks

0 s+ M1 j! w% O" }" c. c那些根本係 紙上財富  
) f1 U8 i1 \# ?8 w" n  o7 J5 r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 graphic5 k2 q, c/ G: `, `

9 e4 \6 }0 Q. m4 E6 U4 rhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
/ F  j4 k& T- d$ t# x6 ]當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; O2 z4 A- T1 G! _( Q* G' F( S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
" b) I* @& S' M1 D, Z3 m  I4 c+ F& H個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
) j5 {/ T, K0 m/ }+ o扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,1 O- i* I9 X8 r, }& h
計番回報率就已經係50%,所以可以好好賺+ T2 J* q9 l0 N7 i+ E2 t5 c
前提係銀行之間要互相信任先可以咁樣借法8 ~) c/ K1 b0 r2 v: @& Q5 P
同埋個市場既前境要係好先得, E5 [9 S) ]& G& O0 K
但當經濟一差,公司估值趺了,物價不升反趺: H; ^  B" c9 m" v
例如剛才說10蚊的, 趺到得番9蚊, - q* ?' B# w. b
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% W/ t) N9 B- L* w* \; e* ]所以你就會覺得D錢好似蒸發哂咁
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+ D" b" k3 Z, G- @2 Y9 I/ w你都可以當標野咁諗, 個樣野多人可以狂升值, 8 M5 _* u# |" [/ z4 W- w
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, 5 ]4 |; X& J( v2 c  z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' V: e# ^: Z& F3 N' o- J2 |' v3 }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
( K9 u& }+ A$ C% i4 O4 L0 N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
4 ?! _. F8 V4 T9 f唔係d錢蒸發, 而係比美國佬洗晒未來錢, 7 j0 t( c/ s, ]% f/ m: M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" m% O* H, }, R& h: Z0 ?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/ b1 F' w3 k1 T- O$ O+ d
咁你話d錢蒸發左去邊? ...

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+ i, B1 q5 g& D9 F0 s: o% e; K正係咁樣
' O: x' e: x! R! ?; W! |1 [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
7 N8 ]+ U. E% s6 A  t1 }( W* R$ A: x$ E! s分分鐘佢地唔使還錢2 ~0 O, u4 E( I" l) U# S

! J1 n( i  {/ _, A' c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,
4 j# x9 |3 ]% v- z2 U2 P* y0 @連國家都係問人借, 不停發債券, 印鈔票; m' ~. R; r. x, K! _0 q4 @
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
' D6 d2 g: Q" |$ L. O: j) j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
7 u! e: o) o9 |9 i4 D4 m) l咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ z& l2 _5 Z+ D0 z其實係...6 M# e+ t) V7 p3 L9 v: g
因為以前未生產, 先消費
$ h% g% l: E4 g; T# D0 p! R, b而家就要多生產, 少消費