0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, W/ n( \! i, a6 Y. c3 J9 n
Why bank will sell 借據給第三者???" K9 |" a) g. _% T+ ?9 R, S8 q
I was so confused.....

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4 v+ |( ?4 {3 G8 K8 ~5 U8 F講到尾都係賺錢
3 r! t+ I* Y/ G, _5 hso銀行可以不斷放款5 w& t' I( W  z' T
美國的房貸問題散佈到全世界
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mortgage loan
. [4 G  O: o$ Q5 \0 Z# S% Q>conduit
+ \& c8 x/ O( h% B9 e+ i5 G8 D: M2 ~5 g>RMBS(Residential Mortgage Backed Securities)
7 o# x, u& T3 D8 i7 G- P$ @: d>arranger
$ J' D5 P$ E  d. p8 ~8 {( ~>CDO(Collateralized Debt Obligation)5 [5 N4 N1 P6 x. n: a
最後去到投資者

Kev

i thought it is the reason of rate of return.
% C' |- D) a: v' TCDs could have different ratings, AAA -> F,, n: k! p6 l/ P0 k; L
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& _4 T; }7 D0 _/ b3 R2 j% u" ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 l' g: C& ~/ D# x' @
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 i" d  I# S& V# ]7 P6 n' j1 V7 _Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 f/ G9 }- D' P! Gsimilar to bonds, CDs trading in the secondary market have different value at different times,$ T3 W" h; L8 }7 |, W" L& K
normally the value is calculated by adding it's principle and interest. ; D( c  F* J. ^' K. f, \
eg. the value of the mortgage+the interests to be recieved in the future. ! G  {9 Q$ o' a$ Y/ g5 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.9 e! G  g4 O0 a0 d; U
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im not quite sure if the multiplier effect does really matter in this case.
$ k" o8 \& v2 N4 _- e1 q: xin stock market, it's the demand and supply pushing the price up/downwards.
" l- T9 Z+ H0 N: }  i5 d$ i. Q, MFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ M3 b$ T4 p- A; w7 K0 e# B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 Z0 E$ h8 |! ?& J
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. 6 Q. U8 F3 \  X$ K0 r# f5 v6 a! X
but the value of their assets did really drop significantly.- y; q6 A$ ], r; T' b
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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: s. W% }4 A* \0 f$ w% |$ h4 N; L
Refer to last example,, p5 z3 t; f1 C* X
that means bank A have no money because we borrow 10 dollars from bank A
+ d% [% A9 i4 ~6 E& j7 yBecause bank A doesnt have enough cash on hand 8 K) I9 W' U  ?" N* P
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ n$ ?+ {! d. E# g; x9 X! l# pA->B->C->D->E
0 @( b! b0 |. i: M4 ~  [5 @so does it mean if E failed to pay D, 5 Y6 t) [+ N* O' m# T  T
all the B,C,D,E have to go bankrupt?4 v0 ]1 w( [, i
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the multiplier just tell how much money created in a whole economy, " A% i5 ?) f8 E1 G8 ~( y6 u
in this case it doesnt really matter how much money is created, $ L$ b4 }4 {7 r8 @
it's the problem of the debt itself.% \" o/ E4 y1 W) C. w% D
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
$ y5 E' e8 c/ F9 L8 _8 ~# Y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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2 j; |0 V7 D  E1 u; F0 _無可能淨係有人蝕錢無人賺架嘛...
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9 V* b8 D' N; `+ `) F敬請各師兄解答, M) ~) d5 r) O5 p

- |* r- O* w) IThanks

# ?" Q& u  d6 t- Q, u& o& ~+ I那些根本係 紙上財富  1 ]0 k4 ?! [, b8 e1 J3 }9 K; m% W1 B
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# E- f0 N1 @8 j4 m0 \7 @

: o- R, P3 b1 w0 O( |+ f# j- Chttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產/ Z% ~4 f) z0 f7 B$ f: [( I
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 b& R, {& [+ z, I. c( z# X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
+ [4 U: R! S0 ]/ W  s個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
9 L/ k3 L& Q5 K扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
; y+ ^, Z  h3 Z% u. P計番回報率就已經係50%,所以可以好好賺
* ~% K. {2 |& h" _1 b前提係銀行之間要互相信任先可以咁樣借法- Z" l; \+ F2 k4 ]9 w5 E
同埋個市場既前境要係好先得
2 c/ N( B, D7 G2 k! P: ?但當經濟一差,公司估值趺了,物價不升反趺- V5 c" M+ e$ D% t- _6 p5 N
例如剛才說10蚊的, 趺到得番9蚊,
% Q: X6 @6 e. `* W! T( c咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' z1 H5 S, b6 U$ i2 Q% s所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
& g$ u7 G2 r8 L/ I6 L7 Z, N/ g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 H4 D) P1 R% W7 K+ O0 I, U. _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , [+ W, M4 r6 e: @7 `
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/ }% J% a) x- @9 N, D4 c6 m. 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
0 v7 h: \7 @7 Y3 ~唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 z+ H2 S1 G' p4 N6 N: a8 A淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; K) s) ^# Z& {. h' v4 C7 ?+ x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5 |6 V) h) U: `3 P3 H5 o7 p
咁你話d錢蒸發左去邊? ...

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& y+ m9 L$ K5 F正係咁樣
$ y' h+ x+ V* d1 I! u( T1 \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
6 ^( K' [+ ^8 u, a; G6 ?分分鐘佢地唔使還錢7 e+ x/ e) @/ O
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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,) c! ]/ S7 r& d
連國家都係問人借, 不停發債券, 印鈔票
4 j3 U) D1 x3 t一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
$ T/ H' G( `0 P1 B) N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
, D% j. k8 _) I4 C; {0 X咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...  J3 e9 O  U; U# ^
因為以前未生產, 先消費
8 [0 v# \7 R6 ]) q而家就要多生產, 少消費