0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 ~. E: a/ L, R4 s% ]7 GWhy bank will sell 借據給第三者???
/ _' E+ y$ u* ?3 k  t# II was so confused.....

! E$ ~% o# h! U/ J& s
, l/ q) X+ w; b7 a$ ?* h
講到尾都係賺錢' G, a" d! j2 X0 N
so銀行可以不斷放款1 C; l8 u; a- S1 p0 f
美國的房貸問題散佈到全世界8 [: e5 N) m3 r& N' ?
* W* K9 [) t" X8 |0 M2 Q7 k3 C2 }
mortgage loan
, E2 C  M) Q; j  r. O>conduit
# I. p2 v/ [3 |  \/ O+ ^>RMBS(Residential Mortgage Backed Securities)5 y/ j) ~  P( r) k  W: W
>arranger( B. O1 ~! X* S" J
>CDO(Collateralized Debt Obligation)
) n- f7 z4 X% o# x2 v, [最後去到投資者

Kev

i thought it is the reason of rate of return.
& @! e3 }: n5 f  |. R* K$ PCDs could have different ratings, AAA -> F,: p1 h+ c6 I- H
more risky ones would have higher premium (interest rate) as a compensation for an investment.
" q  V4 \; {- I) V4 D! Zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. \8 H6 \( M! [& q/ Q' }9 m+ ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 Q. r  e( N' T, }: [* F$ BAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 \" }2 o6 Z" Q! o( b6 l. a  K6 E
similar to bonds, CDs trading in the secondary market have different value at different times,0 `  {# o" \; c: S- C
normally the value is calculated by adding it's principle and interest.
! N2 E7 d9 G+ G2 heg. the value of the mortgage+the interests to be recieved in the future.
- U3 @2 I: _( Q% o( k; cbanks 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.
, ~8 S# U& ]5 s' E$ D2 X% l" H. q3 E* J; P- ^0 Z$ n
im not quite sure if the multiplier effect does really matter in this case.* \: l$ Z% o: K. M8 ?  Q
in stock market, it's the demand and supply pushing the price up/downwards.9 X2 e1 [7 e/ D9 l  P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# {) V1 r* e& G( ~+ k9 ~
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 q% O: A5 t5 S7 v: \% R7 {
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. + U- B- {& S7 C+ q7 ]
but the value of their assets did really drop significantly.
# r6 k( P: Q  m- U& A! n- D; M! M8 X8 g+ `% x- G
[ 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.gif2 X" x" w6 k# h9 a/ O- Y5 g
Refer to last example,4 p% \8 \, n2 n4 P3 w$ C) ?
that means bank A have no money because we borrow 10 dollars from bank A
' ?# y6 j  m  ^3 o( r& _Because bank A doesnt have enough cash on hand 6 q5 N2 P" e$ J2 r
therefore bank A need to be bankrrupt ??? Am I right ?? ...

' R' b4 X3 ?' w+ f) [

! i6 a! p1 U5 o; i0 w3 I1 w/ E5 ?3 w
$ _& [" x9 Q, J+ P  PA->B->C->D->E
# }2 u. i, V/ [! yso does it mean if E failed to pay D,
2 |6 Q/ t/ s* x; ~' Dall the B,C,D,E have to go bankrupt?1 r. _. U9 z+ _( @: l

( m  F: D8 ?; C! Y
  M* O. ^( ^, {$ S4 b3 Q! Nthe multiplier just tell how much money created in a whole economy, * [. e" U& q5 s3 p2 Q/ t
in this case it doesnt really matter how much money is created,
3 W! k, @  n# q" t: _! W+ Bit's the problem of the debt itself.
- J  G) q3 i. A$ @, y$ D( U- t1 othe 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$ K" A" w2 t4 U& O
小弟一直都唔明...
9 _7 f& r6 M# S& g! Z# ?
* ~8 d; T  _: \! ^9 @4 c2 L全世界都蝕錢，咁邊個賺緊錢呢?$ J  @" ?* [8 w5 B1 U! x! W
9 ?# J9 a9 \- r3 _- `" ^# l
無可能淨係有人蝕錢無人賺架嘛...
2 N3 Y& D! C! q# c1 }4 q& ^
8 q7 k) q) C: }7 ^敬請各師兄解答
" o! p' {4 c* v4 g3 A$ ^( }
! X; V; y' G" n& U! F7 V! \4 o8 L; A. a! TThanks

6 B* F. o8 S3 q1 s  W& O3 |8 ]
那些根本係 紙上財富  * l' H4 _% h; Y5 B0 M
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 graphic0 v1 N- x* S1 Y) ~. V
( Q, x" ^0 ?+ D2 ]2 U1 @0 E$ P
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
$ e+ G( g3 w2 o- q當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 K1 x6 J+ w0 G( H; b2 [
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 j1 H" W- ]+ S7 R; I$ b
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 s8 }# ?9 N! w. l) \7 p扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,9 {0 v! @& c0 T" b! ~
計番回報率就已經係50%,所以可以好好賺' Y5 M+ Q0 z2 V
前提係銀行之間要互相信任先可以咁樣借法
# x3 I! B0 G5 B  @: ?3 p同埋個市場既前境要係好先得1 O! q0 X. v  U7 {
但當經濟一差,公司估值趺了,物價不升反趺7 _3 ~* r- o$ E
例如剛才說10蚊的, 趺到得番9蚊,
% z* |1 H0 C) z7 g* W3 b咁投資銀行一下子就要還11蚊, 一來一回變左虧200%0 ]9 [& r4 \9 f6 m
所以你就會覺得D錢好似蒸發哂咁" k4 y2 G+ H  n+ f; I
5 t0 ?+ ]3 G$ F: q' d3 p4 P# k
你都可以當標野咁諗, 個樣野多人可以狂升值,
7 _4 f7 i$ s/ ?5 k% x- }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, ; H5 ^* ~! [- T4 N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 l% H+ R  s$ t2 e, ?
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
0 {. r5 u" [0 S& I9 j1 V; m" @' 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, @$ `  D1 e9 X6 d( @" N
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ( q3 y+ a6 D" S6 W5 `8 ]" u: O
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 T( T* |) q1 d* n: 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5 Z. a9 g/ K9 `- n6 I0 v5 |; \
咁你話d錢蒸發左去邊? ...

0 S9 T" ~; V0 T9 }; z
% u& X. E* \  ^7 z$ ?: P正係咁樣+ u4 \. S9 k6 W8 w
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
  I# F/ t4 D4 _分分鐘佢地唔使還錢
3 O. O3 d/ ]9 r
  l0 J  g- d- \- Z5 S4 ^& D7 \" y. T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,
# a3 _  q( X8 |" k連國家都係問人借, 不停發債券, 印鈔票
2 Q: _- h3 o5 d# m. z& s& T, v一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
0 l  C1 _$ s9 b: B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 r, W8 m% Q1 M( a咁而家"爆哂煲"算唔算先至係變番"正常"???

4 }7 B+ p# \! c/ c9 Y6 R- J: [# n' M& V9 A6 K
其實係...
' S  c7 ~! ]% w6 t; ^8 C3 y因為以前未生產, 先消費! |; b; I" R6 ]/ S: F& }6 P
而家就要多生產, 少消費