0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
& v" ^( C% f9 ZWhy bank will sell 借據給第三者???* l. {3 I, f6 K/ v% }, Y5 J4 c: c, W. S
I was so confused.....

4 n0 O& ], G3 I1 d0 x& L1 F# F0 P2 w+ l1 M2 E4 o0 B
講到尾都係賺錢9 x& \9 t% j; @
so銀行可以不斷放款
4 j1 a. Y# M( B# t. n美國的房貸問題散佈到全世界5 F. C1 e, i# H' o9 D+ L
- T, u0 i$ d" t
mortgage loan ! s8 s5 V+ N, d8 E: T* |' u7 l% d  f" T
>conduit
9 U* b1 G1 X: ?. d>RMBS(Residential Mortgage Backed Securities)5 |  j- n4 V# y! I( H
>arranger1 `* ?- F7 y" I% @5 I5 M
>CDO(Collateralized Debt Obligation)' A- X0 {& L4 D3 `- N$ \
最後去到投資者

Kev

i thought it is the reason of rate of return.
: @  U5 F  `- m. U7 pCDs could have different ratings, AAA -> F,% m  `8 @1 V9 j% ?) w
more risky ones would have higher premium (interest rate) as a compensation for an investment.
' T7 \/ N! {* e3 X; g0 |/ y0 b) P$ Mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 X! V. y3 Q/ D
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! M! m3 ~; }# R3 K1 S, \" CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ z' v: X1 o+ m
similar to bonds, CDs trading in the secondary market have different value at different times,1 f5 x! k; I; @3 Y. g
normally the value is calculated by adding it's principle and interest.
! K, f' C6 x0 s8 ^eg. the value of the mortgage+the interests to be recieved in the future. 5 R4 ^8 E* Q' O9 \9 t0 U# z+ @
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.2 G& c! W7 T0 Q$ Z
" Y- H, G! r1 ?2 B
im not quite sure if the multiplier effect does really matter in this case.
1 e) X; g: C  J$ m: q" y1 D8 I% din stock market, it's the demand and supply pushing the price up/downwards.8 J2 Y# P7 K% a: }* M
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' @. |) V2 d% [3 Z' d3 X9 tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. x' J# a0 q/ Q9 i3 w9 u% w% n
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.
" D2 v  c& w9 `5 `6 ~  z2 I, X2 }! ^but the value of their assets did really drop significantly.9 h1 {" A! g" H0 G( d8 H

: f2 A/ X( t8 Y- `, 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
. }- [, S9 m9 f, I7 ARefer to last example,
/ T* T4 Y, r" t& f. B, F, zthat means bank A have no money because we borrow 10 dollars from bank A
7 [  M5 L, p/ C! @8 w+ s; O* Z  ]Because bank A doesnt have enough cash on hand ; m: F5 B5 r+ S( N9 s6 l
therefore bank A need to be bankrrupt ??? Am I right ?? ...

$ s7 g" r. Y% O# t  S; ?6 Q+ t0 D$ T1 L$ k- t) U) }5 C

& D) Q$ @7 K: F6 v1 BA->B->C->D->E% [& c) \5 t. z1 `0 p/ E5 F6 t5 d
so does it mean if E failed to pay D, / e" O7 ?+ A: [- |# @
all the B,C,D,E have to go bankrupt?
. [4 W  C. `6 t" T( p# [  g! b% \6 r1 P3 R$ B7 S9 U- i
5 ^9 T8 a& `* I& O
the multiplier just tell how much money created in a whole economy,
$ T$ W7 \) h: e9 W0 ^in this case it doesnt really matter how much money is created,
% [5 R+ N/ x# E$ g2 }8 Y0 zit's the problem of the debt itself.$ Z0 D% f& f. `$ a
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
; T# ~! _6 u4 V1 P小弟一直都唔明...$ ~; U" c) O5 ?  Z! u
2 E( o( U8 R# m# Z9 i3 M
全世界都蝕錢，咁邊個賺緊錢呢?
1 h2 ]2 g) j3 u0 e# v2 Z9 f7 R* \1 Y
無可能淨係有人蝕錢無人賺架嘛...: D% D  J; H8 |9 d/ n  w9 o
3 Y) ]: r8 G8 X) H
敬請各師兄解答
8 m9 l0 Q" @" ]$ |3 C3 V' \  T( M% ]3 y- _$ F2 \
Thanks

- I& V5 g2 h6 t
那些根本係 紙上財富  
3 r6 \  ~  v4 S1 [3 }1 [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
  U) J! o  J7 o* K4 z" r7 E" G( J, Z/ C! p6 D, O
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
0 [/ _, d3 S, W' @! ]8 T當經濟好,投資銀行相信會賺錢, 物價既估值相對較高1 z3 c% v' H' c. [, v) [: |
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 G( @8 s2 S6 o
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 ]4 f7 p# F' [# W2 R3 C4 `' u) o" _
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
7 V2 {$ u5 x6 X* r計番回報率就已經係50%,所以可以好好賺6 u4 }1 J, K! z$ k' P
前提係銀行之間要互相信任先可以咁樣借法
1 A. A2 R: O: Q同埋個市場既前境要係好先得, c5 E3 B$ z( s/ @# K# z9 ~
但當經濟一差,公司估值趺了,物價不升反趺
/ z& c) a9 U! o. h/ t例如剛才說10蚊的, 趺到得番9蚊,
* I  V' [* }% g咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 ]& A+ `$ i7 b3 j* F1 B4 m9 w( ?
所以你就會覺得D錢好似蒸發哂咁. S/ C( U5 S9 @0 ^/ M3 K
' v. f9 I, o9 K' L! E3 y% h
你都可以當標野咁諗, 個樣野多人可以狂升值,
$ i. R/ E3 X0 d, r& o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,
- V: B0 a4 G; i$ ^6 t3 w4 _* S淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . P0 E# t$ z, }7 u8 a$ k1 _6 w
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
( B& Q* @3 ?' J0 z( G+ O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.gif0 _8 S" F1 j* m8 Z7 f  ~9 v
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ `  T( L# }8 l4 P' A淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 r6 c6 h# ?1 o+ 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# z  z- M4 `3 ~8 v" ^
咁你話d錢蒸發左去邊? ...

6 I- u" f( x! k2 G7 X# w
1 t. J+ p5 W4 @& P6 ~正係咁樣
6 l9 L" _9 I1 S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. |5 H6 {  X/ V# R# k
分分鐘佢地唔使還錢; m9 u" b* ?6 c0 M4 @
% N3 L% o2 ^/ f5 Z5 w2 x. P6 x
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,
' e1 o! q  f; P* A9 g8 |8 T% U3 |1 v連國家都係問人借, 不停發債券, 印鈔票/ f. f$ T2 n2 l- L+ r6 Q, K! j
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( q/ y) C* o0 b/ N4 V  b9 W
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.gif6 W! P4 [' m4 k3 J8 V/ @/ N
咁而家"爆哂煲"算唔算先至係變番"正常"???

* e- S, k8 Q* s  k# O
; ~; Q; I5 I5 ?& y8 s其實係...
( I. c/ h+ _3 u8 s3 y+ K因為以前未生產, 先消費
! r( w( w. L6 m* F而家就要多生產, 少消費