0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 I- p" h) U1 ^& oWhy bank will sell 借據給第三者???2 @/ Z6 U5 a. z! X. E
I was so confused.....

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& R: s1 O- N8 |  a& S8 U, g9 f3 _# _講到尾都係賺錢8 C- _2 n* L4 R& }: D; r/ L% e
so銀行可以不斷放款+ ?7 y5 W. a: b3 k5 g
美國的房貸問題散佈到全世界/ ?& z! a. B+ N% T4 X4 D% h

/ M* p6 F; f0 h2 Gmortgage loan
* K! M9 {* ~( J" x9 C7 r3 G" M>conduit
) z- `* x- \/ i* ~6 p, \>RMBS(Residential Mortgage Backed Securities)3 |( {* V6 o5 n5 F! p
>arranger
+ p: ?( Q, }9 Q9 \>CDO(Collateralized Debt Obligation)
5 B4 F/ G' r" h( j" ~1 w. m' q最後去到投資者

Kev

i thought it is the reason of rate of return.
6 U4 f  ?$ x9 Y7 a+ \( Q% V- aCDs could have different ratings, AAA -> F,, L) c8 l) \$ M
more risky ones would have higher premium (interest rate) as a compensation for an investment.
% a& y6 f! H! |( q/ e+ cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 f7 ]' s. {0 ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 X3 |  T0 d$ ~7 H$ b
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. Y" C) h* u+ H! e& b- isimilar to bonds, CDs trading in the secondary market have different value at different times,
0 J+ T7 B9 R# X0 q' e1 Tnormally the value is calculated by adding it's principle and interest.
9 [; ~# \' U  i' r; {* t7 ^eg. the value of the mortgage+the interests to be recieved in the future. # f/ C; A2 ~# m& k1 B9 t2 W
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.# P- ^% ~% y# h! d
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im not quite sure if the multiplier effect does really matter in this case.' ]6 c" V: ~  ]2 {$ C5 a# X, d* J) @. G
in stock market, it's the demand and supply pushing the price up/downwards.
; N7 E$ g! K8 ~; s. P9 o$ ]2 \5 D3 wFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 B" [* x) ?9 M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. l( z. q+ r2 v& v
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.
% G7 M8 r7 O- q0 f% g- ~but the value of their assets did really drop significantly.5 G1 s' |- [  y" ?* z0 a, {
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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! P  V3 c) c- k' X: j& v
Refer to last example,# m' ~& [0 @6 F1 y$ l# m7 d
that means bank A have no money because we borrow 10 dollars from bank A
: H9 \: N& d% O, g  z5 ?% x7 yBecause bank A doesnt have enough cash on hand 4 A1 z( g. `4 r/ y
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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$ `$ S7 r) V0 w  A
A->B->C->D->E
% E7 Y5 {  O5 C9 a$ S* Sso does it mean if E failed to pay D, : x/ R1 n4 z$ q7 ^: R0 A9 @
all the B,C,D,E have to go bankrupt?% w/ F1 J2 y8 ]" l0 X
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the multiplier just tell how much money created in a whole economy,
1 U/ r, Y+ k* _* z; L& y/ N8 n! l* Kin this case it doesnt really matter how much money is created, 5 f0 h. k) f' ^5 N$ @% N) P" k
it's the problem of the debt itself.
2 Q6 Z8 V* q% z! ~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
; |7 R; [% n+ z% T小弟一直都唔明...9 A; \9 c* p# q% z  ~

' {  Z1 ?  H+ C全世界都蝕錢，咁邊個賺緊錢呢?) N' G! E; ~4 |& }/ I; e; j1 l

5 s3 z: E  O0 A+ F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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Thanks

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那些根本係 紙上財富  
5 f  ^4 r/ D! F/ q0 a0 H+ _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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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+ E2 [- D( d6 P+ s6 k
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' y1 j5 g, i6 O! Q
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 R$ K$ U# X9 U) W
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% z4 N3 L6 \9 O+ [扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 ~$ K" ?6 q- `% _. V9 e計番回報率就已經係50%,所以可以好好賺( e4 S2 N  z: E& i$ K7 p# Y
前提係銀行之間要互相信任先可以咁樣借法- `* O, I2 b- A
同埋個市場既前境要係好先得
) j3 i% R2 F3 {: e1 \* O7 h8 F8 b但當經濟一差,公司估值趺了,物價不升反趺. s) T& V1 z4 b- k# |
例如剛才說10蚊的, 趺到得番9蚊, # p' u* b: A+ P* D/ ~1 m
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% W' f& p& R0 H0 e  r! R4 S6 `
所以你就會覺得D錢好似蒸發哂咁  H, Y# J  M( X9 q5 w0 L
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你都可以當標野咁諗, 個樣野多人可以狂升值,
' H; F2 \. ]1 m3 p( D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,   ?& i2 j1 R4 O  x* d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ w8 F7 C: x1 ?% 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 z% \( Z3 M1 N8 Y& k- R& k/ w# }
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.gif3 N: M+ H4 C+ j8 `0 B$ g, x
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
( Q3 T$ i5 {1 Y7 c5 y2 U6 m  c淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 l3 N1 K7 }# V' [
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& C/ m2 v' j- o' \* g$ o
咁你話d錢蒸發左去邊? ...

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9 E0 Q# `, _( M1 ]" T! ?正係咁樣
" {" Y' {9 n6 Z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
, u5 p# Y* n6 {分分鐘佢地唔使還錢+ ]2 N$ `, D# ^3 Q. C6 `  x

1 h8 f; O9 B$ U2 x. i4 I$ ^, q. X2 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,( t* `* N( C0 X! K( N
連國家都係問人借, 不停發債券, 印鈔票7 ?* q9 j. G0 W
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# C0 h- r5 s# o7 D, C* s3 Y* V
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
# R! R5 u( j% O& a9 J' i6 {' R咁而家"爆哂煲"算唔算先至係變番"正常"???

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; [7 j3 B2 J! [; p! z4 z6 R# e其實係...1 a8 ^: x& M( e
因為以前未生產, 先消費
. Q7 C! i' L# Y3 A而家就要多生產, 少消費