0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
# [% H9 D9 X, O( wWhy bank will sell 借據給第三者???/ G) q, ?0 L& ^. y2 ^6 \5 O( {
I was so confused.....

  j, h! o; R( i4 h, {
4 X4 X( Q( q) e9 Q& W+ y
講到尾都係賺錢( y* Y' g3 e: ]0 O# |; s% N$ v
so銀行可以不斷放款
, F7 Q1 F; d, F% V( ~. p美國的房貸問題散佈到全世界
/ t2 h% R: I6 |! I' r7 C9 H8 h) a
- X$ Z5 d7 o! u+ ~8 xmortgage loan 5 v/ {: K+ f7 Q: M/ x% s; u
>conduit: x7 p- z4 T  k! K
>RMBS(Residential Mortgage Backed Securities)
  A: n* D9 s9 F2 B/ [/ v>arranger4 I- J* P/ P" }$ F$ ]- ^+ g
>CDO(Collateralized Debt Obligation). ?2 A" h3 A* f- \$ Y) F
最後去到投資者

Kev

i thought it is the reason of rate of return.& ]6 x, s3 {6 n5 T! l
CDs could have different ratings, AAA -> F,
/ r3 B1 }  y8 `0 j' xmore risky ones would have higher premium (interest rate) as a compensation for an investment.  }' S: ?' h& }5 A
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 x# p: b3 J3 w4 iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% T) i; \* E& f9 S1 {. w- Y% G; u6 F
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 @2 [( l5 i6 A# V- Z  L
similar to bonds, CDs trading in the secondary market have different value at different times,
  z9 j8 l9 P) pnormally the value is calculated by adding it's principle and interest.
% O- a; V9 P- [eg. the value of the mortgage+the interests to be recieved in the future. , x' ]2 }9 n8 O- V1 z* _( K
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.
( I# n9 x0 U% ^" [2 q# T/ G: x8 i; l' u, y5 |( C
im not quite sure if the multiplier effect does really matter in this case.' e9 s; H) g3 ]7 A$ j
in stock market, it's the demand and supply pushing the price up/downwards.( L+ B! K* I3 L0 s8 D
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% y; P; O: C& m+ |* j! Z4 N% [A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 f- V8 M9 M& c4 n: a! JThe 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. 3 Z1 T, D( T# j/ m2 ~+ l4 y% K  K
but the value of their assets did really drop significantly.' K3 P2 n% m% L+ R( m% ?/ |

! K9 \9 R" J. h8 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.gif) E' T5 z8 q) a# ^+ a2 P
Refer to last example,
+ S' T* i( ^9 G3 vthat means bank A have no money because we borrow 10 dollars from bank A
$ v4 V! z" p' N; L9 DBecause bank A doesnt have enough cash on hand
& n! E  Q+ l- T/ a9 s" k3 Qtherefore bank A need to be bankrrupt ??? Am I right ?? ...

* D/ B! p3 W" o
. w7 h1 ?% S8 D- I2 i) `# B  T! q8 c
A->B->C->D->E1 V( V- O  E' C& V! g
so does it mean if E failed to pay D, , E& p+ @# E+ j% j
all the B,C,D,E have to go bankrupt?' }6 v  O9 ^2 v' ]  R
! G( {* ]+ Q2 ^5 m/ L( U! D
0 p- m8 F2 S1 C. H) w! Z$ l' K! u
the multiplier just tell how much money created in a whole economy,
/ c& Z9 E' D) d1 O$ `3 uin this case it doesnt really matter how much money is created,
$ ^1 J* O0 `! @0 Kit's the problem of the debt itself.
2 d: o# v9 p9 `! A6 P9 u# ~0 {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
& R3 B0 g3 f  Q7 Q小弟一直都唔明...
0 k  }. N3 ^; ^5 _, @9 c
/ H. C% `+ ^$ P+ v- S+ j- N全世界都蝕錢，咁邊個賺緊錢呢?# w; x% J  }4 J8 Q* x8 t; k- T% R

) D" V$ c8 Z0 A. N; N無可能淨係有人蝕錢無人賺架嘛...% E4 Z# b: u2 k4 j3 v

9 T2 u% y' p; g" C! e, j敬請各師兄解答/ B5 x+ O3 w7 R) W" d2 \8 d9 h
: c# x$ v6 f( {! T+ T% y+ m
Thanks

4 i1 x3 B+ A; x5 p- x: i那些根本係 紙上財富  + V4 y, ]: m" h6 Y1 A: c4 X9 S
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 graphic1 U0 g  r5 H. A4 T  a

- v* @  z5 V. b# f) o0 {$ [8 Z0 k2 ]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
  I  E. e- C. O! w% g當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 z8 C& D, \/ q3 N- s3 B/ @) M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
# n' I3 ], F* D4 [+ ~個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
' f8 J$ G6 Q# M4 W3 Q扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
: @/ m5 ]( {' F/ ?/ I計番回報率就已經係50%,所以可以好好賺
% P  Q, b0 @% J$ c$ R0 m前提係銀行之間要互相信任先可以咁樣借法, \1 C  A3 N- K1 i
同埋個市場既前境要係好先得
& p) u  m# u4 K4 e3 h; L但當經濟一差,公司估值趺了,物價不升反趺
( E& X2 P4 z& d例如剛才說10蚊的, 趺到得番9蚊, . k% l8 x% l8 u  ~3 w+ U+ G
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) {8 R% x2 h7 {4 q8 j
所以你就會覺得D錢好似蒸發哂咁  o# }0 B+ Z5 o: E) R4 S5 s" t

+ D& F% \( u! A) F( ]! S你都可以當標野咁諗, 個樣野多人可以狂升值, + X; T8 b/ a' x! Z: 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, / ?3 i  o& d4 ?# \
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! D6 r" A- Y# D/ R/ 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% P. W  U4 G6 P% G: d! I
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& \; r, `; U$ n
唔係d錢蒸發, 而係比美國佬洗晒未來錢, . E5 O  z. w2 I* |9 Z2 o9 Y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: Y; r. k  N6 u  ?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  P; F: {& y" z( a' K* ]
咁你話d錢蒸發左去邊? ...

! }  s4 Q* T9 j- T
; v. t* d( y8 m3 T/ Q$ j& A$ A正係咁樣
9 l5 ~  k& w8 j0 {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
0 P/ V4 Y) \7 ]1 j5 ?3 k2 z5 d% {分分鐘佢地唔使還錢8 c  x+ ~) c) E3 _! g* d: b6 ?  N
  v5 a& H, M) b! {& F; ?: ?5 I
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,' [, L+ H$ D) a
連國家都係問人借, 不停發債券, 印鈔票- _0 K  J5 E8 f
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ W  I% f5 O' u) c6 ^
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
+ A- O+ ]- y9 c咁而家"爆哂煲"算唔算先至係變番"正常"???

, v+ x) m5 d0 u! S# I' s) c3 t4 e- B3 q0 f
其實係..., f2 X4 H) {& k$ k) ?, a
因為以前未生產, 先消費
8 q# j) r7 b7 @8 V' s5 }而家就要多生產, 少消費