0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
5 s! U4 V( e5 AWhy bank will sell 借據給第三者???: X! i+ u# d# v# W
I was so confused.....

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; S3 u, g' s4 {* t' V- i7 H講到尾都係賺錢
% J8 L3 m) P+ j- P! h' ]so銀行可以不斷放款% [" H5 O2 f; Q. P& T' U2 q
美國的房貸問題散佈到全世界" R0 s) O. f. ^1 a1 x5 n" Z. O( k" Q

. s0 z0 x, J6 pmortgage loan
" I( D0 k0 |& y, R& S8 v>conduit
" Z( A  i7 |% ?4 L' R7 |! P6 _>RMBS(Residential Mortgage Backed Securities)
, O* }5 r. s0 Y+ x# Y& y>arranger
" C- J7 x) h1 o; d>CDO(Collateralized Debt Obligation)7 b( o& v% S/ n- ?
最後去到投資者

Kev

i thought it is the reason of rate of return./ l4 F% p: m1 M5 a4 N
CDs could have different ratings, AAA -> F,
6 n, J- ?0 o! n* Nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
$ a0 l% M& i3 O% F: Pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' N  V+ P$ A4 G4 i
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., i) b) Q& T) _" z7 X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. [: v) Y* a; H& B3 k. ssimilar to bonds, CDs trading in the secondary market have different value at different times,' D" P1 ~5 \. }/ s+ V" a
normally the value is calculated by adding it's principle and interest.
7 {# w4 V4 x2 G: b( }. leg. the value of the mortgage+the interests to be recieved in the future.
1 a; R$ Q2 A: c4 U0 `$ S# ebanks 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.
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: n$ E7 f& L' G% Y, kim not quite sure if the multiplier effect does really matter in this case.
8 I; Z: Y9 S8 ~8 L: v$ ?in stock market, it's the demand and supply pushing the price up/downwards.
1 V3 J! N& i" b# ^8 Z' j* dFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ @+ e$ b+ o; r$ ^% u- ^$ a6 uA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% g8 O( s/ t- u9 B6 w6 |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. 3 c; h" n; h( H5 V/ M
but the value of their assets did really drop significantly.
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# k$ g4 m/ d0 O8 n2 I# ?: r[ 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
" L, x* b& w8 y" p; w# W, O8 b# fRefer to last example,! x) P' A$ e: C4 Y
that means bank A have no money because we borrow 10 dollars from bank A 4 j6 r) s5 b# T7 N; E
Because bank A doesnt have enough cash on hand
& K( g5 ^8 \  ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
3 d# D5 K# v4 k( ]; d/ Lso does it mean if E failed to pay D,
( q# o: A6 Y4 O( `4 J" nall the B,C,D,E have to go bankrupt?- e. ~' t7 p, V4 \( O1 q
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  q9 d$ Y! ?( F' e
the multiplier just tell how much money created in a whole economy,
2 R( f4 v* U2 C8 ]7 a+ sin this case it doesnt really matter how much money is created, ' u+ s. q% ]* Y' J8 h: G- X
it's the problem of the debt itself.
  K) d+ L: r& D& Q( @6 u- lthe 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
3 ^+ O/ ~' B4 l小弟一直都唔明...
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2 T3 C" u! P3 I全世界都蝕錢，咁邊個賺緊錢呢?
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9 i# H3 a7 K: H. }" k3 D5 Z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9 J; y( @: m5 q
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Thanks

2 O' A2 V  l7 J/ [& F# c( ~$ A那些根本係 紙上財富  
/ Y$ M8 m8 b8 y& {. Q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+ `; @9 X- |2 k5 E$ a, w$ z

! J) _  T' G3 C2 ehttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產  U8 m- h: \, L
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高2 ^2 K8 e6 L; F5 i  |
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; w$ l5 O( b9 g* \  P9 o
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦  ?4 O, F0 ~( m8 `5 e# m$ K- Y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) m  t0 X, K. F+ B& q計番回報率就已經係50%,所以可以好好賺" u* ~& L$ Q, m( j3 Q
前提係銀行之間要互相信任先可以咁樣借法
0 q5 Q, x/ G  ]# e( S6 D( [  U+ z同埋個市場既前境要係好先得/ w' Y" G. F- U7 q) E3 S9 ]
但當經濟一差,公司估值趺了,物價不升反趺: j, J0 Z9 U: A$ h' z! W2 w7 ^" o
例如剛才說10蚊的, 趺到得番9蚊,
" ^0 x& _2 Q5 K1 q3 t咁投資銀行一下子就要還11蚊, 一來一回變左虧200%/ @# l+ u' I1 |9 T
所以你就會覺得D錢好似蒸發哂咁% [0 Y+ c& Y' {) C
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你都可以當標野咁諗, 個樣野多人可以狂升值,
$ k# U8 \' t) ^: \. H5 q' y/ c5 h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,
9 G7 G5 ]+ R1 H淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . h- J0 O: A. B3 m
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
3 v. r& f* O! W7 E7 n1 `' M- t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$ `2 ]& e/ E) `4 z* Z
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
1 H& N, H* B3 c淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( _2 ^/ @+ E) A. q. e! 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- _. D0 \" b5 d/ C% b& l
咁你話d錢蒸發左去邊? ...

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正係咁樣
; v+ `5 [7 M" o6 Y0 `0 R, N( T% e0 n+ G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
  Y0 s+ X8 f8 {" z% q4 \/ G分分鐘佢地唔使還錢
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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,
/ d' h# m# T  B& L# m連國家都係問人借, 不停發債券, 印鈔票4 w' }0 a0 r, d7 ^( G
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產7 \; t/ n- R- C
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  T+ H, q$ ^" {/ R) I
咁而家"爆哂煲"算唔算先至係變番"正常"???

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* O9 r* n# V& l4 k& Z其實係...  X4 c! k7 s) E( @' ]' O
因為以前未生產, 先消費2 G& }( |5 T: ^
而家就要多生產, 少消費