0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
8 O& y6 L4 U7 ~/ c# VWhy bank will sell 借據給第三者???
) [" t' }) E4 v6 ~: ~5 X' MI was so confused.....

% d/ ^  D$ l" a4 O0 j
' U; K* [7 Z% |7 w1 H: }" D
講到尾都係賺錢
+ g7 }  ^- w& \, d* f* G/ iso銀行可以不斷放款6 f: L6 ~/ }# X% k$ i
美國的房貸問題散佈到全世界: J% A+ u. O5 v, J" t# b4 O
+ Q1 F# c, S+ X8 S( ^2 P" P
mortgage loan
- e! w& F& U, b>conduit- b$ w8 F7 Z1 v; |1 b
>RMBS(Residential Mortgage Backed Securities)
% q8 L1 O) s2 `4 V>arranger9 V: [" j+ t2 I$ p- C. {( i9 p
>CDO(Collateralized Debt Obligation)
+ z$ U9 f/ S5 D& X  r! C# I最後去到投資者

Kev

i thought it is the reason of rate of return.
) F+ J2 [8 z  G, ICDs could have different ratings, AAA -> F,
! f5 r4 \* R( J& c: d7 s3 Q$ F9 Cmore risky ones would have higher premium (interest rate) as a compensation for an investment.
5 \4 G" l" {6 `7 v) Amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
: C2 @, w* k; Oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" R" {' m4 I, R  `9 t! U! n$ xAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ Z/ z, A4 ~4 o; P
similar to bonds, CDs trading in the secondary market have different value at different times,' _' R" V* _9 h% v/ P
normally the value is calculated by adding it's principle and interest.
! Z( O) u# e8 t0 Zeg. the value of the mortgage+the interests to be recieved in the future.
* z( C, S) j! ^  J$ \7 I- e# u) N2 Bbanks 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.
% u$ Q1 J' u' J+ p8 U" ?0 o  a6 V' I! `2 c( f2 l
im not quite sure if the multiplier effect does really matter in this case.
' j' D8 A9 G5 M  i: x" U' sin stock market, it's the demand and supply pushing the price up/downwards.8 Q) K1 a& b% W8 v0 S
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ P7 T1 f$ c0 x' _
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& F: {2 X6 G9 V1 K) |, l/ ?: E5 dThe 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.
, ]7 ^, f! k; r" Y7 w* I* Xbut the value of their assets did really drop significantly.
) Q- w/ q5 E( z, ~+ @, S' E$ C" c" Z$ }; Y; D* ~
[ 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.gif3 n4 ^. z( \3 Q
Refer to last example,+ w5 p3 m' ?, J; b4 q
that means bank A have no money because we borrow 10 dollars from bank A 8 j5 P& C. L! t. p6 x% h% R3 w
Because bank A doesnt have enough cash on hand
  Y% e2 f2 D- Jtherefore bank A need to be bankrrupt ??? Am I right ?? ...

; S2 W2 u1 p+ _0 f
- s5 Z6 G6 z+ a
3 i* o* \' b6 L/ q# QA->B->C->D->E
! P/ z7 T$ p) N2 W/ z# Yso does it mean if E failed to pay D,   d, ]: X; F2 t. i  e5 Y4 L$ J
all the B,C,D,E have to go bankrupt?
- y2 w( r+ v3 a( V
) M' C) G, v2 w9 Q2 \
# Z1 a/ f* _7 w' `4 t6 ithe multiplier just tell how much money created in a whole economy,
$ {  z' i9 k8 F6 K2 ^- Xin this case it doesnt really matter how much money is created,
* \# W. n2 b" y7 ^it's the problem of the debt itself.( j% s- v8 a3 F4 v1 M
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
! ~# R: {! P# M* M+ `5 f# s" ]小弟一直都唔明...
7 @& C9 Z5 V1 H- F3 x, m
! z; M! s+ d/ B& a全世界都蝕錢，咁邊個賺緊錢呢?
$ l' i9 i1 E  n) Q% M/ R* f' V- ]; t' \% {2 G& M+ ~
無可能淨係有人蝕錢無人賺架嘛...
' u& C1 j* y  J: T$ H
# M: _* T/ ~7 k. x& ~% @敬請各師兄解答
. d* v& A! I3 E0 M1 ?5 k9 H( `5 ?3 n
Thanks

: |) X7 }7 b! X# K, L那些根本係 紙上財富  , A; c' a5 ?' Y" L$ r
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% f2 k* t8 D+ O: N7 [4 Z

/ m2 }! c5 B; E6 l" h! dhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產) J9 a3 D: W2 t
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高# z* e7 I+ x8 ]
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, H* f- ]- {7 v) {# M) n. y3 a
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. P) Y! X# ~3 c8 X, m- q  E& A
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
( K- I0 x$ o& H  V( O% F計番回報率就已經係50%,所以可以好好賺  j$ n5 ^1 T5 U
前提係銀行之間要互相信任先可以咁樣借法
: u) p$ z0 P  h% c同埋個市場既前境要係好先得
# |$ n% Y) r2 m: `: \+ f但當經濟一差,公司估值趺了,物價不升反趺( Z- I$ N  F% s4 x; Z. T
例如剛才說10蚊的, 趺到得番9蚊,
+ `- ?! `& ~( T& d$ z6 _咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
3 N& Y+ \, K, T& g) J所以你就會覺得D錢好似蒸發哂咁
! d, d4 z5 |3 X7 Q) J
0 ]" D8 h1 n/ Q; l* U9 o0 w你都可以當標野咁諗, 個樣野多人可以狂升值,
! ]; G. k9 i# G& R4 |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,
! d) n% E' f- F$ \淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 l% s. A* Z  `) m& l4 a- }
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) d$ y' D! l' B. L
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
( B/ f( T! }0 U. \3 X4 k. b唔係d錢蒸發, 而係比美國佬洗晒未來錢, 9 J5 k7 F; e7 o. ]& {' ]' u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; x7 R6 n1 h0 r0 t9 i
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" j3 v6 {3 Y0 z# c/ D
咁你話d錢蒸發左去邊? ...

/ z+ {# K+ h& G/ b% Y2 Y
) m0 @' R; D+ E* a2 N
正係咁樣
. U/ u2 d8 n8 }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
. r0 n* Y( D% o/ I& @9 S分分鐘佢地唔使還錢7 _# ?4 c  V- k

  C# w9 ^3 ~7 \% z/ [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,
; p9 o8 C& h: p5 q連國家都係問人借, 不停發債券, 印鈔票6 e6 t0 Q2 @/ G) X& {
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
0 _6 C9 x- R) e2 G5 j4 J% ?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. n; f! g: b+ p& Q$ K
咁而家"爆哂煲"算唔算先至係變番"正常"???

# p; ?+ O- Z0 j
; A6 ?0 ]( z" ^3 u其實係...
5 {  k# d$ `, C7 k因為以前未生產, 先消費
+ D$ o4 Y) F( {0 }6 F6 G7 D! Z而家就要多生產, 少消費