0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif) ~$ h9 a( E+ f& O. ~% Q
Why bank will sell 借據給第三者???, x2 _5 g* o9 N7 A1 D" D
I was so confused.....

9 H' \+ r# j7 p
/ j% ^  ^' q* J8 O# z) o" y+ n講到尾都係賺錢) x; D, e2 q: T& x. ~; O
so銀行可以不斷放款) q* v) i( k( P
美國的房貸問題散佈到全世界
: y; q' v. K+ g9 k8 |
: |: T' P( D6 F9 T$ x, ]mortgage loan 8 p* C. N/ Z( b- ^
>conduit+ M+ s( c9 ~9 N. Z" |
>RMBS(Residential Mortgage Backed Securities), F$ t* u4 ~7 @
>arranger, A) e9 d( Q! T6 Z$ s- E
>CDO(Collateralized Debt Obligation)' b8 g* @8 P: d# W8 r
最後去到投資者

Kev

i thought it is the reason of rate of return.1 V4 \8 f$ R& R: p1 Y* L
CDs could have different ratings, AAA -> F,
/ u8 W9 ]% C5 ~$ [" hmore risky ones would have higher premium (interest rate) as a compensation for an investment.
1 _6 w/ `$ f) P; A# a. m/ _main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. W6 S6 k2 `) j1 L+ Ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& I) N  F5 R3 Z9 ]* t1 y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ v  [8 I  P  u( I" n4 B
similar to bonds, CDs trading in the secondary market have different value at different times,& j2 B: G! Y  k; z
normally the value is calculated by adding it's principle and interest.
" Q9 h& \3 J& Eeg. the value of the mortgage+the interests to be recieved in the future. ( X* C. _3 H, t0 _6 H0 f- ~
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.
8 e- ]  R& K/ n4 u2 W; R% }7 p9 ^, b. A
im not quite sure if the multiplier effect does really matter in this case.  n% U( |0 `6 `: Y0 {3 v
in stock market, it's the demand and supply pushing the price up/downwards.* s  x  s6 e  o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: O5 r6 C$ s( @4 P; U5 {
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 Q& T# s* y+ x# r; a# i. zThe 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.
" ]8 a2 s( ~0 n3 P! h% Mbut the value of their assets did really drop significantly.3 S  c: c  y  v" o  s

3 i$ A- n- l5 y[ 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* z# m+ g6 I# ]% ~  o6 B, D; y
Refer to last example,
5 J# f, M. \  j3 I: P! h& ^" a- D8 u8 xthat means bank A have no money because we borrow 10 dollars from bank A 9 {) d2 t; U7 Z) `3 m3 X3 P
Because bank A doesnt have enough cash on hand
* l# Q: {0 ~! Z# J/ a8 ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

: Y. d( [; N; s, ~2 v5 C5 \1 F# d6 ?5 d- k5 d2 j

$ V3 v* d  P* [  x# wA->B->C->D->E
0 t8 n! L" Y: L3 p" uso does it mean if E failed to pay D,
  w& ^+ {3 |& T" ~# Kall the B,C,D,E have to go bankrupt?& F2 s0 D- z9 }6 K
% x: M- Q+ ]: }3 I3 n3 {& w6 Z
0 L6 U3 `. a/ b; G3 C
the multiplier just tell how much money created in a whole economy,
' |- y% N! I5 _) D- Xin this case it doesnt really matter how much money is created,
. ^3 s/ o: w5 J: G5 {! r8 dit's the problem of the debt itself.
2 d. z4 K; p5 V7 Pthe 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! Q4 r0 X+ j! {4 k
小弟一直都唔明...
) w, T: I0 J5 S* O
1 s( P  I. i, a- k全世界都蝕錢，咁邊個賺緊錢呢?
* M( L$ P& p$ w$ z6 L# k1 m9 d3 L+ D+ N& g  o! R3 n
無可能淨係有人蝕錢無人賺架嘛...
" _9 Z* F6 P" [7 L  {, p& y8 J! K
& G% Q% o, `; i+ p8 T: b敬請各師兄解答
8 j! [; ?- j6 v" }+ @5 V! Y* m& ?. Q! D9 o% k$ m8 H
Thanks

3 U6 m( m* D! ^. f8 N  Q4 |那些根本係 紙上財富  $ j, T5 c0 I3 P1 p/ t
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 i5 {3 e1 q( W$ g0 N
' [: u, \6 _" Z, `) whttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
: c2 Q0 v$ H' _$ h( Z: D' i4 d; L/ X當經濟好,投資銀行相信會賺錢, 物價既估值相對較高/ J3 g, Z" A! R/ E' H7 V; X
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& L; g; a* @$ _, r
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦' `, c. X! V, Y3 I' l
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
7 d; j- Q5 d$ n8 a計番回報率就已經係50%,所以可以好好賺
  Q% o& O. H3 d3 d) B" ~' m前提係銀行之間要互相信任先可以咁樣借法
8 X5 _! j) K/ ~+ [3 K6 f4 r" I同埋個市場既前境要係好先得: A/ r. _  y$ G/ H3 f. H
但當經濟一差,公司估值趺了,物價不升反趺
" v! W) k( s; {4 J例如剛才說10蚊的, 趺到得番9蚊, $ U/ [0 w- j0 }& B# ~3 H; D
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
$ V, X1 V3 s) h所以你就會覺得D錢好似蒸發哂咁( w; K9 ?5 M* w+ Y5 h/ [4 [

& }' o0 }. T2 Q7 d# {! b" f你都可以當標野咁諗, 個樣野多人可以狂升值,
3 K* j' P: n3 W+ z% D% [% t( _2 m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,
. B8 M  d# R9 t6 |& _8 @# v淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' _# f2 w1 I6 _1 O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 |* n- s9 K6 N* G# _: s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
0 U% P: G2 v! E% a& O唔係d錢蒸發, 而係比美國佬洗晒未來錢, + X7 S' D' O3 ~2 W- c
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 R# |9 m: P( ~+ S# K
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
6 t7 m6 @( |) d7 A2 W0 g* B8 @1 Q咁你話d錢蒸發左去邊? ...

5 w' W. d; f" G
: R/ C# y  E# Q" z正係咁樣+ _2 v" Z. ^8 X; ~! L
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 |9 w4 G$ Y6 w3 ]. t
分分鐘佢地唔使還錢
  |. E. w, H, P: ~
2 ]- S, @- Y% t. d" A  Q$ k3 q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,
: u" m' o5 f% _! m連國家都係問人借, 不停發債券, 印鈔票
. G5 V% J- p2 N  D一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( g7 k* Y6 L/ p6 n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
; D5 n5 [$ Q, v' x5 ?, @咁而家"爆哂煲"算唔算先至係變番"正常"???

/ u3 T# G7 o! d# U, d

1 ~! T9 I/ ^$ w; b9 K; L8 M其實係..." k" M- v) \9 D6 ]  \" R, |2 e+ M* Y
因為以前未生產, 先消費
* W/ f) ]$ Y4 a$ o* `" [而家就要多生產, 少消費