0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
7 m3 B5 V6 Z( C- p$ lWhy bank will sell 借據給第三者???
; C, T9 r; m0 z2 G0 D' p6 _6 uI was so confused.....

' y5 b0 I7 a0 N2 B
4 e. a( t# ?- f' G
講到尾都係賺錢% h" e  |. f7 b% \+ r" g/ w& U1 d- o6 A
so銀行可以不斷放款
  C! l! g' J: z美國的房貸問題散佈到全世界
; U# ]  I5 R. v0 h
! l$ B0 `! u0 x0 f# n' mmortgage loan
2 n2 \8 W$ Y- H7 C; L- I% ~>conduit$ [" d& r0 V; U0 G
>RMBS(Residential Mortgage Backed Securities)- e% W# v* {, J: R% B7 \
>arranger6 I3 Q5 }8 q/ q
>CDO(Collateralized Debt Obligation)
; e) Z0 l. d; |, b0 z& A& X' I! r最後去到投資者

Kev

i thought it is the reason of rate of return.
& D5 M( n* {# ~+ d3 t, z' c; BCDs could have different ratings, AAA -> F,
" e# A- L2 q6 }4 W5 P" G4 W; Tmore risky ones would have higher premium (interest rate) as a compensation for an investment.
8 J% k% |& D- _4 hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 v" W5 k+ I, F' V. i7 c
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 U+ E& K1 m7 g, I4 d5 W6 qAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ ?( Q3 E  B3 m# M, Bsimilar to bonds, CDs trading in the secondary market have different value at different times,% e( ]$ M# Q, Z4 m9 o8 l
normally the value is calculated by adding it's principle and interest.
6 ^4 p1 L1 S+ E1 Q6 B, S8 t6 n% `eg. the value of the mortgage+the interests to be recieved in the future.
5 A2 j- A: {  t7 [6 t* @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.
9 `1 k! W+ q9 ]$ G6 q3 V3 L- d0 _. [# z
im not quite sure if the multiplier effect does really matter in this case.
1 p4 J- ?( e8 O6 iin stock market, it's the demand and supply pushing the price up/downwards.: T: Q, y! {7 d7 c9 H# _% W* G3 x9 k  W
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' Y& w; t& L1 t! f- Y; L# qA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ D1 j. R. X  {3 {. n7 o" hThe 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. : D' z- X* S! U9 h5 R! _- t8 h
but the value of their assets did really drop significantly.
& ]9 v& u: ?: C3 P5 C5 E' r" q# v0 K4 y3 o
[ 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
1 Z/ q1 G% S& M: m3 q' v# RRefer to last example,
# M6 l, v0 [) [. _that means bank A have no money because we borrow 10 dollars from bank A 9 F7 N7 Q  p8 v! B0 D! |
Because bank A doesnt have enough cash on hand 5 @- M) R$ s$ Z) q
therefore bank A need to be bankrrupt ??? Am I right ?? ...

7 e5 K" [" E) v+ M

! {% g/ ~! n; O. K- G' V, [' W: x  ~9 E9 s. {
A->B->C->D->E/ h9 y" E, F, r5 X/ a& a
so does it mean if E failed to pay D,
& n* V5 H9 s, ?1 \all the B,C,D,E have to go bankrupt?
: }6 P+ [/ ]" |$ m3 I) I3 u0 |, `. M' I
% g& G, t+ e. E! R* u; P" h
the multiplier just tell how much money created in a whole economy,
' j5 m# t3 U* j. ]in this case it doesnt really matter how much money is created,
7 r. I* g2 `- |5 ?5 Uit's the problem of the debt itself.
! ~/ k% e. ~' ~: j/ P! o  ^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
& t2 @3 ~) T9 |' k9 V! c- i小弟一直都唔明...( F; G; H9 u. {; e
1 \2 Q7 |4 _6 Q2 }: m# l0 ?
全世界都蝕錢，咁邊個賺緊錢呢?/ r' E4 ~" F. K8 \) i* s$ ^

9 y  n; G8 ?8 f( p& l* [無可能淨係有人蝕錢無人賺架嘛...
. l& s# U- M  o
; W0 {$ u0 l& y/ ^敬請各師兄解答% B8 s9 L0 |) v7 }
+ N; i5 g9 j$ w0 C2 N
Thanks

& Z4 `1 j2 E7 x8 B" L7 c: b那些根本係 紙上財富  
' M* g: F4 s! q2 R8 Z* L. }( ?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
; i! [( v3 n& J5 E7 ?+ e7 A
( `( x8 ^( i9 y' {* l0 v: ^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8 Y$ ~3 r$ M3 X: c. b, n* F
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
* ?$ q) X. k5 E' n# o3 U  j: 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; _4 x1 @' T2 }0 A* i
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 l& p; N- |1 H* j
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% ]. y( G: A. n& i: O, T計番回報率就已經係50%,所以可以好好賺
8 D8 [; p$ W" ~. J前提係銀行之間要互相信任先可以咁樣借法& l  L; j: o0 Z4 R
同埋個市場既前境要係好先得
% `: @  i% d7 g# E! F但當經濟一差,公司估值趺了,物價不升反趺
" e2 k( m7 Z( t" ?1 L: m例如剛才說10蚊的, 趺到得番9蚊, 7 H% {- q) k1 q
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& ]' O, e0 i/ R% n3 [6 C
所以你就會覺得D錢好似蒸發哂咁9 z! E+ d) J$ C: H0 }4 a* q4 N
6 c! E6 U0 F' o  t
你都可以當標野咁諗, 個樣野多人可以狂升值, * W: w2 v* a& L
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, + |+ G. \/ l. o4 r3 K1 l7 H( r
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   z' j- K% b4 [* x$ M' t
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! K: L5 \* F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" ^5 @0 m7 m, Q) o9 E3 a# t
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
( |" c' E& a- L1 Z+ t6 X5 }淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; f. I8 d1 F5 T+ ^) G& f# 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) D6 A" V: m9 K0 a* ?$ \
咁你話d錢蒸發左去邊? ...

4 i% h" q% y" M5 r
. ]+ R& {3 N9 y正係咁樣
8 y- p( ]8 R- D. x, o) q- e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
# ?+ g( y" H/ |, p7 m: m分分鐘佢地唔使還錢9 r- |* M+ m0 K5 l/ V
/ a7 Z% X, k( e1 c9 O/ o. H
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,; P( u( x, C9 p4 M% \: s
連國家都係問人借, 不停發債券, 印鈔票
$ v- y, i, ?8 {- d$ ^6 i一個國家好少出口, 而又大量入口 ,反映到佢唔多生產, J$ v2 ]. D; c2 H
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
# d: z" h) w7 Q6 D  l咁而家"爆哂煲"算唔算先至係變番"正常"???

0 m/ T! P; K6 \) J+ e; s( c- {& M  \- a: p" U& I* B: w
其實係...3 I; m; A0 @5 Z
因為以前未生產, 先消費! g# D" a* b7 [: o7 p+ ~
而家就要多生產, 少消費