0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
5 L$ a& A: x! s- H  m& s! z* n# }9 D) CWhy bank will sell 借據給第三者???1 j- _+ D, O) ^: \
I was so confused.....

0 G. ?8 E8 _" g

& K' N  h! `2 N2 R, N3 `9 ?講到尾都係賺錢
: K5 i8 ^( M9 p  Bso銀行可以不斷放款
1 N8 u; }" Y3 ?美國的房貸問題散佈到全世界
' N7 A& s+ d& W0 s& ~8 Y
( S% v5 c6 \# X1 A5 a) }mortgage loan
8 G5 a& Z( E0 l! P+ m4 g4 L>conduit
0 |" D5 o; e4 ]' R1 ~>RMBS(Residential Mortgage Backed Securities)
; p+ a. {7 r! v9 P3 v/ V0 E>arranger
4 w: F2 Z( f1 h, N8 F5 Z>CDO(Collateralized Debt Obligation)
6 W+ N1 G* d% u; V/ N- V: B最後去到投資者

Kev

i thought it is the reason of rate of return.
( _- m9 m% r+ n) k; [3 S( FCDs could have different ratings, AAA -> F,
% Q8 N& c" @0 m8 Qmore risky ones would have higher premium (interest rate) as a compensation for an investment.
7 g1 V7 i& ?, u, T1 {$ j( Xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
: T: z& `0 X9 {  V/ _$ vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- b0 s! [* s6 F* v
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  m" Z8 S6 \/ ~4 h6 d! ^1 B% s% |4 Jsimilar to bonds, CDs trading in the secondary market have different value at different times,
' _5 n- G6 D& P7 E/ tnormally the value is calculated by adding it's principle and interest. - m9 R( c) _) @; d3 b2 D
eg. the value of the mortgage+the interests to be recieved in the future. * \& a; G* {$ f) V* ]
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.
- R7 k! [4 z- k+ I% l7 ]9 ]
, ]" y( U  G) V$ j- _: R! j- |/ _im not quite sure if the multiplier effect does really matter in this case.; ?9 |) m2 M7 j1 P4 J0 i
in stock market, it's the demand and supply pushing the price up/downwards.) J/ u+ K; \9 g, K. k
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% ^+ K# t8 I8 X# |0 a) H; UA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 b4 G2 `1 e3 w6 K
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. ( l% d: C% {; P0 u
but the value of their assets did really drop significantly.
7 Z% G. {# K, k+ w: x
; v" t  i% x6 F" d$ F2 a* L[ 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* N! Z) Z. t6 k; h) z
Refer to last example,
6 u9 |4 V% ^- q  p) C6 fthat means bank A have no money because we borrow 10 dollars from bank A
" \1 ~% s* {* d: Y! jBecause bank A doesnt have enough cash on hand : V, A6 P! S1 Q) ~, R* c; n
therefore bank A need to be bankrrupt ??? Am I right ?? ...

% _: i, N$ i* s5 R3 U: _

* B3 _  Q7 @' }) d# ?7 p) {
) i4 r3 ?2 o( E) i. iA->B->C->D->E
) c% e7 _' a6 _so does it mean if E failed to pay D, $ r# \/ K) D3 ?1 N% ?0 q
all the B,C,D,E have to go bankrupt?% A4 y% }. Z8 g8 _5 f' z5 q

6 \& J9 I( ]9 M. a4 F1 D
* I+ B5 G) @: h' ]- Q" g8 Hthe multiplier just tell how much money created in a whole economy,
& a  I8 E' w" z5 A& I% z. kin this case it doesnt really matter how much money is created, 7 X5 h9 a7 T1 o% R$ o4 y
it's the problem of the debt itself.0 _$ ^" Y7 ]2 b8 ?/ U
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  x7 G: @6 |5 m3 h3 i
小弟一直都唔明...
- w) R* V7 N+ R4 f# V
0 ~& I' R" r5 n6 [全世界都蝕錢，咁邊個賺緊錢呢?8 g' K, r* Y6 _  G/ e

" E% ?$ p" z2 Q9 x, H. U: x6 A無可能淨係有人蝕錢無人賺架嘛...
' k0 M7 _2 [3 L/ s6 _( d# S+ K1 B& r( S) I" \6 f- l
敬請各師兄解答$ B$ ?$ T3 W5 L4 w. d

8 V' b+ o# d/ a# d# E2 E: ^Thanks

( D$ m, z  o$ u+ e' x* c9 X
那些根本係 紙上財富  : j7 j7 ~+ x; f' ^& l1 m
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& g: B* x4 Y2 S5 k3 I2 v; J

) O. y2 y1 O) J3 [6 ~% Qhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產$ |( \4 a/ X8 v: ?$ i
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& i( ~6 ]2 G0 _# J
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
9 a4 z( ?( L% W個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
- o9 d" }; ]8 \- M# a- h! K扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,9 Q) L$ N' H* W
計番回報率就已經係50%,所以可以好好賺4 p/ V: U: V6 |( R. K" b8 E# R
前提係銀行之間要互相信任先可以咁樣借法/ y( P# o( C/ {! }  O
同埋個市場既前境要係好先得
  l, s( G7 P6 X+ k, L- I3 Q& m但當經濟一差,公司估值趺了,物價不升反趺
3 z- ]+ T" k' p0 n2 c/ z! Q( V例如剛才說10蚊的, 趺到得番9蚊,
) t6 v$ a0 n' I7 O! n咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( \/ M, j$ \, m* w, \所以你就會覺得D錢好似蒸發哂咁
& S; I( j/ @  }: ~1 f; G& W2 F8 A
2 `" ^9 n) K. W6 |1 j! _$ y5 U. Q你都可以當標野咁諗, 個樣野多人可以狂升值,
( d0 D' U5 k$ m( x  h. u' 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,
. e( F! d5 R  G/ l9 |3 |淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( U" v7 K# V6 t4 N$ P* L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
/ u- c- D0 d# `7 @) }9 N4 u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
$ }9 M. ?; K& Q. Q. \  D" e唔係d錢蒸發, 而係比美國佬洗晒未來錢, $ _# T6 d1 N, k1 [; ~
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( b' _* J* A! |( n. \) 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
& w/ R4 _0 k2 H3 A4 g咁你話d錢蒸發左去邊? ...

, y% V0 b0 u' I2 j: b& l
, g1 X2 X1 G( j' ^正係咁樣- \1 t0 _" Y% a
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( h4 B% v" ~- ?6 G( a) r5 N
分分鐘佢地唔使還錢1 i' Z. c, _, O) L' W: L3 r  G
7 E( [4 h+ M' b" v1 B6 |
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,
; G/ c8 U$ F; q& ]連國家都係問人借, 不停發債券, 印鈔票
3 Y; Z2 B1 }- |# b( ^% s* |一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; q% J; i% V: d. e2 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) t' w* y, n( @( ~4 k
咁而家"爆哂煲"算唔算先至係變番"正常"???

* b6 e$ c  Z+ V- |0 O' D* s+ d5 s3 k9 R% x% J6 s3 x7 H4 {
其實係...
2 U, j) U4 L, V+ _" C/ |4 r因為以前未生產, 先消費" |; _6 H2 l) W# O
而家就要多生產, 少消費