0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
% C1 v- p( l1 mWhy bank will sell 借據給第三者???
+ B% U  m6 L- O+ j% p3 PI was so confused.....

9 i+ N' D" F6 U1 Q$ ^. Z
$ ~; O7 @: i& G- J; O) I% B3 |
講到尾都係賺錢
& Q3 v8 N9 {3 f. _' ~$ i. _so銀行可以不斷放款% U8 D$ T. u, `
美國的房貸問題散佈到全世界
8 \& x) I% @) |7 d& D
* t; q5 L1 |" ]3 R/ umortgage loan 6 p, U7 K0 i& ]' w
>conduit
0 w  p! ~' m; U% \>RMBS(Residential Mortgage Backed Securities)
/ ^9 S7 @: U5 t3 h. B>arranger( C: b9 t+ d  u( C7 n
>CDO(Collateralized Debt Obligation)4 t  u' h& j) Z: N. O: Q
最後去到投資者

Kev

i thought it is the reason of rate of return.
5 i7 Z. S+ u6 P- ICDs could have different ratings, AAA -> F," d$ C& u& t. f. |) H# Z7 T* `
more risky ones would have higher premium (interest rate) as a compensation for an investment.0 Z( J2 U2 ^4 u  v
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 O! Z8 s  x# B* c- u2 T* e( p
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 c; o. n1 w# r  `2 I0 zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 {6 F, B: X9 `. r  V5 s; b! J
similar to bonds, CDs trading in the secondary market have different value at different times,+ S8 s* v6 i8 Y, ?1 f6 e6 S5 z2 Y
normally the value is calculated by adding it's principle and interest.
' z4 Q1 d3 ]! u" w; {eg. the value of the mortgage+the interests to be recieved in the future.
& M& E# Y+ k& }( fbanks 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.4 r1 V* E  U8 H7 s7 X
6 N3 G6 \# S  f
im not quite sure if the multiplier effect does really matter in this case.
+ ~9 Q! u' v( g: nin stock market, it's the demand and supply pushing the price up/downwards.5 h3 v& u! {0 F1 H0 m
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! r9 o; p! y# H. U- t" b6 v+ x
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; Q  ?1 @2 v5 J, @3 @2 l2 B- BThe 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. 4 J* g: r' ^4 K4 u- ^7 ?3 t
but the value of their assets did really drop significantly.
7 }* p; B; ~! e, s3 u3 v6 b* L; N* c* _
[ 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' c  D/ E  Y/ g0 q" U0 U
Refer to last example,2 b) L1 {0 }) j
that means bank A have no money because we borrow 10 dollars from bank A ( V  H- g: u3 L* u- m
Because bank A doesnt have enough cash on hand 1 G) x- D$ e- Y. L# \- f
therefore bank A need to be bankrrupt ??? Am I right ?? ...

/ O" t0 y2 R& ~

' \& h7 L$ h% {" ~8 ]5 L1 i0 M+ [( e
A->B->C->D->E
' D' \6 A- s. U- yso does it mean if E failed to pay D, ( L$ z5 l- g- G
all the B,C,D,E have to go bankrupt?
0 `. q8 P) D, n* S9 J  P% H0 s* `# P
% u' ^9 e* r5 h3 |; V
the multiplier just tell how much money created in a whole economy, " A8 N( O+ Y1 f6 U
in this case it doesnt really matter how much money is created,
$ K, A* v* y- ]: D# l' f3 Yit's the problem of the debt itself.7 J# k( Z" t2 g$ F- q& R3 O: d/ @. T
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
! z2 r$ h* ?/ X2 C! ?4 ^小弟一直都唔明...! V4 C& E9 @: T# _

3 g9 p& b7 `; b7 d% b全世界都蝕錢，咁邊個賺緊錢呢?
) q$ J* G& y, R& v- H% u% F0 h* d
無可能淨係有人蝕錢無人賺架嘛...
( G; x4 p. B- l4 ~8 A/ {! F; p$ {( n1 i3 c5 Y* s, ~( V9 c; f
敬請各師兄解答
6 h- j) K7 y6 y/ r" `1 ?$ w* I/ Y  q2 }) Z4 p. R
Thanks

/ o: B, l" q% z( Z
那些根本係 紙上財富  
" y  X* A7 i$ Y' X# n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 graphic0 |5 i9 O* x: f" n1 [6 c$ U

# x7 S/ ]7 N2 P% k+ l4 r7 y% Chttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
3 w( e. L, {4 z; z  u! W6 p, H當經濟好,投資銀行相信會賺錢, 物價既估值相對較高- D5 Z& B4 F5 m7 V# s
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
. ^. J& [6 ~, ]+ ~3 R/ }9 w% m個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 H" F/ Z: f9 F; V扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
$ v$ ]" w% K0 _( e. g: |! K+ N計番回報率就已經係50%,所以可以好好賺
  e, B1 {5 I: e: t: a( S3 E. Z前提係銀行之間要互相信任先可以咁樣借法9 P, E' L" y. w$ h- ]! `
同埋個市場既前境要係好先得7 X, ~( K" W7 s. C& y: x
但當經濟一差,公司估值趺了,物價不升反趺6 F4 k) m/ N9 G+ S
例如剛才說10蚊的, 趺到得番9蚊,
8 J7 J3 ]! f! [- m5 I0 H) S咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 e' E. g  G/ ?
所以你就會覺得D錢好似蒸發哂咁
* r& b. |4 D- Q, }' Z  j+ y6 e6 B
你都可以當標野咁諗, 個樣野多人可以狂升值,
/ c% Y) j' s0 P1 {5 ^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, 4 w: K9 q" z/ n  M# c5 ?
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : ~# w0 g- v( n2 |
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( T8 v+ ?7 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
* {' w9 q# V$ T" _* e0 o) v, v唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; A4 [  o2 k! q1 ]淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 v' Y5 t- b* k0 `1 `5 R2 ?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
- E4 Q( U4 ~, B) H$ h! e咁你話d錢蒸發左去邊? ...

1 ]; B5 a  N/ H4 s

) R, X* A. o" K& t( D正係咁樣
& X7 ^# y1 Y  M: a2 F7 p1 ]) W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0 y" r5 ~. n4 H# Z
分分鐘佢地唔使還錢/ \9 A  C, _/ g* |3 a

/ N, [; a* z7 f8 }$ 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,
8 x# j+ q+ l/ a9 H/ y3 l+ K連國家都係問人借, 不停發債券, 印鈔票
0 `. N7 l. e2 ]3 F( @) p一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ g0 }$ D' }6 {( p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.gif9 U& c+ G9 z" E/ T
咁而家"爆哂煲"算唔算先至係變番"正常"???

1 D6 d8 g8 w6 c3 v7 Q; }; b
7 t( ?3 R% Z( B! O% H: m2 q其實係...* R9 o0 E& l3 @% [3 X! [) G( f. E
因為以前未生產, 先消費6 a3 x# x' T6 Z8 R; F, Q" G: n+ ?8 @
而家就要多生產, 少消費