0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
- W! r0 Q' B) H9 MWhy bank will sell 借據給第三者???: |# ^6 V7 W6 c! s4 X- O
I was so confused.....

$ U/ S/ E4 z1 g( \* e5 M/ R
# H7 L7 _$ r6 v0 k" x4 l' s講到尾都係賺錢
3 O- j8 }( b( z" w# t  K& p, Sso銀行可以不斷放款6 T' z5 P2 u5 m6 k
美國的房貸問題散佈到全世界
; p! L) @6 i2 u
! x% x+ v$ m* s. s% ^5 Umortgage loan , N  R& g9 Q. L8 ^5 \, o
>conduit+ p9 t5 S& ^6 U* l6 u5 N1 _/ x- o
>RMBS(Residential Mortgage Backed Securities)% u: m: ?% S( u% X0 {
>arranger: K# E  f* ]& M, Y' B& }  `- h
>CDO(Collateralized Debt Obligation)6 k7 l& G" B4 g% ~7 m) [
最後去到投資者

Kev

i thought it is the reason of rate of return.$ e' S+ q$ D& c& ]* \  a/ e
CDs could have different ratings, AAA -> F,
. Z1 G9 Q( H& Q. }more risky ones would have higher premium (interest rate) as a compensation for an investment.
4 \; P2 J# g# \2 }; n% ?/ Gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  H+ z- V7 z& a, {; d/ j2 x" Cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 L7 S$ [' r6 C& RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 D5 W# a. ~5 a5 {) O4 }$ [similar to bonds, CDs trading in the secondary market have different value at different times,
- C$ {5 F8 ]+ ^8 M0 Anormally the value is calculated by adding it's principle and interest.
6 _; I9 W1 [# Y0 J  P. ]8 h9 t; heg. the value of the mortgage+the interests to be recieved in the future. ' V% h! N( u; u, \+ w4 B% H( ~
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.& Y0 p4 _  g3 ~' `" d3 C7 O

( Z+ P% d& W, zim not quite sure if the multiplier effect does really matter in this case.% b2 m. G" J& J$ |3 _1 B
in stock market, it's the demand and supply pushing the price up/downwards.+ O/ Q# k3 g1 _8 A* e& Y) v( d2 e
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
4 c0 ^. m8 h/ yA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( E- A& F0 ]$ u8 d/ U3 K6 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.
. i" F/ }5 d7 y5 Y4 pbut the value of their assets did really drop significantly.1 s) A' F7 p" z
' w7 `% }  [" i7 I
[ 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- t' u+ K, Y" n/ w6 [
Refer to last example,+ a7 z/ U9 q2 \5 s/ K+ j* a& C1 I
that means bank A have no money because we borrow 10 dollars from bank A ' b0 l# w) ^7 K7 f+ n% L; q5 j
Because bank A doesnt have enough cash on hand . d6 p% P" f& j$ `4 p( g
therefore bank A need to be bankrrupt ??? Am I right ?? ...

1 E+ Q5 t* `! B: d* @0 K& S
9 P5 t( G8 C1 ?6 o* X
- D( A; A& K2 _3 Z6 I7 t
A->B->C->D->E9 c5 [' |; u! D) g# f
so does it mean if E failed to pay D, * _0 w- V) `0 H; p: S$ V9 M+ M, Y
all the B,C,D,E have to go bankrupt?% e! _7 ]# W* X) L1 R8 ~4 }. W( D

. p7 M  A* m3 o1 _& G2 i: Q+ k1 K1 d! Z# l/ i- h. {- v- |
the multiplier just tell how much money created in a whole economy,
( ]6 U4 ]! E7 ]in this case it doesnt really matter how much money is created,
6 X' I7 `) U' x2 o/ xit's the problem of the debt itself.
( M( B1 u' u& k  [! U* fthe 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
4 K6 A) M' W# ]( l0 I  _. b) n小弟一直都唔明...
1 v6 E7 R+ p! h/ ~) O' a+ M. q# r% Z  Z/ f6 _9 L; X! q( h+ b
全世界都蝕錢，咁邊個賺緊錢呢?
" F; k8 n/ E, m. e$ q" S
6 C  w% K/ r' A( }+ e無可能淨係有人蝕錢無人賺架嘛...
# s' q5 x$ E) V- v) B# ~6 h( _( Q! y, D' ?  l( q: b% g
敬請各師兄解答6 j' g. b/ y% h+ V: ]
0 N$ U% J* x) \7 x5 r9 G
Thanks

$ F, z; ~# \6 W
那些根本係 紙上財富  ! X- |' S- b& b
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; C# m- I# l' k: W3 w+ P

) A; @! C+ _- Z6 R/ 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
7 D0 r  e, @; y2 p( U! @( A9 {當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
0 G3 T! }- A+ ^; B) x4 q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2 s( |3 Q4 e& m) W
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦4 t* Y4 B- Z- ?. R
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
. B$ v6 ]" R3 m* h計番回報率就已經係50%,所以可以好好賺
& p! f* L; W6 u1 u. I# \前提係銀行之間要互相信任先可以咁樣借法0 V9 k, G( l# B# a# X# p" }$ Q
同埋個市場既前境要係好先得
- I& R6 q: E8 w% B# E& q: c但當經濟一差,公司估值趺了,物價不升反趺  n, y# f6 k' u7 m
例如剛才說10蚊的, 趺到得番9蚊,
+ X  X' k; u+ K: i$ @4 A咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
$ @, k1 F% y8 B1 v- {  _所以你就會覺得D錢好似蒸發哂咁+ s5 e1 c7 I# ?+ L4 t

+ P3 ?& K# E; X) h4 H" H5 Y4 m6 Z, s你都可以當標野咁諗, 個樣野多人可以狂升值,
$ J. p1 L% x2 H9 D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* N/ B0 x. y; s淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 D5 ^% ~9 y# K) V1 p
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
& R& o' Q7 g, z$ m8 m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
( s. q! g9 Z& f, L& [) K唔係d錢蒸發, 而係比美國佬洗晒未來錢,
* }" ?! e0 d1 o9 s淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  H$ D# k3 Z3 l  L* }% X$ y9 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7 _4 J3 H7 Q$ G# u! Z
咁你話d錢蒸發左去邊? ...

0 A+ ?7 @; a. X1 a+ z
" a* m- d9 Y: N9 Z: X2 F
正係咁樣
: r, D8 j0 Y( F$ ^8 Z% F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) u: j6 i3 r( p6 x3 B
分分鐘佢地唔使還錢% }& u5 o, O, \% A% {; y2 D
/ K5 n5 I, c/ o6 t" r% o* G/ h4 o/ a
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," d' P) ?( c3 S. X! S+ t" w
連國家都係問人借, 不停發債券, 印鈔票
  N2 q+ o5 R0 r1 g: n0 x一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ i: y( U6 C- X& ^! t2 Z# P- r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
3 A# K( M# N& W8 z- C6 j6 c咁而家"爆哂煲"算唔算先至係變番"正常"???

  }) Z$ w1 ]9 K8 X3 O- p2 G) t- k3 O2 x; i* o
其實係...& z$ N2 ]$ M3 P0 {/ Z  R+ N
因為以前未生產, 先消費
5 [# q/ Z0 ]; \4 d5 g而家就要多生產, 少消費