0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
! u0 w: ?! g( t" H* J# r7 `; d, E0 rWhy bank will sell 借據給第三者???
& g; l3 n$ Y4 CI was so confused.....

+ o' e4 k( F6 F7 G4 K% U) a

7 |; Y- m2 S! z% @- d講到尾都係賺錢
; f& t) I. T- Q6 U" P+ |. _* dso銀行可以不斷放款* o+ e2 ]* }' B; J
美國的房貸問題散佈到全世界
" u+ B' [' _" H6 Q+ h' |
) n, n7 U6 B$ k0 tmortgage loan 3 _) Y. c$ j! \7 z+ k
>conduit
% U. c( X. Z5 A6 V>RMBS(Residential Mortgage Backed Securities)
* g4 b' q+ q6 E/ P5 C>arranger# j  h- c1 g$ _1 R/ c/ S
>CDO(Collateralized Debt Obligation)
) {) ^1 A$ d3 \% r' K最後去到投資者

Kev

i thought it is the reason of rate of return./ L, J) M# w  y* [9 L& X$ j8 W
CDs could have different ratings, AAA -> F,9 Q* G* D& y( F% E) ?
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& P  l: |) k% g& E# D, Q  amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- T* |7 _6 n. s3 H! Qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ _8 s% h2 Z* \: I7 C, G/ NAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 ~* U2 N7 U4 K4 Jsimilar to bonds, CDs trading in the secondary market have different value at different times,1 K3 s! d% {) d' B" b% e$ H
normally the value is calculated by adding it's principle and interest.
) ~( I4 G# q" B6 @& q) {1 Keg. the value of the mortgage+the interests to be recieved in the future.
; j+ X8 `! e% P2 K- dbanks 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.
. F' [5 a+ L# }( N, |3 e; [" X& t, J/ ~- g7 H
im not quite sure if the multiplier effect does really matter in this case.
4 W9 A- f1 n) J. V5 nin stock market, it's the demand and supply pushing the price up/downwards.
9 E/ z/ h$ _  VFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ j- G, o2 b; r; R. Y5 R5 ]
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. n# R6 ^9 C7 P( iThe 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 E% k! w; I" M! G1 kbut the value of their assets did really drop significantly.
. Q. C+ p' k8 {  X$ T7 S8 I1 r
/ c- g0 L, q' P6 @' C0 q! 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. }! ^5 i% E& B; r, D
Refer to last example,) ]! u' e/ d, S% Z2 c8 o* y1 M
that means bank A have no money because we borrow 10 dollars from bank A 0 @4 C9 l9 W% ?0 i& B9 Z
Because bank A doesnt have enough cash on hand ! k8 @/ M. d5 e$ `( K, {9 w- x  _5 X
therefore bank A need to be bankrrupt ??? Am I right ?? ...

7 Z1 k  h0 |' ]) }- n
- X/ h8 `! _9 I9 A
, t3 C% J' l" @% M% f6 F$ m
A->B->C->D->E
0 g% H% ~! w+ v: y- lso does it mean if E failed to pay D, " J+ \* _& G- m, U! R
all the B,C,D,E have to go bankrupt?
1 t$ n8 U% F+ c  ?6 M
  V) a; h  j4 j  R0 J- {7 ?' S2 A- J% Q; r
the multiplier just tell how much money created in a whole economy, 4 x& n, Y! S3 K, I- u
in this case it doesnt really matter how much money is created, # W) V5 I3 B8 ]* a9 a1 |0 d
it's the problem of the debt itself.5 G; z9 ]3 h9 N7 X
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, {) R% s( I7 r( C, d
小弟一直都唔明...
  v& ]/ Y; I% g# d7 B/ R, Z5 }$ Q
& _2 ^- N3 G. Y全世界都蝕錢，咁邊個賺緊錢呢?. C8 p. x0 @& _
) {/ R+ T% }0 K* u/ |8 p
無可能淨係有人蝕錢無人賺架嘛...
8 c/ ~  c- P1 H- {+ e- c8 j0 a5 x5 z. D  {6 e8 k) B( B
敬請各師兄解答
# r9 l' X: P; l4 s7 t/ X8 F' }  u0 I% S0 B! g* d
Thanks

- S3 M& h+ q- @$ ~& x6 b
那些根本係 紙上財富  7 d, Q7 M( V8 [- e1 z
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
. z( L, Q. P- @% C
! e) N- L3 r3 f( }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
- T  E0 \0 M* T) o. h3 G" v0 e當經濟好,投資銀行相信會賺錢, 物價既估值相對較高! E" f" [3 d1 A4 Q" r
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$ _7 C; E- h$ ~( v1 _1 B
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦1 I0 Q2 W3 l' _* }
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
8 V" w1 @) {' a0 g計番回報率就已經係50%,所以可以好好賺
4 f  i& K. @9 y# w前提係銀行之間要互相信任先可以咁樣借法
, I& R4 d. Y2 f( e) V同埋個市場既前境要係好先得5 K. l) i. U! a: {
但當經濟一差,公司估值趺了,物價不升反趺
8 N" c+ v6 Q: m( m# g6 t% ^例如剛才說10蚊的, 趺到得番9蚊,
, E: x3 d. @: y( D, S咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
$ G, T$ l) v6 M# c所以你就會覺得D錢好似蒸發哂咁
5 r0 p8 V5 Q2 U3 C+ c; P0 Z) X1 W4 H: r
你都可以當標野咁諗, 個樣野多人可以狂升值,
/ Q7 S  z- u  f  `1 j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, & R* i- R( u) y$ q: v) s( E4 x
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 @7 |8 }8 I* s  ^7 ^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
, i- v9 U5 D# S9 t1 x# ^$ }, H* X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 W  b1 Y- n  {% M( F- t, Z3 X, U+ ]: N唔係d錢蒸發, 而係比美國佬洗晒未來錢, * v* }4 E8 t, G  U
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* w0 A& ?: p6 u/ S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" f( U0 K% ~! C3 Y' @9 A
咁你話d錢蒸發左去邊? ...

, j: Y- h! S4 R* ]6 L
% h4 Q% ^* @& n; k  H) ]0 j正係咁樣
" v: I* I2 x7 K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3 E' S! q1 |1 N* ?# W2 D
分分鐘佢地唔使還錢
- {5 d+ f6 M: q4 Y; n3 d/ `
$ c4 P" y" d- r0 C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,
# ?% U4 _9 C% o. z連國家都係問人借, 不停發債券, 印鈔票
3 n  Y9 u8 \- o6 X; q! B* W. X一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 {" Y- Q" \6 i: 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  U1 a1 q. F9 ?! a- i
咁而家"爆哂煲"算唔算先至係變番"正常"???

$ x! d1 W  O. K6 h
- X, W& R$ L0 r8 ?! L
其實係...
3 A# s5 g" ]1 I7 A因為以前未生產, 先消費6 l$ y* k9 ^6 @7 X- S5 f6 e
而家就要多生產, 少消費