0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
; E: p: r( {4 jWhy bank will sell 借據給第三者???9 V  W5 J/ S% S2 }7 _6 {0 m. M' i5 y
I was so confused.....

. b: W$ g- Z) N, n
6 v* ~6 [3 l% v2 Z講到尾都係賺錢0 `: N( E: |, Q! e* h
so銀行可以不斷放款( f2 h+ P4 X/ D& E+ P9 i
美國的房貸問題散佈到全世界
! c; L0 V" O5 L$ c8 h0 b$ Z! y$ {4 z! [0 E( X
mortgage loan
0 {& t9 f) n9 j8 a0 \; Y>conduit5 G* h/ C6 U" x7 O8 d& V8 X
>RMBS(Residential Mortgage Backed Securities)2 G# M# J2 L  u* i) r6 T
>arranger
7 _* q/ k! N) P+ Z, ~9 C( u. V>CDO(Collateralized Debt Obligation)  x, Y% w: S4 h1 F, b2 p
最後去到投資者

Kev

i thought it is the reason of rate of return.
- B$ I' ?: ]# N9 NCDs could have different ratings, AAA -> F,1 u  U1 x' n# y7 \
more risky ones would have higher premium (interest rate) as a compensation for an investment.$ x7 i. K% k) O
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 l) o! ~$ q* h' z! ]
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ _: ?4 C9 E- F3 B, a2 L& Y# P# w) H
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) O4 H% G: c6 D& s. z2 Esimilar to bonds, CDs trading in the secondary market have different value at different times,
( A* q7 F- ^4 x2 a" i! Rnormally the value is calculated by adding it's principle and interest.
9 u0 \- |. B- k" G7 Zeg. the value of the mortgage+the interests to be recieved in the future.
' X4 ?" x5 _& H. rbanks 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.8 G: [& d7 a! Y( S3 J! a
- ~, ~& ?9 o: p1 X  B* U
im not quite sure if the multiplier effect does really matter in this case.$ ?( }" J/ H2 a. D; P% ^
in stock market, it's the demand and supply pushing the price up/downwards.
6 |% w1 D/ D- R7 zFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 e2 e* O' M2 K7 v
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& X6 f: i# }/ z
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.
0 v) x! y5 z# T2 `* i9 N% zbut the value of their assets did really drop significantly.
! a1 e  a1 V. \2 ?3 Z3 {: q/ _  O' O3 o2 a: V" ~
[ 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
& o% j+ D  x( LRefer to last example,
2 v* z: w$ E: A; U+ X- p" L+ bthat means bank A have no money because we borrow 10 dollars from bank A ) i7 L$ X4 H) m7 b! A( b! f
Because bank A doesnt have enough cash on hand ( U6 |+ y' Y( ?) b1 e
therefore bank A need to be bankrrupt ??? Am I right ?? ...

9 ~; s7 y9 {' Z$ L

4 g7 U8 ]; W8 A; k& ]$ x8 W2 b, P4 t
2 _# Y! X; t8 ~* v! P9 F6 nA->B->C->D->E2 y+ q! C  a) ]' z% p9 ~: s6 Q
so does it mean if E failed to pay D, 4 G4 O5 ~" f  h% A
all the B,C,D,E have to go bankrupt?; o4 X1 Y0 {& }# J( s
6 X+ z! v) I+ P" g" c* W

- a8 |) [& J7 L8 Hthe multiplier just tell how much money created in a whole economy, 8 x+ u0 A  a. R3 @
in this case it doesnt really matter how much money is created, ! J8 A0 T& d, |: q
it's the problem of the debt itself.2 a5 @. {. W$ {# g7 L; O( 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- V  s; ~+ f; y- b: J5 i8 p0 o
小弟一直都唔明...7 L; j' B( h/ Z7 z( q4 e' c) A( `
4 d7 }2 j8 K! e. x/ U+ ~% d
全世界都蝕錢，咁邊個賺緊錢呢?
/ p  \5 n' q4 t  c" i
8 h: T4 W7 v! e9 C8 z7 ^" s無可能淨係有人蝕錢無人賺架嘛.../ W  h6 \  M& N7 m4 L5 f3 x0 K

/ M5 x! H/ L* E4 c9 D5 @$ R# l敬請各師兄解答3 W1 F% w% J7 g
- X0 z4 ~! Q$ \
Thanks

; F2 I. O. a4 H4 K5 n4 I那些根本係 紙上財富  
' I5 \4 K/ z8 p' I& e: E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 B! x+ w2 k3 Q' D+ N7 D
' E8 p) B; c3 ^6 ?: {: s* U
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, M, [" ~9 M4 E" v/ \* N當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; N+ r! L9 w6 a/ b: x3 @- i# l$ 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7 z" l4 K2 K# |/ B1 o: e
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦; \5 R7 V$ t7 Q& k) |
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
8 j6 M& r" p1 |3 {2 G計番回報率就已經係50%,所以可以好好賺) g# ?/ R: Y- B, g" G( q
前提係銀行之間要互相信任先可以咁樣借法/ `7 \' _( g* K1 Z% G  a7 |! J* F: z9 l
同埋個市場既前境要係好先得$ E* L9 `& ~' a' U& @9 G' E
但當經濟一差,公司估值趺了,物價不升反趺
- E4 t+ Q' W; {& T0 w) R例如剛才說10蚊的, 趺到得番9蚊,
, ~% n5 [/ B& `. q5 L1 ^咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! V3 x1 S1 h, \: s" R) R所以你就會覺得D錢好似蒸發哂咁
- Q. S4 g; }) `/ U8 y% m1 S- |/ f. B5 J
你都可以當標野咁諗, 個樣野多人可以狂升值, , z: i9 X- Q+ f) W  M8 w
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,
/ ]9 @7 z3 p% I淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% n" h6 [, r- d& k  R* S. n' _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- H) B9 }& S7 c( Z1 `/ q
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
6 [5 L4 ~/ D; V( o; E. l" w. ?唔係d錢蒸發, 而係比美國佬洗晒未來錢, # D/ k5 S; E( ~4 m9 q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 Y5 W- g0 x% l9 p4 k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% \5 x9 N" J  J3 |! z7 V2 }
咁你話d錢蒸發左去邊? ...

$ Z8 M9 Y3 j. [( {
; F4 k5 R4 g2 P3 |
正係咁樣
0 y3 G* b) z" 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
- p6 ^  C4 z2 }8 s8 u分分鐘佢地唔使還錢
7 V# e$ z7 [+ T: y! n
$ b2 y) ]$ C3 E9 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,
0 m0 {/ H  r+ q連國家都係問人借, 不停發債券, 印鈔票
! r4 l3 |$ i4 l一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
8 [( f5 ^' h$ n1 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
4 l! }$ m) D  p* ]4 r咁而家"爆哂煲"算唔算先至係變番"正常"???

; V- }' d) c) c& \4 r2 J

: Z' d/ d; L, n其實係...8 R1 O( Z( f8 ^
因為以前未生產, 先消費
& O- x$ Y* T1 n$ I: B! ]: {! A而家就要多生產, 少消費