0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
, H" ~2 [. K* |, @0 X( ?8 aWhy bank will sell 借據給第三者???
0 ]2 C" a5 O# C1 b' r6 G8 @* pI was so confused.....

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講到尾都係賺錢  q- b7 H$ z' t1 ~  f
so銀行可以不斷放款
. I3 Y! m+ Y' m& {, z) r美國的房貸問題散佈到全世界5 c; A; C( V7 h; V

; `3 g$ c7 g! c8 P4 E8 E/ rmortgage loan
4 e% }* ^, b- |( k>conduit
8 ?; H, \3 {- d& {>RMBS(Residential Mortgage Backed Securities)
* J, }4 _$ D" _( ^2 B  Z5 U>arranger: C  N1 E4 ]7 Y0 ^
>CDO(Collateralized Debt Obligation)8 q1 U6 M7 L) Q2 s$ Y! j% W
最後去到投資者

Kev

i thought it is the reason of rate of return.
0 w4 R1 Q. d* o* X) OCDs could have different ratings, AAA -> F,' ]9 D2 \, }  q; F" M
more risky ones would have higher premium (interest rate) as a compensation for an investment.
, P. \2 Q% z6 ~3 \- Mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# Z6 M- Q$ d% K/ U: O! y) C
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 `2 T5 f/ }, v: m( e  \+ T! HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 v$ c' l2 r) U" f' Rsimilar to bonds, CDs trading in the secondary market have different value at different times,
8 H: x: d3 e6 }0 l1 h8 Znormally the value is calculated by adding it's principle and interest. , f- ]  n' D8 T+ D+ U+ W4 K, X: F
eg. the value of the mortgage+the interests to be recieved in the future.
! k5 T9 K6 g/ Z& I9 B2 `# abanks 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." H* E/ a8 s! e. ^" s# E2 [. q
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im not quite sure if the multiplier effect does really matter in this case.; R/ d6 R, [! w. B8 E2 e
in stock market, it's the demand and supply pushing the price up/downwards.
8 {" V6 w+ A$ BFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ z7 c+ t" h9 OA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 K" I3 w4 e+ G% R3 E* S2 p) h! l
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. 6 Q. Z% ]3 J9 O+ B
but the value of their assets did really drop significantly.
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! e1 ?& ^% Z& N" `2 z  y+ ^6 B5 d0 _[ 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% V4 I: P5 ?( ]9 W! H6 ?" F
Refer to last example,1 h: J9 e. e/ a1 K1 |% J
that means bank A have no money because we borrow 10 dollars from bank A
5 t( h+ e: l4 RBecause bank A doesnt have enough cash on hand / z) L) X  |1 @: v' m# X
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
. I' y) k0 Z: n6 \0 Z8 B# `so does it mean if E failed to pay D, ! ^! U- h+ h5 Y! V  k+ ^6 ^& A8 d
all the B,C,D,E have to go bankrupt?9 m) w8 f$ A7 \/ s  g

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the multiplier just tell how much money created in a whole economy, 4 P" c" t2 `6 p
in this case it doesnt really matter how much money is created,
3 J: g$ R, Y5 J9 Iit's the problem of the debt itself.
  p, Z3 S2 Q# K5 q; d2 Rthe 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 ~! p! |$ Y) f小弟一直都唔明...
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5 U0 G+ i/ D. @% H. g全世界都蝕錢，咁邊個賺緊錢呢?, b) ]' s  d9 i' {

' Z, l* u* o3 _' A+ k' ^% I% W無可能淨係有人蝕錢無人賺架嘛...2 d9 L/ O* W3 H5 ~3 i
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敬請各師兄解答
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Thanks

# j7 L/ s5 g6 c% n2 }
那些根本係 紙上財富  ' k6 \' H5 s5 O5 p' s/ s/ v
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 graphic9 P0 p7 S5 ?) F/ L2 X) G

" C2 a* L# G" n8 T9 ~! B1 Ehttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
) z7 _2 ]& Z  z" k. ]% c0 @當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 k: Y0 s8 _5 y; ?6 n
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1 D- T2 c4 v5 d% C0 I4 a- S
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦1 `7 E* ~) \$ W# I4 {6 y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,& X1 l1 a$ S& d% [
計番回報率就已經係50%,所以可以好好賺
1 p6 |: C& s3 ]! S前提係銀行之間要互相信任先可以咁樣借法( F9 b7 m6 e# T& j+ }: Q& P$ ?8 c3 Q) `
同埋個市場既前境要係好先得1 u- Q# E: y0 r6 ^! D
但當經濟一差,公司估值趺了,物價不升反趺
. ?; t+ G6 ~3 a/ {例如剛才說10蚊的, 趺到得番9蚊,
* r' u6 w  s' [6 S咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( q, V" S% P9 o9 i& G所以你就會覺得D錢好似蒸發哂咁; o" U  y: B* ?
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你都可以當標野咁諗, 個樣野多人可以狂升值, - t* ~2 V4 n6 U: \1 S/ Y9 W3 _
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: y0 ^$ ~, b- g/ L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 D+ e" F2 w2 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, \4 d) o2 H! o( b) }4 k  c
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 F4 \" K2 W3 a( P: O: }$ G2 Z! F+ ?唔係d錢蒸發, 而係比美國佬洗晒未來錢,
( j6 T& \$ ]  a4 t% P5 W淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 }+ k, N) s5 C3 t. c
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( j3 w( i7 x  H. f$ _
咁你話d錢蒸發左去邊? ...

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0 R6 _6 \% P2 v+ a正係咁樣- \7 L3 h5 L& L. l5 e2 u
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
4 E( {) p9 B9 S) ]* o; H: [分分鐘佢地唔使還錢1 a9 G. p: u( x- U! |! q

# Z  a  A6 [, [3 `+ g& \# [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,, K5 ]( z& v% f; n
連國家都係問人借, 不停發債券, 印鈔票& U2 w' i9 X, ~" f. s
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產9 F: P% v. H' K
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.gif5 ^  {1 Q) R7 x0 q8 i
咁而家"爆哂煲"算唔算先至係變番"正常"???

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! U) L& o) M$ }9 ^1 B3 f( A其實係...' x: N; E1 e5 P6 j3 v
因為以前未生產, 先消費* X2 h; G3 C6 ?- k8 L
而家就要多生產, 少消費