0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
  T) w3 @8 @  M$ mWhy bank will sell 借據給第三者???8 [2 d! b$ |% d
I was so confused.....

/ O5 @9 B* U7 K! V" q9 W1 D3 Q
# Q8 t2 ^7 j5 I0 j講到尾都係賺錢) D9 R& N) ~% N% N* q/ @) h4 h
so銀行可以不斷放款# _7 |2 l* w1 W8 N! }
美國的房貸問題散佈到全世界
& x2 M6 u& S9 K3 |5 M
, g. N/ U8 N" S& {9 U, hmortgage loan
/ N& F1 \8 Q7 U6 f% b& Q7 j: A>conduit' T: V: f$ O+ Q( K( l
>RMBS(Residential Mortgage Backed Securities)
- @- l- ?0 I% Q$ G! U& `, Y. c>arranger
. w& w1 n# K4 `2 ]- @2 A' b8 y7 q>CDO(Collateralized Debt Obligation)
% {- n8 ~! C2 c$ z- A& Y' }- W最後去到投資者

Kev

i thought it is the reason of rate of return.2 A1 _  Z& A1 w  o# [
CDs could have different ratings, AAA -> F,. ]) z3 X2 ]/ A$ M/ ]# d8 o& I
more risky ones would have higher premium (interest rate) as a compensation for an investment.  H$ u& E+ _% l4 M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 d7 z& Y- J. f1 ]" H. _* F8 i0 Zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 m) n# V( K; g2 f6 L+ D* S
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 Z3 y* Z! J, r; B
similar to bonds, CDs trading in the secondary market have different value at different times,+ {0 M" l+ V6 Q" J6 Q2 H8 a
normally the value is calculated by adding it's principle and interest. * r! F) z7 b, W3 L, T8 ~
eg. the value of the mortgage+the interests to be recieved in the future.   t4 y( r4 k1 f. D3 R- w- T/ w
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.: k1 P) t; O% E3 h

, G2 j% ], v; h0 f3 @/ n, fim not quite sure if the multiplier effect does really matter in this case.) n7 |2 m3 S; P- S" O" K2 P
in stock market, it's the demand and supply pushing the price up/downwards.
. t0 ~. @+ {1 Y: J9 Q, HFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ V- \% n. C$ d% J' nA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ |* x& j) L7 N+ o' G6 P  uThe 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. + A' g) J0 r5 `3 R) l# k0 }# I
but the value of their assets did really drop significantly.
) s$ G$ E% r/ b, [0 {) X7 R! U, N; F1 D0 D$ q  H5 Z, l
[ 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& X" p# S0 W. p# c3 d
Refer to last example,  C% p) z" @+ e/ C! [' ]
that means bank A have no money because we borrow 10 dollars from bank A ) J. l6 ~8 ^( |* E# S
Because bank A doesnt have enough cash on hand
: S9 T. p. c) Y( mtherefore bank A need to be bankrrupt ??? Am I right ?? ...

  W7 S% a" V; J- X& ~& f8 l/ h, @0 z: C; t

5 ~: E' k7 z: |: y1 P; \- |- `A->B->C->D->E
% [+ ]: }6 f$ U* Wso does it mean if E failed to pay D,
2 D' U1 s- T" L* `$ n) Qall the B,C,D,E have to go bankrupt?
! e3 C2 g$ W9 o  s) O$ X1 b1 k; b

; j: N1 _$ ]9 wthe multiplier just tell how much money created in a whole economy, - l% U' n" S9 a/ H& W' `
in this case it doesnt really matter how much money is created, ' C0 v! R6 ^& m6 Q. X0 L
it's the problem of the debt itself.  h2 d  X5 M/ c! ~, e. U# n1 [
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.gif1 c, R' m, ~" z
小弟一直都唔明...8 w/ E4 ?' R* M! j$ Y

% p' ~" G. C2 R0 e; T6 B: h全世界都蝕錢，咁邊個賺緊錢呢?
4 R3 \8 e- J6 t. M4 U! D
5 i$ [2 x. o/ X4 D: Y2 M) o無可能淨係有人蝕錢無人賺架嘛...6 q+ V% m9 a) K4 B7 E+ w

6 ~  R; j2 E4 W# m% R- B9 T敬請各師兄解答! y) D9 ^3 }/ C+ M' q' p

/ L9 `' I2 }. Q! e! h$ MThanks

8 A2 v% P# Y  T& |% u
那些根本係 紙上財富  
5 Y) S- s) R% n" o4 C7 W' I; q1 p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) `/ k. @% T) J2 m$ _

! [$ o2 m% o& A5 D, l$ s5 hhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產' I6 `9 V  b( F( J( v2 s
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
+ h  s* k; f( [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
5 z+ e3 ?; o+ C, @% b個件物價係市場好既時候升, 例如15%先算,變左12蚊啦0 J, Q1 f; U) \+ M3 Q
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
, A8 s5 K4 F* F, c& o' l計番回報率就已經係50%,所以可以好好賺
4 l$ d6 C. f7 b! s  H) U- K9 ]前提係銀行之間要互相信任先可以咁樣借法
: k. }' U: g& g3 Y同埋個市場既前境要係好先得
! P1 i, i: K' W7 e+ ~9 i但當經濟一差,公司估值趺了,物價不升反趺
: N, R6 D/ u; R% y, ]例如剛才說10蚊的, 趺到得番9蚊, 4 F: w5 X4 ^' m3 I$ w# v& M
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
$ y, H, k, A! b所以你就會覺得D錢好似蒸發哂咁) P2 T# s5 u% J: Y
; F, F: k5 {, a/ m+ S5 H
你都可以當標野咁諗, 個樣野多人可以狂升值, * w: a/ S  [3 I: V
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, + Z: y. E- ~9 w; P
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ @# N0 h! s& F; r, _  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
2 ^1 y) E: m( V& b1 P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.gif7 W$ P' w3 Z( A  L2 ]7 u% K' b
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 7 L+ f+ v5 D# G: o8 ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . K5 ]3 E5 w" 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 l! e* L5 O6 f& e4 |2 ]
咁你話d錢蒸發左去邊? ...

& X7 C, F# {' N
4 J  Q+ S( m' J9 f8 n. q
正係咁樣" J' l! s% j/ y2 d& ]( H' n$ M
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9 t: J7 l5 ~( A5 @- \
分分鐘佢地唔使還錢+ K! B+ W+ a# Z* {6 S* K

% E( [* C1 m  t( }1 R+ v* E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,
, G+ m( A& o. T! G1 h, A6 Z+ H連國家都係問人借, 不停發債券, 印鈔票
# Q! R$ j5 [9 T" v) P% `/ O一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
5 i! M+ ^( h3 p" ^' X+ q" B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* A6 N  L& u" D) V: L' B
咁而家"爆哂煲"算唔算先至係變番"正常"???

( E0 L6 J6 x" p* q! ]+ o" H+ T" S
1 |. m; v; f- \" P$ s  h: R其實係...) u# _3 l5 @/ I6 r  C$ P
因為以前未生產, 先消費1 R4 H0 D+ s" `# S* b
而家就要多生產, 少消費