0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, Y: }7 l; p6 j' k, C3 [, l+ p) {
Why bank will sell 借據給第三者???
# o4 O" I3 O& P0 LI was so confused.....

0 p% N- _3 G* x% ?) c" |

$ g# C, }$ F7 t, [+ F講到尾都係賺錢
% p; v$ H/ b7 eso銀行可以不斷放款9 ~2 `& M0 E# @. W* ]4 X4 w
美國的房貸問題散佈到全世界; F- b0 r# j( j+ y

3 L- _% N* R5 Q- P- hmortgage loan
4 V" d* W& s- D$ c+ ]! t>conduit
7 _7 H  ^  n6 p) L- h6 m>RMBS(Residential Mortgage Backed Securities)
( N6 O4 B) m! T2 c>arranger" j0 l7 o% }. ~
>CDO(Collateralized Debt Obligation)7 i4 b; W, G# c1 a1 F
最後去到投資者

Kev

i thought it is the reason of rate of return.
8 e, _( b, ^9 q9 R& v% R+ H* C" nCDs could have different ratings, AAA -> F,
1 D$ ]& [* k# Y5 smore risky ones would have higher premium (interest rate) as a compensation for an investment.) R! `' L6 \# {+ M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- B: w' P8 M. a; M' Yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 F1 \; L3 m6 F8 H& f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( j' I4 ~4 v: k) Wsimilar to bonds, CDs trading in the secondary market have different value at different times,
& p. g( D( d+ f. k' jnormally the value is calculated by adding it's principle and interest. 3 e5 p8 K9 i! h& o5 [. q, Z* K
eg. the value of the mortgage+the interests to be recieved in the future.
0 g; B, R% H! U4 J' y- H+ 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.
! h! _1 O1 L$ r! g. j/ M) b$ w, T/ U! t1 u
im not quite sure if the multiplier effect does really matter in this case.
% x+ l, I! n# M/ A: J2 N2 U" ?/ Rin stock market, it's the demand and supply pushing the price up/downwards.$ I9 v5 W3 a" ?0 e! ?! n
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 M, ]  v& B; N; e9 {9 z1 yA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 x! _* T  G+ G3 ^
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.
+ z5 z+ f# _3 ]/ _. ^) U. n: Z( Nbut the value of their assets did really drop significantly.2 I9 p2 @0 m8 X1 y. ^" k8 Z  i

* q0 Z$ C+ J, m) X0 N6 Q[ 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 |7 t) `4 k) s! |Refer to last example,5 K0 L' P; I- B
that means bank A have no money because we borrow 10 dollars from bank A
' p: V' s! U9 A- e4 J$ b; p! [Because bank A doesnt have enough cash on hand + Q) _1 G( y  C( _) J  w2 X
therefore bank A need to be bankrrupt ??? Am I right ?? ...

. s4 w- v1 q; }$ y, n8 ]

+ A7 }% X: L( o" {5 o) `) u& p2 I
1 O- ]. |5 U( {+ I) h& d, PA->B->C->D->E% t7 E8 F  o3 Z9 z- Y
so does it mean if E failed to pay D,
8 K) G' `- v! nall the B,C,D,E have to go bankrupt?* N+ i% ?, Y* d$ v

3 n& f& {1 M1 Z) b" A! x; C: L1 a5 ~* L" V: S1 A1 A
the multiplier just tell how much money created in a whole economy, 3 h- t- X* e$ _: Q# m5 \8 ^: F
in this case it doesnt really matter how much money is created,
3 o8 o' M  i/ W# G& Qit's the problem of the debt itself.
6 i) f; H' X9 o7 N9 H0 H+ X! Jthe 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
8 Y4 w" v$ s$ N& C  {7 C4 x* h! L小弟一直都唔明...
: f( T3 G  j! m/ k/ S
8 c' y. C, E% V! g/ Y8 I% w0 H全世界都蝕錢，咁邊個賺緊錢呢?
5 {; S# |4 S& I9 V# h
* M- F3 C" g, b' a2 ^無可能淨係有人蝕錢無人賺架嘛.... m: a; W( E+ o
5 q6 V9 B8 N% D& p: {
敬請各師兄解答
1 Y4 \" D; K. t5 W4 n9 N" K! N8 K6 U' W
Thanks

' m6 _/ ^9 i2 [& q% g
那些根本係 紙上財富  
2 v0 h! M6 X; x4 k; }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
) }  N3 K8 C, T( d! [5 U; P  J; t2 H4 r- F- N8 Q
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9 Q* f8 f) p% ?# c- M8 I
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
4 |% j7 k. N! ?# H% C$ ?% c. K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 b5 p  L8 O7 W個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
& I/ h6 h- Q& h4 N扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
8 `* C/ ~8 r1 H4 v計番回報率就已經係50%,所以可以好好賺
( h7 H# S0 \5 v/ q5 s8 q) B前提係銀行之間要互相信任先可以咁樣借法
+ x- c$ D- h# s! Y/ f+ U8 M同埋個市場既前境要係好先得
) j8 _9 t' @/ \: p0 \但當經濟一差,公司估值趺了,物價不升反趺% H5 V: q% z- \# c" W; f
例如剛才說10蚊的, 趺到得番9蚊,
, n* `! g: G) Q7 S7 l/ M/ ~咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 ?. {& q  C6 R% A4 F. H
所以你就會覺得D錢好似蒸發哂咁- M2 T$ A1 U5 `' e# e5 f5 M7 k
1 O* l! y- ~! f* j' p
你都可以當標野咁諗, 個樣野多人可以狂升值, # X2 `8 q. L8 f, a" I
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, 0 Q; u+ {0 W+ B" S1 b4 f/ C& X7 }* H2 y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 d8 U0 G& i3 D! B5 B6 h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 k  m* b* `  P6 \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 G$ e! U( ~+ e! F" b
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; M: t1 K( J2 O% X1 }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 [$ A: D/ w7 S/ i6 R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3 ~3 E' z  {5 V# t+ @: }
咁你話d錢蒸發左去邊? ...

6 i/ E' M3 j0 E! O$ [6 j, [3 J2 u
6 M( |+ a+ |8 b* ^9 ^- ], v
正係咁樣1 p5 ]7 F2 O& {: ]6 X+ b
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( I+ h! X4 c! d' D9 {
分分鐘佢地唔使還錢* W+ y8 f2 b# o/ c1 ~
" a" f5 \4 {. r: `* I9 n2 ~
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,
; w% w& X" Y1 V, h連國家都係問人借, 不停發債券, 印鈔票
1 k1 t: J! ^& u# Q4 ~+ I2 e一個國家好少出口, 而又大量入口 ,反映到佢唔多生產/ e/ q* p% e6 U& Q# u
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
. M: r4 k7 v0 A2 b2 @3 M3 l咁而家"爆哂煲"算唔算先至係變番"正常"???

1 q0 d# Z1 ]6 W5 |/ n! F; Z; i! [: h1 z/ G
其實係...8 T4 P  \6 b& v! ~0 g
因為以前未生產, 先消費3 l" N: n. Q: Y2 a7 _: ^5 O, o
而家就要多生產, 少消費