0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
) A+ }/ e$ Q- p; F6 n  MWhy bank will sell 借據給第三者???
4 i4 Q9 ?8 m0 fI was so confused.....

3 I5 Q* o+ ^5 \. l

" ~9 h6 P$ `% X4 @講到尾都係賺錢
; F1 V$ ?+ h$ o" v4 w* K2 mso銀行可以不斷放款  r) s1 X$ |2 a! s
美國的房貸問題散佈到全世界
0 ?' e4 e, b- e1 ?7 Z0 p
8 ^& s$ ^4 u- U$ n4 Imortgage loan
5 {2 q  x& |# Z" u; z( i6 b>conduit# G2 p* R0 G$ H. k- ^
>RMBS(Residential Mortgage Backed Securities)3 E* r8 ^7 u! V" {
>arranger
/ o  k& `  C3 m! [. b0 @1 J>CDO(Collateralized Debt Obligation)# [) S  z4 O9 d9 U
最後去到投資者

Kev

i thought it is the reason of rate of return., B7 w/ `* j0 E7 g
CDs could have different ratings, AAA -> F,6 d+ u& f& H+ K
more risky ones would have higher premium (interest rate) as a compensation for an investment.
4 ^) ~8 S- z  a7 @main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 Q, O( [# ]2 Y1 Nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. W6 Z5 o7 ]8 |
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' C$ U/ V3 `1 ]" S: h: Y7 d
similar to bonds, CDs trading in the secondary market have different value at different times,
# m! X# n3 e+ g6 W3 b' {normally the value is calculated by adding it's principle and interest.
: l* N0 K" J& ?; L, Eeg. the value of the mortgage+the interests to be recieved in the future.
' v, z6 A6 f1 \7 L! e) q7 ybanks 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.0 U$ \" u+ M: c
1 W% I7 c* w) G& M6 P
im not quite sure if the multiplier effect does really matter in this case.( K: M* k+ k9 G0 \: ~7 U( e; `
in stock market, it's the demand and supply pushing the price up/downwards.
& S) S% ]2 y4 u: X: c9 QFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" y+ n5 y" R  j9 v9 q( @- ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& {4 `. d1 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. $ R$ t- U& z2 g$ K2 T: o
but the value of their assets did really drop significantly.
) K/ }" J! F+ F4 a6 ]9 p
2 u# A9 }; n4 I. M: i& ~% p: X$ ?1 D[ 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 W+ r- Z5 X: O( W4 h! x8 BRefer to last example,3 v6 L$ a3 A" @
that means bank A have no money because we borrow 10 dollars from bank A
1 R; d! h2 h- b' [+ G9 DBecause bank A doesnt have enough cash on hand 4 t5 E; o( I7 [+ m% y
therefore bank A need to be bankrrupt ??? Am I right ?? ...

+ Q0 t1 R9 {: b; }8 X& {
" V7 d  }9 m( G" d1 D2 u
5 o% H9 i" E  ^3 ~' U& p+ xA->B->C->D->E
  R: \  b9 c+ q6 r3 Aso does it mean if E failed to pay D, 5 g. L! E) w1 H
all the B,C,D,E have to go bankrupt?- ^# \# q: p) N0 w3 Y4 y

6 Y* V% B* \& n  ^
8 d1 N. ]4 T2 j1 p! bthe multiplier just tell how much money created in a whole economy, . o% D6 u* _6 T# q% C( Y; x
in this case it doesnt really matter how much money is created, 4 j5 j& }1 L- Q$ C7 T
it's the problem of the debt itself.; {6 o/ ]1 D1 @
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 J* T; F6 i' ]) U, }+ O
小弟一直都唔明...- [& U7 C( O* t9 @' {  r
. x$ ^: a7 n+ V3 a
全世界都蝕錢，咁邊個賺緊錢呢?
) l1 x- L6 j8 z3 y6 S+ k
$ k* C7 t8 N- z無可能淨係有人蝕錢無人賺架嘛...
; W, K7 I0 g5 [" U3 t2 p
* R# R2 a3 g8 ~# }5 W敬請各師兄解答
, `# G: B& D* Z& O8 g5 R
. e) Q) I, P) q+ n4 qThanks

1 `6 |: F; l; J! \: [0 F
那些根本係 紙上財富  
$ c% V* Z5 L7 d7 y. \) c. A* |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 graphic5 a, E) N2 @+ c' b0 H5 X* B% h2 V

" @! u0 j+ H& Fhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產: l9 ~  f& [# z; R
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' p& ?5 v! H( Q/ W
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
& G" @; H6 P. p7 U# c* P個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! a6 Z: y; m6 K/ |/ }0 U4 i扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
/ G& v8 \/ G$ @" b8 T7 y計番回報率就已經係50%,所以可以好好賺2 n9 `" ~5 |" x1 B
前提係銀行之間要互相信任先可以咁樣借法; a2 M' I6 d5 X6 U0 j
同埋個市場既前境要係好先得5 p# g9 D, V9 e& D+ C8 i4 k
但當經濟一差,公司估值趺了,物價不升反趺/ E( P7 N; K$ S3 w( |; d5 h' J
例如剛才說10蚊的, 趺到得番9蚊,
( ], s$ P% X2 j3 S" m) V& f3 B' i咁投資銀行一下子就要還11蚊, 一來一回變左虧200%9 o$ p/ e" M/ K; |  [4 Y! L
所以你就會覺得D錢好似蒸發哂咁$ t/ |; P, y* D1 I4 P

) G5 S8 A' b8 H$ p2 F* t) @你都可以當標野咁諗, 個樣野多人可以狂升值,
3 g, Y" K6 k- d  S7 y6 W6 X( _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,
+ ?  s+ j# c0 {  K6 t+ e( S. W* i淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! @4 M- ], w# R& s0 Y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" m$ `2 ]% w2 a7 U" w. M
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 s) ]6 Z  [5 l- H唔係d錢蒸發, 而係比美國佬洗晒未來錢,
. ?  [, C+ q2 g: P. q" _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 H2 g# ~' h; l5 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- n) {4 n8 \: G6 \
咁你話d錢蒸發左去邊? ...

1 V1 S3 n) q2 k* F- X+ B

, p- o9 R( p1 y% y  ]7 T2 d正係咁樣9 i6 i& V& I5 h2 R& i  f. r
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
+ W  A4 U5 v/ V9 `5 v分分鐘佢地唔使還錢
( e% y6 I2 e* P/ K  G
: d6 h' Z) ~8 [' g9 l0 O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,
% P4 N$ L  x, ~7 l# S% b連國家都係問人借, 不停發債券, 印鈔票  S; Q$ J! R% V
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' l, R( X) j2 p& _
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
( t5 Q6 b* A: P8 R! O咁而家"爆哂煲"算唔算先至係變番"正常"???

$ ?2 G& e# W# l( k
" g/ y% d* M! R8 C% V其實係...
/ X0 y3 R1 U9 A$ x2 i6 h因為以前未生產, 先消費
6 [2 j: B7 C! N* [; |, @而家就要多生產, 少消費