0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 c8 e: ]6 W9 g% t, IWhy bank will sell 借據給第三者???
2 V3 j" L/ T3 s! DI was so confused.....

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' Y& G) ^  ?! f7 ^+ G講到尾都係賺錢8 F- B1 `6 h7 A4 l
so銀行可以不斷放款
! D/ I8 f1 d. h- y0 S$ b美國的房貸問題散佈到全世界
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mortgage loan
# }% O. ~) o. D' H! k* ]>conduit8 P; R2 l1 i$ d" b
>RMBS(Residential Mortgage Backed Securities)
+ y- i0 ^3 B% H) Q3 w. D' m>arranger
1 k/ [. D# V! O>CDO(Collateralized Debt Obligation)0 v( V, o  U* @: z# H
最後去到投資者

Kev

i thought it is the reason of rate of return.
( r4 V8 b6 @) {8 [4 V$ q# ]CDs could have different ratings, AAA -> F,, K( {3 |5 ^+ [' c  n1 @
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 v8 \8 ]1 b  o+ L% V( O- _, J( w
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! _! R4 D' C0 ^- |& r8 Yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 O* W' l$ K: E, s2 \7 W! i% s5 ~Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. |2 |" g1 M8 i, Y( w
similar to bonds, CDs trading in the secondary market have different value at different times,
3 J1 Z" K1 g; y2 Y- Z; D1 Y0 `normally the value is calculated by adding it's principle and interest. ( G) _& F2 }& X5 x3 B
eg. the value of the mortgage+the interests to be recieved in the future.
. I5 ~7 Z& v% I9 H: xbanks 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.. k! `0 Q& w. x( C  W1 x
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im not quite sure if the multiplier effect does really matter in this case.* J8 K5 p1 j; h; V
in stock market, it's the demand and supply pushing the price up/downwards.
* I) F5 n0 A+ G  ]5 IFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: H  R& N6 U9 L6 j% j' [$ B4 Z5 X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! s6 [3 o- b4 t1 G, i8 ?0 TThe 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.
& L% R# w$ y7 a: Wbut the value of their assets did really drop significantly.
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& V: Z4 O- g5 p5 q0 G7 E, O2 R[ 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$ u/ G4 Z* p3 r# e( h& q2 B
Refer to last example,; r% `; g" ?  s- E; b3 `) V+ ~
that means bank A have no money because we borrow 10 dollars from bank A 2 Y2 T; N' j$ `/ g3 @) j5 f" r5 b
Because bank A doesnt have enough cash on hand
: z. d2 e% {- R0 h% otherefore bank A need to be bankrrupt ??? Am I right ?? ...

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2 H: m% ?, [$ `9 j7 u- NA->B->C->D->E) R% i' o! U: x& v& x
so does it mean if E failed to pay D,
3 y! _/ ?2 y! B  p' p( R7 yall the B,C,D,E have to go bankrupt?
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) A" K- s8 `8 L# Nthe multiplier just tell how much money created in a whole economy, % p' r+ k! {, F9 `
in this case it doesnt really matter how much money is created, . p- i8 @9 g4 I* A/ F9 M
it's the problem of the debt itself.
3 |2 f: m0 H7 ~- O: w4 othe 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) A; _/ l& m6 X/ B( }
小弟一直都唔明...# U& A; |/ n5 r- S

/ F4 m* o" w6 k  {: t全世界都蝕錢，咁邊個賺緊錢呢?
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) B1 h3 Q1 A! f3 T$ @2 m3 r7 `" h無可能淨係有人蝕錢無人賺架嘛...: ~- A/ m% k1 ?' _4 G

6 ~  M: c+ B6 [" A" {敬請各師兄解答2 M/ m0 m3 \% B2 H& s

: M7 r) f- e, {. `6 ~* G4 O* AThanks

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那些根本係 紙上財富  
% C) x8 ~, h& D  j4 ?* J5 }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! S( Y$ f9 O2 a9 W6 n
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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
3 b- L, e2 e, [當經濟好,投資銀行相信會賺錢, 物價既估值相對較高# Q8 N" u) ]3 l7 h
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
* F3 S' K* V+ V) c. o- `3 ^  n個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
' W6 b/ [: ~2 V5 ?( F0 N扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
' d: o8 _) B: N2 G, X7 g9 S, ?計番回報率就已經係50%,所以可以好好賺8 D  ?  B2 O& k5 U: X3 c
前提係銀行之間要互相信任先可以咁樣借法- _' Q$ {8 F# v$ [
同埋個市場既前境要係好先得
, M/ Z0 c2 l1 _4 K, s" O, g3 F但當經濟一差,公司估值趺了,物價不升反趺* B' H8 F4 r6 y$ d
例如剛才說10蚊的, 趺到得番9蚊, / L% p8 e3 [% J: w+ m6 _
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 F# S% S3 l! t" i  g所以你就會覺得D錢好似蒸發哂咁
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2 I& |. l1 G1 Q( k你都可以當標野咁諗, 個樣野多人可以狂升值, 1 D' M/ E" Q  b8 _. O
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,
, a9 T6 f9 g" v淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" S0 k. d/ V, Z- a2 l1 @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 w8 U% e5 [4 p; B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
7 Q( ^# m. X- {6 j唔係d錢蒸發, 而係比美國佬洗晒未來錢, / i5 {6 I; L* x" s7 J- L% W
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ z, w1 ?" D' L8 d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" g. \  F# d5 J6 E5 d  g& _4 X
咁你話d錢蒸發左去邊? ...

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正係咁樣% D5 B* o4 e% c
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
2 j( n- @: `$ }6 F- o# B分分鐘佢地唔使還錢
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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,
6 M: h) A5 l$ S# G- `連國家都係問人借, 不停發債券, 印鈔票1 i2 F9 q1 b, c  e
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產) ~8 ]8 f) L, {5 n
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
  {* m1 g; H0 S- f, Q咁而家"爆哂煲"算唔算先至係變番"正常"???

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; B, W# u7 l7 _其實係...
# p# i( [5 P  u  Q- {因為以前未生產, 先消費
6 }, g% L/ S8 J( D% I8 j! ^而家就要多生產, 少消費