0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
. ?- i, w3 v8 JWhy bank will sell 借據給第三者???6 w3 y; f9 I4 R
I was so confused.....

, }- x$ K5 F* b- y+ t  Z+ G
+ S. I( x2 [  o, N3 s/ @
講到尾都係賺錢, P. D9 X3 e6 z% N3 Q7 T% U. t
so銀行可以不斷放款
9 G( L; x  s" G9 g美國的房貸問題散佈到全世界. g  q; ]! J- Z' q* D0 t

: ^; q) t( `0 [+ S0 _4 j" V; Z1 b2 `mortgage loan " e) A! s# l1 H  d
>conduit
- \1 c( v% @; `1 [>RMBS(Residential Mortgage Backed Securities)
3 E! R* `: ?  k+ k& ?& P0 c+ d>arranger8 H5 e7 W$ f7 U# i. i- j3 E
>CDO(Collateralized Debt Obligation)4 L0 m4 t! I) z7 V2 \5 J; j
最後去到投資者

Kev

i thought it is the reason of rate of return., P! Q# M( k0 Z$ ~' l. t
CDs could have different ratings, AAA -> F,
1 r' I( t8 o! a8 `' |" Y; k2 lmore risky ones would have higher premium (interest rate) as a compensation for an investment.
# ~  v9 x2 M! W& a; t- _" hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 V: {+ M/ A5 z- Y# s3 j
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: X' |' ?% Z1 \5 P4 b
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, r; ]' U9 n: Isimilar to bonds, CDs trading in the secondary market have different value at different times,( \7 N" w: E+ K8 @
normally the value is calculated by adding it's principle and interest.
7 |6 {% |4 z/ ^eg. the value of the mortgage+the interests to be recieved in the future. # ^: d4 y* C% ^0 z5 i
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.
: U' R7 m3 n; R* W; v' B- f4 Z9 z* h, n9 r; Y/ c
im not quite sure if the multiplier effect does really matter in this case.  o: F7 ~* j2 Z- [. v6 z* E
in stock market, it's the demand and supply pushing the price up/downwards.$ w, T+ J5 R% r7 C' c0 V
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 i/ N0 d' Y3 |/ n  X( aA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 Y0 U( x7 ?9 Z+ ]
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+ M/ Y3 \1 O- a) x  {( J. ?
but the value of their assets did really drop significantly.0 H" d& [+ y. ^- f3 m  n. v

8 R# o" d4 g: j* \[ 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
# L# O7 L, R% y3 q" h( TRefer to last example,- I5 n7 D0 v& ^6 E
that means bank A have no money because we borrow 10 dollars from bank A
; T* m4 Z: `  ~Because bank A doesnt have enough cash on hand 5 B$ B8 u4 K+ i% s0 c. W! A% d1 U
therefore bank A need to be bankrrupt ??? Am I right ?? ...

: d) _) Q5 u9 B$ o* e

9 \+ n* p* u: T7 \; E$ @& P/ ?! {9 a4 M9 Y/ [3 P5 g3 V) P
A->B->C->D->E% @8 Y' J9 J0 f) ?$ k
so does it mean if E failed to pay D,
, T+ _8 a. Q- X7 sall the B,C,D,E have to go bankrupt?; `; e3 N! u( c, \) L6 i
% ~6 x5 _, {6 P" i! x

/ ~# F8 q; B9 D, Lthe multiplier just tell how much money created in a whole economy,
. _4 t- {" @& m! d) G/ qin this case it doesnt really matter how much money is created, + z; G5 i" W9 n2 X# {7 S
it's the problem of the debt itself.# @3 p6 x" F  o& l" `9 }! E6 j
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 @8 A5 E. u( [3 _- \
小弟一直都唔明...& i3 K) L3 x$ \( D+ b3 V

7 v, E' S5 S- I. w7 h9 |全世界都蝕錢，咁邊個賺緊錢呢?
8 ^! B; ?7 Z! g
2 P4 F5 j$ I# q$ S( C$ D- q無可能淨係有人蝕錢無人賺架嘛...
5 Q3 B- j& z0 \! Y1 L  \7 O# C; }( Z% A# [* s
敬請各師兄解答
& c, s7 Z, I5 _5 j* m8 K) K
& x/ L- i0 x4 ?% H4 y9 k$ @+ W1 hThanks

: n& r% |" i: H& y4 W
那些根本係 紙上財富  
1 f/ u& P5 l# ~5 R+ d( J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  ^, H. ?6 t3 q) ]" P! P

3 {4 E$ k: u5 i* \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
2 J5 o& X) h, {8 z6 K  }當經濟好,投資銀行相信會賺錢, 物價既估值相對較高3 f; \5 `7 O% x. `8 c% A* O7 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
- @) p8 u! [, y; n個件物價係市場好既時候升, 例如15%先算,變左12蚊啦* k7 v8 O: F* Q( S2 @
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ h1 d' T) l* n" [( B1 N- E1 g
計番回報率就已經係50%,所以可以好好賺6 p! T  m5 x: W5 A
前提係銀行之間要互相信任先可以咁樣借法
; j$ Q0 u3 R! C6 w( V( P* u同埋個市場既前境要係好先得
% X6 R% h8 N) O! m) w+ `但當經濟一差,公司估值趺了,物價不升反趺
" H# [4 \0 z5 G! i3 h& w* L; a例如剛才說10蚊的, 趺到得番9蚊, 0 X  Q* |" @9 u) j7 Y* L
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" e, B) b+ z; Q/ O/ H2 b* R4 S
所以你就會覺得D錢好似蒸發哂咁
. ~: j6 w+ {! T  A/ v9 d( {/ ?9 O2 F
  A* N0 r+ U" @* w# v" M你都可以當標野咁諗, 個樣野多人可以狂升值, $ e8 g' x2 n' _4 l) C, B
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, 4 z* c3 h# \6 @) L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 f$ V( m6 n& d. N% P
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* X, }/ z" A) w1 R* x: S% p5 J) ~
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 }7 O( N: W. w( l唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; q1 ]9 {, \) a0 t& s) w- i
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: Q0 @( ]. x$ U3 x) W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/ M6 I  \* Z" {9 j7 A5 O
咁你話d錢蒸發左去邊? ...

2 i% N# r$ A: r: Y$ A4 B
2 q+ Q  Y/ s6 p* }; g2 t* r2 m
正係咁樣
) }4 G% Y8 v* y% 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
0 F" n! ?6 ?/ x/ H7 w5 P( C分分鐘佢地唔使還錢0 W! \# s* O+ F. A

% Z, Z8 g$ a. K1 _7 e8 Z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,
4 z2 k) T+ c* M1 ~. P連國家都係問人借, 不停發債券, 印鈔票* \" F! O- h$ D0 K2 G6 U9 g
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
8 g" q$ y8 |* ]. Y6 Q) ]+ Q7 w; C' D- ?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
5 x0 T  X7 Q) ^. ], p0 W% P咁而家"爆哂煲"算唔算先至係變番"正常"???

4 g1 t; }/ @: s; ?3 }2 `" c+ E% n
其實係...
: T' B9 J% ~( N9 O+ l7 e: K: f因為以前未生產, 先消費; W* y- ]. [& i5 H% e! I
而家就要多生產, 少消費