0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
5 F- k5 N% ^) N, O: ~9 @7 l5 B4 Q* YWhy bank will sell 借據給第三者???3 x2 j/ B( ]0 K* k# b4 }4 f
I was so confused.....

2 [. C' O0 A% B7 {3 w5 p& X3 U
+ b2 i" K. f. X/ e/ |
講到尾都係賺錢& D* t+ d. I3 a0 s5 i/ Q- m
so銀行可以不斷放款( |! J: L# V# m2 W
美國的房貸問題散佈到全世界
5 `2 q& |% \7 \& o0 p7 _4 E. ~* {5 C! P9 k3 s2 j( n1 s
mortgage loan " ]- g: Z1 J& n. r% d  U
>conduit
/ K7 `5 y' R" s& T8 k>RMBS(Residential Mortgage Backed Securities)
; E- ?+ x, N0 H  [$ m+ D/ P. H6 ~>arranger$ w+ z2 {5 u1 @' U( J( x! e6 F5 ~
>CDO(Collateralized Debt Obligation)) g, h0 m9 l8 P
最後去到投資者

Kev

i thought it is the reason of rate of return.
8 M/ V% J( h5 U: a# R" FCDs could have different ratings, AAA -> F,
. o+ K: \2 F8 c" I- P' rmore risky ones would have higher premium (interest rate) as a compensation for an investment.  B" S  X3 X/ ^3 p& K
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 {; `  {/ ?# H( z3 _
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
  o3 \  v% T' _. DAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 m: d/ ^& J* l- h5 N0 ysimilar to bonds, CDs trading in the secondary market have different value at different times,
3 n9 R3 N% A) B7 Y( wnormally the value is calculated by adding it's principle and interest.
, v( v0 Q# W2 M) f/ R3 G- zeg. the value of the mortgage+the interests to be recieved in the future.
" L) P7 W8 P/ ]0 q4 Zbanks 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.
  u3 Y$ y- `$ e4 U7 n/ u" q; x& |1 O" N- }# _1 h
im not quite sure if the multiplier effect does really matter in this case.
6 }' W. q: B, b- cin stock market, it's the demand and supply pushing the price up/downwards.
  E( M8 O5 o1 ]5 s! P) RFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) \; w) n# a  }) M# j
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 s  w  s/ G. M$ 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.
6 |6 K- w$ k* q5 I6 bbut the value of their assets did really drop significantly.
" }9 @7 C+ B6 n
  I9 @0 b+ s. [3 r! f! f[ 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
1 e3 P, i. ~. R- E8 cRefer to last example,
5 J/ L3 x9 B; d5 C. O3 jthat means bank A have no money because we borrow 10 dollars from bank A
' F% r; _! S8 E, ABecause bank A doesnt have enough cash on hand . F2 y& d- f# Y# s8 [! `# ?6 T
therefore bank A need to be bankrrupt ??? Am I right ?? ...

- `' Y; v, l7 F( a) w, p" c/ v7 ~: y5 B9 U' {% {
* d* U, ~  q8 A1 H1 N4 d
A->B->C->D->E( l0 e/ V: A2 N) q8 v* @8 v) M
so does it mean if E failed to pay D,
( W' x. ^8 m; Nall the B,C,D,E have to go bankrupt?
0 ]; v! K2 y9 W1 _* ~$ g- q) d, v& f4 n  ^/ z. r/ ?
6 f6 E. ~2 l0 A, f! t1 v- q
the multiplier just tell how much money created in a whole economy, - i4 ]6 H3 F/ R4 m6 u2 _4 I
in this case it doesnt really matter how much money is created,
8 D1 d. l# S" g, ^9 G) k! d8 x: hit's the problem of the debt itself.
* {0 Y( I8 ?3 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
# `( E5 C8 Z; x小弟一直都唔明...7 u& J0 k2 e0 F8 j  r. C

% P, j& |$ M& P8 A# s8 ^. i全世界都蝕錢，咁邊個賺緊錢呢?) M/ U- t6 F# B$ F* K) Y4 X" m6 J

) x6 i$ M- K* B7 P5 H5 Z" M' V! t* R無可能淨係有人蝕錢無人賺架嘛...
% u) h8 M2 x5 {' i% M# X' g- r. {3 h/ ]; v
敬請各師兄解答( f5 q' ]. ~- ~5 v6 W; C, e
8 x9 p/ a2 d$ |! A* T
Thanks

8 q" H& }3 A$ s" {  j
那些根本係 紙上財富  
5 f7 u; d/ _# x( c$ n- Z6 T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
& O2 G4 F) w0 [# s6 B
. I1 Q: @; q0 Q) e1 w$ 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
. C, `8 B6 ?1 Y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) E& Q. t2 ^  N. ~
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
( A' L8 r. J  B7 B個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
- J/ w4 T- e/ i/ N扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,5 O7 h, Z; r4 [# r+ x
計番回報率就已經係50%,所以可以好好賺
. i' d1 A' f- @9 }3 N8 U前提係銀行之間要互相信任先可以咁樣借法3 S) y% y. @' h4 p" o) |
同埋個市場既前境要係好先得1 l3 W$ m5 y* o( @, U% D- j
但當經濟一差,公司估值趺了,物價不升反趺
* S, X% j! e0 O& n例如剛才說10蚊的, 趺到得番9蚊, " A- q2 K! \' f& A% G* K0 x
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
  f7 u, [; q* L! W' }所以你就會覺得D錢好似蒸發哂咁. ~  b. {  L- y% H2 i

6 K9 j3 R0 N6 m3 Y你都可以當標野咁諗, 個樣野多人可以狂升值, 5 K! P1 }3 p0 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, 6 B- J7 {- q2 p7 D  l  b
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; N$ l0 }2 g* l4 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. r- h* q2 K# \7 a  P2 |
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
1 P) \# B" n$ N# K( u, v唔係d錢蒸發, 而係比美國佬洗晒未來錢, % b8 g- O& F0 p- V0 x0 W! x
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " q5 {1 s: s1 n" s/ c
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 U7 B# d2 C4 o" M% c
咁你話d錢蒸發左去邊? ...

. B2 C  y" b, C1 k1 b* e" t2 t6 R/ n

, u: F- ^- P0 o1 z8 P+ v5 ]/ ~正係咁樣
8 c4 X  K$ N5 I# Q6 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7 ?! H: R/ o+ R+ E& s- V( r
分分鐘佢地唔使還錢
( P5 ~0 K# U, h( l. c/ n, E6 i: |( ]6 ?# \7 s# s6 E; G4 r/ `) r3 x- n& Q
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,0 x" Y/ M% {- ^9 c7 K
連國家都係問人借, 不停發債券, 印鈔票% X1 |! I$ H. r0 {; e( j
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 |: Z5 F1 h" Y' 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
3 d4 W: A, d5 c" N/ \" W咁而家"爆哂煲"算唔算先至係變番"正常"???

3 z4 @8 _4 q( l& ?  i0 a/ C( {3 C  j1 W+ H+ O
其實係...
/ P% ]+ s- n7 b/ L因為以前未生產, 先消費
3 Y5 c6 H6 L5 L: z而家就要多生產, 少消費