0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif$ l: x+ j+ `) Z* C  t- n
Why bank will sell 借據給第三者???
  a: B' b% _3 y) rI was so confused.....

! L5 W7 h4 E  d/ ?
9 K  \4 t8 F, c! H) J2 @; a1 y講到尾都係賺錢$ o' ^  ~5 c( I% E- d
so銀行可以不斷放款) `6 h$ A6 |0 R
美國的房貸問題散佈到全世界0 F) G+ p8 w% P* p- L, M& r

7 `2 N1 Y& E# M4 mmortgage loan 0 [* O7 r5 [  a: S  I) c$ j
>conduit
- |3 X* Z* [0 i% i5 O4 j9 Y! m+ k>RMBS(Residential Mortgage Backed Securities), N* A% r) ^( ?# D; ]
>arranger0 l9 V2 e1 z' e2 \
>CDO(Collateralized Debt Obligation)
1 R  C3 G1 o0 B8 ?  Z) F最後去到投資者

Kev

i thought it is the reason of rate of return.
0 c7 j3 `% H( {, s  g7 E8 z; hCDs could have different ratings, AAA -> F,
! I/ F9 I& E: h3 n& V5 F/ [more risky ones would have higher premium (interest rate) as a compensation for an investment.! o. X4 y/ S- J  o
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
& i3 P/ O$ |; }% ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 O+ l8 N/ {8 J; E: Z- q+ w. s
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& Q" u  n; Q( osimilar to bonds, CDs trading in the secondary market have different value at different times,$ C; p. c& [' H( S0 Z% F1 G
normally the value is calculated by adding it's principle and interest.
" B8 {* T7 S7 H% Z7 Geg. the value of the mortgage+the interests to be recieved in the future. 1 r) s# I: ?/ i$ O, ]( N
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.7 x9 G/ V6 D, n- K6 \2 F

( w) p( k5 m; F1 F3 [* T5 @; Wim not quite sure if the multiplier effect does really matter in this case.
* ^+ _( @2 S% s* ^! \% w# G% Tin stock market, it's the demand and supply pushing the price up/downwards.
7 G8 z/ v" N" C0 q* _For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 ]# F7 T4 F% Z# z! i( q5 WA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
/ m4 y+ f; ~  A; ZThe 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.
) r5 B( ^8 G: D! P# D! I% c- @but the value of their assets did really drop significantly.) ?! O/ s6 f. W: K

: @, v0 K# ~4 b4 O9 }/ ?[ 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
8 m1 ^( \7 ]5 I, {2 _7 K% B: E. tRefer to last example,
3 Y+ i( v2 f4 E$ ^3 ?- uthat means bank A have no money because we borrow 10 dollars from bank A
6 @& ]$ t0 _# k8 N% kBecause bank A doesnt have enough cash on hand . e! y7 s" J. I9 S+ I0 \7 B; h) @
therefore bank A need to be bankrrupt ??? Am I right ?? ...

. w+ s$ ?; E2 S- x

) i+ d$ k9 U8 q% T; b6 `( s( g. c. p; t9 A) C
A->B->C->D->E5 I; Z6 R! h! z
so does it mean if E failed to pay D, - f8 m+ e7 Z9 ^' O8 s; \
all the B,C,D,E have to go bankrupt?" e" O8 v+ `+ _/ C$ i
, i% b: i( T" B+ j$ J5 c' ~- G

! T: s4 h6 D/ T+ k7 j) t3 u! k1 bthe multiplier just tell how much money created in a whole economy, 2 H3 I1 I; [# l; B. ]
in this case it doesnt really matter how much money is created,
4 ^2 T0 b" n: W- z8 rit's the problem of the debt itself.# ]  D  ~2 G2 e  s* o, [6 G0 A
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.gif
! t! v) W* B1 R" L' S小弟一直都唔明...
4 Y3 d2 [5 T' P! m1 N" W9 W% u/ B- j: w' Y7 h  e/ @
全世界都蝕錢，咁邊個賺緊錢呢?
5 A2 R' @. [6 C* Z" M/ K( O& k# y0 ^% {) ?4 \. _; i4 I
無可能淨係有人蝕錢無人賺架嘛...
5 e" r% P$ Y: g" h$ f; k7 ^: \$ c/ [  h/ u: }  e" ]; H
敬請各師兄解答
) T% z3 O, ]- a- A, D) ~6 `- A8 [: O6 o
Thanks

, W' K  P5 v: Q; I& F8 W4 l" j0 @那些根本係 紙上財富  3 N/ G- H) B: }: c/ z& [6 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; b& U9 \# ?, W' q* R; u

4 K/ _( s3 Z& G0 A6 ~: I, Uhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
+ a; [6 d- W% q0 r; v  h. r當經濟好,投資銀行相信會賺錢, 物價既估值相對較高/ D# b  Y5 f' Z
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8 H( d5 ?# i$ x6 B" q+ V6 c' X* Q
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
. ~) H4 `3 d5 {" L. V扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
- o( R! Z; y% V- m: r6 Z4 V計番回報率就已經係50%,所以可以好好賺
; D. p8 {; E; \% ~$ z, F前提係銀行之間要互相信任先可以咁樣借法! `- v  q9 N$ f. t
同埋個市場既前境要係好先得
; J/ v6 ?$ m3 P9 p7 R2 r* X! y但當經濟一差,公司估值趺了,物價不升反趺+ F, O1 n3 _4 x# R* H- U8 w' l
例如剛才說10蚊的, 趺到得番9蚊,
$ f; E6 R5 K2 E# t: `% @- `$ I- S3 P咁投資銀行一下子就要還11蚊, 一來一回變左虧200%, _; r6 I) O' s
所以你就會覺得D錢好似蒸發哂咁
3 D; z' M0 v$ ~" l8 ]" x/ a, @6 f8 D9 V+ }2 R4 T2 g
你都可以當標野咁諗, 個樣野多人可以狂升值, & e9 G% g. L& ]9 C
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, ) H. }( C# d; U$ O: }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! X* f, K2 q1 ?
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 [( |% j& Q# q5 j  v# F/ i, ~
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
! B+ ]! r. v& @. |' b" Y" v: m6 Y唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; T$ r# P/ Q6 i% H- F. Z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, / e) P6 a; d! N% ?# S; c% i
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& j/ M' t& M: O; c9 Q6 D2 i
咁你話d錢蒸發左去邊? ...

% |$ d( e$ X$ }/ H0 a7 U7 m. ^# B( m( F( P
正係咁樣
/ C9 C" t9 Y" V6 G% `/ `$ 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7 @5 x: [' ?+ F
分分鐘佢地唔使還錢" s4 r8 V* X% r8 z) |4 P. b8 g. w$ l
, h$ A* J& n7 h# `5 n5 V
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,. ?# B; `. H" L$ d) z* w" w$ R/ D
連國家都係問人借, 不停發債券, 印鈔票- h5 I- i; L3 r
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! p4 T& ?9 _2 ?3 |0 ^1 A+ r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+ p2 k' c; m" o7 s$ B' E
咁而家"爆哂煲"算唔算先至係變番"正常"???

( P/ S2 j, ?; f% F5 _" X

+ Y' U3 t5 \. {3 \! b其實係...
1 V) t9 r% k& W/ C因為以前未生產, 先消費2 Z/ U9 `* c5 G1 s7 H) i! d3 S! y
而家就要多生產, 少消費