0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
; j, X1 B( G2 nWhy bank will sell 借據給第三者???3 F' y) U: |9 F: ]1 Y
I was so confused.....

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9 T6 H/ b& J, z4 i' v講到尾都係賺錢1 W) m+ a9 g3 v0 _2 f5 M: i
so銀行可以不斷放款
, P& S8 ~  V: Z美國的房貸問題散佈到全世界
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9 t& R3 n8 D" G( v. O- c0 mmortgage loan + A- o) n' j" y. \, O
>conduit( D6 Q+ F/ u+ r5 P8 u
>RMBS(Residential Mortgage Backed Securities)
4 T0 n5 p& z9 X1 M>arranger
) @% r$ D3 R/ B# k* e  t3 g2 j>CDO(Collateralized Debt Obligation)) m6 I# e( y4 l3 A; G* q  t3 i
最後去到投資者

Kev

i thought it is the reason of rate of return.5 K4 P- H. }/ m8 F6 l6 h" o
CDs could have different ratings, AAA -> F,
5 B1 N% E7 z0 {% Gmore risky ones would have higher premium (interest rate) as a compensation for an investment.1 A8 a) g6 o. h; f2 R
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 x; l6 w6 {& i( {! k5 z1 Lin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 B# d8 s1 P# ^3 E5 VAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; N- k, e! a; Q. v4 S$ ]9 Y
similar to bonds, CDs trading in the secondary market have different value at different times,8 n! C" _4 X0 Q( m
normally the value is calculated by adding it's principle and interest. ) D# I5 y9 ]0 ]7 O( Y% @) s- j2 U4 Z
eg. the value of the mortgage+the interests to be recieved in the future. 6 v$ b( o: W. l# R
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.2 p+ Q6 C) _8 r; \9 H3 Y% b9 @& f

% t2 z; E+ S5 j% M  eim not quite sure if the multiplier effect does really matter in this case.4 E' o1 i+ S2 x% o3 L! @
in stock market, it's the demand and supply pushing the price up/downwards.
0 u# n7 C# `' m) G/ u$ _; K3 P7 mFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, i9 `: Y. u, `) r$ [7 k8 zA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 J2 Z4 w8 u# C( z$ F2 MThe 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. ) J1 B) H$ l: y: `$ q
but the value of their assets did really drop significantly.
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/ w  m# T$ f- B[ 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" M! y& U0 K; I5 E& |" m' O
Refer to last example,/ b' b0 W2 R' f7 W  c
that means bank A have no money because we borrow 10 dollars from bank A
6 l, E( J* F$ tBecause bank A doesnt have enough cash on hand 2 g' E. H. P* E; q" L5 [8 O
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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5 d6 |. M+ J* x' sA->B->C->D->E" [! j! D+ ]$ s
so does it mean if E failed to pay D,
' p2 i9 m6 ]$ f& ]all the B,C,D,E have to go bankrupt?# z* X$ _' O) v* }

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- }! R* X$ U2 G: r$ \* M& e& }1 @3 R! ]) Wthe multiplier just tell how much money created in a whole economy, , `& |6 v: i. x6 u
in this case it doesnt really matter how much money is created, 2 M3 Z/ R3 j7 Y: O' c& a# E3 O1 y
it's the problem of the debt itself.
$ Q0 r6 M3 v8 v) Qthe 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# i- n% L0 K! K; U( C
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...$ b( w$ E4 e2 y5 I8 y0 }& W" k/ {8 K

8 K7 @& w- T1 c# ]) r3 b' `. J: _4 n敬請各師兄解答0 @- K$ E7 a8 b) b9 ^) {  i

" K$ u9 Y6 ~" h2 X# f/ a8 C8 xThanks

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那些根本係 紙上財富  $ w+ {) X1 |8 s/ S  I: r
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
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7 L0 G" q4 u% Y! I3 L: Ihttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產% b! X; O0 N- j7 D* t. P
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, k" F5 z8 O& i2 W7 i) k9 u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/ [# }$ ~! o& s
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 `, J7 i' z4 K" B# D! x扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# R; x- I/ |" v' C+ W, g計番回報率就已經係50%,所以可以好好賺
) k% q2 L' O" i3 g6 W前提係銀行之間要互相信任先可以咁樣借法
* Y7 G# p! }$ _/ Y" B6 |- m同埋個市場既前境要係好先得/ W9 H+ M, V- G( x, t
但當經濟一差,公司估值趺了,物價不升反趺& n! O; E4 `0 R" V1 x& t
例如剛才說10蚊的, 趺到得番9蚊, 2 Y( w; f5 E' f
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%: L4 X' Z" ^0 I3 C: p+ J$ r9 W5 E
所以你就會覺得D錢好似蒸發哂咁+ m! l0 U. r: C2 A3 b2 i( G

( U7 b4 a' \% Z/ A) a, _你都可以當標野咁諗, 個樣野多人可以狂升值,
' U! X3 i6 x; f3 s9 v3 F5 H4 |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, ; e0 }& i) [0 }, m; H' H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   j1 j/ `* y1 X& }' {
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 Q/ O2 d9 M$ b; Z( L; O, Q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.gif9 q, d6 _7 t+ f! ]# U* ?* W
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 M# A$ J$ P% s: J% U淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* r' I: ?6 d5 U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
$ I1 }: X, n, }9 x. v! D* C" M咁你話d錢蒸發左去邊? ...

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正係咁樣
! h, x0 H: {# f+ ^( y- V4 X/ r5 ^. W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
1 D0 ]1 @. v3 Q( ^) Q分分鐘佢地唔使還錢
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; @/ h9 e3 \8 D3 s1 Y+ ?2 ^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,
3 T% t4 _8 d) k+ I: O  v  L連國家都係問人借, 不停發債券, 印鈔票
6 P9 S4 h: b. j4 J- P. ~一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% N& _- ?/ |+ u' G
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
% ?9 a/ h% r$ }( m( U; w. W咁而家"爆哂煲"算唔算先至係變番"正常"???

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4 p# j9 @' k) A' n其實係...
1 j/ t  z# G0 f: {6 _( D) q因為以前未生產, 先消費0 \( `# \- J* c2 `2 ^- H
而家就要多生產, 少消費