0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif5 j: F2 u9 d1 ]. D) u9 x9 O& n
Why bank will sell 借據給第三者???
9 d: [' o# [9 v, L6 z* dI was so confused.....

, p  [9 J' N. ?1 P% N
& o* M* J! l( V" L講到尾都係賺錢
) u( g$ X; l, b5 q0 p1 ^: kso銀行可以不斷放款
" s6 G/ r. |$ K9 f$ U8 O美國的房貸問題散佈到全世界
  ]0 y/ t; e; h$ u2 ]$ N( \; f& k; Q* ?. \+ t- y* ]' Y
mortgage loan
  s, U; V( z! H0 `5 B>conduit" Z5 ~. E1 c8 Z6 R0 A
>RMBS(Residential Mortgage Backed Securities)# N+ X" O5 ^; P$ w8 R
>arranger" j2 j3 P" k3 H$ u, d6 w1 v/ m9 N
>CDO(Collateralized Debt Obligation)* k* u1 c9 K6 A' S. y5 }( }
最後去到投資者

Kev

i thought it is the reason of rate of return.
; F6 z+ l0 ^) q1 N$ s& dCDs could have different ratings, AAA -> F,! f& t' D+ \- a6 Y; p) M2 B
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! J; }/ r- g! [2 A, {$ J  lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 p4 y) `- W9 Z% Ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# {+ g5 Z" S6 A8 V4 _  B, D! JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., X6 `' B8 H7 S
similar to bonds, CDs trading in the secondary market have different value at different times,
7 \! H/ t* M; G- U% _4 Z; Wnormally the value is calculated by adding it's principle and interest.
0 u. Q; p' E" ^- W# G( R0 o" ceg. the value of the mortgage+the interests to be recieved in the future. ' j# X1 b3 R: h( N8 _8 K
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.
: B7 A; F% S$ O8 ]- j, k/ f+ N
- A: }4 w- X# h5 Z: Z3 }im not quite sure if the multiplier effect does really matter in this case.
- ?5 o8 g* }& ]6 {& \+ \in stock market, it's the demand and supply pushing the price up/downwards.
9 k. V" C6 S2 [For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- \: d! \# o' ?1 P8 h" e
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" o+ M5 s1 U7 A+ g1 |6 q8 FThe 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; T& C! R' b
but the value of their assets did really drop significantly.2 t7 g1 x6 b& N* O

% f! T6 b/ M4 g/ _[ 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
( b; Y7 P& j$ o$ x1 hRefer to last example,
! M) A% }6 O- Y' f  ythat means bank A have no money because we borrow 10 dollars from bank A + @7 t5 [7 Q+ s! d0 c, X
Because bank A doesnt have enough cash on hand
* E; I- ~3 C( Q$ t2 ?: Itherefore bank A need to be bankrrupt ??? Am I right ?? ...

& h/ h- Z& I' E2 p/ n: c" Q$ ?. v% N. i$ j
# R" E) ^  E0 e- q* n
3 C) c: V1 N1 |$ ]( q0 K4 }
A->B->C->D->E+ Z$ V" h4 u( v6 u
so does it mean if E failed to pay D, " }! u2 M) R6 [
all the B,C,D,E have to go bankrupt?
' x, d% y! |; e9 Q9 i& U' R* p
& v  @5 ~) r' z, x% _
5 a2 I$ g5 ^1 t5 Q, kthe multiplier just tell how much money created in a whole economy, : x* C7 h; B! z, t3 i+ f, E' n
in this case it doesnt really matter how much money is created,
, R3 k2 p7 ^' w, B( M* cit's the problem of the debt itself.. X2 X5 T; E* ?% O
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
% g) o$ P+ c' T  ~9 X" r5 J小弟一直都唔明...( |( J. D+ A# b& y7 Q( M- d1 Z5 M
$ I, k6 Q# n- t# \  q1 M
全世界都蝕錢，咁邊個賺緊錢呢?: u3 a4 C# e, N* R7 X/ m* F

- A; Z7 X3 l9 B無可能淨係有人蝕錢無人賺架嘛...
' M, d4 ^/ e  ~9 i
. ?) L- [2 O: p* \: z/ L8 `敬請各師兄解答5 M; f7 d1 M1 Q2 o, u+ k+ D
" j+ ]2 A, H' A* \# ^3 v' f, o6 O
Thanks

. n0 m" z, I4 b那些根本係 紙上財富  
( T/ p6 F" b  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
* M+ z  l' _& O9 S! W: x2 |/ B+ K; ^$ q5 {% g
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
! g3 X- E+ X% K/ f$ K. F當經濟好,投資銀行相信會賺錢, 物價既估值相對較高1 y6 }. {# b% j5 I, k% M
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
# Z+ |& U, \6 W: W- o0 K) s個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 y5 W" A: Z$ [/ z  V8 @6 c% [扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
2 X! y% n/ \& T計番回報率就已經係50%,所以可以好好賺! l2 V3 @+ g' w8 e+ \
前提係銀行之間要互相信任先可以咁樣借法" C8 X6 g' E: t  b$ h! ]5 l
同埋個市場既前境要係好先得$ r* K/ t! z" J1 j% h
但當經濟一差,公司估值趺了,物價不升反趺
. X2 X# D- h2 g) |% \5 e2 y% u例如剛才說10蚊的, 趺到得番9蚊, , @- H0 Z+ n! r# G
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%, b, A! B+ B0 `( ^3 z
所以你就會覺得D錢好似蒸發哂咁
- `" e( s# f2 X, c* W4 N3 Z" ]+ E9 N2 q2 R& Q0 W
你都可以當標野咁諗, 個樣野多人可以狂升值, ( B; T# |7 j$ i5 t( B8 D
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, ' ^: Y% s0 z! `, O; E2 p2 X
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 y5 r5 x$ k5 s* s, q+ x# G
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8 h$ f# F6 o' [* i- O) ?5 n( s
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
: V0 A- |9 M3 ]: W" f% K+ ?+ b唔係d錢蒸發, 而係比美國佬洗晒未來錢,
0 w$ T; g4 @* F! I淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 M# l# K, O7 ?+ 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
- c7 c5 L- U6 g咁你話d錢蒸發左去邊? ...

/ ^' q6 t  q" O

* Y: m; Z+ J7 [/ d" q5 n正係咁樣
  l2 G( f. z0 p9 y2 i( N, L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
: K; n8 z' c- j& @: k, y分分鐘佢地唔使還錢/ E& \4 i4 C( p! x! G, c8 K$ W0 Y

( x$ l0 n9 [2 N7 J3 B3 a% J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,
% B5 s( ~6 ], x4 @1 I. o連國家都係問人借, 不停發債券, 印鈔票1 W. M" t. ^9 }  I
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
6 V. l( S# u1 G8 C3 L" {0 V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
! ?: h9 ]7 p8 f2 @; R/ J咁而家"爆哂煲"算唔算先至係變番"正常"???

/ Z5 s  v" g5 n/ f5 I- _. n
( [2 _% @( p9 u% d/ U1 ^7 ?- `
其實係...
! z5 z0 S, L9 Q因為以前未生產, 先消費8 C3 H) r/ ]/ t; t) J
而家就要多生產, 少消費