0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
6 D$ q4 T. s1 K9 d& V1 P1 n& @Why bank will sell 借據給第三者???
2 c  ^- X8 V/ L4 ?: u9 jI was so confused.....

3 Q# n: h4 K) \" L. w: B0 a7 g
& N, v0 c$ G/ [. y0 L( n2 v
講到尾都係賺錢
* B; C; A' l9 @( {2 S) m  nso銀行可以不斷放款
, S( v9 V% V2 l/ F  |  P美國的房貸問題散佈到全世界3 L: s- e0 s7 }( q+ V
0 H3 F" c" i; f  P$ `
mortgage loan
/ ^: e; g. ]. z$ E1 Z" U% |; K! |>conduit1 j1 S- X, E7 S$ ^; g7 i7 s( ~
>RMBS(Residential Mortgage Backed Securities)
; e- r/ k( b! X+ t* s' `>arranger
+ Y* f* [& I( J- \# x0 \>CDO(Collateralized Debt Obligation); ~( B# D8 Q# R* n2 F9 J
最後去到投資者

Kev

i thought it is the reason of rate of return.' V5 h+ f0 N+ L
CDs could have different ratings, AAA -> F,: z& z9 [7 w+ _1 z" T
more risky ones would have higher premium (interest rate) as a compensation for an investment.
4 }4 q- T1 S8 x' Imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 B( h( F' \+ j  Y8 r* Q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 Z* I- R1 @( {9 N3 e% k; ^. Y  NAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- J- _/ H% \0 k" X" G/ R# R  Zsimilar to bonds, CDs trading in the secondary market have different value at different times,9 L& `( l1 ~. C" X& b) B- U/ N
normally the value is calculated by adding it's principle and interest. * k5 m- z, A$ M- `- e
eg. the value of the mortgage+the interests to be recieved in the future.
* ]$ E* V1 k4 Q0 o4 e1 _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.
" N" ~9 G3 ~# @/ |4 U8 @4 k) a) ]' a& i# o: Y  |, ]9 E
im not quite sure if the multiplier effect does really matter in this case.2 R9 v) }: F2 I0 v& f
in stock market, it's the demand and supply pushing the price up/downwards.1 I1 O# x3 G! W' R0 j, O
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 H- I& X# V3 _A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; K2 Z$ `; A( v2 z! W: P. p, \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.
1 J! [9 ]4 Q% s. gbut the value of their assets did really drop significantly.* P; M4 N1 j6 \+ d

/ t& {- A2 ^# E& 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.gif2 T( k6 ?8 i2 B& Z: ]
Refer to last example,: E7 m; B( L- M% P
that means bank A have no money because we borrow 10 dollars from bank A ! Q' k0 t6 x: e3 A
Because bank A doesnt have enough cash on hand 3 d% l+ \0 b% Y8 Z9 b& ~: b* [: p
therefore bank A need to be bankrrupt ??? Am I right ?? ...

9 r9 P: A" `+ A9 [6 s4 N
0 M3 j7 [5 k7 M

9 \9 a, R! x8 @4 r* @: rA->B->C->D->E
+ I1 U' i! |- E0 {# ?( w/ {so does it mean if E failed to pay D,
. Z; a6 ^' S- J* s  Kall the B,C,D,E have to go bankrupt?
4 x% Z# {# p5 r! m7 r% ]+ G. {" C3 V- L/ ?3 Z
- f  V; r+ c: U6 f
the multiplier just tell how much money created in a whole economy, & {9 O. s; U- A
in this case it doesnt really matter how much money is created, & W8 e; ?5 p5 @+ n
it's the problem of the debt itself.* ]- L3 Z+ ?1 }4 ]5 L9 g
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
6 U7 _/ }9 ^- D7 `  f小弟一直都唔明...  ^- V5 N- t0 ]& p4 R! {* }3 R( f
' a0 `' T  m8 f. W
全世界都蝕錢，咁邊個賺緊錢呢?
8 P( Q) W4 L- J6 _  ~4 a! a3 a5 t: \$ Z2 h* Q
無可能淨係有人蝕錢無人賺架嘛...0 A( R$ N+ j+ B& V  f4 e( s, v; F
  K2 ]2 C' \) i) X9 A
敬請各師兄解答
2 E: ]7 W4 Q+ u5 Z1 J' l( k" L
* r4 _, p! d0 D% m) y- I# XThanks

( E# F4 w7 z+ |5 I2 v5 E
那些根本係 紙上財富  
- {2 l2 \0 V) l( C- Q" a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& j& |8 x( d; O1 Z' [& g

9 P% Z. r% H- I7 c4 s# Jhttp://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 F! }! ~& i0 K
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ y3 }8 I$ @+ O% _$ \( p
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
+ [) |; F/ I6 _8 \( Y- Q9 Y個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
) K* m* H* z0 o0 ?* K5 o扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,* x5 f0 J$ W3 ~
計番回報率就已經係50%,所以可以好好賺
6 f4 e2 N/ w  M& t* ^前提係銀行之間要互相信任先可以咁樣借法
1 {( v* f/ J2 \. [- C- K& U1 ^同埋個市場既前境要係好先得1 t+ Q- A8 [( n/ ]
但當經濟一差,公司估值趺了,物價不升反趺
, _8 o) Z1 I6 p' I例如剛才說10蚊的, 趺到得番9蚊, . J4 h) n# D( E+ k
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
$ i8 ~# E9 p+ c3 s; G所以你就會覺得D錢好似蒸發哂咁  H$ n% a; u5 Q) W1 n  d3 p, G1 [7 l
% g, I+ |" I  n1 d) R+ i
你都可以當標野咁諗, 個樣野多人可以狂升值,
; p: d$ E; @  i% D2 G4 [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,
3 |; x: \: g& N% U, f# ?; i2 b8 T7 s淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # P1 ~! W' n* H" 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. W. J- U# @; p) m
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$ b2 O' \2 n4 c: o
唔係d錢蒸發, 而係比美國佬洗晒未來錢,   d; g7 Q; A5 B+ y$ X. Z# ?
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ o% E& Z& |  d& O) o) O
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( K+ u  F. `! ^( B' b
咁你話d錢蒸發左去邊? ...

0 k2 |8 e6 p" p5 i: r7 o, @/ C% a* ]

' E* `1 h8 v5 k' u正係咁樣
% ?  _. l0 Y# |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: q/ M: l8 d3 q5 K/ Y1 }& _
分分鐘佢地唔使還錢
, L; V% q3 m! x; e' b) N
! e& [0 z8 x+ i8 o1 [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,
  W; {+ `) M3 x, R+ s  S/ ?3 B+ A連國家都係問人借, 不停發債券, 印鈔票+ a' \0 Z! m- E2 y6 p" U
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% W& w  o% I% W+ p  W/ v( H
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.gif5 C+ T) H8 `0 t/ e$ N9 |; P. L
咁而家"爆哂煲"算唔算先至係變番"正常"???

% v% \& T, `0 u' {+ W2 P
% F3 z! E$ ?$ C# [
其實係...8 J- u" ]6 ~. K: W/ L
因為以前未生產, 先消費0 U( k/ G+ i! [
而家就要多生產, 少消費