0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
; ?, T# V/ [) D; U6 x0 o+ [Why bank will sell 借據給第三者???
3 O& A# ]  n, W0 X: I. }) [I was so confused.....

" s( e( u2 @" K7 d

: k6 P2 |# x5 ]/ `# s6 t講到尾都係賺錢
) `0 }* z" v" @# u! m* I6 C6 Lso銀行可以不斷放款( r- G$ }+ l! H0 h9 \7 i
美國的房貸問題散佈到全世界( l8 x  K/ d% R9 H: B% n6 E
0 p9 a% D! c* Y; {1 H- }) l
mortgage loan : m! A- R- c! @6 r/ z' }! _. b; d
>conduit
3 O0 U( X. c! }>RMBS(Residential Mortgage Backed Securities), r0 I2 V, U7 }3 B5 j7 w
>arranger0 Q/ ^$ _+ Z2 z+ B8 g  A) F2 n
>CDO(Collateralized Debt Obligation), K5 j, Q0 o  a9 j$ \( [
最後去到投資者

Kev

i thought it is the reason of rate of return.8 Z5 b+ a" q2 {( D; h) S5 j
CDs could have different ratings, AAA -> F,4 c1 v# w; ~7 m% V
more risky ones would have higher premium (interest rate) as a compensation for an investment.
5 a5 e* a0 s+ rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 M, Z: {/ @, u2 y3 p/ v1 T; u* ?+ e" s
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' ]* @6 U) l$ o1 k9 Q) |/ EAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- h! h) h- b9 l8 L+ Ysimilar to bonds, CDs trading in the secondary market have different value at different times,$ ^2 A& d: R$ t$ B# U
normally the value is calculated by adding it's principle and interest. ' J! q+ Q* x" M- N
eg. the value of the mortgage+the interests to be recieved in the future. 0 \7 f8 r; H+ A& @
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.* d9 B4 K7 o6 m5 p" n5 j$ W3 l+ Q
' p2 x) ~/ E; U' h2 r
im not quite sure if the multiplier effect does really matter in this case.0 ^( g6 x) I0 {& N
in stock market, it's the demand and supply pushing the price up/downwards.4 {2 |- ]% u* l, M: l8 S. o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
$ @/ e0 J+ m3 T5 X# bA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( ^0 q/ M6 |) _* A
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.
& ]5 k: T' {) r- Vbut the value of their assets did really drop significantly.
9 l% p9 \- \3 c  f* h
( R: Q& ?2 V' O! ]3 U[ 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
' }9 y8 u- ?" m+ D+ I; jRefer to last example,
, j. k9 a0 A- ^. l% [8 H! sthat means bank A have no money because we borrow 10 dollars from bank A
5 ~9 q2 Y  ~* f7 B6 j  \! ~Because bank A doesnt have enough cash on hand
5 f2 a+ O/ b, y) s' m. q' gtherefore bank A need to be bankrrupt ??? Am I right ?? ...

) Y# h0 g+ @0 E8 ^* G

+ W* W9 {! i/ ?2 I4 w( @, k5 B" k) `; w, [' K" t
A->B->C->D->E; K5 K8 _9 b$ o, m9 X  ?, Y
so does it mean if E failed to pay D, 0 l2 f0 |9 U- H; |- A/ K
all the B,C,D,E have to go bankrupt?7 [) P# V" U# ^; R& k: O1 n) U

; I3 _8 F: e/ r5 f
: n) d& s5 Z$ ]: \% X7 N0 Z1 cthe multiplier just tell how much money created in a whole economy,
/ T# Q8 ]" G! l) p1 }in this case it doesnt really matter how much money is created, - H5 W) A+ n; E4 x; {# |3 _
it's the problem of the debt itself.3 g$ T3 \5 _( J9 L: T
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/ S; Y% q" |7 m, X) B3 ?# {* p- M
小弟一直都唔明...
) E; |- u& X- z- R( B# M; y2 N8 _) M" H* {
全世界都蝕錢，咁邊個賺緊錢呢?
! V6 n$ A" y. f6 w" [
0 P5 z- f. p, P7 |2 M4 U無可能淨係有人蝕錢無人賺架嘛...
2 Q. j4 c5 _7 P  \
, W- S2 Z" A" m  W/ S敬請各師兄解答
$ X4 I. |* v! N& ~
8 J5 X# ]1 X( I  Y) \5 S2 W1 }Thanks

2 |* g! R7 v; b5 V; \
那些根本係 紙上財富  5 |3 b: L9 i" d& h1 p
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 graphic9 j4 P0 d) n3 {) \' @9 I# A7 u
6 g9 ?! E" q3 s8 Q3 b' b% O
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: Q/ n0 Y% B1 j
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
5 j8 @8 ~0 w6 s" c7 ^4 D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7 E' @6 a# c4 ?6 G' b4 U/ f
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦# f2 P5 _6 ^+ b% j
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ v# r$ ?# X& f( i! }) W
計番回報率就已經係50%,所以可以好好賺2 t* x9 J) ]3 W
前提係銀行之間要互相信任先可以咁樣借法
! T( O/ r0 a/ ?同埋個市場既前境要係好先得
0 B/ E; x) @2 F' ~0 X0 _. v& z但當經濟一差,公司估值趺了,物價不升反趺5 {) b7 P) d" g& N# ?9 ^% B7 U
例如剛才說10蚊的, 趺到得番9蚊, * z7 B. \' n5 O' i2 S0 E% ?+ W
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! E/ K  ]+ z* [+ F* F" b# u所以你就會覺得D錢好似蒸發哂咁" g' B- h( a4 y# ~9 a, j' X
0 \/ p0 v  F  {. Q2 l: f
你都可以當標野咁諗, 個樣野多人可以狂升值, ) w: Q4 |9 R, a* G3 g
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, ( C* b7 c3 p2 I& x! @0 d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* w. Q4 z: p* B8 X) E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 a) J/ I. |( }5 c6 w( e5 W( h) l
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+ ]. @6 ]. s% [! ]7 |5 p5 g/ L
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
1 Y' f& y' K6 Y. Y5 D7 |淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! f5 t5 m, E  b& _1 ]
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 I, O# G3 b, l咁你話d錢蒸發左去邊? ...

9 n, @  y- H4 l
/ s3 C! |0 B$ x6 w, u! I2 H
正係咁樣% N$ K  P3 P" ]0 I" ]# i2 S
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 f& [$ N( n) O; a分分鐘佢地唔使還錢
; J$ e" Y, M8 ^: L$ N
! ^7 e6 c' N: t. d0 E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,
4 p: E7 o, n8 s) t連國家都係問人借, 不停發債券, 印鈔票6 h5 y( B4 U5 E4 M
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
" Z: w- a4 e" X! Y$ N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
0 s$ m3 u% {, e* O9 y6 P咁而家"爆哂煲"算唔算先至係變番"正常"???

, H5 e4 r& ]0 j" k. M6 _% S1 U
# s. O# u  ]' T4 ?8 E其實係...
: O. D/ j) M5 h. h2 H因為以前未生產, 先消費! r  w3 z8 u9 V
而家就要多生產, 少消費