0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
" M5 E- c6 ]4 X* G1 |) \Why bank will sell 借據給第三者???
/ z1 ~) e1 q0 z1 y6 m+ iI was so confused.....

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# }2 r: h* H8 ^3 _# B/ q講到尾都係賺錢5 g/ H5 s& Y0 D4 M/ t0 S! O0 R
so銀行可以不斷放款" r1 J2 H: E5 U3 V* g, @# d
美國的房貸問題散佈到全世界
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mortgage loan / D) q5 F8 E3 u- k% F
>conduit
* I1 b. Y# U9 v. z1 E% _3 e>RMBS(Residential Mortgage Backed Securities)
. e2 d) u: w  T* i1 T& X2 Q>arranger7 u' y. R; P/ m) X9 G
>CDO(Collateralized Debt Obligation)
) D5 b& v3 @# f1 j* r. ^最後去到投資者

Kev

i thought it is the reason of rate of return." o, v+ b- S$ s3 P5 N% a& d
CDs could have different ratings, AAA -> F,/ M' G7 ]$ N& ^" {4 W
more risky ones would have higher premium (interest rate) as a compensation for an investment.
. O. U% B$ b6 b: m1 Lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 A# S) u# {% A+ qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 n4 v# y  n3 A/ S
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 a% T3 e: t0 o
similar to bonds, CDs trading in the secondary market have different value at different times,; W0 X+ p3 Q% q
normally the value is calculated by adding it's principle and interest.
7 ^- v' B" t1 a- z5 t0 s% v1 yeg. the value of the mortgage+the interests to be recieved in the future.
* }- T- u" z3 K0 S& O3 F" lbanks 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.3 J4 h0 C2 E1 q& D3 X1 w. i

/ H/ u- v# x; M- b6 w6 lim not quite sure if the multiplier effect does really matter in this case.
8 j1 g  w2 M: A& b2 P- q) Z- din stock market, it's the demand and supply pushing the price up/downwards.4 P5 C& c: K; _; o# [! b
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 C& o% G5 C8 nA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 ]9 P- U! ~: T' [3 n5 G& {, I
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. $ R4 e1 x+ d2 A. K7 v
but the value of their assets did really drop significantly.
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0 \, F6 ]/ y9 u0 W- ?[ 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.gif7 N+ @' t# C' f% i; \
Refer to last example,) }9 r2 [5 Z+ G0 Q
that means bank A have no money because we borrow 10 dollars from bank A
% p' T" |+ A$ q7 {& hBecause bank A doesnt have enough cash on hand
0 ~6 i3 R& O/ U0 ~therefore bank A need to be bankrrupt ??? Am I right ?? ...

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% }' s7 c4 c* {# `* }1 I, ^# UA->B->C->D->E: i. X: n9 i9 [! l
so does it mean if E failed to pay D,
3 v5 Y1 _5 ~6 Y! gall the B,C,D,E have to go bankrupt?5 V2 {1 ?6 y/ f; h1 s
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2 X  ~7 l/ g' {4 \the multiplier just tell how much money created in a whole economy,
- S' A4 B6 O. O8 s* cin this case it doesnt really matter how much money is created, 2 _0 g2 f* ]/ J/ w5 Y& }; X
it's the problem of the debt itself.+ ]% d* r5 p+ d
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: k  A; q. w+ f8 U
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?  X# M0 K2 |$ `% Q, |, f/ L9 C
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無可能淨係有人蝕錢無人賺架嘛...
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2 ~( m8 t& H( O& N4 Z+ X敬請各師兄解答) \- C) n+ x/ ]% _! S) Q

0 q4 X5 W  R1 z; D& \, |% s8 w2 E  mThanks

4 i6 h0 C1 a6 C, G7 y
那些根本係 紙上財富  
: f7 U! j$ m7 _( K( 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
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6 ^& S" Z/ E; shttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
% U* R% k/ x/ `6 S當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
! A: u3 S3 ^( x% _' X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6 `0 I! L; N: }3 q
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦9 S! m7 U& D5 Y! Q
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
  q! d' c' A/ E7 r計番回報率就已經係50%,所以可以好好賺2 l, S/ k2 ?6 M& Y) T  H3 O) S
前提係銀行之間要互相信任先可以咁樣借法3 M% y7 i' {8 b8 D! l+ W
同埋個市場既前境要係好先得' @% o$ ~* I5 v4 ]# F. W& W3 W7 L
但當經濟一差,公司估值趺了,物價不升反趺5 V7 p+ L' Q( j( R% K
例如剛才說10蚊的, 趺到得番9蚊, 2 L0 C: i: I/ K# G. o
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 ~, b0 N4 B: q2 e
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
5 Z. [+ v) N; t  Q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,
& O' e/ K, ]; g淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 U3 v6 A$ D1 k3 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) \1 }* Q; \6 |8 h8 e) d7 j( v
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
- F$ Z2 f  j% Z/ N唔係d錢蒸發, 而係比美國佬洗晒未來錢, " |  T$ `- U$ b( Y  {: m7 J  p( N* i
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - z/ M9 r- ^7 n  c/ \  s
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
: B: C# N' `' T) @0 V咁你話d錢蒸發左去邊? ...

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. @4 v, j* o, Z" P1 F! O正係咁樣7 {' m& S; r. [: ]* U$ 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
" ^* S2 l& ?/ L; `/ D2 e+ ^分分鐘佢地唔使還錢
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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& w( ]% @4 r, U8 }
連國家都係問人借, 不停發債券, 印鈔票
4 V$ \: p9 x2 P3 X3 E! ^一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
' c7 b+ \" \" j5 b  ?# ~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# [/ j% R( u1 K: E3 W
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...0 p% \" L" E/ W' m. W( n
因為以前未生產, 先消費
7 ]% x; ~- I1 M+ I" y: Q4 E9 e而家就要多生產, 少消費