0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
4 A$ |. H1 |/ T+ @& l1 T' y+ {; bWhy bank will sell 借據給第三者???
% d; x! e* u4 R% Y) h* @I was so confused.....

+ Y/ d) j2 h. y$ e' I
  z& R2 N( n% ]! }1 ]3 L- m6 a
講到尾都係賺錢- C' B8 r  U6 Y9 d
so銀行可以不斷放款$ A) ~1 z  d7 x+ o8 ~
美國的房貸問題散佈到全世界
) H. o. g- [- S2 F
. P" o8 C" _4 E7 ~( N$ j9 qmortgage loan * a. R2 N7 r$ I6 d
>conduit5 e/ m# L: q, f2 u( |0 W
>RMBS(Residential Mortgage Backed Securities)
. s' x1 O) J" {5 E>arranger
$ d1 V' \0 O* x* t* y>CDO(Collateralized Debt Obligation)
$ R2 _1 R2 y9 d( s/ M2 O- B最後去到投資者

Kev

i thought it is the reason of rate of return.
' A# @/ k% c8 H' `8 v  tCDs could have different ratings, AAA -> F,- B$ R- ^# Y& m' i! W
more risky ones would have higher premium (interest rate) as a compensation for an investment.
4 S. i( L  u( r7 A. J% bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 l; ]1 W9 q$ Q3 d0 R# U& P1 m
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: {( U3 X7 \. a' U% }" t, ^
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" ?3 J" b, h8 l9 I9 x1 H2 B+ Dsimilar to bonds, CDs trading in the secondary market have different value at different times,% i  g7 A5 K+ n
normally the value is calculated by adding it's principle and interest. ; A+ D% t' e7 s/ K6 N& {) m. K4 j
eg. the value of the mortgage+the interests to be recieved in the future. 8 F! `" v3 {% y8 v- n6 S: X
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.
' E' p9 V; ~, S. R6 J( \9 p5 G! D- {. Y
im not quite sure if the multiplier effect does really matter in this case.8 p& F. q: z0 q3 K" N0 b0 W# G
in stock market, it's the demand and supply pushing the price up/downwards.
3 M/ h% c0 a0 v" P, P. gFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,  O5 E+ Y8 G) F1 O3 a  i0 r
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 E1 \6 O8 a( h% C- |5 f5 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. 4 c4 p5 k2 P' ~. s: b6 s. I3 y2 @2 ?" |
but the value of their assets did really drop significantly.) u" H0 q" M8 s  k1 |9 }7 X! i- ?3 g

7 F+ Q* _( B* h7 g4 F. C8 e; d[ 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
+ T, ]- v! y9 p+ hRefer to last example,- a% w: Q+ M* v$ o: }; v, k
that means bank A have no money because we borrow 10 dollars from bank A 4 S& m- G3 l8 W; |+ O0 s7 t
Because bank A doesnt have enough cash on hand 0 k. d; t" h) Y; ]; n
therefore bank A need to be bankrrupt ??? Am I right ?? ...

  e. a  `' r* X- N7 @6 S3 Y
+ O( S+ V" e7 {
1 h* ^) i9 T4 z; L  }" w! D* G6 ?A->B->C->D->E
5 K! g# J/ Q/ R% Z! N, S1 L5 Xso does it mean if E failed to pay D, ; S* _9 O- G/ }. D" p" R: q; e, N; m
all the B,C,D,E have to go bankrupt?, L4 l* r, u2 A  Y" N# u) o+ \  R
$ z, g/ [6 t- K% ~& J. P
' g' _  J+ R) x0 o2 F
the multiplier just tell how much money created in a whole economy,
4 n7 S8 }, s5 |# d5 qin this case it doesnt really matter how much money is created,
" t# R4 b% j0 j# [0 b. Fit's the problem of the debt itself.7 _1 F9 r' S1 c
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
7 u6 u/ V' |' p/ U- h小弟一直都唔明...1 q, L" b" ~0 y: @: ?
/ U$ _2 c0 @2 y% N, W8 r: C( o8 l
全世界都蝕錢，咁邊個賺緊錢呢?2 A" G5 ?- F" ]; N3 ~

* d- i3 i, {0 k; r無可能淨係有人蝕錢無人賺架嘛...; X: M# ~" \% ]: A

: k; ~5 N$ v4 R3 W) @敬請各師兄解答
# l( a* {) t# o6 U1 ]8 S5 t8 c' U7 z' L. n. i5 ~/ _
Thanks

9 C. r" Q9 J' q那些根本係 紙上財富  9 H6 k( Z" }& k
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& t7 t9 r; o/ ?: g# _8 z5 ^

& ~' F! J' \6 ?- i& _! ~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
# D, X3 [- y5 K當經濟好,投資銀行相信會賺錢, 物價既估值相對較高4 O6 i/ m' A8 y# l! Y1 a9 ?
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; q2 y! u3 `  V
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦: D  Y: u! w, t& s, V1 t  c
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- R- C4 i7 H/ _, q7 z
計番回報率就已經係50%,所以可以好好賺$ _7 J( R3 J3 f  \4 y5 Z# ^
前提係銀行之間要互相信任先可以咁樣借法6 u5 ?& A# {$ ?$ G
同埋個市場既前境要係好先得
8 a* r: G9 Q4 r' K. x但當經濟一差,公司估值趺了,物價不升反趺
" I2 Y7 S" V. Y2 Q- r' c例如剛才說10蚊的, 趺到得番9蚊, . w' S5 n. ]* `) ]) o4 k8 l
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 x& ^! I  X. Q( \9 g8 M2 A所以你就會覺得D錢好似蒸發哂咁
9 `2 e. t5 {3 y8 C) u
) q- n+ q' ~4 N( j$ h1 J0 V$ x你都可以當標野咁諗, 個樣野多人可以狂升值,
# W3 E( V/ D3 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,
8 e+ w1 E1 _9 ]) Z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . @6 r$ f( U1 ?' n. C" 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 ^) W8 o& F1 z4 f, W* R6 {9 _
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
4 j& T+ Y! ~7 I) ]: h" U唔係d錢蒸發, 而係比美國佬洗晒未來錢, , Q/ v9 A6 z! o+ X8 U2 T% c' a
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , m$ j' [% W. }* O: Q! j
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
6 r  k. {1 `7 ~# I, F, B7 o咁你話d錢蒸發左去邊? ...

. r7 P! E2 T+ U3 F. G+ J

' n5 z; a- w+ c7 C0 `! e# l正係咁樣! Q, O2 T+ n# C( @0 t
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
3 d7 g6 y+ U' b" k分分鐘佢地唔使還錢
% w* L# _" U3 |3 K: t6 X  T. i: g7 O
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,
# R# A5 n  J! Q  [連國家都係問人借, 不停發債券, 印鈔票
/ u& ~( a7 R% G7 }: I1 F$ y' c一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' U# {( N% I2 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
, N8 b6 X+ F& i( \  F咁而家"爆哂煲"算唔算先至係變番"正常"???

* r$ m4 i* _, S0 `
! C9 M% h3 H0 R& Z6 [; x其實係...# h( P- _: q6 g5 @4 I  P+ D6 U
因為以前未生產, 先消費
" {5 \+ W& ^7 U而家就要多生產, 少消費