0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
% Y/ E7 _. Q* l  k# M9 ~1 Y# eWhy bank will sell 借據給第三者???2 r2 b2 q- m; ~+ ]/ g- U3 j/ Z
I was so confused.....

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講到尾都係賺錢
$ G) T9 R2 h! X$ O, S1 g- _so銀行可以不斷放款( k7 M3 @; J3 H$ m# @
美國的房貸問題散佈到全世界) o7 _' q4 N) P+ A
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)- Y* y' ~" @/ d- j; p; O4 K( X) R/ U
>arranger. Q* k  ^" x; s+ S8 Z* p! O
>CDO(Collateralized Debt Obligation)
3 H  l4 H$ ?  y8 }9 E; f) e最後去到投資者

Kev

i thought it is the reason of rate of return.
3 |; C; z0 z0 t* @8 b! J( jCDs could have different ratings, AAA -> F,
  ^1 D) `& X0 G5 t. I9 N- y& w4 fmore risky ones would have higher premium (interest rate) as a compensation for an investment.
# a1 U) z; _% @( r# ]4 s6 W2 Mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. n/ u- b. k8 A0 }( ]6 g0 {8 |! e
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ a9 y0 B5 B/ {; mAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& B+ }+ ]7 A3 z' k- Z
similar to bonds, CDs trading in the secondary market have different value at different times,. {) A7 ]7 F$ b! C' c8 k: |% m
normally the value is calculated by adding it's principle and interest.
/ r$ p" O; w% H, ~eg. the value of the mortgage+the interests to be recieved in the future.
# e! I  o7 }# T' |4 F- ?; Cbanks 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.
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im not quite sure if the multiplier effect does really matter in this case.
$ u- |! y/ W. T' ^in stock market, it's the demand and supply pushing the price up/downwards.6 R4 L( i$ [( ~5 n
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" f0 ?0 T$ j8 ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., i4 d: w+ @' i& b6 b
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. " U  z' g1 @, l. V! |
but the value of their assets did really drop significantly.
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8 d+ `# }  V& `. b. h[ 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
2 y" L; M- M1 `" _' `1 ^+ FRefer to last example,
8 X4 Q: H6 T  t+ m4 B/ Athat means bank A have no money because we borrow 10 dollars from bank A
+ I' E& s5 u1 B1 O+ H, _Because bank A doesnt have enough cash on hand
' _6 G& `, w6 W! I$ W6 mtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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' q, U" D3 i, y5 lA->B->C->D->E) ~  I& G, }: }5 F% v) I7 A
so does it mean if E failed to pay D,
" E6 d3 R. ~; I7 p+ {+ F- Mall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
% t7 ?8 z6 F5 k) H$ Zin this case it doesnt really matter how much money is created, 9 g7 H  Y: b6 p1 L
it's the problem of the debt itself., u1 `. L6 R0 P. _
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
+ r1 b- S" X' @; |6 `. X小弟一直都唔明...+ A( Q& k$ W8 o

( a7 Q3 P+ r2 n. F$ K: J# `全世界都蝕錢，咁邊個賺緊錢呢?
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5 z- d1 m# `7 l. ^6 N7 |無可能淨係有人蝕錢無人賺架嘛...! R+ _0 [# V; n1 S; {

) _8 ]' @# W8 \0 r) M$ ?* b敬請各師兄解答
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$ {  C' ~$ A# f5 R: vThanks

/ M, m  x6 Z# [) e# B3 ~; o那些根本係 紙上財富  
5 X" r7 J$ x5 o2 I$ p* w! s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+ Q& q! T2 e0 N3 u1 n0 p5 L

) l( X6 z* w1 i0 J: Mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產- S% C4 O; f5 e1 T3 t$ o( a8 q# y
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' \  J. m& w1 r! i' B) {# e
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% e: ~! Z, f
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 `0 z0 V9 t' y& s; i扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
. t- _1 B. }9 E3 P. v8 S2 }計番回報率就已經係50%,所以可以好好賺9 i; {4 u! M5 ]3 r+ Q  z
前提係銀行之間要互相信任先可以咁樣借法* ^3 j* P8 w# ~& y5 S; ^" w3 a
同埋個市場既前境要係好先得
) `/ D  @! C" J7 x; Y! V* {但當經濟一差,公司估值趺了,物價不升反趺* S' ^3 A* T$ a( ^
例如剛才說10蚊的, 趺到得番9蚊, 1 L6 L3 F! C$ }
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 x- q! p8 B  z3 V8 H& @1 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,   F3 |& e, v2 i% m6 K4 x$ M
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, 6 |* M. `$ o+ Z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* X: k+ {6 q8 t, O7 \/ i# p7 R4 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
! Z" l# G# h1 P6 }9 ]/ v5 F% d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.gif2 C1 X, E5 b% ~9 s( G' @. K" N
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 _; t. h. w% N% m( n淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 O1 K- e1 O: R) y- x3 `5 y3 U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9 }1 f8 ^+ q8 a7 v4 V5 a
咁你話d錢蒸發左去邊? ...

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正係咁樣5 u) K1 a! j/ w- L1 e& \
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
6 r' i2 n9 b0 I6 Q0 S分分鐘佢地唔使還錢7 e+ B& O5 z2 ^) x. D0 q
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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,
7 s: n1 n- \# W3 P; S3 J/ o1 N連國家都係問人借, 不停發債券, 印鈔票8 l  g" J! I4 {/ \
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產" k5 ~3 h, E. w" U: Y- k
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' s4 ~' l: Y  M
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
6 A" U8 I+ O: f# R因為以前未生產, 先消費7 B* V1 `) V) ~) ~. F
而家就要多生產, 少消費