0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
# m4 |/ z. b5 i9 ~+ I6 x: J# OWhy bank will sell 借據給第三者???
1 w3 \3 r- s8 f3 i' w% AI was so confused.....

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講到尾都係賺錢
$ @- ?- h  T; {+ jso銀行可以不斷放款
  Y3 e: O6 p! `2 i) o3 u) r4 f1 f! P美國的房貸問題散佈到全世界
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mortgage loan : A( \7 J8 K# ?- U3 E* B1 `
>conduit7 j5 {0 @* H, A) n
>RMBS(Residential Mortgage Backed Securities)# t8 E6 E; ~. W# Y
>arranger
$ G; X3 N& ~9 A>CDO(Collateralized Debt Obligation)
9 ]% `0 b6 D) v0 e3 \8 Q0 {! ]1 ^1 Y最後去到投資者

Kev

i thought it is the reason of rate of return.
9 _9 S$ r  V9 K. B( i" tCDs could have different ratings, AAA -> F,% p% S0 j6 E  D/ d& k
more risky ones would have higher premium (interest rate) as a compensation for an investment.' b( E! t- h; h
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! q6 t1 y7 }( W4 U2 O+ din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
* g  e; C/ S# W, ]( Z4 K( bAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 K, w2 \" `  p% y: m/ m" q. E1 F0 Ksimilar to bonds, CDs trading in the secondary market have different value at different times,  `8 [! ~0 m3 l0 K# f1 ?
normally the value is calculated by adding it's principle and interest. 2 }8 }; S6 c/ V* `# ^  @
eg. the value of the mortgage+the interests to be recieved in the future. ' G$ F5 O5 w" z) g
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.
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im not quite sure if the multiplier effect does really matter in this case./ l$ P( o. p1 n
in stock market, it's the demand and supply pushing the price up/downwards.+ x4 G% t! b- Y/ h9 O) A
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* `" H2 s% O  \1 G2 i6 t
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" K6 O; K* X; e" r- VThe 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.
9 M9 [# \0 d0 A! G* r  @. Dbut the value of their assets did really drop significantly.2 w. {# S# J7 V5 [3 e! Q  K% v4 i
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[ 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' E% F7 @* x: P8 \1 X) Y
Refer to last example,
3 ]. e$ N+ z0 i7 H4 ~that means bank A have no money because we borrow 10 dollars from bank A
, }* h3 M' s" W. {% f# PBecause bank A doesnt have enough cash on hand
( H* }* e) X! etherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E( j  b. }5 V# k' B% m1 M
so does it mean if E failed to pay D, 3 c! t; \, f6 V- T: w# G! J: N
all 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,
, @1 Y) u- K% ?: \/ H1 f& _in this case it doesnt really matter how much money is created, ( z* p+ [) [: r' l# m5 [6 {
it's the problem of the debt itself.! I4 P- R. b4 B- N; e. `
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
% c6 c5 o4 c2 G( B& b6 q6 e! X小弟一直都唔明...: J9 b6 m8 J" z8 O8 N$ `8 U: }
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全世界都蝕錢，咁邊個賺緊錢呢?: J% m/ V# {- _9 M: L9 M$ B4 `
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無可能淨係有人蝕錢無人賺架嘛...8 t( ^9 q/ B8 H4 s0 w9 e  R! ]
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敬請各師兄解答5 k) ~  C& c+ i

5 i2 ^" _' m! {3 S0 cThanks

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那些根本係 紙上財富  3 ?" _, q% n5 r
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 graphic4 g( V# v& f6 N3 b) M' ]/ n# _
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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7 U0 a; W0 K8 d+ T! H, }
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
0 l, \% l- J  h; w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) ~5 `1 G) }% S
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
  a# ]; o+ |  Q7 l. E: _扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,& k4 M8 C  f6 D2 b& J# D( o+ ~% _
計番回報率就已經係50%,所以可以好好賺
& A2 O! {- g5 H- j前提係銀行之間要互相信任先可以咁樣借法1 r! ~& i. x4 A  d7 m# s6 k
同埋個市場既前境要係好先得
( W  X: w5 h& l/ v, {但當經濟一差,公司估值趺了,物價不升反趺7 O) ]* H% ?3 G! {% V( i% ^
例如剛才說10蚊的, 趺到得番9蚊,
& F& \! @7 V  `! J$ s: {) ?% H5 u) `9 s$ ^咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! k7 v& h" O$ E) ?3 y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,
/ T# b1 x( w. p2 q# O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, 4 s( x: B, o$ L9 |' ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 p+ W+ q. @; x8 s. J9 u8 K& 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
  H0 O; ^9 j+ g1 B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
* o& b% h$ O$ q- d唔係d錢蒸發, 而係比美國佬洗晒未來錢,
& I2 B7 I: }! R4 r7 _! s淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 Y& c8 X* c1 l( k4 U7 ^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# P; Q1 e' n( _7 A1 e
咁你話d錢蒸發左去邊? ...

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正係咁樣# r  t: ~: H; G
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
% Q7 t/ Q1 j0 `: p5 R* q2 _6 g分分鐘佢地唔使還錢
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; b- n& H4 a' B5 \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 D# V! i9 P/ O' J5 l) Q連國家都係問人借, 不停發債券, 印鈔票
0 F2 P! C, l0 E( s一個國家好少出口, 而又大量入口 ,反映到佢唔多生產4 @0 b# ]3 Y3 M, s0 G, q$ ?8 ]
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
/ `% j3 n: s9 y& M4 g1 P! I4 L3 T$ A- j咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...% P6 V3 R2 \. C0 p; p
因為以前未生產, 先消費5 f7 z* g* m" l; H5 Z
而家就要多生產, 少消費