0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif4 a1 n- v, A- O! m
Why bank will sell 借據給第三者???9 p3 w: i# c8 Q5 y8 R) w
I was so confused.....

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& i" t9 U# F. s講到尾都係賺錢2 }, {4 \4 H& ?0 v) s! `
so銀行可以不斷放款9 d# b7 o5 a# H/ C$ V% O: Q' j; s
美國的房貸問題散佈到全世界$ o4 e  _1 L& U  i
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mortgage loan 3 C2 L( M+ r0 ~4 @
>conduit
" g5 M) O& ~& T5 u9 v, g% {>RMBS(Residential Mortgage Backed Securities)
. s, j0 x7 J& L>arranger
0 ]1 v/ E1 M8 S4 |>CDO(Collateralized Debt Obligation)
  y& C" r9 t  l' V0 T' k4 S$ Q最後去到投資者

Kev

i thought it is the reason of rate of return.  f' h! \& Q/ X  v
CDs could have different ratings, AAA -> F,
9 \/ Q- W6 v* K& n0 J8 O' qmore risky ones would have higher premium (interest rate) as a compensation for an investment.- z4 i% w5 g1 C- E8 Y9 A
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! }$ c) k" U9 D3 J. ~2 [9 Xin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 ?) {1 I- y) [  _  {2 R; j5 [6 Q
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 {) ~8 O5 B1 e3 w. N/ Q( }) J
similar to bonds, CDs trading in the secondary market have different value at different times,2 \7 f9 s- a0 h' d  X. i
normally the value is calculated by adding it's principle and interest. $ y4 F. v# j. c# ]
eg. the value of the mortgage+the interests to be recieved in the future.
* q; K" q! l3 R' ]/ wbanks 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.2 X" g6 H6 v4 C( f* M3 o: N
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im not quite sure if the multiplier effect does really matter in this case.( s  q# a+ H- w3 }/ M
in stock market, it's the demand and supply pushing the price up/downwards.- ^% A) j: x. h/ `, V8 L7 U$ |* o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; j) J) L4 a0 ~5 n: @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 Y' I! I+ k8 Q! F; B0 r% q2 {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.
- D9 g/ z+ _' X* Lbut the value of their assets did really drop significantly.
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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
' d- Z; q' D! mRefer to last example,
% M# f$ g8 K( T/ S  Nthat means bank A have no money because we borrow 10 dollars from bank A & R, ?$ ~$ C8 y  L, O& F' [7 `& z
Because bank A doesnt have enough cash on hand
- ?' K" L2 M1 R- o. `therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E# Z2 {; b, Q( w7 l1 p+ y" r( g
so does it mean if E failed to pay D, 3 f, [8 `; R( t) l5 B* q5 {: b; X
all the B,C,D,E have to go bankrupt?" C' }) O1 q$ E4 d8 C, S

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the multiplier just tell how much money created in a whole economy,
& @  b) o& [5 c4 K4 @in this case it doesnt really matter how much money is created, 6 G- E- ~- G8 w# j0 @( _- C0 V8 w
it's the problem of the debt itself.) X/ h! x" b/ X4 E$ 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
& z6 y9 B6 s& y2 N+ D小弟一直都唔明...- j6 e+ A3 k& ?: ?

" d0 S2 {% E9 e3 c2 n全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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9 E! i- K7 r- @敬請各師兄解答8 r" o" a0 V" Y2 J

, }7 o) o8 B2 L# r- L) |- J/ GThanks

7 r  K! w2 c, E: ~: i8 `那些根本係 紙上財富  * A8 N' ?( X7 S. f3 x7 e  {
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, K. v3 A7 v& k+ t

% J5 \+ t# H; V" i/ Uhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產/ K7 y+ D2 c; z* d
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高1 A$ {" V+ W" q0 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
# l3 N' }0 z7 y+ e4 d& W個件物價係市場好既時候升, 例如15%先算,變左12蚊啦4 l" O/ ~- C, Q. h$ e" t
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
0 h( [8 |5 @1 h* Y0 W& S計番回報率就已經係50%,所以可以好好賺
0 M/ ~1 t8 G+ h0 C0 r! u! R前提係銀行之間要互相信任先可以咁樣借法
) m& D* L0 X. v3 O% i$ K& P3 X同埋個市場既前境要係好先得9 a, `" U2 v/ S% U0 _
但當經濟一差,公司估值趺了,物價不升反趺/ N* n9 y, q: n# T; J
例如剛才說10蚊的, 趺到得番9蚊,
9 Y& @7 m7 |$ m  \% _咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
- G8 f/ K6 T5 l% R8 y" B! [. N所以你就會覺得D錢好似蒸發哂咁2 A2 r1 U8 V  i* f4 M$ B

1 W% z' Z; @3 d8 V, N你都可以當標野咁諗, 個樣野多人可以狂升值, 6 R4 g- a* M0 T0 A
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, 2 Q* x. [& l; @7 ]9 ~4 I$ _  }6 X
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 ?9 z$ y1 b3 t* J9 }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! @, q" [, I' w. T" |  b; h% M+ ^
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.gif5 w1 W% Q  h0 d8 q8 f
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
: o7 ], ?% J/ i( ]淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * E1 _7 _  F0 W8 B- [8 {, |, L! K
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" O9 ^1 l- o' e- Z  E2 B; p/ m$ f咁你話d錢蒸發左去邊? ...

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5 p# z: P- ]  q正係咁樣% f4 R! }, h! L3 w6 z# L- @  J
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
9 z- x% k. r* N+ N- Y  W5 }分分鐘佢地唔使還錢0 Y3 ^) B% ]# H& W
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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,
4 W- a* G; N6 v$ M( _2 o0 o( W4 |連國家都係問人借, 不停發債券, 印鈔票. ]) h1 n5 B7 _$ F  {
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
  K( Q" C0 q, Y2 ]! E  l4 i! i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.gif6 U; x# w% o# z# z) i: g' e  y9 Y
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...* k) r+ g) L1 ?. }4 w
因為以前未生產, 先消費
" P5 K/ n* p1 x9 e1 }8 v  F- |而家就要多生產, 少消費