0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
) |$ [. Y# u8 \- O9 o# A7 W/ b+ \Why bank will sell 借據給第三者???! R( x3 j0 @: ?/ |& }! z+ t3 ?
I was so confused.....

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9 k* I9 _+ L6 P4 l: W6 }講到尾都係賺錢: o( D+ R$ x. P; p
so銀行可以不斷放款# E" e' g4 Z1 _9 {
美國的房貸問題散佈到全世界
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* ], K0 B  G7 @1 g0 Hmortgage loan
! e* e/ f6 F& W>conduit1 M) x) D+ U; E/ _' n: q
>RMBS(Residential Mortgage Backed Securities)$ n/ K4 }, k2 M) y
>arranger% X4 d0 f( V, p) C; b( f4 k  Y
>CDO(Collateralized Debt Obligation)
! W- Y1 k; |( t% h; T$ p* J1 s最後去到投資者

Kev

i thought it is the reason of rate of return.
+ _. F8 ]6 o$ |( XCDs could have different ratings, AAA -> F,& K. i' I5 ]! Z' H: d& k( l
more risky ones would have higher premium (interest rate) as a compensation for an investment.
" e3 A1 p1 C0 R8 Smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,& A! W5 w4 R4 B0 j9 G
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# P! m6 A) _; O9 G1 p# y6 T- TAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.  [4 D5 b, i/ ~% t+ D2 n$ @
similar to bonds, CDs trading in the secondary market have different value at different times,
! V# \4 F) b& Z+ Nnormally the value is calculated by adding it's principle and interest. 7 x" r9 J: }- s1 G3 F( I8 j& r
eg. the value of the mortgage+the interests to be recieved in the future. 8 `0 a3 k, R& ]6 D7 l" d
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.8 J! _  |6 w1 ^% a
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im not quite sure if the multiplier effect does really matter in this case.
6 ]; x( j" c  Pin stock market, it's the demand and supply pushing the price up/downwards.0 t% |( C& W+ y7 E! u' w8 M
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 Z/ G1 N. R' j7 ^/ C) A+ o
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 C6 J  P' l8 c$ U
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.
0 M9 k, e4 T0 ?, s3 N# H6 Bbut 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
; ?3 ?1 d- s8 \3 F6 Y+ T- \Refer to last example,' S& t' n7 w! B* v$ ]
that means bank A have no money because we borrow 10 dollars from bank A 8 a  M; c9 u# g: g$ Y
Because bank A doesnt have enough cash on hand
& ?8 Y7 Z( `' m  M% Etherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E2 _4 \6 g% P8 z
so does it mean if E failed to pay D,
. P, j% W; _/ w; A1 Xall the B,C,D,E have to go bankrupt?$ q* R! P% V9 G- C' q
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the multiplier just tell how much money created in a whole economy, . m/ m  w; P# d9 i: u9 V
in this case it doesnt really matter how much money is created, 9 ^, |. c, }! ^* r  H9 ]) g- |
it's the problem of the debt itself.
- x0 b; {' ~# d. V' Jthe 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
. P& K+ W0 v% ]0 f" U/ X$ i小弟一直都唔明...
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- @  ?3 y, A! j' r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...; V# I( ^1 A& M4 S
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敬請各師兄解答: c# s" `8 J* |- i- L( y0 E  ]
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Thanks

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那些根本係 紙上財富  5 g, k/ y8 P2 c
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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; J! F- n1 E: I# B4 _: m' `' Xhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
  ?+ \+ ]4 `( T7 K( @% }, P當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
4 T3 l% U; Y: c+ T! `1 ^6 }* |4 b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
' K! \+ k) q$ b% Y3 G1 Z# a0 g個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ ]' q& U1 f1 h- _: v6 Z$ {/ [扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,4 R# S+ ?$ z6 _5 s- x
計番回報率就已經係50%,所以可以好好賺5 @& a7 A5 m, Y1 M; e/ i6 X
前提係銀行之間要互相信任先可以咁樣借法
2 `; c4 m2 c: A& K& x9 Q同埋個市場既前境要係好先得" p& @  ^6 ^9 p3 O$ X  A. ]
但當經濟一差,公司估值趺了,物價不升反趺
# c2 f  D2 I" t- x例如剛才說10蚊的, 趺到得番9蚊,
4 {% e# @, G; {5 l咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( j& w+ y$ S2 O/ I
所以你就會覺得D錢好似蒸發哂咁
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6 a; H0 I2 D. U: o8 C7 j: M你都可以當標野咁諗, 個樣野多人可以狂升值,
  A" J' T( z% W  `, H3 ^, K  z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 Y9 ^- `! x9 L$ M- c- B1 A; B
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " J/ J" d! ~6 z  }) r
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. k( T! ]" D7 \3 i, u9 K  l
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
) N# b' z9 j6 g$ i  P% r唔係d錢蒸發, 而係比美國佬洗晒未來錢, 8 A" E7 j! O" i7 t  O7 z3 U
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 J2 a# W8 \9 }! 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
  A1 o* U$ ?3 t0 V  I咁你話d錢蒸發左去邊? ...

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( j5 S: B: a7 i% Y% q正係咁樣4 M( ]: ]9 g) x8 x# _( z
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
( i4 O& Q* f1 r) [; S9 [4 j8 y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,
0 h8 p8 z2 @  p# P' H連國家都係問人借, 不停發債券, 印鈔票
) m# [8 s! k$ n! B. P" W. T一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% d6 Z8 z+ i' `! ]2 w' W
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
1 v1 S2 Q; a3 v. v+ y咁而家"爆哂煲"算唔算先至係變番"正常"???

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* F/ v, J) N! ]8 ^& z4 `5 E其實係...# U, A0 y, Q" |0 V! i- [2 T9 O3 E
因為以前未生產, 先消費
. |, P2 B2 R" Q9 U2 ]而家就要多生產, 少消費