0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
, N, P  f4 _5 j4 u8 SWhy bank will sell 借據給第三者???
! H' G7 L$ b" d9 |# C! U6 XI was so confused.....

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講到尾都係賺錢$ e# G, n8 w8 Q  z- u$ ?" P+ M
so銀行可以不斷放款
6 ^# a& H' s1 Y& y( o: R8 U美國的房貸問題散佈到全世界9 g' y7 z2 `( B/ t- @/ B3 h' ]7 `
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mortgage loan   s% w1 n' r/ \+ V
>conduit+ T6 J4 p8 W- y
>RMBS(Residential Mortgage Backed Securities)
. A; [( y) O- s/ u  X6 ?1 b" r>arranger
% A5 _: n, X) d4 O" i>CDO(Collateralized Debt Obligation)
# D. h5 N. d) @% S7 L/ l最後去到投資者

Kev

i thought it is the reason of rate of return.
) f0 _2 a+ L0 ^7 L: S3 i* zCDs could have different ratings, AAA -> F,
5 A  c! Q; |0 e! O$ D$ smore risky ones would have higher premium (interest rate) as a compensation for an investment.: O$ A3 y: X5 ^$ L6 R
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 P- ~6 S' J1 Q$ q1 v! x4 Y) t# x: \
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 x) B$ j9 r( ^  j5 fAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. F3 B7 P+ T5 W: o5 I
similar to bonds, CDs trading in the secondary market have different value at different times,
9 ?, X* v3 d3 \" ^/ E7 U3 cnormally the value is calculated by adding it's principle and interest.
/ M/ d9 M( u* l4 r5 V7 Aeg. the value of the mortgage+the interests to be recieved in the future. 0 [8 _! q5 @8 e' J9 `% k, {
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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9 j, k. Y, k  r  d) O: pim not quite sure if the multiplier effect does really matter in this case.
/ G0 H$ G2 i' B6 }6 @" J4 I+ Ein stock market, it's the demand and supply pushing the price up/downwards.7 @4 |  m: @9 T' A
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. V) g5 T, Z5 S. y' U: N5 lA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 i) W$ ^" \- `7 k
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. : P; |; b' ?* E2 g( S
but 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
* V: B2 x5 ]6 l' f: ZRefer to last example,
7 m9 ~. J& Z7 ?0 N. `% I! |0 y( a1 d! A" gthat means bank A have no money because we borrow 10 dollars from bank A
/ \3 A8 Q. v$ ?; ^% FBecause bank A doesnt have enough cash on hand
& ^2 ]! {3 ~) {( xtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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" c9 C: P! D, K) mA->B->C->D->E
. w4 M! U, b, ?6 h' Qso does it mean if E failed to pay D, * i. V8 T' ?) W: y9 t; M2 C; N
all the B,C,D,E have to go bankrupt?
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$ Q: B' H; z6 T1 uthe multiplier just tell how much money created in a whole economy, . D* X1 b1 M; ]' d6 J" x4 k
in this case it doesnt really matter how much money is created,
" y& u' {2 m. ~% C. lit's the problem of the debt itself.* z" c& \3 F' L6 O
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.gif0 C3 t5 l* ?* Y" P1 c% r$ p
小弟一直都唔明...: F( v1 R+ C6 q4 Y. ^/ J

5 ]  Y8 u6 H# V. J  C: X' Q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...6 x& P' [0 p' V0 a+ y, @. G

; M9 v6 p/ p) W% G! @( q0 M3 Z敬請各師兄解答" N2 A+ ^0 I* g4 f7 G! t

# |: x4 Y5 {) a$ k  K5 H: m$ Z5 gThanks

( B: _5 J. k8 D那些根本係 紙上財富  3 f9 A) ~9 R; M( v+ v
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* u( N; L5 k' x3 G4 L

4 [7 \# ~( x- w' _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, n3 [5 f: C8 m, S! b& l
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" q6 `) P. t$ |% s) X
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
4 k8 o' Z( _, g! V9 |' B/ ?個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
9 x) z- ?, A' c& W) P$ w) |扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,2 [' ^. q  q# k
計番回報率就已經係50%,所以可以好好賺
) i$ J, q( E8 O6 |1 g前提係銀行之間要互相信任先可以咁樣借法
& A  J+ ]0 }( W* Z' c. R同埋個市場既前境要係好先得. V2 M5 a' N7 W$ U5 R6 C
但當經濟一差,公司估值趺了,物價不升反趺/ j, W. N5 u' X2 Z4 q
例如剛才說10蚊的, 趺到得番9蚊, + s2 v" {  [+ y6 ?/ A. `* t
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 K" T; \0 v+ o$ E. X  H2 C) h
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, , r' K# K+ D0 ^. Z% H, F1 K, q
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, - C- J! A% ^" D# i
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" ~9 `: O  x% o  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
+ _" Z3 [( F/ O' x) t0 y) N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
5 G8 \* X# ^( x4 q. p  E& y. r唔係d錢蒸發, 而係比美國佬洗晒未來錢, 7 [3 X1 @5 W- o4 P/ h' F
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 i! d% U6 }$ s7 [4 @
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
$ {1 i! q  e8 U% F/ {& y咁你話d錢蒸發左去邊? ...

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正係咁樣0 C4 Y; ]) N% \# b5 c5 p) q4 [
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! Y) r, o6 y9 B1 f% d! V8 }
分分鐘佢地唔使還錢& A, D" K" w* A1 `3 S2 [  f, J

6 M6 P0 T  ^2 R0 ?, T9 Q9 N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,
  X2 \9 v# D+ t2 e; p2 r連國家都係問人借, 不停發債券, 印鈔票
) H  ^  G4 l# e& _" I: \% C一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! H; Z$ E' H1 X8 N* w& [* G6 T8 c6 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
) q" D4 ?3 K# b/ J0 c8 z7 e咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...8 @$ F7 k) f2 T4 R+ j7 W
因為以前未生產, 先消費" K/ V& ~' _& \7 X0 q4 Y: P  E+ Z+ C
而家就要多生產, 少消費