0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' n" x7 M2 ^0 h- _6 F! IWhy bank will sell 借據給第三者???
! k3 v# `3 H% ?) R# {I was so confused.....

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: @2 _% b' E' J' o: ]講到尾都係賺錢
) a7 C% {2 o$ Z0 Qso銀行可以不斷放款5 `# N7 `" K# C* T7 |6 o
美國的房貸問題散佈到全世界
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! A; K5 w3 [1 s$ V! y1 ]mortgage loan
! a: k( g4 p: z>conduit
9 |" X! A; u6 X- @>RMBS(Residential Mortgage Backed Securities)
- U3 \* R. d2 x>arranger
# q  h6 K& R, }$ N>CDO(Collateralized Debt Obligation)& S; C9 i, a, d- D
最後去到投資者

Kev

i thought it is the reason of rate of return.
" \% u$ K9 a6 E0 cCDs could have different ratings, AAA -> F,
4 o3 G% ~4 t% r  I6 \1 [5 Omore risky ones would have higher premium (interest rate) as a compensation for an investment.
! D0 v+ @* N0 u2 v( zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ b% J3 K4 _' ?2 [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! _7 d1 F5 [7 L" U  L4 J4 G) zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) {& g! b) \& q) c. f  n( R! E
similar to bonds, CDs trading in the secondary market have different value at different times,/ G1 ^) X# n& _6 d. q
normally the value is calculated by adding it's principle and interest. 3 {% S6 n' W" f$ `4 P) h7 Q# [- n
eg. the value of the mortgage+the interests to be recieved in the future. # c5 T* \, k' M0 X9 q
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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  ?& ]6 U" T9 j& Kim not quite sure if the multiplier effect does really matter in this case.
2 p! M4 c# a5 g* p- A4 }in stock market, it's the demand and supply pushing the price up/downwards.
2 b: {. L# e7 fFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ K! A7 W2 o. r( ^0 _
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 ]4 d5 D" Q% p- a
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.
1 l6 n4 U9 Z: x( a& l3 Obut the value of their assets did really drop significantly.( ^& z7 \( r# Q' E
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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
% {! Z8 t  e2 W* VRefer to last example,
8 r8 {/ ?8 V' C( |7 F3 y; V: Athat means bank A have no money because we borrow 10 dollars from bank A . \& l/ J: K: A/ B! z
Because bank A doesnt have enough cash on hand
2 p& ]0 p3 I* ]. F0 }$ itherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
# T5 C$ I, u1 H# d: z) v! K" rso does it mean if E failed to pay D, ; V. D7 ^5 q/ F! H) E0 j
all the B,C,D,E have to go bankrupt?3 E( I: X5 n* x  `

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4 Y0 g) g4 i6 b5 athe multiplier just tell how much money created in a whole economy, . [( E: x! Q! V- `
in this case it doesnt really matter how much money is created, - y2 |5 J/ x* X6 `4 i
it's the problem of the debt itself.: i3 |3 @5 U/ y, B. z5 m' A1 l
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
* ~0 y7 c+ |; q小弟一直都唔明...5 L8 K9 J/ S+ c8 [( p
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全世界都蝕錢，咁邊個賺緊錢呢?& O; K+ O5 q" S3 _; C* L0 z( P

  D; W4 [) @* B3 n+ J3 ~無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答8 G6 F: Q8 v$ t: \! b1 r
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Thanks

0 P/ I2 ?+ e( H/ W那些根本係 紙上財富  % `% m1 A" g  `  w6 r8 ^
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 graphic0 ~4 s! J, {' b0 o. c

' B# W1 T# I. j6 Hhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
* Q, b( @; p. k2 T0 u$ H當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- e! s- h' v$ ^# ~; c* h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 E' d9 v3 Z7 O1 N
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
6 A7 X# O; a* o+ _3 }扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,  k. h, z$ `1 m5 |) q
計番回報率就已經係50%,所以可以好好賺+ m8 M, ]9 d6 b- K
前提係銀行之間要互相信任先可以咁樣借法
  P8 {6 o7 t; Q7 e7 t0 d同埋個市場既前境要係好先得: n0 d7 A. H- [" S7 z/ d, k0 C/ x
但當經濟一差,公司估值趺了,物價不升反趺* F' a7 a+ `. E- P
例如剛才說10蚊的, 趺到得番9蚊,
( w. t; k: `( w( j6 D: ]3 H2 t咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 t: X7 Y3 ]0 T8 ]7 A
所以你就會覺得D錢好似蒸發哂咁
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& Y' K/ m8 |$ N你都可以當標野咁諗, 個樣野多人可以狂升值,
$ C7 n& L8 W& [* 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,
8 V* i5 ^. @5 l! }! ^* W$ b  s淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 t( a& I% a/ {7 ?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
6 X! @/ d4 D# Z6 h+ B  X; Q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% d/ k% B5 I  T1 X" |) x
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ G, n. f0 E& Q) E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & `' N3 v& O- x. 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
7 E+ @5 U' r1 h3 {# J咁你話d錢蒸發左去邊? ...

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正係咁樣
1 m1 c# U- I" x% t- b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 H, K4 g! o: Z) H分分鐘佢地唔使還錢
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9 d2 @! C& d7 W1 z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,, y: c2 `) I9 z# P
連國家都係問人借, 不停發債券, 印鈔票
  s  n7 u/ l: u* {8 T一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! H! s5 Y) E/ P$ E, c+ l; y; d
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
) m6 \5 V" P. k+ ?% ?2 M" e1 }7 I0 v咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
5 ^  i% K; x' g  v- Z( b因為以前未生產, 先消費
. G; L# d3 @7 S6 j而家就要多生產, 少消費