0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
  w# t% T1 T; F! S7 `$ {# r) g) S, vWhy bank will sell 借據給第三者???! t  ?  D& R  l( Y3 U
I was so confused.....

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  [% R+ M2 A; i% Y& P講到尾都係賺錢; b  }& m6 m% G9 f% m4 V
so銀行可以不斷放款
$ v6 |7 X( a, o# W1 y美國的房貸問題散佈到全世界
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mortgage loan : [& s; T# |1 ?% f+ w
>conduit. |' s/ n3 P+ J
>RMBS(Residential Mortgage Backed Securities)- y  O  Y& h5 k% Z4 p% L( X
>arranger+ h, w' y4 i6 h+ G. R
>CDO(Collateralized Debt Obligation)& ~# h; G/ F" H
最後去到投資者

Kev

i thought it is the reason of rate of return.
" j+ W" {& u; |8 V' I) Q0 ]CDs could have different ratings, AAA -> F,
& h' W( p' s8 {0 v3 s3 h, ~# ?more risky ones would have higher premium (interest rate) as a compensation for an investment.
' o4 A4 F! @. T1 z9 Pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 Z  c# `$ n. Q- U4 M1 vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 y8 c# i/ g/ R$ I' p- l7 eAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; a! o: _  }$ {( O% e; e+ f
similar to bonds, CDs trading in the secondary market have different value at different times,( q( \. U. P2 H1 L! S" Y  M4 d
normally the value is calculated by adding it's principle and interest.
% D7 i, R: _0 n: F0 V1 j* V6 ceg. the value of the mortgage+the interests to be recieved in the future.
7 a2 a) ?# U# Q6 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.) l6 T0 {* e# @1 t/ M- g6 S

' D5 F0 `( v! sim not quite sure if the multiplier effect does really matter in this case.* E4 i3 _' P5 D* O& O! P2 s  D$ O
in stock market, it's the demand and supply pushing the price up/downwards.. h! R6 K7 ?- m% ~
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* Z( Y* a6 z$ L/ C  H+ G; N8 sA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 t+ s+ t2 w  U# `; O0 n+ g! X# 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 ?/ A7 ]7 b/ [3 s7 ^/ N7 o
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# \; z) T* L- s" e. p
Refer to last example,5 {6 i6 r" o, r& u. n+ _, C7 B" C
that means bank A have no money because we borrow 10 dollars from bank A 3 j$ u* A& r( o+ y% f- L" D# ?
Because bank A doesnt have enough cash on hand ! E9 o% q$ p5 l! k9 D
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
  S- Y4 H: O! C+ g) S' wso does it mean if E failed to pay D, 6 D+ J, d7 s" b  H
all the B,C,D,E have to go bankrupt?
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! ^; q6 }2 v: g4 F' J. E! n* Tthe multiplier just tell how much money created in a whole economy,
' x7 p4 Y6 C! g  `( jin this case it doesnt really matter how much money is created,
& F# _* F9 [$ l; O" Iit's the problem of the debt itself.
2 x- I4 I. 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.gif2 d& u8 Z3 p7 y2 }: B  C  l; P* c
小弟一直都唔明...
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" |' B1 a+ a. P, V& E全世界都蝕錢，咁邊個賺緊錢呢?7 L* A$ {) v+ U1 G

% {' @7 f  t1 i) G$ F& j0 z8 ?無可能淨係有人蝕錢無人賺架嘛...
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. g3 Q# J* G) a3 Z+ i- Y. d敬請各師兄解答0 j5 e. D( u" k( a& ~' p; i% i
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Thanks

1 W; I' q# X3 M) J* |1 G5 g$ e! U那些根本係 紙上財富  
" p+ {- b3 O$ ~9 w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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8 v  p8 Q" G/ Fhttp://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 X) J& S1 D. _9 l當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& I% l6 ^9 U' Y  D% A1 [
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
- S6 _; h$ M9 J" P0 x個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
  d3 Q" k1 X# n! A! X扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ a8 O& p5 C- A/ V
計番回報率就已經係50%,所以可以好好賺
- `) H0 j7 @# H前提係銀行之間要互相信任先可以咁樣借法
. h+ E/ S- T6 C同埋個市場既前境要係好先得7 P& k; m  D/ \$ h
但當經濟一差,公司估值趺了,物價不升反趺/ }2 p. w- G# s8 H+ N3 D
例如剛才說10蚊的, 趺到得番9蚊, , n$ j$ V3 L2 }4 X7 r
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%# t5 O% m1 I; K" y' H* v2 c! C
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,
+ I* I. y3 a6 p* l8 c8 w9 ~1 H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,
+ |: L" C" u5 s# W. s淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; U- s- ^3 P' |3 u8 g/ V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5 T3 g. e* a7 V9 A+ v/ D
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
. e8 F% U7 O8 l* G5 f. D4 N唔係d錢蒸發, 而係比美國佬洗晒未來錢,   J7 s4 s, d# {9 V2 e
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ M0 n  f" a' }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 c7 n6 q# z# R7 c" h
咁你話d錢蒸發左去邊? ...

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5 m' i2 C+ w+ {3 P% X正係咁樣8 i1 U& `/ m. r4 n# `
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8 v6 o# p% u' w2 e/ e
分分鐘佢地唔使還錢9 I8 E! f  H8 N5 Y6 x# K% L

8 z: C" I- c9 p! \+ J- U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,& e( P- X+ |0 W, w, y; c+ {
連國家都係問人借, 不停發債券, 印鈔票
) `$ u9 h: Z/ g/ H  Q+ Q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產9 M8 n- r( H( d+ v
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
" E: j$ @+ f% V( t咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係..., Z) D2 p# n1 e. Y- h% n' c
因為以前未生產, 先消費
. y' c* N7 r/ o, L% j5 l* P而家就要多生產, 少消費