0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
. D1 F; W0 l. [% z! e1 ?7 ?Why bank will sell 借據給第三者???1 q4 C4 A& k2 M' K  J
I was so confused.....

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6 I/ i5 L% |2 P講到尾都係賺錢) S& U; q, ~% b4 `# `9 I
so銀行可以不斷放款
+ q  Q6 ^3 h3 ~美國的房貸問題散佈到全世界% U& ?8 \- E" V6 B( V% Z* t0 U
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mortgage loan
1 K3 J! r% l  q' Y>conduit3 m2 A4 l1 |6 [, F" k
>RMBS(Residential Mortgage Backed Securities)
' U* I6 i$ F0 I  a4 m. R>arranger; k$ e6 O0 t6 o9 Y% i/ ^+ w
>CDO(Collateralized Debt Obligation)
4 Y7 I: k6 ~' H+ V# }6 @+ O最後去到投資者

Kev

i thought it is the reason of rate of return.
: f: w0 \9 m6 P( U6 V4 ^, {5 Z  fCDs could have different ratings, AAA -> F,1 I( ~' l$ g/ j% J( M+ D7 E
more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 b9 o3 {/ }: xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* m2 R) y- {: j5 `4 c( Z' N/ {in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 F3 X9 }* }& \& L; tAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 \8 J. H* `/ {/ q/ Y* l) m3 v
similar to bonds, CDs trading in the secondary market have different value at different times,
2 p; F; p% k* ]$ T+ v/ wnormally the value is calculated by adding it's principle and interest. 3 T6 }9 A' d: O9 a3 S8 g; P
eg. the value of the mortgage+the interests to be recieved in the future. + x5 P0 E/ U8 e7 F7 x  l
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., P. U" R! u/ {- `( e; C2 L9 b/ |* f

( ]4 M) n- M$ y8 Tim not quite sure if the multiplier effect does really matter in this case.
# e/ t0 O- ?9 }: E2 sin stock market, it's the demand and supply pushing the price up/downwards.7 ?8 H& s5 Z4 p
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# W$ X9 B2 e; Y3 h* Z. fA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: X5 ?9 F5 ^9 K$ j4 P6 F) e+ PThe 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; J! d  K! f. u9 F" Q; {
but the value of their assets did really drop significantly.* c* `& u* k) O! ]3 q& n0 h

7 u8 G3 o  M- A[ 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.gif2 [) l+ q( s$ j+ D
Refer to last example,: V: J; _5 K* [8 _
that means bank A have no money because we borrow 10 dollars from bank A 0 L7 @! Z. \' E
Because bank A doesnt have enough cash on hand 1 v( K) A3 M0 X# O2 c
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E. E) E+ o) U8 }  f* N( y
so does it mean if E failed to pay D,
5 g% ^6 R8 S. Q+ W  _* i+ W1 Mall the B,C,D,E have to go bankrupt?% Y' b- v( X# X  L

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the multiplier just tell how much money created in a whole economy,
3 r" k6 b0 ]* Xin this case it doesnt really matter how much money is created, 2 t3 k7 d6 f/ m: X# I
it's the problem of the debt itself.& V5 i# T3 V7 E5 a, ?
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.gif6 B3 f  k. P, ?$ `) F* y. ^( \+ I
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?% L1 L" y& M6 t

+ m) Q. \. W( H1 ]無可能淨係有人蝕錢無人賺架嘛...& l' n  s% I) ~( B% R* ^- H- K* @8 S

6 B/ i4 j3 k. B" q敬請各師兄解答
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Thanks

  y: d' V7 H: i+ X9 a# A1 R那些根本係 紙上財富  
4 O0 N" x9 T) m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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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
' m( S. B2 b* g- k當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
8 n- H/ J6 r& o0 P5 c# 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
$ z# A- z! M1 O8 J1 [( _: ?% x6 T5 b個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, v) B* z! x( h3 C. k! ^/ n
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
" {1 Z8 Q6 Y' W8 J& H" G# J計番回報率就已經係50%,所以可以好好賺
6 U# p8 G  d$ B前提係銀行之間要互相信任先可以咁樣借法# t& [& \2 y$ J/ j- _
同埋個市場既前境要係好先得' U" H. }! G+ f- l. G# o+ V* Q
但當經濟一差,公司估值趺了,物價不升反趺: g3 T, Z* O; B* A5 P. o
例如剛才說10蚊的, 趺到得番9蚊,
) _8 u& v6 a5 @; b% w咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! V& Z/ R( Z  ^5 a4 o% Z+ y, q5 U所以你就會覺得D錢好似蒸發哂咁
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: h% u9 m2 U$ f8 U9 o0 l4 l0 R1 n4 ^: j你都可以當標野咁諗, 個樣野多人可以狂升值, % V3 u% S3 G) F' X
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,
6 A# d$ m: c2 C: ]5 i7 g+ m淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 ^3 f$ {. L5 Z& L3 F0 E
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0 h' i# Y: k; E
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.gif4 C9 K2 U4 X7 L! P" R7 \
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
4 v1 n8 V0 Z2 Y# u淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 s) h" A9 E1 n+ A' o* K4 Z
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* V, u6 [* e: _! S
咁你話d錢蒸發左去邊? ...

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/ D' P% T0 \/ ]8 k5 W/ p8 n8 M正係咁樣
/ T4 a' |. Y% @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
, S; D* F3 `7 A$ Z分分鐘佢地唔使還錢
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4 Z4 d0 W" ^5 b1 q. ]  O8 s! L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,! o2 j9 Z/ A8 L: I( S& X
連國家都係問人借, 不停發債券, 印鈔票
# o1 y- E8 S! o+ Z9 j一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# I( l. B# V& |4 q( D- r4 G/ u/ H
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
' Z7 S6 O8 H; N! |0 y咁而家"爆哂煲"算唔算先至係變番"正常"???

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% X' H0 Q) N( `+ e9 R  J其實係...
; I8 v, Z; E- n% x因為以前未生產, 先消費
/ s' f& Z. k7 N& l% S5 M1 p# s而家就要多生產, 少消費