0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
& ]8 ^5 X: @. R: X) v. eWhy bank will sell 借據給第三者???
7 I! H$ v8 D9 F7 ~' I. |/ J8 ^I was so confused.....

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講到尾都係賺錢) {4 u$ M4 C$ z/ d  p
so銀行可以不斷放款
1 \( e/ {' d$ d+ s0 K' i美國的房貸問題散佈到全世界0 e1 U1 w7 f1 m' P; g# p, r% J

  M3 [2 z1 q/ d/ V3 amortgage loan 7 j& g# e4 U4 ^
>conduit
# b4 g3 t: o6 O8 V$ {, L* T>RMBS(Residential Mortgage Backed Securities)3 ~8 `/ H; k! k1 c: u. h5 u7 u
>arranger
0 v7 h$ h4 w% R" ~  o, g>CDO(Collateralized Debt Obligation)
7 O% s3 }1 ^7 C最後去到投資者

Kev

i thought it is the reason of rate of return.
. D' N* K0 @# K( V0 S! |$ X" pCDs could have different ratings, AAA -> F,
3 t& m& o8 X. N' x3 K$ n6 Nmore risky ones would have higher premium (interest rate) as a compensation for an investment.! n, e: G# v! Y: d& i) d; W
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ ]0 N) L6 p# W' C; Z/ ?in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.) t0 I2 l- r0 i5 }6 D/ V6 |: ]7 N. R' x: |
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ P6 R9 i- w8 _  d
similar to bonds, CDs trading in the secondary market have different value at different times,
" ?5 [" S8 x" K. _9 g8 k6 d: lnormally the value is calculated by adding it's principle and interest. % W6 U! t. H+ H( Z6 [9 W/ M5 \
eg. the value of the mortgage+the interests to be recieved in the future. 8 V( A1 E0 ], `6 ~/ ?- z
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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im not quite sure if the multiplier effect does really matter in this case.
8 z+ l  y& m+ \in stock market, it's the demand and supply pushing the price up/downwards.
6 ?# U9 u" ]$ {  GFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 b9 I# |( ~; ?- B9 A
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 b" Z* f' f$ k, l: hThe 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. 8 T7 c5 e! A$ k4 y1 u
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
/ D$ H- i6 H1 Q4 S& F+ rRefer to last example,+ ]" Y5 A. m: s
that means bank A have no money because we borrow 10 dollars from bank A
# P) g) A7 ]0 A9 XBecause bank A doesnt have enough cash on hand ; T7 f7 S6 O/ s! F% R  T9 e
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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% ]6 f0 j3 v6 x% _' [4 C) {  n
A->B->C->D->E
* M; X7 g  v. j% w$ y4 g. y+ |so does it mean if E failed to pay D, ; e% T# X0 d" u9 J- _7 _
all the B,C,D,E have to go bankrupt?
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9 P, d1 O) n. }4 f6 Z  P$ nthe multiplier just tell how much money created in a whole economy, : {8 ~3 d; j0 `! j+ I
in this case it doesnt really matter how much money is created, * v2 j' h3 \) n' l2 e
it's the problem of the debt itself.
, e% ^3 i- S" ^; t) y: Nthe 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/ c+ q+ ]3 I  f  v! P+ g
小弟一直都唔明...
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* M, w- c1 v% `* D# s" @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...
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5 V! ]3 i4 k6 e* F5 T4 U: s& a敬請各師兄解答4 k" l# s5 v1 L1 r+ n' }
7 H8 K* p/ r! i. }2 l+ ]
Thanks

* m+ o1 N% _9 y; R+ m+ I+ Y% T* O那些根本係 紙上財富  
+ J2 c( N- H7 F: u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+ ~, O: f8 D( J' Z, `
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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/ }, A# `# t5 v9 Z5 K  O- W
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
. ^' o8 E4 ?: h- j" b2 f* t1 e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
( r$ k# ^; P' [5 K個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
, Y0 `7 s/ |, o8 X$ S扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,% C# m0 J- w3 j5 ~2 K
計番回報率就已經係50%,所以可以好好賺" h1 \. Z- k7 g  i& F
前提係銀行之間要互相信任先可以咁樣借法
- {( O* {5 E0 V6 B! J- R% \同埋個市場既前境要係好先得
8 i+ l( l% q# ^# ?' q但當經濟一差,公司估值趺了,物價不升反趺5 l, f, J+ i- n
例如剛才說10蚊的, 趺到得番9蚊, ( o4 I) w# Y4 {% m
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& w  ^2 Y: V$ a
所以你就會覺得D錢好似蒸發哂咁+ P% E4 A  S9 \- L

9 L5 i- R- v/ z. A: I' i+ |你都可以當標野咁諗, 個樣野多人可以狂升值,
; q3 e# Y) ]. q; ^8 R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,
3 H1 Z. a- y4 J$ u; w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . E3 S! ~7 L  y/ ~2 g) f  X0 H
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 H, n% u5 f2 v$ [# L8 u
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
; S; A' t# R) z( o* L唔係d錢蒸發, 而係比美國佬洗晒未來錢, 9 }8 j0 @$ X+ f' W* U) p! e: z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( V" q1 C. d4 E- 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
" a7 t, ~8 Y4 v7 [, l% F+ l- Y# w咁你話d錢蒸發左去邊? ...

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& N! b. o3 A# j! P! M2 E: l; r( C正係咁樣
: |& ]+ l2 ^4 c( x2 e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
  K+ k$ L: o* m& B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,2 E8 Y5 X4 j( T/ T3 ^7 v4 L
連國家都係問人借, 不停發債券, 印鈔票
" Z# J  x1 M, n6 \6 S  y! e4 f一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
, g2 p7 J% z& A( O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.gif7 @$ k( G3 S0 s, a+ }3 V
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...8 }# l3 `& W: _! ^9 w) ~6 [! k
因為以前未生產, 先消費
/ t9 y, m5 R5 \, ?6 d而家就要多生產, 少消費