0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif4 Y# b+ D! w. Y5 b, \; G7 u
Why bank will sell 借據給第三者???
1 q5 {) z0 V* L) l, XI was so confused.....

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講到尾都係賺錢# L' v; a9 I& S; K- r) m4 u+ ^
so銀行可以不斷放款% O6 m( I) d: Z+ c5 e" U3 _
美國的房貸問題散佈到全世界
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)! U& c9 V! g" |- @
>arranger# r+ y, a, X3 y
>CDO(Collateralized Debt Obligation)4 E$ b; @' I1 r
最後去到投資者

Kev

i thought it is the reason of rate of return./ n9 d4 L' U7 h2 H
CDs could have different ratings, AAA -> F,
& R! L/ Z' Z# Bmore risky ones would have higher premium (interest rate) as a compensation for an investment.
6 c) h: u3 n: V( @+ m1 Amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 [8 z! `& W; Z$ t2 d' I  y# @in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 d+ h9 ]5 r/ }# J4 s& WAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 x& F1 r1 t4 M$ Q7 ]+ s1 s9 Vsimilar to bonds, CDs trading in the secondary market have different value at different times,
& ^* _" `3 H) n4 S0 C3 p1 w2 Z- Lnormally the value is calculated by adding it's principle and interest. 4 D. R& k- v+ F. ~' \9 N
eg. the value of the mortgage+the interests to be recieved in the future. 1 ]9 r' z* u1 w3 L  v
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.5 v# d4 M) x8 @6 w9 |% P& R2 G; a- `! a
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im not quite sure if the multiplier effect does really matter in this case.
+ b* I# e9 {* I) Bin stock market, it's the demand and supply pushing the price up/downwards.
: M" A: u& _+ NFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' Q; H* Z5 G8 b  ]# Y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.3 h/ n! A) M. j. _( U
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. " Y- Y0 e' R* c
but the value of their assets did really drop significantly.: F- r  I2 S) f( Q
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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/ o5 k( T% T
Refer to last example,# v/ w% g+ z5 s8 i
that means bank A have no money because we borrow 10 dollars from bank A 0 J; \( k" b. a$ F  w* @: _& a9 h
Because bank A doesnt have enough cash on hand
* w- b: W9 r* E! Itherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E) D0 q2 ], `* `, [$ y/ _4 G
so does it mean if E failed to pay D, ; i! H+ X7 X. ?' X, w4 i
all the B,C,D,E have to go bankrupt?' _; p, @8 ?0 F3 ]0 V! Q

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the multiplier just tell how much money created in a whole economy, 0 u6 i3 o# [4 _, t+ S/ G
in this case it doesnt really matter how much money is created, 5 A6 s' w0 _3 D8 F8 V$ N5 z3 u
it's the problem of the debt itself.5 u5 ~/ ?: X. K3 o& B, _1 H: _+ {
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
2 f. W" E7 c: V小弟一直都唔明...2 X" C  ?' W8 V0 y1 E
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全世界都蝕錢，咁邊個賺緊錢呢?/ `2 x+ f- w% x7 b1 r' C

- t5 K+ C8 j- N- ?) Y3 a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# X" ], ^6 d4 z( f: B+ p
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Thanks

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那些根本係 紙上財富  # N9 e) o/ _% C5 M' Z7 ]. h" j
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 graphic6 C" L( E( X, Z$ ^) a8 ~

6 p, p: d7 }3 _7 z4 y! lhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
& I; z0 @. N7 w+ R. w1 F當經濟好,投資銀行相信會賺錢, 物價既估值相對較高9 _" K0 Y( n4 H/ c
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  e3 B& Y3 Z3 z( N
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ r! Z4 K$ s1 p+ ^0 h  Y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,' t( ]* e5 z9 w* k' _
計番回報率就已經係50%,所以可以好好賺
/ ]7 k( m) x) c9 q前提係銀行之間要互相信任先可以咁樣借法  J5 v5 h  P) T0 i
同埋個市場既前境要係好先得; b. Q- c: O+ `
但當經濟一差,公司估值趺了,物價不升反趺
1 h) n& n  X. N例如剛才說10蚊的, 趺到得番9蚊,
1 s5 |0 F  w# r; b& l咁投資銀行一下子就要還11蚊, 一來一回變左虧200%' d" `1 ]2 @  \, Z
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,
7 t) B% B* v1 u/ n4 c! X2 e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 x5 H7 ~6 R. G: o, G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- X5 n" L7 u+ X1 L) C, I2 d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* m/ _* k- `* i  p. ~
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* q; A! r7 U- s2 J  D$ |5 A
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ' ^  u. I$ Q7 k
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - C; s/ f5 l' p, b: a; ^% A0 N
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* d/ z8 `* F8 \: \! N
咁你話d錢蒸發左去邊? ...

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正係咁樣
0 h7 M& c) o0 o+ T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1 P/ v: r6 [5 v; P* T
分分鐘佢地唔使還錢! ^( t6 Y. o7 ]9 o/ I# ?
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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,
$ K& C- g) X8 B& c, D4 P連國家都係問人借, 不停發債券, 印鈔票" z* ]6 u* L$ j/ R' E# L' b0 c
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: S* n4 C  q/ Y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$ n2 m( ^! d0 v' Y
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...  d' q7 r( |7 _5 [4 `
因為以前未生產, 先消費, m8 T: X# P" I6 P, t  p
而家就要多生產, 少消費