0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif" B* W8 c- I' i) [
Why bank will sell 借據給第三者???' M7 @5 Q0 o1 R% D, X" q. @
I was so confused.....

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講到尾都係賺錢
: P3 A# Z  S% B3 n! sso銀行可以不斷放款
& p& t! N, q$ }! u( D& n美國的房貸問題散佈到全世界
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6 w3 e4 W! L# V  [  nmortgage loan ( p# t0 L3 r; I6 x1 @9 J
>conduit; {5 T8 n. W' o
>RMBS(Residential Mortgage Backed Securities)
- U/ z( p! M, u, g2 f>arranger
. I, ]3 w/ N4 ?) X) Z>CDO(Collateralized Debt Obligation)( x: V- W5 ~" H# ]+ `2 f
最後去到投資者

Kev

i thought it is the reason of rate of return./ G, g1 Y8 S/ H8 _& x
CDs could have different ratings, AAA -> F,
. m  S: J8 h1 e: B9 |more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 j$ Q* b% I( c& H" \  H; n7 Gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 U0 l9 w/ F+ W. i7 n% j/ xin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 x' g! \  M( @7 `! wAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ j1 b7 t& x7 K7 [1 F; v6 y
similar to bonds, CDs trading in the secondary market have different value at different times,
& W3 }# V. s4 s8 Knormally the value is calculated by adding it's principle and interest. 6 d+ j1 R/ N6 F' M, {4 \
eg. the value of the mortgage+the interests to be recieved in the future. - n1 B; i* A7 F- e! b( }' H0 r1 [
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.( m% d* _  \2 H" B% w3 g: o$ A4 R6 V

$ E2 M6 ]6 }( B" _; lim not quite sure if the multiplier effect does really matter in this case.
" O$ p4 Y6 L9 Q' Iin stock market, it's the demand and supply pushing the price up/downwards./ M0 G* I2 o6 [- u3 [; b
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
9 E3 O$ R$ N7 M- z2 RA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& o, Y! y- S! [% C% M: E9 d
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.
$ L% z0 l+ l' K3 ~. qbut 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
1 T# G5 o5 p# aRefer to last example,# O% T' L7 C* O: T# ?  H  K5 f
that means bank A have no money because we borrow 10 dollars from bank A 0 p) ]5 Y% J4 ^& ^+ U1 d
Because bank A doesnt have enough cash on hand , q0 l) \" p. U$ i2 H7 @3 n- O
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E4 B, W- a# h( N+ K) d
so does it mean if E failed to pay D, ! b/ K3 E2 ~: `' w7 q5 d) z
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,   n" _2 g' Q, D, i
in this case it doesnt really matter how much money is created, ) u0 T- S) Y  X0 }/ }3 i( U2 _7 Z
it's the problem of the debt itself.
: J9 n6 V9 L" s6 \, Y. H) v: }4 g1 ~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
6 {0 K+ Q* a0 @$ {0 l. J: E小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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  _! ~+ [7 \9 Q7 k( A無可能淨係有人蝕錢無人賺架嘛...
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- g( n  `/ V! V4 J, `# m敬請各師兄解答
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& c$ {5 {3 z' v; U; G% _Thanks

. D( r4 h2 d5 K+ p$ P* W* @" D9 ~6 Z' f那些根本係 紙上財富  
2 `% H7 A& Y4 B4 o' s% [/ i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 graphic3 r8 N* \) b! T9 y9 w

1 M3 Q: d, J0 a( U9 d+ r9 Vhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產( \! N. ^% P, J6 P! ?8 d+ t* n
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高4 ^8 M* @9 i) _& G# h% \( B
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
# W! X! Y; c$ X個件物價係市場好既時候升, 例如15%先算,變左12蚊啦0 ~  E+ [( i% 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,
# H' B* G5 V5 c9 v" x' i1 q; f0 S計番回報率就已經係50%,所以可以好好賺# X$ b! g* G: `  u( [9 ]
前提係銀行之間要互相信任先可以咁樣借法  c% T- v# C2 }! b& ^9 r& v- a
同埋個市場既前境要係好先得
' ^' e5 `2 I, A- {7 k但當經濟一差,公司估值趺了,物價不升反趺
  \* D8 R( w! i/ C- W* b例如剛才說10蚊的, 趺到得番9蚊, 9 q, m% Y( c' P8 z+ u2 w
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 N) Q" ~' m8 e& c& ~所以你就會覺得D錢好似蒸發哂咁8 H( O- p) @. y% ?* |8 L! r
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你都可以當標野咁諗, 個樣野多人可以狂升值, % z0 L# H. J2 O% A% R* j
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 F3 L% r) ?5 C: r( B2 B+ k( N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ t* l* \" {4 ^" Y4 P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
2 e8 ?( ]5 }6 q. u, y; x- t+ O$ V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
4 L; Y( y  J5 p4 _& ^唔係d錢蒸發, 而係比美國佬洗晒未來錢, * ^" Z7 h# C+ W' h2 M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " `& w" i4 M4 e; ~$ f% o
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 g7 X6 n1 ?$ J5 e8 o0 g: _
咁你話d錢蒸發左去邊? ...

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正係咁樣, |" G2 e' x9 W/ _* c9 g" F" t5 j
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) F1 X: T: T: U1 A8 U- K
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,
9 v2 m+ O- l1 B6 G" r- E連國家都係問人借, 不停發債券, 印鈔票3 Z# R% T8 h5 _+ U& A9 _6 C
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
9 Z5 u  M1 f; s3 J! V! d$ @7 c9 ^: 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! a& C3 o- X, k: S# G
咁而家"爆哂煲"算唔算先至係變番"正常"???

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9 R  p. J5 I2 @  k& n其實係...
7 j: X! o, v; l9 Z' C; ?& H因為以前未生產, 先消費
# L# {% j$ R- G( V! S而家就要多生產, 少消費