0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif+ @4 A0 z" A* V$ u$ a1 |, B8 B
Why bank will sell 借據給第三者???5 \0 f7 r' z# }2 g1 \- v
I was so confused.....

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4 ^  r2 x1 [/ L4 t! `講到尾都係賺錢& o( O7 A3 A& |8 ?
so銀行可以不斷放款: D& ~) r6 k. V0 y
美國的房貸問題散佈到全世界0 b1 T4 Q+ E8 B% N8 r1 d: U- R( n

& D! I$ p& R# Amortgage loan 6 j3 ^# u9 M7 z! ^
>conduit
8 m9 v! q  {( q4 F) q>RMBS(Residential Mortgage Backed Securities)
- K& L% V9 c! k>arranger
+ |9 r4 O' ^4 Z! P! V, Y3 l/ f3 X>CDO(Collateralized Debt Obligation)
; u% M( ]  g* ^最後去到投資者

Kev

i thought it is the reason of rate of return.6 v6 _4 l' |! P' Z7 y3 E: ~
CDs could have different ratings, AAA -> F,
' n, ^/ |# S* L+ T; @9 i) \7 o$ [more risky ones would have higher premium (interest rate) as a compensation for an investment.% Z3 f# y( \$ L7 U6 A' g
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) X  c$ {, Q5 u- @- _+ Hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ I' c1 r8 x1 A: U( |% b  p
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! r" S7 U4 k, `0 @
similar to bonds, CDs trading in the secondary market have different value at different times,
. s, T5 {9 k% t0 J$ pnormally the value is calculated by adding it's principle and interest. " ]) `% D4 K& L0 ]  `, F- N2 ^
eg. the value of the mortgage+the interests to be recieved in the future.
9 v; M9 R& l* xbanks 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.: }, N. D: q- {$ O4 ~
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im not quite sure if the multiplier effect does really matter in this case.
- z# @- @" j9 ]/ lin stock market, it's the demand and supply pushing the price up/downwards.& c: r! B6 y) t% R
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ z  r! m2 u4 N4 N2 X8 m
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& ?3 o1 Y& m5 P) l0 QThe 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.   t1 @1 Z& [2 R+ e" A" b( b
but the value of their assets did really drop significantly.4 X, C) D" i* `8 P: C5 N( V  |

& ]) V1 j( b4 h! ?3 D$ L; P[ 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' y, r$ W% t4 t; }# P2 T2 K6 ~' d
Refer to last example,
2 G1 z# g1 o# z* s% y8 cthat means bank A have no money because we borrow 10 dollars from bank A : D/ b! v* I2 o8 W1 o5 K. B
Because bank A doesnt have enough cash on hand
+ Q' P3 l- _: w3 r; p& U, i) Ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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( L$ f* [$ m  kA->B->C->D->E
: g6 A# `% a& y% E+ ^0 y  z5 Gso does it mean if E failed to pay D,
5 k7 G# ^) j! _8 hall the B,C,D,E have to go bankrupt?6 X( A/ v% f; N$ t4 Y6 r# g" e
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( k  R. S6 t7 Y8 r1 Lthe multiplier just tell how much money created in a whole economy,
, i' X/ O( x$ r( ?& A, Gin this case it doesnt really matter how much money is created, - ~, w; L/ z0 b' U  P; X5 \
it's the problem of the debt itself.% L. }" u! ?& S
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; q8 V; m9 Q+ `
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?; F- `8 c& v- Y; N+ F

# U3 k5 E' Y! H2 [. s無可能淨係有人蝕錢無人賺架嘛...* Y- q, K% y6 f" b; e

- g7 I% ]/ x2 S4 W5 C敬請各師兄解答( d% m  X  o6 m
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Thanks

1 j2 e% a* l" m* s: L# O4 k) E1 q# i) F那些根本係 紙上財富  - H4 G5 G% f2 l% l
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
& l9 M" _) u3 Z0 R當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) j- A5 q. r$ k. v& z6 R" 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
& m  h8 D" A7 Q( V個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 ^" @! b- \5 u6 R$ Q9 |$ K: \
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
7 t) ?5 D& _  B; t& q5 P: c9 ~計番回報率就已經係50%,所以可以好好賺
0 ]5 h# M' r9 z3 T5 S: H; \前提係銀行之間要互相信任先可以咁樣借法
" ]5 E6 M2 V! T2 m% A8 R同埋個市場既前境要係好先得
7 A3 W4 @( G1 I  I1 H8 I# n6 F但當經濟一差,公司估值趺了,物價不升反趺
1 ]/ c- m' v& `; M3 |0 M例如剛才說10蚊的, 趺到得番9蚊, 7 e/ G% E# n6 k' _, V7 s+ l
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& R% J: _2 x, [3 o4 `
所以你就會覺得D錢好似蒸發哂咁
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7 @' Z) k  D5 i你都可以當標野咁諗, 個樣野多人可以狂升值,
* V. ^4 l  |* }3 {% I  u% J/ b4 v) B# 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,
+ l5 A+ r1 G% R0 g! J淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 m! L5 z( d2 f+ D2 u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) I: X1 s( s; c* R
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
0 Q; W& p  j0 a* S7 B; x0 e) c) q- ^唔係d錢蒸發, 而係比美國佬洗晒未來錢,
7 R1 j. d% W' f5 w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 Q1 a+ y) F$ y7 {8 P6 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. z: S2 q4 P- n' X/ I, l7 ?9 T
咁你話d錢蒸發左去邊? ...

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: u% I, G# _+ d3 x7 |1 r% z正係咁樣
# t9 y3 O( {) P' a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
9 A8 ]7 Y9 P/ z, M, l, i6 u( Z1 d分分鐘佢地唔使還錢/ L$ a: M3 ]$ g2 q' y# D' R

* w; @8 `: L4 G7 d+ a6 i6 w4 r7 h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 z' y+ ]; e  ]$ a  b連國家都係問人借, 不停發債券, 印鈔票( G, D1 A. T8 N) J
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
3 r$ M1 P/ g% Y/ b# 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.gif0 A2 b7 F; C8 y# j
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
+ K9 c' ~' C4 f- E! y9 X因為以前未生產, 先消費: q' X" @1 B- b- V
而家就要多生產, 少消費