0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
; y( L9 i9 V+ T( d$ ZWhy bank will sell 借據給第三者???
+ z3 P9 W" C# q% P' iI was so confused.....

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) I! H  I$ D9 y. ^4 i講到尾都係賺錢
  ?/ N6 Y4 A+ d% t, e7 e6 Zso銀行可以不斷放款
& A8 o6 E# O, S; S0 F, t美國的房貸問題散佈到全世界& A# K" t& _& W
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mortgage loan
4 B6 q  p( d& B% z" O. V$ V& Y$ x>conduit) O5 h9 Q% S5 u* b
>RMBS(Residential Mortgage Backed Securities)
, P5 ^( @5 Z+ F* n: \) ?6 f>arranger% v# q  e. K9 z- I0 Z
>CDO(Collateralized Debt Obligation)
* ~" G% F1 E6 \+ o- m! A最後去到投資者

Kev

i thought it is the reason of rate of return.
" Z( E8 O6 |& u" DCDs could have different ratings, AAA -> F,
- N( x1 w, _. i: [+ j, I- rmore risky ones would have higher premium (interest rate) as a compensation for an investment.
4 k1 U9 L* ^: y) O/ K4 @% qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 c: Q1 x: S  Z! u) q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 @1 F  m/ k0 z/ [) l% e. f- T, M' j" z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  u) d, u! K, K+ ?similar to bonds, CDs trading in the secondary market have different value at different times,
7 {# Z; W2 {  u9 N0 g, Nnormally the value is calculated by adding it's principle and interest.
; H3 N/ q- s4 [eg. the value of the mortgage+the interests to be recieved in the future.
$ x# h* K( j1 k; K( G/ qbanks 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.# q* @6 ?: R4 j) D/ U

' Z- _! `$ ]0 Y( Q- [# o( Eim not quite sure if the multiplier effect does really matter in this case.
! G  V  I( @8 s. sin stock market, it's the demand and supply pushing the price up/downwards.
6 F4 Z) n0 ]8 `3 s9 ~5 Z& e0 IFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 k! K# L* f+ Q4 [A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( o( }4 }1 r7 Q5 x
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.
/ f# z9 O/ c  K) m0 H% Q" ?but the value of their assets did really drop significantly.2 ]7 m6 ?; \$ l& c

( U7 t2 f" I' D4 ?, {[ 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
; s% I; y% G0 j1 f% M+ ^Refer to last example,( t5 X; r6 T5 i1 Z& T
that means bank A have no money because we borrow 10 dollars from bank A ' V6 ?, H  u: y! D& A
Because bank A doesnt have enough cash on hand / R) Z- ?+ D) T. @5 v
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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0 a5 v' n+ r6 T2 D2 W
A->B->C->D->E/ k$ N8 ^: U& L6 A
so does it mean if E failed to pay D,
1 Y' H6 C- P9 x6 Z, Oall the B,C,D,E have to go bankrupt?; O9 E$ g( D, T

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the multiplier just tell how much money created in a whole economy, & m; O$ f4 q: G* W
in this case it doesnt really matter how much money is created,
1 d5 ?/ N  M" b- oit's the problem of the debt itself.0 `4 Y$ [" G; J0 `7 t5 u9 O
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' ~- R! Z; |7 M6 s) ]
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?% S' ~1 g) u7 z& x: z. W
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無可能淨係有人蝕錢無人賺架嘛...
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9 _; l5 Z- h3 q; W% P3 m( f敬請各師兄解答
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Thanks

6 \& J. u+ z' Z/ ^. g+ a+ `
那些根本係 紙上財富  
. z' i* M* X; q- M  e, K- |+ ~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 graphic1 N/ x. z8 e% o% ~
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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
7 I3 R3 v  _/ T8 {: {* g3 J當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) o) Y1 r7 m& I* T5 S7 h. _; U5 u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! [7 c+ v. J2 f2 E/ I
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦6 L( ~5 [9 `5 e: B# |6 O9 l
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
" c1 V9 x' ]* f計番回報率就已經係50%,所以可以好好賺' F8 }% ]" ?! O$ D& C4 x, r
前提係銀行之間要互相信任先可以咁樣借法
1 v( B- q: \4 K. [同埋個市場既前境要係好先得
$ i( N: C) L9 z7 z/ @' w  t但當經濟一差,公司估值趺了,物價不升反趺9 I; o' q. K# L1 G, m" Z1 Z  t
例如剛才說10蚊的, 趺到得番9蚊,
' C6 b: c' m, |- c% {9 C2 d咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( ?- \% M* r) o; b+ E* P: \
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, " e! t5 e$ ^9 g' L7 N& ^- d
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, , x' t4 p  z9 p. f
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 ]/ c$ D! t& E0 V+ _. [
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 J0 _, x. Q8 w  i8 w! N9 F
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
( p' \7 {9 G+ F9 c5 p4 d唔係d錢蒸發, 而係比美國佬洗晒未來錢,
: H/ N* S: B4 n" x* B6 Z- i淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( K  Y: s. Q$ P; {1 m/ R
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 y, Y0 U& c5 K* C9 |咁你話d錢蒸發左去邊? ...

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- s! s9 I% I* y) i2 o: a正係咁樣
: Q2 g  Q; t; ~3 r. h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, A% [  G+ ^* ]# e$ m$ Y
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,
) Z. g  ?. q! S; R7 w& o6 \連國家都係問人借, 不停發債券, 印鈔票
; e- ?& R2 v5 B- q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
0 l2 }- n. P9 i* C8 |% A- R2 V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.gif6 _1 [! X8 I6 I: F+ D
咁而家"爆哂煲"算唔算先至係變番"正常"???

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8 F" t  G$ I" B其實係...
! h/ }& l2 u8 l* b' f因為以前未生產, 先消費
; k( ~. h5 D7 Q# r& U# L而家就要多生產, 少消費