0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
1 e& b2 t# k. P1 _" p& ^9 L/ VWhy bank will sell 借據給第三者???
5 k+ I* j2 _4 u; O' M+ [% kI was so confused.....

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講到尾都係賺錢# ?1 k$ w. Q5 S! E; Q
so銀行可以不斷放款( h: I" @7 p' A9 D
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)
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>CDO(Collateralized Debt Obligation)- o/ r3 n/ N3 C4 O5 n
最後去到投資者

Kev

i thought it is the reason of rate of return.  T1 v5 B. A& |) }
CDs could have different ratings, AAA -> F,
! X- g7 c* D" bmore risky ones would have higher premium (interest rate) as a compensation for an investment.
. g; q. Q, [( X9 Hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' [0 v; d& V( U) u' x0 v$ d4 S3 U
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( i2 n& a  H! G6 RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 b3 x, T; _+ C2 d6 e& j  P5 E' K9 fsimilar to bonds, CDs trading in the secondary market have different value at different times,
- ?. R; s, G8 F5 A4 wnormally the value is calculated by adding it's principle and interest.
3 ?3 S1 c5 M% H& y4 qeg. the value of the mortgage+the interests to be recieved in the future. ' z6 e8 Y0 X6 ~6 m6 @. m# J
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.0 r7 i! U0 f+ z9 Q- V2 c6 t- b. l

; E* G' M6 p8 f* K+ Yim not quite sure if the multiplier effect does really matter in this case.- u1 z, F" p9 O0 r
in stock market, it's the demand and supply pushing the price up/downwards./ W  M  R2 S: K3 i
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 d* q8 [) @8 j% a  Y' kA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' @3 ~4 c, k7 a
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.
" N! V$ ]' A: |9 hbut the value of their assets did really drop significantly.
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+ P1 r; L2 \0 c[ 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/ L& W* @% y! X0 F1 b8 |
Refer to last example,
% ^$ ]. u& w, sthat means bank A have no money because we borrow 10 dollars from bank A . p: ?. }# G7 T, h9 A4 L
Because bank A doesnt have enough cash on hand , s1 L! a8 x4 j  B! h2 L  k
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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# C/ V3 Q* N( p: Q+ o( ]A->B->C->D->E5 p7 a! S7 Y* a, v5 g
so does it mean if E failed to pay D, . {. ]7 w& ~6 J3 B3 H
all the B,C,D,E have to go bankrupt?8 p1 K/ w  `% |. Y8 d! S

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the multiplier just tell how much money created in a whole economy, - x1 A& g1 Q! d8 b6 T( t
in this case it doesnt really matter how much money is created,
# h) J5 x# w; y2 v( nit's the problem of the debt itself.
7 S* i9 f6 p+ `, x% 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
2 M- G) s3 n  n! M& 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?& q7 v+ y  W! x7 ~- E6 B7 j- F
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無可能淨係有人蝕錢無人賺架嘛...( w! Z; z$ _# B

0 @  M( G: I1 J3 _敬請各師兄解答
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Thanks

% u0 t; i7 S  f2 d2 S( x那些根本係 紙上財富  
; `2 K& e5 {  d/ X- a' n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 U- A8 J5 m$ \& y, f) C% D2 L

* C9 ~  h/ B2 |2 M+ 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
$ _* x4 X  r* @/ `/ b- f* {當經濟好,投資銀行相信會賺錢, 物價既估值相對較高3 ]6 z4 E, ?. c& C( l
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; ~" s! l6 l5 W. b6 _  P' b
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦8 |, W; Z; \/ H" Y3 L
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,, S8 L, H, u# T7 Y8 [  G7 _; ^1 c9 I
計番回報率就已經係50%,所以可以好好賺
' _1 X4 m+ E& {3 f5 B% {8 A前提係銀行之間要互相信任先可以咁樣借法* |& Z: ]: G7 f; p0 K
同埋個市場既前境要係好先得: L  U( B8 j. m$ d3 l! V
但當經濟一差,公司估值趺了,物價不升反趺% ~8 B6 u8 `" J4 g* C5 P6 }, ~' ~
例如剛才說10蚊的, 趺到得番9蚊, ' y5 S+ E( G) s: v  n$ `0 {& s! e
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
- Q) A& p! V3 C* H# T( }- k4 M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, + k- l( M$ i* v! c3 @7 X" s
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, , P' g1 q1 z) a# r; {; W. q( G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . R5 K) B3 g7 J9 s
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1 d$ C! v0 k& h; t) t
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( F% ~: y/ w. {" w! @
唔係d錢蒸發, 而係比美國佬洗晒未來錢, : _1 ^% S4 R6 e6 x1 D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 ?- Y! a+ A4 g+ 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. n2 T8 u! ^8 W" T' B6 |
咁你話d錢蒸發左去邊? ...

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) a+ h# i1 I1 a) v: O8 A正係咁樣8 H% ]* C# W' u# q8 N; i
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
$ W+ k8 e( t* ~6 P; d( P" E分分鐘佢地唔使還錢
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+ d7 l; b6 M9 B4 L# D4 c( A  }" Z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,4 n; [, {1 x" \' C
連國家都係問人借, 不停發債券, 印鈔票
! p' _8 b7 q) U0 Q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
2 }* b% Y# t4 J9 w0 b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
7 @9 m0 Z# p2 a咁而家"爆哂煲"算唔算先至係變番"正常"???

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$ U( y5 q& O: z; u/ z) q1 R& |7 p其實係...
$ f* l) ]5 ]8 g因為以前未生產, 先消費
/ C# n% ]& ^2 v2 }5 i+ t2 T  |而家就要多生產, 少消費