0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif# }; z* a2 h4 Z; L* s2 L
Why bank will sell 借據給第三者???; K0 g8 Q9 ]  S6 B2 h2 v2 W
I was so confused.....

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講到尾都係賺錢7 u2 {5 r, p! A( w9 h
so銀行可以不斷放款
* u3 R: Q5 b/ L5 g  ~8 M8 h美國的房貸問題散佈到全世界) ~( }( q, z, G( _! E6 {& o# \# u
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mortgage loan . H/ X- P! p7 }' R: m$ _
>conduit
! C+ s% e5 \- {2 U* }1 \' N8 E>RMBS(Residential Mortgage Backed Securities)
# R/ M2 ^) f! h, J4 \$ M$ [3 C" q>arranger3 C6 A- \. O; N% A
>CDO(Collateralized Debt Obligation)( y+ e- ^0 d+ I9 v- B  {/ P. h
最後去到投資者

Kev

i thought it is the reason of rate of return.
3 B- {+ s- M+ u7 c" X) N# qCDs could have different ratings, AAA -> F,: B/ V( g* p; {- x9 T
more risky ones would have higher premium (interest rate) as a compensation for an investment.
* @7 u+ P0 D2 k2 X  m9 gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 a, K4 b) B! s$ e
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. a. ?! N# y8 o& L) y5 j3 bAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: g! s. D( S% w* W* l; hsimilar to bonds, CDs trading in the secondary market have different value at different times,
7 i8 ?% L( ~5 b  anormally the value is calculated by adding it's principle and interest. 3 Q: p7 f0 J; o
eg. the value of the mortgage+the interests to be recieved in the future. ' J6 K2 z/ L3 W. J! n6 E+ U
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.4 [5 B% l! R0 K1 U

# t$ S9 d, B: W" y+ lim not quite sure if the multiplier effect does really matter in this case.
: X; V! k- r$ t: @' p% q; b7 yin stock market, it's the demand and supply pushing the price up/downwards.' l! B' L) K3 F! p
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 C8 Q/ o: W# yA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# p. q6 J, V" y3 V3 ~- FThe 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.
3 Q+ [/ w( B6 @, ]# _. vbut the value of their assets did really drop significantly.) @- c: ^8 ~7 X0 S: N

' a  Y& X9 ]2 H% N) [: y/ b$ _[ 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.gif3 [- }# K  J. I" C+ G" t9 F
Refer to last example,
& k( U/ j' a  H7 Ethat means bank A have no money because we borrow 10 dollars from bank A
  J& u; `: Q* w! w- SBecause bank A doesnt have enough cash on hand + ?* D1 P) n6 }
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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& b- l. `# ?2 W; x" D5 fA->B->C->D->E  p& a& @0 r7 c9 D7 ]" F. t
so does it mean if E failed to pay D,
; _( _9 m6 e2 y3 Y. Tall the B,C,D,E have to go bankrupt?
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. b+ m1 W* b) G- Othe multiplier just tell how much money created in a whole economy, , p' m$ W/ U- l6 M
in this case it doesnt really matter how much money is created,
$ k# i# W9 @( f* Eit's the problem of the debt itself." b" m: X$ w0 c/ ]8 H5 X# f
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
, D5 y( _, `) \  j8 O/ {/ X小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?6 ]0 D/ s; j0 W' b
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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* M7 c. F! N$ \# C8 n/ v

4 [8 ]# m( h: c) I- O0 E7 ?Thanks

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那些根本係 紙上財富  2 V' G3 d) Y- E6 f1 I$ G: r* `
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  [6 r% i1 R+ V; _& X
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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 ~& x6 a2 O/ L* r當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" Y# v7 S7 j' ^
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
, _9 `1 \% H: R9 u! X% [個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, Q: s' R$ }! z  q" n* ~
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,8 S/ |" T, r  C$ f) l8 L) X
計番回報率就已經係50%,所以可以好好賺
. F( ~7 J1 D( G. p) ~9 n1 o前提係銀行之間要互相信任先可以咁樣借法
+ I' l- w2 Y7 G6 J( I0 e9 k同埋個市場既前境要係好先得. b1 r; g* z- \9 E, D
但當經濟一差,公司估值趺了,物價不升反趺0 K% s. {5 |, x8 j8 k# Q0 K
例如剛才說10蚊的, 趺到得番9蚊,
, O" F4 X" i( a2 O* u6 L咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 _. Z: \# e, x" p% ^( T
所以你就會覺得D錢好似蒸發哂咁
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6 i; o- u1 x9 K- V你都可以當標野咁諗, 個樣野多人可以狂升值, $ X5 N# N. }7 Q1 s1 ^$ R8 Z; j; u
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, - y! n. k: y3 X! I3 u5 I; F0 O8 G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ H! c& `4 i+ a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8 }9 I5 g0 q- n% v6 j# a$ B
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
9 ~9 n6 W+ F0 @" R: F4 K' r2 ~唔係d錢蒸發, 而係比美國佬洗晒未來錢, $ F2 {2 I* ^8 K! l
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' m8 ~8 G+ M' e: B9 g' i2 d/ Z
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' W+ E" g0 ?  d2 U: E
咁你話d錢蒸發左去邊? ...

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' e5 z9 ?- C) J, p正係咁樣2 y; U& ?# g. @/ f
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2 \# t8 R& q- q1 d4 G  u, _( D
分分鐘佢地唔使還錢
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9 P2 h* @" ]  t3 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,7 V- S9 ]: U3 ~% a3 x) s1 _
連國家都係問人借, 不停發債券, 印鈔票
1 d5 j% E7 z! G$ B6 ?# N$ O一個國家好少出口, 而又大量入口 ,反映到佢唔多生產5 p! v- R6 v) A! [( n0 ]
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: J: i+ h% y! ]; |/ ^4 B& l" K
咁而家"爆哂煲"算唔算先至係變番"正常"???

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& g! y. w: z% S* G& u2 @! b+ f( s其實係...% W  m8 r  j7 _' q, {, Y( b2 u+ \
因為以前未生產, 先消費
2 a  j. P1 C" o$ r而家就要多生產, 少消費