0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
0 ~" {7 v; B# L/ z" Q" j/ ^2 hWhy bank will sell 借據給第三者???
- J5 g: k3 F) ]I was so confused.....

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講到尾都係賺錢1 n; v6 u7 W8 W4 ^7 L
so銀行可以不斷放款
; [3 |9 U9 [% f1 ]) N美國的房貸問題散佈到全世界
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+ C  O8 E0 H/ p* U, f4 _' nmortgage loan 6 c# e/ e  l, F# l
>conduit, o: d0 x0 i5 L3 u! ~9 t
>RMBS(Residential Mortgage Backed Securities)
  u( F* z  v+ v>arranger4 ~  ?2 w. H# E; K; `2 K
>CDO(Collateralized Debt Obligation)
# o, X4 F; w1 w8 T8 j最後去到投資者

Kev

i thought it is the reason of rate of return.7 C" c  K9 r* ]0 P; c
CDs could have different ratings, AAA -> F,
( L9 J) I3 d* K+ _3 n; {" A* j% bmore risky ones would have higher premium (interest rate) as a compensation for an investment.! |, ?, O! u# o  y2 @- T
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 `3 W& t0 d+ N6 J  U' Q. Z' s
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% h' {9 V; |9 T# bAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." F& ~' A: B  G% j7 l
similar to bonds, CDs trading in the secondary market have different value at different times,
# q# n4 T1 D3 p$ c  cnormally the value is calculated by adding it's principle and interest.
  l, T+ h  z) X; R# G( Beg. the value of the mortgage+the interests to be recieved in the future. 7 q( L7 B: e- ?* t
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.$ p3 \% F0 T& x. u9 a( V+ z
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im not quite sure if the multiplier effect does really matter in this case.
2 g/ S8 p/ E2 L0 Win stock market, it's the demand and supply pushing the price up/downwards.
; F" w, b7 O# @# {2 OFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 T* S2 K7 s) f; H& H# M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* Q( B" N' S5 AThe 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.
1 k8 W3 Y* A" }+ q; x7 q  @but 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" B6 V& D5 x9 }
Refer to last example,& M9 q& q4 G2 X1 A- U2 S$ [2 q% J
that means bank A have no money because we borrow 10 dollars from bank A
9 t9 O7 X" ?5 C# C7 r9 b; p9 gBecause bank A doesnt have enough cash on hand 0 D  D( t1 }  Y6 u  g$ ^
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
4 l7 I3 k" v  `4 ]so does it mean if E failed to pay D,
3 W, _: C/ ~/ p2 g- y7 c7 Iall 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, 1 G1 q3 B( W- _1 A1 w
in this case it doesnt really matter how much money is created,
+ r2 V3 z' s9 rit's the problem of the debt itself.2 d" s$ f0 |. z+ ]# a$ r3 w
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& ~: }3 u7 R. l
小弟一直都唔明...
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1 K  r; }! ?! E. k& L全世界都蝕錢，咁邊個賺緊錢呢?
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: c# Q* }8 N. d/ \; {4 ]4 n無可能淨係有人蝕錢無人賺架嘛.../ T2 y5 E% L& K  [) R- L

" D; H- U$ e- y8 D9 A敬請各師兄解答- G5 a& c" n+ K+ |, e

5 C$ G7 N8 E4 d2 ?0 eThanks

# b/ a) {/ M  W5 \. _. x那些根本係 紙上財富  
& y+ @% `8 U- ]8 L) u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
- F( [5 L! d  d2 {, k當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" x  |' b& K! D/ {
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
1 i  b5 V/ o8 D5 C# u/ ]4 O; C個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 W: V7 X6 K( {# {* c扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ C, Y* V, X; k( J% }0 K
計番回報率就已經係50%,所以可以好好賺6 O+ \# {5 l7 L( f8 {* g
前提係銀行之間要互相信任先可以咁樣借法5 t0 M9 M, b+ z1 @% H) |' R
同埋個市場既前境要係好先得1 U7 G" J  J" ^. u: l
但當經濟一差,公司估值趺了,物價不升反趺
! J; W3 v' w8 z例如剛才說10蚊的, 趺到得番9蚊, 5 Y+ I3 F, P4 i" y& ]% H0 ]' b
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 A' z: Z1 {+ M3 o5 N4 |6 y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,
; r( G: b: [0 q2 H0 D- D5 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,
" o0 c3 _1 h) i5 r6 R淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + b& B1 I! h9 ~( 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8 t7 d. N9 Y7 ?+ ~* K# w7 I* c
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
' c1 X5 i+ J- @! X* r& w7 _唔係d錢蒸發, 而係比美國佬洗晒未來錢, - D0 F3 G. y0 k1 l7 j( ]
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 t: Q6 a) q. g8 [8 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
( P  N0 D6 ]  F5 I3 k+ A5 O咁你話d錢蒸發左去邊? ...

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. }5 ^5 c- |+ G8 ~正係咁樣
; X+ V3 p$ e, P; B" w. M8 V- v; |! 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' Q" \, D( T% z
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,2 o/ j. j* c, I0 n. F: R, r
連國家都係問人借, 不停發債券, 印鈔票# L; X* O2 E9 B* y+ Z. h8 y
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
, H( }/ {# `* k7 U! L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; t) I1 @6 N! O( o咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...% E; W9 w5 N) Y7 p9 d1 W
因為以前未生產, 先消費
/ A( {# M/ T4 o! l) m  a而家就要多生產, 少消費