0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
4 B3 h$ B. N. L3 e# m+ F; oWhy bank will sell 借據給第三者???& P& n8 M# r% t! C9 }% u
I was so confused.....

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講到尾都係賺錢
. i& K* l/ ^; }+ lso銀行可以不斷放款2 h) b8 c, g/ Q, v
美國的房貸問題散佈到全世界# p" b0 `( ?8 ~$ w

) ]4 W! R- S% F- w9 }& L: E2 s  S  Imortgage loan
7 R5 j& S; R& q; J) G2 y# ?: T>conduit
: X6 I' [# N5 i7 F$ `, I>RMBS(Residential Mortgage Backed Securities)! ^" C" ~( j% R5 N: A
>arranger0 @8 R" L5 v$ A1 @0 \6 y/ B
>CDO(Collateralized Debt Obligation)
$ G$ Q$ ~- k/ d. _% ~% Y最後去到投資者

Kev

i thought it is the reason of rate of return.
( ^+ O8 q; L7 m8 h" ?: nCDs could have different ratings, AAA -> F,# P4 n* A( M8 m8 J
more risky ones would have higher premium (interest rate) as a compensation for an investment.- J( U+ j* J/ v2 M" i; L
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, Z0 s- \. T5 {4 X- ~* E! U
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' ~: ^1 {# q# N* r- a1 i" @+ b) g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 M* a# t6 I5 Ksimilar to bonds, CDs trading in the secondary market have different value at different times," f$ y" M4 c/ g8 q5 w+ B
normally the value is calculated by adding it's principle and interest. # V* y, ^2 h( ^' y1 m1 A: i8 i
eg. the value of the mortgage+the interests to be recieved in the future. 8 P' R0 n& F+ j# n/ j" b# d
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.: v, g1 o, q; a; o9 o, D

0 t" f4 W! k9 n) D6 D/ e/ M0 i( Vim not quite sure if the multiplier effect does really matter in this case.
( ?6 q! R3 D% k% X% Q  v6 J6 `in stock market, it's the demand and supply pushing the price up/downwards.+ |4 z* A$ i) O* H0 q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' K. b' M5 P" S( u* d
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. m* d! `& c8 R$ \8 s% ?& J0 {' b
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.
7 h/ c& i1 {) Q) F9 mbut 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.gif8 @1 d, Q) Q. y/ `1 n' r) a
Refer to last example,
4 q4 i% ~1 w5 o4 p* G( T$ J0 Rthat means bank A have no money because we borrow 10 dollars from bank A
5 B/ P6 n. @  T  rBecause bank A doesnt have enough cash on hand 6 f% h; e3 |2 r0 _0 W1 w* D
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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! j, N: |  s' f  EA->B->C->D->E
3 h6 a. O  |6 c; q5 Eso does it mean if E failed to pay D, $ v3 O) J: D' {; F
all 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,
* U9 r2 i( [% \5 ?8 u. win this case it doesnt really matter how much money is created, " e  x+ E: w+ U& e3 Z# Z7 D
it's the problem of the debt itself.
+ F3 F" p  t" cthe 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, S( v: G1 L0 G: h' y5 G8 C
小弟一直都唔明...' }3 s. ^( Z( t% I$ J

6 ]+ k. S4 l' T全世界都蝕錢，咁邊個賺緊錢呢?
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% H$ n  c; s* j0 T* _) w0 s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! S1 ^9 w: I1 Z5 ]+ K; a

) f. i- d) |. j- ?2 v, RThanks

: i9 ]  t, F( s; d( H; ~那些根本係 紙上財富  
. O) z) P/ ?4 ]4 a  j% _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$ K7 V, Z* h1 E- J! O2 S& P
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
3 S  K3 \" z% w8 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
9 z. x$ V9 O* c5 @. ?3 k5 f個件物價係市場好既時候升, 例如15%先算,變左12蚊啦6 @$ R% R8 x( f/ d1 ]6 [% f  ]) Y7 f
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 c" {4 ~" ]1 g0 z9 x/ c; D計番回報率就已經係50%,所以可以好好賺& z7 a) Y& B- s6 k% D, B) e9 B
前提係銀行之間要互相信任先可以咁樣借法% W) k3 d$ t& [7 k6 S* {- T# E
同埋個市場既前境要係好先得+ a" a2 \/ M/ [6 e  i  Y
但當經濟一差,公司估值趺了,物價不升反趺" Q8 N6 [; u& K
例如剛才說10蚊的, 趺到得番9蚊,
1 f7 N9 n" }. `( L咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 X! |+ Q" {3 G: O所以你就會覺得D錢好似蒸發哂咁2 x6 f* p6 a. U; q8 A, N* _

  [- t; Q$ _, [" k- n你都可以當標野咁諗, 個樣野多人可以狂升值,
4 X: X' z+ ]3 t" h8 ^3 h" B" h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,
+ w$ v4 r3 G! M9 S/ s淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ V. ~* m. D2 F7 C0 K2 @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
& ]% X& \+ B6 \" l$ R: U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
) Z! I3 `3 `2 a0 Y' Q$ H8 A/ ^# ^# m7 h唔係d錢蒸發, 而係比美國佬洗晒未來錢, : w: i  z8 d( i5 r1 h& n/ A9 v
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ j& {' e+ f6 Q) n2 Y% j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6 y& R1 A) p1 Y3 D
咁你話d錢蒸發左去邊? ...

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正係咁樣
6 k/ K3 Q, \# r% V# e7 u4 P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% |4 V% H! ~7 R
分分鐘佢地唔使還錢# h! G$ q0 {- D3 c7 w

7 B+ N& x% x8 Z/ b6 s7 y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 `& _& p2 l0 E# z7 s7 K連國家都係問人借, 不停發債券, 印鈔票/ w. Q: p2 `" w1 B" q% x
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
  `4 T% i4 z! Y& b0 n+ E6 o5 Y- n! F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
8 P6 Q, l' C" _4 r) T8 M咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...: o' {' ~# v( l7 o( ~. H
因為以前未生產, 先消費& W) d! q1 g1 X2 k
而家就要多生產, 少消費