0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
" j( z& k2 w- b& F5 |  p) }Why bank will sell 借據給第三者???
- N0 ~& Z* E$ oI was so confused.....

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/ q. r' m( @3 N  Z- c講到尾都係賺錢
  E7 a; Q) a* m8 [so銀行可以不斷放款) e& ?7 q+ U, W# F
美國的房貸問題散佈到全世界$ p$ X7 L, f# L# m
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mortgage loan
* [" M) Z5 N3 U>conduit) M; R% v( l7 U6 h
>RMBS(Residential Mortgage Backed Securities)6 h( K5 O3 f; [% [* _  s
>arranger
- g/ x! b" F" W% }7 {5 c4 `>CDO(Collateralized Debt Obligation)
! D( J: P4 }% w最後去到投資者

Kev

i thought it is the reason of rate of return.
* E* Q. @' G3 c3 m! x  }- FCDs could have different ratings, AAA -> F,
9 F8 O5 Z8 B4 e* Q0 ]more risky ones would have higher premium (interest rate) as a compensation for an investment.
* p8 U7 Q" h$ E% x, L* ]% K7 Amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 H) |+ [5 c# j# b7 G8 g* J. k
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 W0 m+ ]# H8 j$ S
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 {0 L0 i; _6 L/ j. Osimilar to bonds, CDs trading in the secondary market have different value at different times,9 q/ o1 r7 A; ^8 [
normally the value is calculated by adding it's principle and interest.
3 G! L6 b$ R' x3 @8 |4 Teg. the value of the mortgage+the interests to be recieved in the future.
' j) W' k  R- h8 E( wbanks 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.
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im not quite sure if the multiplier effect does really matter in this case.& _5 `! w( V4 T3 q# F
in stock market, it's the demand and supply pushing the price up/downwards.8 E/ B* s- ]; y6 z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; m  G6 e2 b: p/ Y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: D" x7 O2 z3 T/ k9 F* ^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.
4 \" h* R+ |9 M- c6 R7 P3 wbut the value of their assets did really drop significantly.
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+ y: ?2 a3 @: _9 }[ 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
/ a" e: q7 ?+ h0 ?+ u( x: NRefer to last example,; O- n$ L' Q" C
that means bank A have no money because we borrow 10 dollars from bank A
# k# `5 p' @- L& B* s2 r1 t7 k1 `6 sBecause bank A doesnt have enough cash on hand 2 ^& t0 N: s1 _' s1 e
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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6 t1 h* M! H3 q8 O' ~! b! D0 ZA->B->C->D->E$ l0 p/ i7 m9 {
so does it mean if E failed to pay D,
* I1 A- ~- J( b5 r. P  P) Dall the B,C,D,E have to go bankrupt?/ a. `! T9 o6 B3 e' R. {# O

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the multiplier just tell how much money created in a whole economy, & J* e; `6 a3 @6 _3 u
in this case it doesnt really matter how much money is created, . p6 |' X. @, o" u
it's the problem of the debt itself.4 i% ~' r; M% }% }( |
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+ y; ~2 q: s) a& Y( ^
小弟一直都唔明...6 m( K2 J3 J/ v. d+ r
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全世界都蝕錢，咁邊個賺緊錢呢?9 S+ J3 @; h0 b$ H% H9 i

8 n, C# h  U/ ]: t6 I, N無可能淨係有人蝕錢無人賺架嘛...* y+ t. I- x  l( k  M7 m

: B7 q& x, u% V; S7 _, [敬請各師兄解答
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9 e  c/ W- U# `) [* L3 AThanks

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那些根本係 紙上財富    J9 j! L0 M! b, p* F# 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 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" N& G9 [' W# e( m7 h  D
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高0 f* n& ~2 Z, ?8 d  R% ^! Q
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
0 w6 ], I0 O/ G' i' J6 O2 u, I. d個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
: o% r* g3 U  k7 ~, x扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
2 w5 d3 K* z2 b# t4 f計番回報率就已經係50%,所以可以好好賺3 f! O9 [/ |1 k5 W/ W) R, L' ]
前提係銀行之間要互相信任先可以咁樣借法- ]: ]% k" e, C! @
同埋個市場既前境要係好先得- R, E4 e0 e0 U1 x' b9 p7 `% {
但當經濟一差,公司估值趺了,物價不升反趺0 ?- V& Y( S0 Z9 C3 o+ `8 ]+ j
例如剛才說10蚊的, 趺到得番9蚊, - F3 _- p$ e# m4 `6 M$ q
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 h9 B- H. C, d
所以你就會覺得D錢好似蒸發哂咁$ r* }- a. P: k/ m! h/ S

. ^  K& D# c# T2 |- {) C你都可以當標野咁諗, 個樣野多人可以狂升值, , d5 g7 Y2 L4 K5 j/ g
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,
% ~: ~$ |6 J) t% ?, E/ G  }淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 G5 t+ O" @% a4 e
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
9 i- I# M: k3 f* j' c2 ^, M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
6 @6 o  o2 |0 {. n唔係d錢蒸發, 而係比美國佬洗晒未來錢, 7 R# _) H8 j1 J* D9 P
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% C/ t) i+ V+ w& e* e' [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( E% k1 N2 s  l
咁你話d錢蒸發左去邊? ...

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正係咁樣
+ ]. E& q# z9 `! 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
: \0 ^1 F! Y3 t分分鐘佢地唔使還錢7 |8 g- t: ?  k% v) c8 R! r! B: @

  W& `. l' K% x0 g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,8 m8 O, M# \1 ?4 }  G7 v! b
連國家都係問人借, 不停發債券, 印鈔票
  n6 _* ]' O* s: o一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
& ~' M) {2 r: n  m2 y& R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
4 Q1 G8 l% D5 ~+ p8 b2 Z咁而家"爆哂煲"算唔算先至係變番"正常"???

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5 C% L$ W. `5 O# @& Q# X/ C其實係...
4 ^5 N3 _+ h$ t- z$ J- M因為以前未生產, 先消費
( q) R% r3 o- U0 L( e1 w而家就要多生產, 少消費