0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
% ^$ ~& {% j5 K4 p7 b! U9 l& AWhy bank will sell 借據給第三者???
9 c# [% P  L9 o6 g' {4 SI was so confused.....

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講到尾都係賺錢
5 }- X* G. m' Mso銀行可以不斷放款
/ i! k+ h8 a+ P, B% E美國的房貸問題散佈到全世界  Q( x2 {: L6 a1 C1 z

! d5 G( V3 V$ R% S. d5 j* L6 gmortgage loan
+ p/ L$ F$ m! o3 R; A( c>conduit$ h+ U3 p# F4 e* m
>RMBS(Residential Mortgage Backed Securities)
" i, }$ f* ?/ [9 o  G% q; B- u>arranger
2 }, k6 H8 e, R>CDO(Collateralized Debt Obligation)
  t# G# L& o% M! `; d最後去到投資者

Kev

i thought it is the reason of rate of return.
- X0 ]# C, J- ~8 xCDs could have different ratings, AAA -> F,4 u- `1 m' u: E$ F
more risky ones would have higher premium (interest rate) as a compensation for an investment.5 @$ R: X9 g) r/ R4 H, N
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# x) L* }) L- ]0 ^+ F. l1 H0 r
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' n5 p/ f: m3 g! j3 B
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# l" T; A3 I6 H2 H( Y: I% ~0 o" isimilar to bonds, CDs trading in the secondary market have different value at different times,
7 Y, O; E* e: {( D5 I/ hnormally the value is calculated by adding it's principle and interest. ! @( m( A' |8 C# v% f
eg. the value of the mortgage+the interests to be recieved in the future. 0 V2 R; _5 l4 K1 _! B
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.
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im not quite sure if the multiplier effect does really matter in this case.7 |# L, A: k# |5 D5 U
in stock market, it's the demand and supply pushing the price up/downwards.
! V; P0 p6 d2 @0 t4 \For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) M" @- I" x9 I- D* c  R8 yA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! d) G: U6 v3 u% ]6 P+ k% ~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. 6 H) b6 j4 [" b: n: l7 V' e
but the value of their assets did really drop significantly.: w4 p- f5 u+ P: t4 l

. ~7 R+ g  N: a) d' u[ 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
" g2 p# H8 s" L6 T: @# R! ~9 _+ ]Refer to last example,
8 C4 W* |' f7 E1 lthat means bank A have no money because we borrow 10 dollars from bank A
, Y/ K+ d" D/ o6 h" b' k5 n9 ZBecause bank A doesnt have enough cash on hand
+ S5 G, A2 H+ u5 F3 rtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
/ N0 R) D  K: w, S( }+ B" f$ ~7 L0 Hso does it mean if E failed to pay D, ; R, y! M+ s) j
all the B,C,D,E have to go bankrupt?5 ]! M! ]/ u! O# h# F. Z3 e

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8 t. D1 K0 l' Mthe multiplier just tell how much money created in a whole economy,
8 e7 A+ y: N# z' \+ Gin this case it doesnt really matter how much money is created, 6 X; v  |  @) i  i0 @& j# e
it's the problem of the debt itself.. ~5 p9 s$ B) y" ~7 y1 T; q0 f6 U6 U
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  E0 B, Y; U) a0 d4 W' {; m4 V
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...8 k+ s4 E7 y$ w9 n
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敬請各師兄解答
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4 b& X( l- D2 E' e6 n. YThanks

" M, l* H2 W( I0 l( \* Y" o那些根本係 紙上財富  " E5 }' T9 q0 J! b1 h2 Y% w
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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4 Z  k3 N8 Q4 a# L1 {9 T, U; mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
6 p! Q8 [* `& L9 f( Y2 i8 h+ y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 N7 Q7 V' F% n  N- U- U1 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" |* u: L8 {, d/ f! E  l* y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦0 f$ F% u; |7 Y/ g6 X
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 H' N; \6 S( x* R. r5 h計番回報率就已經係50%,所以可以好好賺
! T' ?, W- W; V+ Y3 F前提係銀行之間要互相信任先可以咁樣借法
( U- i1 Z+ U  B  H2 E同埋個市場既前境要係好先得
/ x( Q; m8 H- M& N; T! y但當經濟一差,公司估值趺了,物價不升反趺
' o' {8 X  F2 l/ _; |+ L2 C: n例如剛才說10蚊的, 趺到得番9蚊,
, m; g( q1 ?, C8 _; y% F: {咁投資銀行一下子就要還11蚊, 一來一回變左虧200%  w( Q, q+ T  D' w6 L# n1 K- Y! X) J
所以你就會覺得D錢好似蒸發哂咁
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( M+ N; |- m$ Q2 d你都可以當標野咁諗, 個樣野多人可以狂升值,
, q( i& O* d2 i& d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,
- U8 A" u- J6 H& k  k0 R淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! p# r3 w4 h9 c% O' Q
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- S/ n4 s+ P
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
# u- p2 r+ j+ E9 J3 i% c2 }' |唔係d錢蒸發, 而係比美國佬洗晒未來錢,
6 h5 m0 Z3 H. P0 I$ R' x5 Y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; B; P. b5 P/ {! ?) G" O4 X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; r  `8 r4 |/ N6 P9 U: q
咁你話d錢蒸發左去邊? ...

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正係咁樣
2 c) D: l# A  H; Z- O( c* 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
$ g- x& C8 }$ Q6 j分分鐘佢地唔使還錢: }  J: n% ]& z0 W/ G5 F
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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,+ L3 r6 a6 O8 a' ]9 D! |
連國家都係問人借, 不停發債券, 印鈔票
. G8 u) o- q: ~% E  y6 v一個國家好少出口, 而又大量入口 ,反映到佢唔多生產, ?5 N+ F; \1 s7 O; v
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
& B* K9 j$ f+ q咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...) {- u/ Q7 _8 J! k4 q4 A' G
因為以前未生產, 先消費! c6 {# T( r8 r3 Q9 D" r
而家就要多生產, 少消費