0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
: {9 D+ o  O7 p, |+ E2 w+ nWhy bank will sell 借據給第三者???
8 k3 f9 [: E5 D. g) g: WI was so confused.....

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/ v! d1 L) E+ N5 l% r講到尾都係賺錢
& f: D9 G" T, K& c& ~: ?+ N% s! O! oso銀行可以不斷放款
# e. j1 X/ U! y. b$ v8 \美國的房貸問題散佈到全世界1 _3 n6 S6 W. n1 e7 P# S" }! m

7 ~4 b9 k' `* a5 i2 r, xmortgage loan
# H% D5 S, d% S& m+ y+ |>conduit4 U4 n8 K( Z2 f$ X* T
>RMBS(Residential Mortgage Backed Securities)4 {$ Q' b9 m7 M2 X! V
>arranger4 C7 W. N7 B4 h) v
>CDO(Collateralized Debt Obligation)- m* K; E* Q# O9 Y0 _
最後去到投資者

Kev

i thought it is the reason of rate of return.
, H$ k% n* |4 v6 O; BCDs could have different ratings, AAA -> F,: X! E' G9 b% ~, V; u$ H
more risky ones would have higher premium (interest rate) as a compensation for an investment.
: C' h) r7 D! f1 @3 xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,  K! m5 i2 [9 O0 h7 K
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." f9 [! @4 S3 L2 z. B2 z+ `
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 K: U7 l3 P7 V
similar to bonds, CDs trading in the secondary market have different value at different times,! x4 ]" z+ A' w& x: x
normally the value is calculated by adding it's principle and interest. ( y: `6 I8 c4 ?. p2 r9 @/ }  \
eg. the value of the mortgage+the interests to be recieved in the future.
  E+ [2 k( o5 j; K% {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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5 d+ H$ }5 p, {im not quite sure if the multiplier effect does really matter in this case.
/ C4 _, x9 c! `; y1 X! i6 U- min stock market, it's the demand and supply pushing the price up/downwards.7 O3 h$ N/ m6 r/ p. d4 t# I; V" L8 A
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 ~. [, E8 }$ `6 UA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ H8 _$ Y; k2 \7 Y4 B: _/ K7 T1 s
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 b; b) L4 Q0 v9 fbut the value of their assets did really drop significantly.- z  L1 N# y' ^* u

9 v6 [" a$ x- D8 [[ 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: Y. u/ U. \7 u- h2 ^* {* j5 e
Refer to last example,# [0 z: i; g+ i7 E& @# V, |
that means bank A have no money because we borrow 10 dollars from bank A
4 Q$ M0 H6 ?/ z9 L2 PBecause bank A doesnt have enough cash on hand
' w1 v2 G( n7 v" Ftherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
3 R% j" ]1 [( R" L0 m0 n' V; B; Xso does it mean if E failed to pay D, * C6 [. ]& P/ m1 k- b/ G# o6 P( Z
all the B,C,D,E have to go bankrupt?
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; ]# b' T, [8 K. ^' Rthe multiplier just tell how much money created in a whole economy,
  ?* }* l; E& t% |9 Z  {# g( i  tin this case it doesnt really matter how much money is created,
, C' c# a8 B2 g% [! v1 z  O6 |it's the problem of the debt itself.* s6 s3 K! X0 X1 [) _3 ~6 E
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
# U2 b* P0 g2 A8 }) {/ I小弟一直都唔明...6 I' ?6 o! Z) ?

4 A" H# t  C$ z% D: A全世界都蝕錢，咁邊個賺緊錢呢?. z( R) T& \# ^/ |! r1 u
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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
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: J+ d& f5 ?: {' d8 oThanks

$ }7 r8 O+ M2 e- }4 r" v& Q
那些根本係 紙上財富  
1 v& a! A5 \+ k* Q7 \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* m4 h& a. K7 L! Z8 q9 L
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高- }' d7 x; d# m7 r' u
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+ ]: A1 }6 H6 Q- t; r2 `
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, m; c4 I' l; a+ b7 a% Y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 o8 h" F" D! M- K$ H: o) F0 f計番回報率就已經係50%,所以可以好好賺
$ d' k9 N- j: T# ^5 M+ y) |前提係銀行之間要互相信任先可以咁樣借法
) O9 M8 |. _9 I) T6 G2 \同埋個市場既前境要係好先得4 u. z7 v; V8 h' V: e5 X* x
但當經濟一差,公司估值趺了,物價不升反趺$ A$ L" _/ D. D# V8 @% M. ], z2 ]
例如剛才說10蚊的, 趺到得番9蚊,
8 h3 G% q' M0 w2 |# K. ~- J咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 S: N1 _5 Z% g3 M所以你就會覺得D錢好似蒸發哂咁% D! T* K+ o$ A6 l2 j6 Z! U5 x6 w

8 I* P# T% E, X& a& e你都可以當標野咁諗, 個樣野多人可以狂升值, 4 @6 H0 \0 W* F, w$ q5 I# @* q
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, ; E+ h) f" l% {/ X
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + E' |* V6 l1 Y  R6 G$ q3 z2 \
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
. n5 f& r" C  R) T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, ~' d2 [& n0 A- I& ^
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 9 i3 P( K$ D' g4 O8 r
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* N; T. q% s6 b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5 i; j. i5 y( J" _7 s7 u5 z
咁你話d錢蒸發左去邊? ...

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& |* N/ P$ h# m2 x! I2 Z正係咁樣
3 z8 y# N( i0 `2 x0 a. n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, c' ]3 `* N: a1 E
分分鐘佢地唔使還錢3 w) _' }6 _2 s' G7 f& N
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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,7 ^0 u/ k4 Q! D$ P% ^$ s9 ~
連國家都係問人借, 不停發債券, 印鈔票! D; w: a* c+ K! [7 p2 ?
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 ^+ L, S* i. U; a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  ~# f, f+ _! j' r) l
咁而家"爆哂煲"算唔算先至係變番"正常"???

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' Q" s& {4 K2 n其實係...
' t/ p5 @, K# _6 i) g, P因為以前未生產, 先消費$ l# b5 C9 y/ t& C9 K2 K; Z& J
而家就要多生產, 少消費