0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif& v3 m# G+ f0 @. {
Why bank will sell 借據給第三者???
4 i8 A& y0 g+ x2 x3 {I was so confused.....

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$ |. v4 |# ?3 N4 I. _& v, Q講到尾都係賺錢" t* D5 G" w; _
so銀行可以不斷放款
; c' i9 J% r' k' S7 _! g" g美國的房貸問題散佈到全世界
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mortgage loan
7 b) h3 _7 t( P6 Y>conduit
! ~, \+ f+ }: k" U3 F( j, K>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)
8 ?' T, |/ O; ?8 V4 M最後去到投資者

Kev

i thought it is the reason of rate of return.
; _* d! [% H7 J# uCDs could have different ratings, AAA -> F,7 x9 y# J, k9 V  G
more risky ones would have higher premium (interest rate) as a compensation for an investment.7 K5 w: I' J0 i8 R" Q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, {" v3 u. q4 v" J; Y# n% A
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ b0 B' ~. C2 B7 l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* G" W; I1 p1 U4 a& ~" N  Z3 S
similar to bonds, CDs trading in the secondary market have different value at different times,7 K2 G' y9 B/ ^- n4 }
normally the value is calculated by adding it's principle and interest.
  e8 M6 W! V7 ^& R- l" L2 r$ zeg. the value of the mortgage+the interests to be recieved in the future. ( _& T6 E* P6 l' 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.- X# R/ d5 @, P, O5 E) F
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im not quite sure if the multiplier effect does really matter in this case.
7 U6 l* R% v/ O# {- n* ]in stock market, it's the demand and supply pushing the price up/downwards.- M: g7 p. V+ M) h2 ?4 m
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 W0 ]" u7 r4 R$ {  t) A
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  ^" d7 x% q7 a9 W
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.
% J6 {, R# h/ }& ^5 ybut 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.gif5 g, F' X# p) t; V  b, {. ]
Refer to last example,9 F9 c: Z5 y3 R
that means bank A have no money because we borrow 10 dollars from bank A
, m7 r7 v6 m9 J- V8 i9 lBecause bank A doesnt have enough cash on hand . H: u3 l( l/ d6 S0 U* g
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E$ M, ~7 i7 c( z8 u. c
so does it mean if E failed to pay D,
! f' E5 p3 f( Q4 Tall the B,C,D,E have to go bankrupt?+ u( }% m- @, V  f3 v
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: O9 p5 W( Y7 j3 P: qthe multiplier just tell how much money created in a whole economy, ( Z3 @+ l% _* p4 i) r/ K. S
in this case it doesnt really matter how much money is created,
8 l9 B' Y7 x. V$ e3 {, Cit's the problem of the debt itself.
# E# x4 |0 B, w3 }1 t: R! g' R* v! athe 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.gif6 k" r2 q+ f" d. d4 U
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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# K$ a+ W7 w- D, [7 r, p6 \無可能淨係有人蝕錢無人賺架嘛...
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% _6 I& R6 L7 F, f7 W: r敬請各師兄解答. A" S1 V( L( k
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Thanks

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那些根本係 紙上財富  
. |9 S7 S/ `1 A% K( e9 t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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2 ~8 j+ j- ]" S7 A7 Nhttp://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& i! d1 [; Y3 v當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
. W5 b: `) H, u; \, i% w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
2 h/ P2 [  T/ p個件物價係市場好既時候升, 例如15%先算,變左12蚊啦! x& l+ @% M3 u* ~
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,& C3 V: e0 g. c3 k" }/ m
計番回報率就已經係50%,所以可以好好賺
2 f1 l4 E: Z8 f/ G# N5 x前提係銀行之間要互相信任先可以咁樣借法! E! A3 X$ ^: I0 }' _! ]) U" z3 Y  I+ n
同埋個市場既前境要係好先得
, R6 B/ i6 o2 q, {但當經濟一差,公司估值趺了,物價不升反趺8 B. q) g) [, C3 w! J
例如剛才說10蚊的, 趺到得番9蚊,
3 k9 n6 b% }1 e咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
3 h* b+ {) d- N* E0 S9 ?0 b6 ~所以你就會覺得D錢好似蒸發哂咁
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, r4 b- ?+ L( m; {你都可以當標野咁諗, 個樣野多人可以狂升值,
8 W5 ~2 X  \) F  t$ S( a. {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, $ j( y' ]3 Y8 A2 H0 d+ F1 d( `
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 l6 w$ d5 O5 V1 s9 }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
' S+ B0 T6 m5 f/ h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+ O; T7 H. v5 L( A7 q8 @4 r
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" K* H( {. S5 |- N8 ^/ x# {淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 j' t" N. g" i, E0 P% N
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- f* A( `2 g7 S3 i% ^2 M. ]; x: T
咁你話d錢蒸發左去邊? ...

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; I% J& ?7 ]- ]7 W正係咁樣
8 C) O2 c2 o6 T8 V$ y+ }2 ^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
* N( H: m4 q* z1 w  r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,
" A8 z" m( r' M; G連國家都係問人借, 不停發債券, 印鈔票
' E! A! y  R5 L  m. {一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; r- C7 ~6 B$ N9 k0 N1 i. q  ^* 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. ~- L$ N; z6 c# C* o
咁而家"爆哂煲"算唔算先至係變番"正常"???

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* _4 G& \, H/ _$ x其實係...
" O( M& ~; U. N* y因為以前未生產, 先消費
9 [: [  A* t. ]7 j) q而家就要多生產, 少消費