0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
/ ^) l0 B; q) Y% bWhy bank will sell 借據給第三者???8 V3 V, U3 L' |
I was so confused.....

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講到尾都係賺錢
* q4 r# d% [, V7 ~so銀行可以不斷放款
) e0 ^$ K2 p7 }3 o+ d+ o9 ]美國的房貸問題散佈到全世界
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mortgage loan
2 U: S6 s5 ~' ?' {>conduit8 X3 k$ t4 B. @% E- Y$ j3 @
>RMBS(Residential Mortgage Backed Securities)
  |( v) [5 i" w9 T3 k>arranger0 B2 k- q  [! L/ Z5 K# z
>CDO(Collateralized Debt Obligation)1 b) q- e& d- H. Q# J$ p$ u' L
最後去到投資者

Kev

i thought it is the reason of rate of return.; Y. F3 b% i- V* _5 q, o9 N* B
CDs could have different ratings, AAA -> F,! p$ s( B3 y9 ]- `1 H- z5 n
more risky ones would have higher premium (interest rate) as a compensation for an investment.
( R* M, q3 J' [% k. v( C2 l5 ]& tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 e. Q+ W3 D8 o3 G1 A) Win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 {8 p! M4 U- l2 ~Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 V. m, t- ]" ~' m3 ~+ U0 n
similar to bonds, CDs trading in the secondary market have different value at different times,
1 F: W  y( W# }4 D' C2 b1 l6 _normally the value is calculated by adding it's principle and interest. ; b  j' B) k1 O6 k, F( S  r
eg. the value of the mortgage+the interests to be recieved in the future.
* l/ _6 C5 N; Q2 [5 x  X& O# ]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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) r! B) q' B+ H% C9 {: Gim not quite sure if the multiplier effect does really matter in this case.
) [! S0 G" h4 ^$ b/ r/ Q; Cin stock market, it's the demand and supply pushing the price up/downwards.# W; m: X, b& u) T- |2 v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& {# r( c. z: ?  r4 K8 B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- Q$ u, C* R. o5 o, i8 v& kThe 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. # _1 N' b( W$ U9 F0 z" `6 F# W
but the value of their assets did really drop significantly.
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; b) |( i, e# }[ 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 s/ e% _- k' Y; m
Refer to last example,
# z$ S2 U( `* @# ~  h4 {1 C5 gthat means bank A have no money because we borrow 10 dollars from bank A + w" s0 p0 h, ~$ H/ o  K8 x
Because bank A doesnt have enough cash on hand
) I6 }" T$ R5 c4 Btherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
8 N+ C: ~$ H: Y' [6 |9 Fso does it mean if E failed to pay D, ' i& m" l# D" X; c
all the B,C,D,E have to go bankrupt?
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2 Z, e/ K2 n6 kthe multiplier just tell how much money created in a whole economy,
/ D& y1 y; c( \8 }8 f7 x* R/ Yin this case it doesnt really matter how much money is created,
) t+ D! d$ b5 ~; m: ^it's the problem of the debt itself.
$ `7 S+ Y4 d" t6 W1 zthe 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.gif1 _3 M( k0 o2 G" ?  [1 O7 F% ?0 S" z
小弟一直都唔明...+ \# s$ T5 \  ]! I

- s8 h$ a) Z- ^1 w5 L/ L( V7 L9 ^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...
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1 o9 T, x, p4 z% l0 u3 u) f  q敬請各師兄解答7 a9 Z& l; O: t. A; P* o+ ]& b

$ C) m% S3 k. S4 t0 f5 G3 RThanks

8 S! H. q! q6 @8 M! T* I那些根本係 紙上財富  
+ K/ t/ h4 d, g/ L: V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 graphic7 X1 b. O# E) w6 m7 \3 e! b

" v9 P) b+ H* B1 o9 ghttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產/ u6 R. Y! s! u3 w* j3 u
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" Q2 {! i3 O* o! G6 C; A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7 c/ o& S" Q+ I  ^/ T7 X
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! M3 N  Y9 F4 z+ R扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 E+ n( w1 a) c# `
計番回報率就已經係50%,所以可以好好賺2 H5 e0 G. S6 j1 R6 C/ q& H  z4 a7 B3 J8 K
前提係銀行之間要互相信任先可以咁樣借法
# Y% F7 F! V. n3 K: T同埋個市場既前境要係好先得
& }; p9 ]# {) P9 ?但當經濟一差,公司估值趺了,物價不升反趺
2 W& g6 }0 ~2 G1 n2 \. l例如剛才說10蚊的, 趺到得番9蚊, $ ?6 Q3 Q5 g* ~& }+ h8 ?; Z3 I, k
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%! S7 e8 B: U  L3 m
所以你就會覺得D錢好似蒸發哂咁
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: \, R. p8 T: T你都可以當標野咁諗, 個樣野多人可以狂升值, ; T) G6 O1 `, v- ~4 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, . P' W, H! o4 g* u+ S* p4 b2 `: }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + A& n5 c: d/ B1 W1 P% l
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
" y$ G) |0 R: q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) \/ @# i; Y% H( M
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
1 x/ P) _: p1 G; e/ ^淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) j! D5 y, L8 V5 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' w2 q4 O  d7 N, ^) k2 E' f
咁你話d錢蒸發左去邊? ...

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正係咁樣
9 b: B$ o" E" w1 s2 n' F1 q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 U4 x- w  V* L+ [" g
分分鐘佢地唔使還錢
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  g/ S0 k( }: v. f! g# R: 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,
" {4 l2 [2 g* ^3 d+ m連國家都係問人借, 不停發債券, 印鈔票
9 P; `/ J0 N; A一個國家好少出口, 而又大量入口 ,反映到佢唔多生產* J# V" Y' @: U2 u
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 I7 t% U( b+ g, ~, t/ ~咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
0 ~' v+ `  _# r, P3 R因為以前未生產, 先消費1 z! b" Z+ t3 Y1 E
而家就要多生產, 少消費