0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
8 L6 k( [0 V' N- i: CWhy bank will sell 借據給第三者???
) k" G( L+ j% ?2 f, E4 P, ?I was so confused.....

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講到尾都係賺錢& m, N0 k7 z7 g. R- @
so銀行可以不斷放款6 Z5 F" P! P' }% Q/ Z9 q; P
美國的房貸問題散佈到全世界6 l2 N1 e- r; e& G1 G$ f: @
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mortgage loan & E1 R$ W" _4 h: Q
>conduit$ F" V, @3 f0 s% {
>RMBS(Residential Mortgage Backed Securities)0 d5 f6 Z  q# `
>arranger$ N# e" a8 D; h1 r' L, x) [7 O) R7 O) C
>CDO(Collateralized Debt Obligation)' H8 R5 j0 s7 `. {
最後去到投資者

Kev

i thought it is the reason of rate of return.
" Q% c  [# H: C% j. hCDs could have different ratings, AAA -> F,
" P" h0 I) z$ {$ Kmore risky ones would have higher premium (interest rate) as a compensation for an investment.
% v# E9 Q/ d: L0 I- K5 p  Zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( M3 n8 d' B  {( W- p% q6 j1 gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: y$ k6 [0 `2 X6 @  f) P$ e& }" \
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' Q$ D9 D& w  B0 K6 @" _similar to bonds, CDs trading in the secondary market have different value at different times,
5 m1 j. |0 V: w$ p2 @3 }normally the value is calculated by adding it's principle and interest.
0 U) Y: C9 }4 v' M- Heg. the value of the mortgage+the interests to be recieved in the future.   M' N* ?0 F9 V/ w
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.- m8 [8 r" |" c+ L  F

7 K5 B5 W1 V5 b/ c' Lim not quite sure if the multiplier effect does really matter in this case.
* e( V$ u, n3 n& [0 j9 A. }' c" xin stock market, it's the demand and supply pushing the price up/downwards.( {; D% q: m' G/ P" o( R
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 S2 c( Z9 ~, y* _) \( U  Q' pA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# L& e: K! I, O2 D2 B
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.
2 G* M0 y4 Y7 U( x" U6 ebut the value of their assets did really drop significantly.
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! o% F  }% D( r. [" ~[ 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
$ e6 J2 h: r! p6 W+ L' vRefer to last example,
& T9 ]2 Z1 B4 Z# T2 Q! i+ jthat means bank A have no money because we borrow 10 dollars from bank A ! p2 Z) D+ \% @# x( c" d
Because bank A doesnt have enough cash on hand
/ k. n) o: e- n& d3 I7 X, n4 o4 g6 Y3 qtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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4 C* W2 S+ W& @! a* }. W, ^A->B->C->D->E" ]* ^8 s/ ~8 r: M( U! P" N
so does it mean if E failed to pay D,
# g3 L3 S  H2 S# x3 X" ?0 W6 s0 p0 `3 sall the B,C,D,E have to go bankrupt?
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4 J! r; [. W9 W/ s0 wthe multiplier just tell how much money created in a whole economy, " Y7 l% w4 u) ~' X
in this case it doesnt really matter how much money is created,
' Z' f& U$ P, `. B" {  n2 T5 yit's the problem of the debt itself.
% T" d5 U3 t. m3 {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
2 b" R( y; K1 g  J" g小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?' y! v' D1 C# g3 T  p0 l

* w7 d& f$ k. S" b無可能淨係有人蝕錢無人賺架嘛...6 a, d9 a( j8 t3 X

# K; z% V4 l' |# a1 D敬請各師兄解答
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Thanks

3 m5 g" ?3 r, W' o2 g+ f那些根本係 紙上財富  
8 k6 x; J' ]; \( N" P" d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
. J  ], [% [4 T, E: f當經濟好,投資銀行相信會賺錢, 物價既估值相對較高4 p6 s6 G2 @7 t* [3 X
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
6 m8 l  w9 v7 ]" `  @% S個件物價係市場好既時候升, 例如15%先算,變左12蚊啦# n* W% L& M: H9 |: |% P
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ o7 ?, `; L2 l6 X4 {- \$ v
計番回報率就已經係50%,所以可以好好賺
$ C5 G' K% c  X, e& V5 L前提係銀行之間要互相信任先可以咁樣借法
! n! x- @$ Q8 ^, [# p- e- W同埋個市場既前境要係好先得
: {+ q( ?* ]1 J" u5 i2 A但當經濟一差,公司估值趺了,物價不升反趺
; ]( W) I* [! e  c6 b# Z$ S" U例如剛才說10蚊的, 趺到得番9蚊, ' ^2 w  H1 v* W4 w
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' K: R6 i. }! S8 ]1 E+ Z所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
, \7 b' t: O  \& J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, W3 v5 h' R9 m0 l
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # a1 |8 D0 |7 e8 A
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
2 u" u; W( C' D7 O9 [! h8 y: o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# d+ s% S  i- [7 ?& I( x- z: u+ J
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
* q8 U+ W" m+ \3 ~5 L7 o$ u淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 ?* d; t! |" V
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/ n# D; x9 p4 ]5 m2 X) `
咁你話d錢蒸發左去邊? ...

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; t' r5 u. {  F正係咁樣
  K4 z6 q9 `# B, k5 K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
* X4 _& ^5 `9 K" A分分鐘佢地唔使還錢; O' P' u, S- s4 _$ [# @

5 z# ]9 C3 M; C! f9 c- |$ }1 A, ?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,* L& P8 u% V2 U8 `
連國家都係問人借, 不停發債券, 印鈔票
  s- C1 X; M( v( Y. r# x5 I一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
9 J! Q, j/ 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
& G) J4 M- I6 Q) l咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
  u; f3 t! {8 B& O% h; a1 l/ t因為以前未生產, 先消費, H/ m: e3 U/ e& a& V# L- X
而家就要多生產, 少消費