0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
. w5 `4 ~6 m4 |- I( [1 t& ]Why bank will sell 借據給第三者???! m, C' f3 [$ V5 j$ C% Y9 x
I was so confused.....

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- J/ j; \( R* M/ v. P8 w6 q講到尾都係賺錢
9 w2 _$ J* n7 B5 @so銀行可以不斷放款4 U  X# {1 x+ ]7 d3 b+ A
美國的房貸問題散佈到全世界8 C2 c% e: g% b+ j5 G, t

# Q# C! @' o1 K. I0 O$ y/ A  gmortgage loan
. |% ?7 {. R+ T: v7 n0 \>conduit+ ?. A% N) m5 C$ F
>RMBS(Residential Mortgage Backed Securities)( e/ F" }( F6 i- w, F2 B0 _' {
>arranger( _+ p! w1 G. I& S4 ?
>CDO(Collateralized Debt Obligation)
" l) x) b; Q/ z7 m% c最後去到投資者

Kev

i thought it is the reason of rate of return.
4 q/ {* k% U3 F( V! v3 wCDs could have different ratings, AAA -> F,
6 J4 Q, M5 I* W+ E' Z: m7 T7 tmore risky ones would have higher premium (interest rate) as a compensation for an investment.
( P6 A! M/ F3 V$ c- Kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) w/ ]% q9 Y' e( F! g9 [& Yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, H& r8 M* I3 p- E6 ?( [! OAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# ]! p6 `8 Z7 b1 Z2 ^# e) h! ysimilar to bonds, CDs trading in the secondary market have different value at different times,
1 ]4 \8 X+ R5 w% unormally the value is calculated by adding it's principle and interest.
8 @+ X- T2 B- x8 q' P$ r/ P% seg. the value of the mortgage+the interests to be recieved in the future. ( i( B7 u2 j6 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.% D* ]& b" x; t1 U

7 z) {1 K  z% ~$ s0 Z, s: o! Aim not quite sure if the multiplier effect does really matter in this case.7 A8 v$ @2 x6 {: d' i
in stock market, it's the demand and supply pushing the price up/downwards.
# I2 [# R+ O3 i" d; g" wFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 R5 u7 O0 l( V* tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 e5 H! C' c  _( k/ E6 v
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. # ^5 u0 R& ]! ~
but the value of their assets did really drop significantly." \# N- [; q; @' R9 K4 s
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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.gif
% L8 I& m) v3 O6 XRefer to last example,
  R, Y  g9 p; S/ U5 Hthat means bank A have no money because we borrow 10 dollars from bank A
1 N, z7 i2 {) \Because bank A doesnt have enough cash on hand ) o9 }2 G, C$ ?2 Y8 Q5 a
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E/ \& L9 l% x  Y
so does it mean if E failed to pay D, / ]% v- @3 g, L# j# Y7 l7 ]4 B" r: z8 `
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, 3 T1 o' z7 P7 y, |
in this case it doesnt really matter how much money is created,
3 O/ |! G8 \8 ^0 ^it's the problem of the debt itself./ y: w; Z; |: \9 L- ~1 @
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
+ d# z3 w: i  |) K& t. N' l小弟一直都唔明...' [, n& L: J& @" M
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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...
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+ x0 R; R) o; W& W$ o; i: M敬請各師兄解答& ]  U( p$ z/ K' o" K
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Thanks

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那些根本係 紙上財富  % f% Q& Q2 x, |) a# b) u
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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& i/ b: A3 Q" z' ^8 t+ Vhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產+ b. E8 n0 M! e- A" s9 g. |
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高; }. X% r+ h- {/ U, q2 C$ \
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. A# t/ J2 ^; V. y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
: U( m( Z& f  [: W扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,, @% k2 j/ l3 c5 {
計番回報率就已經係50%,所以可以好好賺! j, `- G% e( [2 p$ P0 W
前提係銀行之間要互相信任先可以咁樣借法
$ {+ F3 ~# B1 R1 M; q. ^. m* j同埋個市場既前境要係好先得
* ?8 g# a7 S7 {但當經濟一差,公司估值趺了,物價不升反趺
$ x9 }4 v3 Z# i8 z7 d8 T例如剛才說10蚊的, 趺到得番9蚊, * e2 V$ ~9 I% |
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%. \" K, y+ Z3 |9 ?: X. a) c4 ^
所以你就會覺得D錢好似蒸發哂咁/ c$ p- P( g* v6 x4 M( [7 A& o

- o' b( _+ O) V2 O2 i6 J2 |4 |6 V你都可以當標野咁諗, 個樣野多人可以狂升值,
+ E- E+ F, I, {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# q4 s* @; a" o0 c( V$ @
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 r5 {8 G6 Z4 v( u/ \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0 M4 v# B4 I5 b0 k! u4 @. }
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.gif7 T8 z# l8 T& G5 E; b
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
) X6 [' c/ u$ \' s5 ^/ a( O2 x淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; S. c2 W. C! t/ r/ e' 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2 [5 Q% y& _8 P1 d* K
咁你話d錢蒸發左去邊? ...

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6 |2 r! L2 s, H+ \6 U* X正係咁樣
. J& E. n( ^- i" L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
- d1 D" c3 S3 ~  `/ u分分鐘佢地唔使還錢
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; Y2 l' U! s# |) M) M+ m$ n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,
, I' h5 G8 s0 p連國家都係問人借, 不停發債券, 印鈔票8 N" h: |, O  I1 Y% q7 \& m4 z! v* \
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
- w3 ?& @3 U2 D. X+ g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
% c; f4 `: r* Y咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...5 x0 h0 ?3 c/ d) [  T' Z
因為以前未生產, 先消費3 t# X4 ?/ B( o& D1 P
而家就要多生產, 少消費