0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
8 Z$ g' t% T' {! JWhy bank will sell 借據給第三者???
0 J; |0 ^6 ~8 v+ x( ~, |$ ~+ XI was so confused.....

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講到尾都係賺錢! b: F! M$ |( w$ N4 V. Y
so銀行可以不斷放款
) {5 h' M+ N! M# {" ^美國的房貸問題散佈到全世界
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" V+ c6 G1 |; v! A* i7 `9 F2 ymortgage loan " t% Z5 D7 T+ P/ v5 X) h4 A
>conduit) y! Z# `. U" [. t( ~
>RMBS(Residential Mortgage Backed Securities)
" P, m0 K5 h7 f6 a0 |! o>arranger. U/ n  L9 m  K+ t( P7 m5 F
>CDO(Collateralized Debt Obligation)
4 L- Z0 l% I) M! O: `# n最後去到投資者

Kev

i thought it is the reason of rate of return.
( i8 r/ |& p0 C, dCDs could have different ratings, AAA -> F," L, Z) [! O6 }. y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
: |' }( Q; K) Gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 F& L' W) [  e# o( R- C, O7 Gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ l3 j1 X4 h% t5 T6 ^
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 v9 f/ P) m. ^- M1 Z: G' L) J* X3 r
similar to bonds, CDs trading in the secondary market have different value at different times,# @: d* l$ ]( C) F0 ]; g! y
normally the value is calculated by adding it's principle and interest. - E( R# G' A4 X, S. J" d
eg. the value of the mortgage+the interests to be recieved in the future. - I9 @" Y7 y" C  c/ Q1 ~& X
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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  \! A% W2 t' S# t3 k6 v, @im not quite sure if the multiplier effect does really matter in this case.1 L# o/ u$ j: ~) \+ B5 z7 h
in stock market, it's the demand and supply pushing the price up/downwards.; h! l  {7 @/ Y# a7 F" J
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 i: k9 e! y* Y% N+ g0 k
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# Y( O0 T4 c% ?* U0 z4 P
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. ! [* W- D3 @8 E! B7 N/ B
but the value of their assets did really drop significantly.) c# S9 H: G  O2 X( I5 v# D
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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.gif3 Y% E/ R1 l  N% W$ b* K
Refer to last example,* M7 B! G5 X: |6 x3 ]7 N
that means bank A have no money because we borrow 10 dollars from bank A 3 x2 j, ]0 L0 V
Because bank A doesnt have enough cash on hand 7 T& v3 H5 \! J4 p. ^4 P
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E, b& p4 i1 ^5 E, Z7 j& z1 C
so does it mean if E failed to pay D,
& P" s8 i6 A. N: A6 p0 C9 G4 tall the B,C,D,E have to go bankrupt?5 Q% ~$ u! K. g5 [; l  Q2 F; m
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& ]) @; [( x" P3 G+ q4 D  ]7 T9 Ithe multiplier just tell how much money created in a whole economy, / X8 d9 c' ]) X. `+ }6 g
in this case it doesnt really matter how much money is created, " k2 y, |" V4 F, {' ^/ ^9 W! E3 ?
it's the problem of the debt itself.
. C8 ]4 V5 A+ H: 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.gif* @# w4 V! ?9 f
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?8 L' z' S# ]# K5 \

% p# W* W" D! _$ D& F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$ B* ?0 @1 e1 y$ q
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Thanks

/ J. U6 Y7 P" U( _那些根本係 紙上財富  
5 [" X! N: L& x) [9 h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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! p+ \0 r. Q0 G0 l& I8 Shttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
) o9 e% O% e4 U1 g3 z( e4 T* v當經濟好,投資銀行相信會賺錢, 物價既估值相對較高7 T: @9 t  W3 F% Z# l9 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
: \/ v( B" \; b* H/ e) L7 d個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ ^+ r- u1 M: q% Q) g5 D扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
8 F2 V: r) f$ |. m' [; x1 z計番回報率就已經係50%,所以可以好好賺; t9 s( a( N& _( [8 t
前提係銀行之間要互相信任先可以咁樣借法  I5 ^5 P5 P# H) K  m
同埋個市場既前境要係好先得
+ x% W  g" @) M但當經濟一差,公司估值趺了,物價不升反趺
, \+ q4 Q7 d6 Y7 b5 g# a$ S例如剛才說10蚊的, 趺到得番9蚊,
9 \. y& A' u: @咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ x/ a# N$ [6 s0 ]% ]3 {, ^
所以你就會覺得D錢好似蒸發哂咁7 W7 ]) D7 A/ z1 r. B/ y5 j3 `
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你都可以當標野咁諗, 個樣野多人可以狂升值, 8 @( |' \5 K9 w, Z, c) Z' ~
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,
7 }3 ~$ U2 G3 ~2 T淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + W0 H, _' \( v5 @9 j! a. z' }/ G
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
- M* M' L8 A- ^8 w# t! y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
- |9 ~/ u& D: ?3 c. R8 p唔係d錢蒸發, 而係比美國佬洗晒未來錢, 7 p% p8 K. i) N: c& ~
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) K/ h0 X6 Q: t4 _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( O' U2 h. _7 m/ T/ {$ g- m
咁你話d錢蒸發左去邊? ...

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9 G+ q( C$ N. v" F. }3 [正係咁樣& k& V$ `& x# ~1 R2 q. Y
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
( h3 j( |/ ^* o  n6 Z分分鐘佢地唔使還錢
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0 j5 g6 b+ v. `7 y* b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,
/ d. @; `, E- |# v* N連國家都係問人借, 不停發債券, 印鈔票1 @$ b. m; s6 e" V' \3 F" F
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
8 n: g5 Q6 h) _4 ~: a& D+ Y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
7 U5 |. _5 g# S" ]5 z. p咁而家"爆哂煲"算唔算先至係變番"正常"???

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' z) R* F: A' B" j5 _其實係...: T) W, i0 S3 G3 M/ E% ?, A% w
因為以前未生產, 先消費, ~6 M  c/ Z" L/ H1 J1 I) I
而家就要多生產, 少消費