0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' V1 a& r% q- H- J3 i. x9 @4 QWhy bank will sell 借據給第三者???' e6 }& a; b$ H% X, N( ]
I was so confused.....

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! N/ Y2 q& a# i& w. I! U講到尾都係賺錢# f/ F/ M. e" ^. @7 N
so銀行可以不斷放款) N/ _1 o; v2 p9 r
美國的房貸問題散佈到全世界! z5 y. L& E7 `2 [
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mortgage loan
! g0 U1 `) Q; F2 U" Z9 [# B>conduit
; X( J% u- a& f9 ~# a>RMBS(Residential Mortgage Backed Securities)
8 R% o% q( `7 |- N/ G1 b>arranger: I8 j. F3 `9 s) h% b
>CDO(Collateralized Debt Obligation)
. N4 Z8 K# {8 O3 V6 [5 _最後去到投資者

Kev

i thought it is the reason of rate of return.
/ Y. a5 }2 m5 R3 N6 ~1 xCDs could have different ratings, AAA -> F,2 r  M5 \( f1 y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ M& P0 G/ H  Y. Ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 p' p: O/ p6 uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! u7 s( w* D: P: m- b  \
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 ?# A3 T2 s' ^0 Q  I$ R
similar to bonds, CDs trading in the secondary market have different value at different times,
, a( [& U; q, c, ]3 Nnormally the value is calculated by adding it's principle and interest. 5 p' |+ u$ q- _. \$ r
eg. the value of the mortgage+the interests to be recieved in the future. 9 f1 |/ t) T8 [  f$ a1 L
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.; S0 G0 S* F3 w: v. s; Q& N
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im not quite sure if the multiplier effect does really matter in this case.
( q) o5 u0 a# K1 }- Z1 }3 ~in stock market, it's the demand and supply pushing the price up/downwards.
" Q8 o, ?5 D2 F, B# SFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) A3 H4 B' y7 \/ y+ [3 d9 M0 n. Y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ O4 {. Z: q0 `6 S1 _0 c* j
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.
9 E* f+ y6 S+ u/ v- [1 @' A  Ibut 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.gif- I2 n1 f3 e; @4 ^: ^) m$ I
Refer to last example,
2 o( p3 z0 }% \/ i9 v& e+ xthat means bank A have no money because we borrow 10 dollars from bank A
  E2 ~& p: B7 x& T; y9 _* ~Because bank A doesnt have enough cash on hand
9 [  D8 y% ~+ Itherefore bank A need to be bankrrupt ??? Am I right ?? ...

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( p0 p: j2 b/ V# _; ^" c& z0 t) h5 }' s, B8 K* ?) O2 N: U5 i
A->B->C->D->E
! A: l+ ?$ @+ L" U% lso does it mean if E failed to pay D,
7 k/ Q8 \( O2 D, X9 f1 [8 s0 Xall the B,C,D,E have to go bankrupt?; J' ^: J( y$ U% l

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the multiplier just tell how much money created in a whole economy,
2 ^% @& J( j6 m: D3 C: w+ Jin this case it doesnt really matter how much money is created,   T+ |: m6 e" }6 _
it's the problem of the debt itself.; d1 Z6 E# g+ ]9 i1 P
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
! D0 J8 L% |+ Q: Q3 [, p+ o1 ]9 N* |- \小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?1 f; |" ~& s! B; a$ [9 w6 }& m+ E

! w+ e$ @3 m! L# W* S0 _' R無可能淨係有人蝕錢無人賺架嘛...% o! W* t% a8 ^' V' P: C# P
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敬請各師兄解答$ X8 k1 Y3 J4 c7 A3 ]
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Thanks

& n  W6 n- F& \( x9 L) y1 ?那些根本係 紙上財富  , H; i1 E6 P$ x# N
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, y, i, C: u; `& X
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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
9 t3 x. z  @: f' C% d當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) H+ T9 I3 ]& I2 ~& E; |3 k" N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$ s/ O& z2 t! x3 [2 d- Y  k$ W
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦0 Q4 H7 n" u; `+ N  ]$ R7 F
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,% P+ m! m+ R# @& X- |
計番回報率就已經係50%,所以可以好好賺8 _7 ~" R& _- f4 O
前提係銀行之間要互相信任先可以咁樣借法
; p0 j# _$ d( r+ H$ q9 W% e, y同埋個市場既前境要係好先得
9 L/ F( m1 d* c! H0 |* w! t但當經濟一差,公司估值趺了,物價不升反趺
" R5 l* ^; b: A$ B1 J) e例如剛才說10蚊的, 趺到得番9蚊,
2 [  E' t! s4 ?咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 T3 M7 H! [  {/ U所以你就會覺得D錢好似蒸發哂咁1 z& E0 m: r! P, R. [" U3 {" a% s7 J

: U8 ^2 F# d' E7 Q1 p4 y% ^2 h你都可以當標野咁諗, 個樣野多人可以狂升值, 7 B3 ~* {( M7 r
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,
3 Q/ z; T' T3 o% o, {) s+ U; _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 H& N5 j! U% \7 o; F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" R, ]: a8 S# k  o9 }5 X/ X. T
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
7 `' i( C7 N/ s* V唔係d錢蒸發, 而係比美國佬洗晒未來錢,
: ]1 |& ~/ y+ w* K* I1 _; R' ?, M淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + P3 m! P: K; k* }* u& [, K
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
- g0 z1 y: j8 l# S, ~* o- w9 [咁你話d錢蒸發左去邊? ...

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, J; z4 O, Z2 y正係咁樣4 X6 H0 u% U& R- b
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2 O% p6 ~$ x5 ]: H; n4 J
分分鐘佢地唔使還錢' G+ G/ B4 C( V2 w5 h- s
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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,6 b( G% R2 m- E+ i) u
連國家都係問人借, 不停發債券, 印鈔票, B! b1 t4 x; C; k
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; g; ?* l" k* f3 @
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' ]% \( r* U, U- s% x5 V
咁而家"爆哂煲"算唔算先至係變番"正常"???

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- H& A* C- W7 @. x其實係...
: l+ h8 o& B  a) p2 |! ^% o因為以前未生產, 先消費
& T3 G. ~& z4 J. ^& b. p/ _* q$ X而家就要多生產, 少消費