0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
! j2 e& c" x! ]. s! MWhy bank will sell 借據給第三者???
# I+ P8 n/ z$ L& x$ AI was so confused.....

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# e3 L$ x# t! `1 R! p講到尾都係賺錢
* E& C  Q9 e3 y3 \- nso銀行可以不斷放款
+ S1 H/ l* g3 G# Z& s( u" |- B美國的房貸問題散佈到全世界
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mortgage loan . K$ Y* g5 i( W6 o
>conduit* A! @  m! f# R1 {) y
>RMBS(Residential Mortgage Backed Securities)1 Y( d* G) ?2 P4 S
>arranger
/ P4 T! Q& ]) Q6 e>CDO(Collateralized Debt Obligation)
% U4 o! V: v. @. i( v1 {, [6 R9 r最後去到投資者

Kev

i thought it is the reason of rate of return.% O$ ~  V$ L2 U8 W# \' v6 O
CDs could have different ratings, AAA -> F,( d8 r! B7 E9 }
more risky ones would have higher premium (interest rate) as a compensation for an investment." W) S# g+ F6 P3 P. p1 N! I
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ H$ Z/ ^! C4 S0 [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( `9 c3 b0 _$ I1 y, iAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 p% I- J. z3 ?similar to bonds, CDs trading in the secondary market have different value at different times,$ u+ [$ e# T, j# V
normally the value is calculated by adding it's principle and interest. 6 X% D% c& A/ t% @
eg. the value of the mortgage+the interests to be recieved in the future. " ]% g2 R8 S, j9 s6 o; v
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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3 p0 N1 O( ~! L3 cim not quite sure if the multiplier effect does really matter in this case.
6 [# ^, h2 P" s6 t. C" oin stock market, it's the demand and supply pushing the price up/downwards.
& {4 ^7 r. n5 n$ p" \For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% C0 f  ?9 v, `$ W
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 Z: `9 Z0 }0 ?* I4 J9 R* v  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.
0 P' y6 O$ N, s  e  C) _. fbut the value of their assets did really drop significantly.
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* {$ _: }. }; f0 P. Q( [( n6 j8 a. Y[ 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* s4 Y) B8 ]4 s! s3 C
Refer to last example,
2 g$ K2 n$ }; z5 P2 Uthat means bank A have no money because we borrow 10 dollars from bank A 1 T2 _+ k; X4 ^7 \+ y; u& ~
Because bank A doesnt have enough cash on hand % U5 g6 l6 Q; S  `3 D* s
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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# Y' q2 i& A/ H0 Z# r# u+ w3 GA->B->C->D->E
. f- j" A7 d0 }/ G. F& i! N# W) Wso does it mean if E failed to pay D,
3 d$ n' [* a6 v0 q9 }0 n/ l9 Call the B,C,D,E have to go bankrupt?7 }* P. p5 E  |' }: n4 I
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the multiplier just tell how much money created in a whole economy,   R, q+ s! _! T' f
in this case it doesnt really matter how much money is created, 8 v( C7 _) s) u2 K: E: K0 z7 f( U
it's the problem of the debt itself.
! N3 P" ?$ r4 E  |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
8 n1 b4 ?5 t0 Q9 U- `" J$ q2 C" a0 Q小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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8 C# ]4 a' W* }; A3 J; J/ S; b4 a2 E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3 a: d! O2 e4 ^& i1 o

3 h) h% ?/ U- ~9 s) z! PThanks

6 d$ E- |) O; y$ w1 p) X那些根本係 紙上財富  ' j8 |1 P. W8 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- `8 s5 @) {; Q, ]

! D6 |  I. S4 m% z4 i) e: g2 ihttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
- O& S4 X& A9 S當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% W0 T3 E9 `0 {) i3 J5 ?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! |. f' B# {! P2 W1 B6 _
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦& m" M. B2 S' ]' ~: A& g
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
6 b) T+ o1 [; y8 }) H+ R2 l計番回報率就已經係50%,所以可以好好賺
9 L' d* n. |6 W/ u0 q: o+ D前提係銀行之間要互相信任先可以咁樣借法. z. q( O% Q. V1 y
同埋個市場既前境要係好先得
# f# s+ I. v. `* h" C/ r但當經濟一差,公司估值趺了,物價不升反趺
% s  ^5 \7 F8 t/ K9 a例如剛才說10蚊的, 趺到得番9蚊, 2 k: S' ?3 L: D
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) J1 J  p! D8 y/ V. ~9 y
所以你就會覺得D錢好似蒸發哂咁
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1 f) Z. Y3 ]7 B: s9 |你都可以當標野咁諗, 個樣野多人可以狂升值,
2 j* b& r) B" Y0 q' 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,
) t: d0 }- _% G1 W" k8 T$ p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) b; K1 F, T' Y5 D3 R: S8 A1 t/ E! N, m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
7 i! y; l- z: y5 i2 b( ?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; _4 Z3 i- q4 p
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
- }8 _$ q! m6 v9 P) Y* w  K, W  Q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 h; [* }' U( ^6 i/ ]
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
! f% }+ `! e- V4 O$ P/ ^/ W咁你話d錢蒸發左去邊? ...

% ]# x& Y9 H  V

! v, ?" g: l5 j: ^, u9 O正係咁樣
" X0 l) {3 Y3 R6 `  T0 o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 Z* ]$ j/ U& Q  o! I/ s$ F分分鐘佢地唔使還錢
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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,
; R1 _) n6 N# Z) `( q; f  S5 G連國家都係問人借, 不停發債券, 印鈔票
, \, O$ S+ l+ A+ T8 |+ b" w一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 @7 p0 b% r1 N  _1 a: d$ Q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.gif2 O) O; T2 _, b& D3 L: y. A' ]
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...0 y1 {. g" {  v
因為以前未生產, 先消費
$ ^8 G- W, A# n" u3 b1 A' ]而家就要多生產, 少消費