0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
4 Y1 _+ X, B! b+ vWhy bank will sell 借據給第三者???5 m+ Q/ a4 s# q: \
I was so confused.....

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$ u$ ~) w: f  @5 Y+ \/ t講到尾都係賺錢, ]5 F& g2 N- h+ X; h0 q. u8 P
so銀行可以不斷放款
" [4 K$ o* J* D9 y9 `美國的房貸問題散佈到全世界; a) W5 {" u, i! U' y1 R2 `
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mortgage loan
9 E' I5 ~/ f1 `. i  P% J>conduit
3 H! Y8 M- p; C* g& `  U>RMBS(Residential Mortgage Backed Securities)  M! \4 T# x$ Z+ F( F( V/ l/ Q. ?
>arranger+ x% I+ o% Y( D
>CDO(Collateralized Debt Obligation)
$ n* _2 F1 Q' R. _: K+ t/ A$ d最後去到投資者

Kev

i thought it is the reason of rate of return.
0 j6 E  X5 A- d, s3 e, lCDs could have different ratings, AAA -> F,
" O8 u  ~8 ^/ Pmore risky ones would have higher premium (interest rate) as a compensation for an investment.
4 p  @- {% H5 R0 q* C+ ?" [; umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; z( `4 @! b- H8 @2 G% F7 i: rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" Q# Y% X# S/ O" e) BAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- U4 C5 z: B5 C
similar to bonds, CDs trading in the secondary market have different value at different times,+ \# _/ Z3 X, m1 T' [! p+ Q  r3 w
normally the value is calculated by adding it's principle and interest. ' ~  ^& L/ s3 y* Y
eg. the value of the mortgage+the interests to be recieved in the future. : k; f0 J0 b' S
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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; [8 f0 u; b" c' w- o  L+ S1 Oim not quite sure if the multiplier effect does really matter in this case.8 ?6 T1 T) b# D  i2 a2 J- S) Z* q7 {
in stock market, it's the demand and supply pushing the price up/downwards.6 e9 L, \4 M! Z( [3 @0 a
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 K5 h7 k! D# CA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# M; a7 L8 h1 k' e
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 I) L$ T" p- f. |% v' m5 R/ z
but the value of their assets did really drop significantly.* W. ~' }: }4 r: F; d0 a
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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
* P" Y9 Y8 ~; p* `. DRefer to last example,: E0 {% l# S. l9 ]( J( |
that means bank A have no money because we borrow 10 dollars from bank A , D& z8 K; U; m/ o4 P0 r
Because bank A doesnt have enough cash on hand
. N8 k/ ^( L* ^3 Qtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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  V9 x' J6 y0 v8 AA->B->C->D->E# ~/ D) k0 U) e) K( D: D% t
so does it mean if E failed to pay D, 1 t# n4 ?. f4 l* x; ?: ^# n
all the B,C,D,E have to go bankrupt?5 N+ J4 ^/ j) S8 U& p8 [' ^5 U
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# p; |( e- T8 t$ t: H0 ithe multiplier just tell how much money created in a whole economy,
7 o  ^' I1 B% j* ^/ q" cin this case it doesnt really matter how much money is created, * q3 k0 L4 ?* \" e1 O. w
it's the problem of the debt itself.
; D# `; n1 C4 l1 y6 z, Pthe 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
& n; g6 N* }# l. M2 }2 h  U小弟一直都唔明...- Z5 p5 d* s- _% I, ?0 W

3 Y, r" r* L" ?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...0 B3 C! o6 g2 q7 g! G# M: L
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敬請各師兄解答7 G2 r' J5 @: L' b* X

  u* l! I2 }( h& S) _3 [Thanks

' d" @7 {$ e3 W2 V1 K( w, Z那些根本係 紙上財富  
* O# [+ n% U) ~/ M4 {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
: X: z# {# o  l) r7 E0 a$ p! }; S& r當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- b2 S# w$ m% H* r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
3 t, Y+ R) i, ?4 L個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ i  u" y# G1 O; a) _扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
$ K5 o1 {( I8 O& j  v2 ^2 h. A3 |計番回報率就已經係50%,所以可以好好賺3 Z1 i$ p; w' c1 Y. e
前提係銀行之間要互相信任先可以咁樣借法
: f# ~7 ^0 \7 c( j+ o4 X! F+ |同埋個市場既前境要係好先得& S; ?8 _4 j  c% q$ o3 f
但當經濟一差,公司估值趺了,物價不升反趺
% t- ?9 k' b1 S% D例如剛才說10蚊的, 趺到得番9蚊, - R/ b( N; t/ v% N5 q4 Q
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%3 y, k  d& i" D" d- ^  p/ d6 u
所以你就會覺得D錢好似蒸發哂咁3 D4 ^% _1 U+ n: |( r

, P$ i2 Q1 Y8 J! u. R你都可以當標野咁諗, 個樣野多人可以狂升值,
, z4 ^3 ]" Z$ [7 A- {# k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,
  }( R+ z$ K* j" t4 ~; T: H淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " O1 u+ h4 ~8 d  S, b0 H, 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5 ^) x% f* @" k6 V
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) h) P" q6 n3 a8 ?- S% w$ ~
唔係d錢蒸發, 而係比美國佬洗晒未來錢, - ]8 a2 d+ C7 N! U: }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- V& w$ X4 S) L) u9 O1 u: O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
  ^; J& M9 H3 J2 x/ t) {9 \$ Y& @咁你話d錢蒸發左去邊? ...

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8 X. }/ g- |3 r0 h正係咁樣
# ~0 X# C' B# {* u" N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+ i0 F/ H- c+ s5 W  G$ j- v# O
分分鐘佢地唔使還錢1 h* a9 c/ j. j+ \* k

$ z* U# b6 a, t: L0 u8 s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,2 A& B8 Y: k! e8 x
連國家都係問人借, 不停發債券, 印鈔票2 s* n( z4 ~0 F% ^
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% n1 {/ G( M; V, e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" _* l4 p7 N+ D. [
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...& G. r' g/ \0 `' Q, [6 s$ w
因為以前未生產, 先消費
' b! \! x$ h# Y4 g$ x" _$ ?% S而家就要多生產, 少消費