0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
! o8 a7 @, d; R! T' S) F( e* oWhy bank will sell 借據給第三者???7 R# D7 s; l$ n3 w
I was so confused.....

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0 o* g( N( y% \3 W5 o3 u講到尾都係賺錢4 x+ K# L  m4 o$ m- ]% E! w
so銀行可以不斷放款
, T( v+ [0 Y, f; a  M美國的房貸問題散佈到全世界
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mortgage loan
5 B! d7 b! G2 O>conduit
: ^6 h9 b: x$ O6 j" f! ^7 @>RMBS(Residential Mortgage Backed Securities)
* m! }" x* h, @>arranger
- j' U) f! L+ h>CDO(Collateralized Debt Obligation)7 z: O+ B3 E$ K$ Q
最後去到投資者

Kev

i thought it is the reason of rate of return.
9 z8 ~/ w+ ?8 A3 Y1 H1 T7 Y% k: v3 cCDs could have different ratings, AAA -> F,
) ?% h8 Q  x* \8 Pmore risky ones would have higher premium (interest rate) as a compensation for an investment.+ q4 q. U  K2 {2 @! a, ~3 x
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. j' q1 E( V& X' G+ K4 g1 S) x5 K
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 y, S; w  S) Q  e7 _% O
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 }  j2 R7 S( Esimilar to bonds, CDs trading in the secondary market have different value at different times,
( @) h, s7 V; b' x  |' Vnormally the value is calculated by adding it's principle and interest. ' h- ?9 ~5 ~2 I. s3 w
eg. the value of the mortgage+the interests to be recieved in the future.
8 |' i/ ]- d$ e2 S9 W3 {( B0 m, i2 abanks 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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im not quite sure if the multiplier effect does really matter in this case.
" n  r) ^+ b8 s6 j, Ein stock market, it's the demand and supply pushing the price up/downwards.
& G. l) g) H" i8 H* ~! @/ sFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
$ R1 u6 V; ]2 E* G) @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 r& B9 e/ F. J4 KThe 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. - b+ y5 X0 Z1 p; Z7 B5 V4 B
but 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
% J4 A& ~. e1 f1 V; L1 mRefer to last example,8 F% w, r! }) j: {" @7 ^- L+ \
that means bank A have no money because we borrow 10 dollars from bank A
7 V$ K! y7 j8 ]1 }( D2 q5 e: SBecause bank A doesnt have enough cash on hand / e/ U8 |6 n, j# i* D
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E% }8 q1 R( {/ s1 Q5 X
so does it mean if E failed to pay D,
# v3 S6 {' u' L1 p3 I9 M8 ]all the B,C,D,E have to go bankrupt?- N! {7 h, C+ ], e

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the multiplier just tell how much money created in a whole economy,
: R* x  s$ C$ b$ U9 X* y  bin this case it doesnt really matter how much money is created,
. s9 ^5 D! @2 ^9 |  V( Lit's the problem of the debt itself.
, a: }( v0 @8 Q% H8 cthe 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
$ j4 z+ t( Y7 _6 V$ b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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無可能淨係有人蝕錢無人賺架嘛...* M8 l; w4 _( y& Y
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敬請各師兄解答
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$ @( c) `5 L1 a. _# I; ~Thanks

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那些根本係 紙上財富    E' b# U) ^6 V- e1 t  y+ A
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& u  }% u7 J6 d. o
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 V; o1 A! j% A3 r# `1 M, c( 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! ]' m% S. ?9 B, o% w  J
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 \  B5 x, a% Q( A# X/ ?7 z: 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 p* I- [" r計番回報率就已經係50%,所以可以好好賺
% l$ n8 a" m6 Y前提係銀行之間要互相信任先可以咁樣借法0 }# w2 p/ C6 C- S0 R1 v0 I" y1 v0 t
同埋個市場既前境要係好先得
  O( `) j5 a7 `$ M& ^9 Y3 H但當經濟一差,公司估值趺了,物價不升反趺
/ O) ?% j+ j% C" M( I7 X例如剛才說10蚊的, 趺到得番9蚊,
4 J8 V( e, B" }3 Q6 c& ?咁投資銀行一下子就要還11蚊, 一來一回變左虧200%. v- K$ B% s' P7 j( }; x
所以你就會覺得D錢好似蒸發哂咁0 j1 m7 n: D& a( y

% q2 |" i' j6 H$ a$ Z' r你都可以當標野咁諗, 個樣野多人可以狂升值,
( a" z8 l' u( }9 ^2 Q: q4 N) 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,
: H" V5 D$ O# C6 o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ b5 n9 ~; S  j' O' 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' j+ {3 x9 ?9 H- ^9 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) C% e" f! n% t
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; }. A+ E1 Z! k, R! v( z. W8 r
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   I3 O' l& E$ b- t  x6 u1 d
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  t' d" j9 v4 J6 W8 }, u2 f
咁你話d錢蒸發左去邊? ...

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正係咁樣8 J& F8 x" a% _9 V. 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. w$ z! O* f% z6 V6 L7 [& L+ I
分分鐘佢地唔使還錢. R, g  B8 f+ Y0 e" S! i

% ^- M/ B  S/ v! N+ n$ 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,
5 ^4 d8 ]* O0 R3 ^連國家都係問人借, 不停發債券, 印鈔票- L3 _9 H0 \  x9 J* I; ^1 L/ f
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# d6 J/ Y( j' B& S7 V
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* S3 h+ r$ I- }
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
: |' I# K0 h# O+ |: ?- P- B; }因為以前未生產, 先消費
! d) F6 G$ d7 [, }6 ~+ r% H而家就要多生產, 少消費