0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif0 _4 h9 N) v# [2 V( U+ A$ C( L8 _: t; N
Why bank will sell 借據給第三者???6 X- U; n2 `& j- d3 N
I was so confused.....

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講到尾都係賺錢
' H& e  v# I4 ?' Q8 kso銀行可以不斷放款2 w8 G* Z' O3 U% a$ q1 N% \
美國的房貸問題散佈到全世界( R% d- R. S) J8 A7 r3 E
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation): k, z  O2 g" z5 k% v% e9 C4 m- V
最後去到投資者

Kev

i thought it is the reason of rate of return.
/ `5 v) [6 q6 U; ~. x' J; \, _CDs could have different ratings, AAA -> F,1 i) n+ i% A+ T7 s1 r( v
more risky ones would have higher premium (interest rate) as a compensation for an investment.
% C4 k. A( _& l+ }$ g  hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 ]8 Z5 @( R; w" x2 z' q6 O5 g) s& G. F/ z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; v0 E. T& y$ X/ U. k! y6 B+ g! F, ^Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" M5 Q3 H- W4 Jsimilar to bonds, CDs trading in the secondary market have different value at different times,
9 M5 b, q  q7 s1 Inormally the value is calculated by adding it's principle and interest.
/ o- U+ f$ |& J6 l5 E; Ieg. the value of the mortgage+the interests to be recieved in the future.
! u% Y: S1 U0 N9 ^! R6 E' y, ~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 B  _8 E8 P( K# S8 I2 Xim not quite sure if the multiplier effect does really matter in this case.4 V. V# l9 s% j5 C
in stock market, it's the demand and supply pushing the price up/downwards.
- o5 d% q5 a& `: b- LFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,  }; Y2 t8 B7 W. g7 n9 k
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' C' w' H# p3 i' E4 ^1 o. U
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. * b" }! w. n0 t1 }2 f# B' s
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
# ?1 R, n$ C: E! s4 t9 I' o6 HRefer to last example,
- K8 ~+ N: ]1 N. r& Z2 U' l# Tthat means bank A have no money because we borrow 10 dollars from bank A
) m# c* @" D4 n8 ~" l" V; ^Because bank A doesnt have enough cash on hand
/ g- z# b0 C# [: R- U& u& [( }therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
6 V1 u' f7 }' q+ ^7 x7 r# j  n' hso does it mean if E failed to pay D,
. ?3 b# i3 p$ R# Mall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, 3 b7 T( S8 i! C! n& G7 F. D
in this case it doesnt really matter how much money is created,
. Y/ z. \% `( a" w( b2 k: s7 Hit's the problem of the debt itself.
9 X+ e. ?( u, ~, Uthe 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
& E0 a5 a" z9 a# l小弟一直都唔明...; W1 F# A4 f6 T- ~; K# @

7 ?* n1 E$ g5 I9 r3 q' j$ p, V8 y$ H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...
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敬請各師兄解答
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Thanks

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那些根本係 紙上財富  4 u, M& g+ M5 C4 s3 r( Y( ?
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: w3 y, _: l% W& E: X
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高1 R9 i' r* k' S/ o, a
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
' O* Q8 `4 j* t) _1 ~" H個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
  b) E3 Z/ V8 P扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
" k' y2 m/ S- U2 ]! z計番回報率就已經係50%,所以可以好好賺: s' ]3 }! [. h5 N! C
前提係銀行之間要互相信任先可以咁樣借法
& p9 G# i: P: u  h8 `5 U# C同埋個市場既前境要係好先得
1 a% \. R% t$ `但當經濟一差,公司估值趺了,物價不升反趺9 v+ b- ~7 n) H, M0 m* `
例如剛才說10蚊的, 趺到得番9蚊, " K3 o2 I3 v! {. j, l* ]
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
; Q) T) a; O9 r, Q% E所以你就會覺得D錢好似蒸發哂咁! G' D$ ^: t9 q  o% G9 Z5 T
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你都可以當標野咁諗, 個樣野多人可以狂升值,
% b& r. M4 ^8 i; B4 U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 l- O" [4 E9 x# y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 o. e/ A  g, @7 m+ r8 _$ Z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; X* c% K+ @5 d" {3 P
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) l: F$ Z$ u. w% O0 ?/ s
唔係d錢蒸發, 而係比美國佬洗晒未來錢, " R2 R- s. q* K( o5 w, ~
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ q! a/ G0 K9 e, @0 C2 Z! P1 I& N' j5 F8 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
! X8 B- x* I' {3 J7 z; K咁你話d錢蒸發左去邊? ...

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( s7 j) X' |0 |2 f正係咁樣' h  N2 }  Y7 ]; W
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6 V: c) H. n0 T# |9 m& q
分分鐘佢地唔使還錢7 z/ w' U, F3 u* S+ S9 q, `( F

% `) c0 E8 h' t: @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,3 U" q3 G8 J+ \, z6 s
連國家都係問人借, 不停發債券, 印鈔票
+ O  Y+ }5 |# p0 s. `7 h一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# A. d  T! x( L+ Z/ Z% M# G$ 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
; h* O/ k# T5 w, e+ w/ z咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係..." w* p0 U  C7 @8 u8 T1 J
因為以前未生產, 先消費
5 e+ e. f- k6 Q; K6 n  X2 m而家就要多生產, 少消費