0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 A; T, s5 b* E& DWhy bank will sell 借據給第三者???! D% x1 z, E. s2 H( D
I was so confused.....

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講到尾都係賺錢
9 X! T) d9 D. p/ S; X/ i5 o2 x# Zso銀行可以不斷放款
% D0 l9 O+ Y+ v# |: j8 X美國的房貸問題散佈到全世界4 {& d8 P! d' |3 Z

% f1 l' q4 m  |mortgage loan
' G) g% v9 }1 T0 _6 T>conduit( x) G; t! r" K% }# t) ], h+ i
>RMBS(Residential Mortgage Backed Securities)6 c# ^# [/ u, t
>arranger" ^% \8 ~; a0 k- f1 t0 u. h
>CDO(Collateralized Debt Obligation)' t' p. x2 e/ Q& `9 A5 ^' ?9 Y
最後去到投資者

Kev

i thought it is the reason of rate of return.
' o) i7 }! m" T2 U% KCDs could have different ratings, AAA -> F,
# q2 \2 V  `7 o; n8 Tmore risky ones would have higher premium (interest rate) as a compensation for an investment.
' n( G$ M! _  r# _3 umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; A" g& q# E# s/ \- |" R! I, Oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 O4 X" f' m, W3 L0 ^Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% z9 ^. D# N: p6 W/ }9 _
similar to bonds, CDs trading in the secondary market have different value at different times,
9 a' |4 o4 M6 a) Znormally the value is calculated by adding it's principle and interest. 0 h6 C5 R! K+ x2 n
eg. the value of the mortgage+the interests to be recieved in the future.
4 t7 T8 w! e5 T; x4 S4 ?* ubanks 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.  A: O/ h# v( Q' V2 F6 b1 p
in stock market, it's the demand and supply pushing the price up/downwards.
- f4 B" t6 q% sFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; P$ j% ~( k0 y9 V3 mA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' ^" |0 T- z' x& A% A; Z4 P% J4 `7 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.
# }/ P) @  w( d( W4 l: H, R' `; R$ x- f) Ubut 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.gif1 [, e  N0 ^! `5 @' V( w
Refer to last example,
0 C! h7 a0 Y, b& L+ m$ Sthat means bank A have no money because we borrow 10 dollars from bank A
. o7 N; D1 H) Z% aBecause bank A doesnt have enough cash on hand 6 V4 l0 W2 L4 M7 w
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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+ l7 ]1 \" ^) \) o3 Y- C; r  g
A->B->C->D->E* v/ y3 j' \# w/ Z8 @' @  |$ ?5 `. Z
so does it mean if E failed to pay D,
4 J" ^+ h- g$ a$ S+ w3 _. [6 G' p, ~all 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,
4 `' |7 {) y) _. T2 i# cin this case it doesnt really matter how much money is created,
7 i$ {9 X, h3 M0 G! e- d. y% Rit's the problem of the debt itself.
$ B) @% S6 r2 y6 J, _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
7 O, c  k/ ]7 Y, v1 q小弟一直都唔明...
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% s+ `2 n( V& b" V1 S全世界都蝕錢，咁邊個賺緊錢呢?
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+ z. N0 a+ M' S& ]無可能淨係有人蝕錢無人賺架嘛...; Y$ \* k: x& _! W$ z: e

* E5 p) G  a1 p/ k  }- @$ q' [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  : r( q4 I! T: p: 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 graphic5 g& U( p. G( U- J

. V% F' W0 z; j- J, W; \: Mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
" q4 }: l9 O8 N2 O3 s; O當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" y7 \2 `. o$ H+ j+ b3 P
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
" t7 o* G4 Q0 H5 n9 Q. }個件物價係市場好既時候升, 例如15%先算,變左12蚊啦; V: u- v* C  {: Y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ D6 ]% a6 D2 l- }, |
計番回報率就已經係50%,所以可以好好賺: H- _5 ~5 _* T+ c+ P% ^& L0 q. g1 y
前提係銀行之間要互相信任先可以咁樣借法* y" j, g5 j* o- X( T
同埋個市場既前境要係好先得& i& n' l# B' R' ^
但當經濟一差,公司估值趺了,物價不升反趺
/ y, B, U; i! A, u例如剛才說10蚊的, 趺到得番9蚊,
# I; p7 _* z& _  W3 }$ @+ p* _咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' |1 ?: E* l3 f* d6 ]所以你就會覺得D錢好似蒸發哂咁
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! x: g, _( x' Q9 x$ h, M你都可以當標野咁諗, 個樣野多人可以狂升值,
" t* }. O, b4 n+ u* }( X, `' @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, ! [1 [! ^) a# V5 L" e5 w& V
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ [6 I) J& C' Q/ }. P0 v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' Y  [& E) `. ]0 X. |
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
" K; c# d8 s& \7 l. Q" \唔係d錢蒸發, 而係比美國佬洗晒未來錢, & _8 f  o6 ]& _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 o. h; M# ~0 f! 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
1 y5 ]" t6 b! t咁你話d錢蒸發左去邊? ...

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5 g4 {5 F' u4 {. T# `- _  B正係咁樣8 O" F5 h: M! N8 [. w: S$ t
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
3 Q; Z2 Y8 \* U7 a) s分分鐘佢地唔使還錢: H+ ^& ^9 B/ Z5 n. k

2 c3 n+ o% A9 i+ q5 H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,0 O$ L5 }3 i. b0 U, P1 U4 `7 }
連國家都係問人借, 不停發債券, 印鈔票
3 B3 I% d# q* W7 T  r2 |一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% `- n6 Q1 ^3 ~( x& `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
6 A3 n  @/ R- h咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
4 K/ y% }) _2 X" A1 }  K, b因為以前未生產, 先消費1 Z$ j4 J4 O6 J& _; w! d, C  `3 H
而家就要多生產, 少消費