0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
& F: J( T9 L* [9 QWhy bank will sell 借據給第三者???" t: ~) ~/ ?) T. q& D, @8 J
I was so confused.....

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) n, W+ A* N) q& M講到尾都係賺錢
/ m* ]* o8 H0 T' n. L5 Tso銀行可以不斷放款
5 t; \! P* P3 Q9 k  Z/ Q美國的房貸問題散佈到全世界3 y* i; Y: x$ S- v: d" I

& s9 P/ W5 W; j3 i8 pmortgage loan
* [! Z  k- R& j+ p>conduit
8 Q# ~" J- [. J% z5 @( e" n>RMBS(Residential Mortgage Backed Securities)
. Q6 D3 U# y& s3 k. H- u>arranger  O( y5 T4 V9 ?6 D, a3 n$ g
>CDO(Collateralized Debt Obligation)
* F0 g5 t" W5 a最後去到投資者

Kev

i thought it is the reason of rate of return.* L, ]  ?* \8 [3 w! ~
CDs could have different ratings, AAA -> F,; K3 `7 k: @# g) V1 o1 k1 c
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 _8 M' I" I4 ~, Q, S
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 B& t# M+ \+ w( b8 G3 V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 [+ R; M/ C5 K) D
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 R3 V, l  E" e& s% Z. b
similar to bonds, CDs trading in the secondary market have different value at different times,! I7 E2 w; b4 T
normally the value is calculated by adding it's principle and interest.
1 G" d2 e1 A* [: }( W8 [2 C. zeg. the value of the mortgage+the interests to be recieved in the future.
6 T. F" m. [. a" O# l0 x6 sbanks 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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" |( \/ j3 h( Y+ D8 E. p9 a! w* Oim not quite sure if the multiplier effect does really matter in this case.1 a, I8 v+ ?9 o2 D9 z, T( r9 M& i5 o
in stock market, it's the demand and supply pushing the price up/downwards.
; M1 Q3 W5 K  @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 {0 o5 S) {* c& m  G$ S: i
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 s* H& P( w' T$ Q2 Z' A* `
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. ! v8 E: f: t+ n3 V5 b! ^+ c, y0 e
but the value of their assets did really drop significantly.
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. ?. n2 n! Z# A+ O3 o[ 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
3 o) h) S. a, B. FRefer to last example,* m6 D/ t8 C9 r! @9 }
that means bank A have no money because we borrow 10 dollars from bank A
4 `( N% n& K, i" S2 B2 T9 QBecause bank A doesnt have enough cash on hand
+ |& B0 @! y+ s. c$ |8 ytherefore bank A need to be bankrrupt ??? Am I right ?? ...

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: i: |$ L% V, @9 A( ^& E8 RA->B->C->D->E
+ U. `) b/ U5 |' a- V6 ?. Z% z+ p6 Mso does it mean if E failed to pay D,
" {% S$ o7 _8 j, L, [all the B,C,D,E have to go bankrupt?
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+ |1 _5 }0 ^6 V5 C- ^4 P8 O4 g2 o/ K* y$ h. _
the multiplier just tell how much money created in a whole economy, 3 w/ ~/ D- J( d
in this case it doesnt really matter how much money is created, ( L( o1 S2 ?, G/ F0 P; e
it's the problem of the debt itself.) P. e1 W( O7 f! r# [: `8 I5 v
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+ h! \2 d2 p0 H- ?4 T1 w
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?) W+ W6 Y5 h2 n$ E7 N+ z: k
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無可能淨係有人蝕錢無人賺架嘛...
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6 ]/ ~, h5 p- T1 V! i8 }敬請各師兄解答- X5 Z( ^& J3 R  ]

$ {& h3 @4 O$ Q6 H; o" hThanks

+ M( Z  M' a& U+ N+ r3 K& |$ V那些根本係 紙上財富  8 A$ L5 T& x# ?
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) ^- ~1 M% b% X2 K
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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* N$ S! G) n9 ]8 R: G# D9 w
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高# t& G' A8 }$ ^
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9 m8 Z0 x. F% o8 x6 N
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
7 E" J1 c0 Z2 W. y+ `扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# J+ K* v" \, B5 q  ^
計番回報率就已經係50%,所以可以好好賺: X1 Q5 t6 y7 d1 A# A
前提係銀行之間要互相信任先可以咁樣借法
3 M4 D5 t2 w! U" {0 \* Z6 m+ T同埋個市場既前境要係好先得" T: I$ r: z9 w; u! E$ Y9 D9 B  h
但當經濟一差,公司估值趺了,物價不升反趺+ k1 q2 ]- g) S4 L
例如剛才說10蚊的, 趺到得番9蚊, & g+ M- R9 ^5 K" A
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%# Z3 O/ w0 N/ ?* g+ K
所以你就會覺得D錢好似蒸發哂咁
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; Z5 f! T3 Q% F- Z5 m, I" G/ `你都可以當標野咁諗, 個樣野多人可以狂升值,
/ |$ f* @1 x- v* J! W& D; ~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,
7 J# Z& m& N* X4 ]. [3 E* X) g淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; b; L3 j% [- ]' R8 d  B$ S$ h
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$ T5 J5 f; X7 g3 L* M' u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
, S* i5 ]+ O2 |/ J0 Q# ]! T唔係d錢蒸發, 而係比美國佬洗晒未來錢, * M- t) [. f- t- u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) ?' _3 f8 n( A9 K. s
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 M/ e: M" r
咁你話d錢蒸發左去邊? ...

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& j  d  s0 W3 W1 A  [正係咁樣
, l0 {: o/ z" g) t3 T6 H' P' l* 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
+ u& T8 j; i2 ]' [8 U1 F分分鐘佢地唔使還錢
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+ u4 O5 N. J; S9 D, 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,: O: T: y2 o$ }
連國家都係問人借, 不停發債券, 印鈔票
6 G* Y( e( `2 f一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
- \! n$ `' @: F8 _/ ]$ I) L/ i5 k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/ R1 u! g' Z) A' B2 |
咁而家"爆哂煲"算唔算先至係變番"正常"???

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& ?6 ]! ]9 {1 o; O3 O0 e其實係..." \$ t( h$ B/ C  C
因為以前未生產, 先消費
: H6 W/ S# W/ e1 z- b6 `0 M7 d而家就要多生產, 少消費