0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
7 v- A4 B; s: r) O, t$ eWhy bank will sell 借據給第三者???
8 ^. ~8 U6 r' k" [7 Y9 k8 D9 tI was so confused.....

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講到尾都係賺錢& L1 l) ^2 P7 C8 Q6 c' F
so銀行可以不斷放款) a2 Y- t  C. y$ P# T3 }( y
美國的房貸問題散佈到全世界5 \$ N/ @+ i/ B9 y* Y0 w2 T! O. \

7 E# F4 `- A0 N' e6 P0 u: Lmortgage loan 6 q# d% w* v8 @  I% `
>conduit
/ x: t8 `' ]" u. Z>RMBS(Residential Mortgage Backed Securities)* Z; j- X8 j( R" l" b2 L, p
>arranger
$ D3 y3 {4 L! E$ ~>CDO(Collateralized Debt Obligation)
+ @% j2 W$ M& Y8 p& M最後去到投資者

Kev

i thought it is the reason of rate of return./ n( s) W3 G/ K- R8 P7 n
CDs could have different ratings, AAA -> F,
. s$ ^5 G* E6 emore risky ones would have higher premium (interest rate) as a compensation for an investment.
4 Q* k, |% s/ Q. K- S: h0 h4 R4 Mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: K! i/ K4 y; @
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# T: y0 p; K2 i1 m
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! V) k% z% f( q* k; k: \& ysimilar to bonds, CDs trading in the secondary market have different value at different times,
: i9 t$ H0 D; T8 [2 L6 u1 a2 Gnormally the value is calculated by adding it's principle and interest. ! w/ j  k+ P" _+ C$ x
eg. the value of the mortgage+the interests to be recieved in the future. 5 z7 u6 t! h/ K
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.& p# ?) t! E; n! i6 y8 q

5 l3 ?8 J& w8 O6 W; o0 r2 pim not quite sure if the multiplier effect does really matter in this case./ j& h4 u8 Q7 @
in stock market, it's the demand and supply pushing the price up/downwards.  g) K" E) D' _9 Y4 k: k# k4 D9 b
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' J: }$ v9 J. L- C8 L
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' q$ \# Q3 w3 TThe 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. + e4 T7 F1 t, F% d
but the value of their assets did really drop significantly.) K- R) Z/ v- Z1 Z' M" h( w: X$ r
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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
- `* ^. @8 j& ]( z# iRefer to last example,
' P! |( ^, j% q* N3 Dthat means bank A have no money because we borrow 10 dollars from bank A 9 c' X1 b" X9 k! S: u; q) h& q
Because bank A doesnt have enough cash on hand ! [6 O9 E8 k) T0 m* H0 |" n8 f
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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+ L, E/ w# Y* e8 d! K, GA->B->C->D->E$ l% c% c1 u. K- l. i7 `6 B' a: z* z" u  m
so does it mean if E failed to pay D, " f* @# s" x  M8 J  K$ C; d
all the B,C,D,E have to go bankrupt?7 E. U3 |) ]& z4 s) Y! ^; C: P

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the multiplier just tell how much money created in a whole economy, 2 x8 z# e) D9 C: [4 h
in this case it doesnt really matter how much money is created,
: H( H7 J0 N- `( m" C7 H3 |it's the problem of the debt itself.
# d; ?$ p: e, S+ V0 V6 j9 v3 Ythe 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
) p  L% C* g! m小弟一直都唔明...
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+ ?9 m3 _8 O5 U* Z; q0 b& i+ W全世界都蝕錢，咁邊個賺緊錢呢?& ~! G( R, t! n% H; P

( F0 F+ e3 X* H$ `% ~5 s無可能淨係有人蝕錢無人賺架嘛...- t; M) z* R/ G
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敬請各師兄解答
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- G  b1 f4 E/ Q* `3 J) c: DThanks

5 E$ q. ^- e) n4 Y那些根本係 紙上財富  : b% J& Q5 P& s3 r
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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! m7 {  t* s6 W. x7 ^4 o  @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- u3 W& \" A* C0 U當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 ?5 }9 ~5 ?: X& r! X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
+ Y$ X. k4 s5 k+ S! F2 ^$ [1 a個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
$ \7 d( |& y6 C' E4 T! a# e% Z' J9 t扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
& y% l: I9 I& G$ w3 {& t計番回報率就已經係50%,所以可以好好賺; }5 g  f1 O& f& N
前提係銀行之間要互相信任先可以咁樣借法/ g: |3 L3 j; t2 a! L
同埋個市場既前境要係好先得
3 F* K6 U: r- I8 g/ ?+ N但當經濟一差,公司估值趺了,物價不升反趺
+ ~! {) r. T) J/ y  E/ o( ^例如剛才說10蚊的, 趺到得番9蚊, % Q% O4 {- ~6 A) r1 Q
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
- {) }9 q- `/ a所以你就會覺得D錢好似蒸發哂咁* S! ?+ Q  g8 m5 A3 n# f' q
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你都可以當標野咁諗, 個樣野多人可以狂升值, 5 z" Z, y6 F: J9 y
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, / V8 [# z0 |/ U/ x1 p
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ w7 z- ?' I$ @( M0 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, U4 H8 ^' w& M# F: l4 h: ?
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.gif9 O7 S) k: o, R  h; @+ H; L, W
唔係d錢蒸發, 而係比美國佬洗晒未來錢, # a7 n$ y9 @* `5 B; i6 S
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 b; ?2 ]" H1 D; @$ M* g5 n. 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8 J6 d& D) L6 O7 a; Z6 |
咁你話d錢蒸發左去邊? ...

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正係咁樣
" U! M+ `3 i* w/ b0 `/ A& ?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( x" [6 d+ y9 H, r/ K8 Z& ?3 U
分分鐘佢地唔使還錢
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, A# I# I1 h% k; r4 `) d; @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,
6 R6 P6 p* j$ Q3 S( }- d0 y/ k連國家都係問人借, 不停發債券, 印鈔票) K. F- L. g  Z0 P6 a
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* K' L  w, X, ^* d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
" J) S0 B9 _5 p9 G咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
& P2 s* {8 V8 N0 @因為以前未生產, 先消費8 h: ^! B' v6 M5 k3 e
而家就要多生產, 少消費