0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
* P% i- ~4 y1 z1 J$ p0 x5 ?8 MWhy bank will sell 借據給第三者???
! O. C, q: _+ HI was so confused.....

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講到尾都係賺錢
2 `8 B. d, b$ A  E0 i( D2 Kso銀行可以不斷放款" S+ I) Z6 V5 h  r, ~$ {2 y+ m
美國的房貸問題散佈到全世界7 Q4 N4 |) G( @& q, @" Z+ \. n* u

8 a. [6 Q7 K" ?( M" k. ^  Vmortgage loan 0 d: c' s1 s- F
>conduit
' R7 U6 h( ?: m( |>RMBS(Residential Mortgage Backed Securities)
. X7 \$ |) V5 x+ Q9 g/ U>arranger9 p& a' g) W; L2 I8 v7 k  y% X
>CDO(Collateralized Debt Obligation)
5 A' k! J) w- F3 Z5 {/ ^3 A( K& |最後去到投資者

Kev

i thought it is the reason of rate of return.
* c( g8 z& ^1 z% WCDs could have different ratings, AAA -> F,
) `- M! L3 y3 k5 Q! smore risky ones would have higher premium (interest rate) as a compensation for an investment.1 p9 t' C. O. i! O6 m
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 H$ a; U0 `: {6 ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- e, I- G- j0 `$ w* w
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 `5 J* i+ h/ f* D( x
similar to bonds, CDs trading in the secondary market have different value at different times,
! x3 x8 r# C) _+ q% f$ Wnormally the value is calculated by adding it's principle and interest. 6 w; _( S4 _& ^7 T
eg. the value of the mortgage+the interests to be recieved in the future. ; z# h+ G: \6 O# f3 n+ g- |- E2 }
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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im not quite sure if the multiplier effect does really matter in this case.+ F! T# I7 S& n9 h- a
in stock market, it's the demand and supply pushing the price up/downwards.
* K$ m8 t/ z. Z' O8 a1 t6 BFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 w  B+ B, ~. ]
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: @/ \: d1 z' H7 V! B! O
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.
# M' |( v% q+ C9 U! W3 z( tbut the value of their assets did really drop significantly.( {7 ^8 v0 ]/ Y/ F" K
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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.gif8 ~0 E! G' G, G. Y- N
Refer to last example,( t2 w9 Q7 l/ \9 D: M
that means bank A have no money because we borrow 10 dollars from bank A
  W# Q: j8 c- Y+ k/ F. tBecause bank A doesnt have enough cash on hand , d: l. t) e! v: _" J
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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1 i+ ]7 _0 _2 vA->B->C->D->E
% P' ^$ ]  o( E7 F  v$ Vso does it mean if E failed to pay D,
6 F. z/ |$ P6 E- j9 |all the B,C,D,E have to go bankrupt?
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' {1 }% g8 y# Q$ V6 o1 [0 ]2 k; gthe multiplier just tell how much money created in a whole economy, 3 `9 a; L7 D4 v1 J6 |+ W! _
in this case it doesnt really matter how much money is created, : H: ~7 b! K/ e& _
it's the problem of the debt itself.
5 c5 W: d/ r  \3 }- K' Bthe 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
, b3 N: c2 X: V小弟一直都唔明...
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' w; Z8 Z8 _% t: I( r+ |全世界都蝕錢，咁邊個賺緊錢呢?
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6 F  E+ n+ M% k: p+ E$ u9 v6 d1 U6 A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7 e4 @2 ?$ y% @3 V1 T

3 U* m+ Q2 K( O# gThanks

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那些根本係 紙上財富  2 _4 H+ o5 v; d0 r& L5 x) 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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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8 j2 W9 K5 J# A$ |0 y
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高! G# T! N9 Q/ h8 M1 g; W
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
6 K; f3 h2 F0 C9 ^  b, H7 y0 Y個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
. Z: U: C. c- X$ e2 P, P3 t扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% n4 V& m' `6 Y: V* l3 A. `計番回報率就已經係50%,所以可以好好賺; U4 q! L+ }( H2 A4 S
前提係銀行之間要互相信任先可以咁樣借法
8 z" c+ @! Q* h* ~同埋個市場既前境要係好先得" J6 }. ^1 j- Q' _
但當經濟一差,公司估值趺了,物價不升反趺4 z& A0 m5 d7 X# [' q' r
例如剛才說10蚊的, 趺到得番9蚊,
2 Q( r1 q0 {& P% ]/ ]6 j1 n, }; d. R咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
2 ^) c. s5 U4 b- G所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
& L0 G7 O6 ?$ O- E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,   w! u2 J% O# ]7 }0 R- L( R
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 r. e( c- q) u6 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
" _8 b" B- b3 e7 d+ H& E9 `' \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' ]9 @1 S+ d5 J/ h
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
! B4 F* z! p( @; y9 a& z( N淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # x9 a: n: N5 B5 S/ G
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4 r; K$ h7 }$ n' ~, P
咁你話d錢蒸發左去邊? ...

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正係咁樣
0 `7 N: w1 Q1 m" k( ~" c) i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
! h8 c4 T; Q) {6 E1 m* d分分鐘佢地唔使還錢
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3 J+ m) S$ }7 u! r- L5 L3 s' z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,/ E6 J& R8 K% l: w$ G
連國家都係問人借, 不停發債券, 印鈔票
# r5 D: J7 r% w& u一個國家好少出口, 而又大量入口 ,反映到佢唔多生產* e: I* P2 S6 n: w5 Y# N* }" z
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
# G2 S6 X& d3 [. v咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
, v8 X: H" P/ U5 I& l: ?5 y7 l因為以前未生產, 先消費
4 a# x/ V3 T& [  j; ]  ~3 \而家就要多生產, 少消費