0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
) r7 Z, s0 J+ [* f) f; S$ N8 ]! oWhy bank will sell 借據給第三者???/ e" |) s) k' k! Y" k
I was so confused.....

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講到尾都係賺錢( ^4 j% M- r% O  y% k5 n) c! W
so銀行可以不斷放款7 u5 [: o( b) P3 \* S
美國的房貸問題散佈到全世界
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mortgage loan
) u; w6 }' k8 B5 q) S9 n! |>conduit
  A& r) Q; t; V: H& Z>RMBS(Residential Mortgage Backed Securities)
- a- J4 r& }5 |7 \>arranger! J. G0 N9 J4 a& F- i: \; n/ ~- D2 j
>CDO(Collateralized Debt Obligation)
8 m( ~4 w" Q* t2 J( ^最後去到投資者

Kev

i thought it is the reason of rate of return.
4 h+ m* i4 E' X' k3 f9 n' gCDs could have different ratings, AAA -> F,
. E/ ~& q- y( Y7 ~more risky ones would have higher premium (interest rate) as a compensation for an investment.
# D9 \5 c$ E! n8 }main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  \' Z( t" c$ s* e$ o2 hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" z. w4 ^( S0 n: S$ w6 FAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." z. \" e( I  u  F  R& N
similar to bonds, CDs trading in the secondary market have different value at different times,
% ^) `+ |. K( S0 Cnormally the value is calculated by adding it's principle and interest.
. t: |, K( N4 J) beg. the value of the mortgage+the interests to be recieved in the future. 8 K% C% S7 v7 y  E& L( F6 Q
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.( b# g( P- _  o/ O& L- e& J5 U
in stock market, it's the demand and supply pushing the price up/downwards.
9 Z8 n9 V/ n& b5 h( k4 G) G' D# WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) s: Q; Q$ K' s" qA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ x- C& @1 `8 D& m
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.
- x7 R( Q! v: o, ?' G1 ebut the value of their assets did really drop significantly.
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, s; q% ]: q' K1 {+ |[ 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/ u' q6 k- @. [, h, {- Z' v
Refer to last example,
9 Y  {  `3 [& D% Jthat means bank A have no money because we borrow 10 dollars from bank A % B, z, j  `3 \( R# {' P9 ]) e
Because bank A doesnt have enough cash on hand
8 s. W! c+ `: H# btherefore bank A need to be bankrrupt ??? Am I right ?? ...

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! b$ N( G, g+ [/ y3 D, iA->B->C->D->E$ |: r" R' a. p- x4 P& E4 W2 n
so does it mean if E failed to pay D,
* c) M3 Q1 q7 n/ I" D4 \" t5 xall 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, 0 g  m0 G  a+ {& Z5 i8 T1 N
in this case it doesnt really matter how much money is created, " s+ V9 N, s6 m# n
it's the problem of the debt itself.! Q% U9 j9 _7 ]% |2 {2 p
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.gif9 l4 w5 D" X4 c0 D  R+ b
小弟一直都唔明...8 |4 W7 u' y1 G
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全世界都蝕錢，咁邊個賺緊錢呢?: J6 G; k( j* `$ U% i- P

' y! R9 F, k$ M9 R無可能淨係有人蝕錢無人賺架嘛...! l3 b- E. c* q+ g5 B; _

, p1 F+ @& r# d& i! L5 m' F敬請各師兄解答' k3 X+ c7 ~5 N
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Thanks

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那些根本係 紙上財富  
) B( a2 s$ O9 a5 I( n+ k: ?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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0 b; p, i8 L0 ?+ x4 N: f9 Z  whttp://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& x' [5 u' R
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高3 z, K0 Q7 V; S8 G. e9 T" Y9 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7 G5 D9 e8 ^3 G) Y3 e& z
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
. L* `5 G$ {/ u7 E+ R( \扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
3 I& b. T) L# J" {+ ^計番回報率就已經係50%,所以可以好好賺0 b/ E) b: |: R. w! [) D1 E6 u7 e1 O
前提係銀行之間要互相信任先可以咁樣借法3 R5 j" D3 U5 f& D3 G0 p
同埋個市場既前境要係好先得1 B' T# u; c6 Z& D2 @2 }* V
但當經濟一差,公司估值趺了,物價不升反趺
1 z+ j0 o$ t5 N例如剛才說10蚊的, 趺到得番9蚊,
) v: M; l+ G3 z) {0 g咁投資銀行一下子就要還11蚊, 一來一回變左虧200%# G2 x3 e% W) D1 N
所以你就會覺得D錢好似蒸發哂咁
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/ c, j5 F$ o  b$ p' y2 _, O1 ?% q你都可以當標野咁諗, 個樣野多人可以狂升值, - c9 m. h  l; u' i2 J! j, O- j% 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, 5 e4 i; [2 ]$ S) F0 v* j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 M9 M6 M2 H  F8 N$ R1 R
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! k0 V0 `' j! i( l. 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" _3 B6 Y, @" W: I% O- ]
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 P" F- P: e3 E! D0 V
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) Z; P9 O" v! [* L# Q5 a) @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 t# U% e4 N" o$ p' c. Y; F咁你話d錢蒸發左去邊? ...

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正係咁樣2 P, t! Z8 z/ 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( k( t0 ^' F: p9 E& x
分分鐘佢地唔使還錢$ P% L  b8 I8 t6 U9 H7 _! B4 t6 v
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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,
- ?  W$ T5 y; S連國家都係問人借, 不停發債券, 印鈔票
9 e0 a1 a1 E" w# a* Q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
5 j7 [6 v' p/ u' T- u/ _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
1 D4 n' K2 o4 e+ c& m咁而家"爆哂煲"算唔算先至係變番"正常"???

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) l, m6 q# D& W- W' M5 l2 g其實係.../ _! _  t5 r" G5 s
因為以前未生產, 先消費5 D# {* }& M, z/ C
而家就要多生產, 少消費