0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
- p* }, r. R# hWhy bank will sell 借據給第三者???$ ^& M  L* X3 |- D
I was so confused.....

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講到尾都係賺錢
0 P/ Q3 S. Z: ?: z8 N- ^7 }so銀行可以不斷放款+ K3 t( Z' e3 u0 b' \0 z! e
美國的房貸問題散佈到全世界
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mortgage loan $ ?4 Z& v% n, z
>conduit
0 \* R: R3 E, p5 u$ q$ S9 _>RMBS(Residential Mortgage Backed Securities)5 q$ u8 T/ L5 B% Y0 j
>arranger
" D7 b' N3 y- X# d>CDO(Collateralized Debt Obligation)
3 k, q0 P/ \" [0 c! L8 }2 a$ L; G最後去到投資者

Kev

i thought it is the reason of rate of return.
% g5 ^" q7 j4 j& }! JCDs could have different ratings, AAA -> F,3 p: _0 `3 R7 L
more risky ones would have higher premium (interest rate) as a compensation for an investment.( E# j2 x; t% y, @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 w) H! p' I# F9 Q( jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 [/ ?" k; w5 b3 R2 O  |) W
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! t0 C. V1 w" w
similar to bonds, CDs trading in the secondary market have different value at different times,9 m) z- D1 |4 `7 u
normally the value is calculated by adding it's principle and interest.
# h& p; c+ u' W/ U0 V3 {$ [eg. the value of the mortgage+the interests to be recieved in the future.
0 U) u# z) ~3 s6 O6 `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.6 _' J0 O! f) Z' r. t6 q' V6 p# e( m
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im not quite sure if the multiplier effect does really matter in this case.
; r9 Z5 M2 L( c: U$ Y0 k9 o9 ?in stock market, it's the demand and supply pushing the price up/downwards.! v% z0 C2 s0 G1 }
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# E1 d% z* u$ B2 R6 h5 E6 L
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- q# Q9 h4 v  \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. * F7 S6 e2 G5 k( C! p- o
but the value of their assets did really drop significantly.2 R! M# ^( K8 D0 ]
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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/ b# |2 F' x" i) d
Refer to last example,
  f8 O$ d- ?7 K/ p5 {  C+ v4 Kthat means bank A have no money because we borrow 10 dollars from bank A - O& v6 J: ?% {/ n* i
Because bank A doesnt have enough cash on hand
5 e& T* D# l& x$ ?# ^2 w& ^therefore bank A need to be bankrrupt ??? Am I right ?? ...

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9 q! }. Y( s' L  uA->B->C->D->E
: G0 ]8 g6 n* l# |6 \. z6 Kso does it mean if E failed to pay D, 9 z- C% v1 g7 s) M' N. w
all the B,C,D,E have to go bankrupt?3 w7 ?" o+ o! f4 E* T7 L

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the multiplier just tell how much money created in a whole economy,
+ L0 g; n6 J! \$ e6 _4 {6 E$ kin this case it doesnt really matter how much money is created,
5 R  h5 ]6 i; Nit's the problem of the debt itself.1 J- R8 _- D9 ]: K/ _
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" A; c) m0 X# x% j0 u
小弟一直都唔明...$ o5 a0 s  O5 q

. [2 W- O% }3 \7 b, P: V全世界都蝕錢，咁邊個賺緊錢呢?( y/ D. W, e2 ], P' q, G

3 O: b8 l4 C! c" d& D" }9 P無可能淨係有人蝕錢無人賺架嘛...! X9 s+ ]1 P  {* z
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敬請各師兄解答
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& a% k! O! N/ C# L9 @9 F# ~Thanks

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那些根本係 紙上財富  
9 @' j" _; ^1 v& G$ o1 D, `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 h( Z5 C$ j+ a$ g( _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( ^0 p* r" R  A) f
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
& x* Y8 M* i% E' j) t: G3 i9 F. j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
! b' M& [9 [$ N0 j+ W: l7 I個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ d( `) p6 ^1 g4 e' c: V9 u扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,( k! ]. i6 u4 Z# b/ S$ b
計番回報率就已經係50%,所以可以好好賺
* }" U& v: H7 h/ B6 }0 ?: m前提係銀行之間要互相信任先可以咁樣借法( M: ?$ z1 \  A. N
同埋個市場既前境要係好先得
, q4 W( `5 ], v但當經濟一差,公司估值趺了,物價不升反趺
; [1 r: D+ |- t" }# I  v9 ^/ r6 G, a例如剛才說10蚊的, 趺到得番9蚊, % I4 T: ^/ Y8 \$ [, p1 H
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 Z7 @. B) n0 W% B
所以你就會覺得D錢好似蒸發哂咁+ @( m7 \) @8 S( u- p

" W9 e9 W6 a4 u你都可以當標野咁諗, 個樣野多人可以狂升值,
" F* r2 c6 ]5 \, i* ^& D% X, C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, / ]! H4 a: u: k/ g* C
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 Q+ C, {; ?# J; i7 o. w0 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. Q: u- y5 f0 n' [
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) D% e; M8 h; L! Q- k
唔係d錢蒸發, 而係比美國佬洗晒未來錢, * p6 I# Z  d( B" k9 [
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( r& |1 u/ d2 V9 V' q0 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
8 s9 N9 B2 e7 k7 j% t4 n咁你話d錢蒸發左去邊? ...

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( k2 D$ i  K  S* f7 f, U: m: l正係咁樣
0 C: X2 r3 {& B  p6 f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 E! `& H5 @2 u
分分鐘佢地唔使還錢$ [) }5 }' D0 ^+ B/ M3 N

$ d1 S  g/ F; Y8 A9 P5 E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# Y" J( i& w4 b+ v
連國家都係問人借, 不停發債券, 印鈔票
1 V4 J8 A8 _1 U6 X- }3 k一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! Z1 Z+ v, g( b% A* ?, r$ a% H
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
* E! Y! e, i# g. d/ h9 H. _9 {, e咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...  j7 [" Z) G: A6 C& }$ D, K
因為以前未生產, 先消費
, Y6 M4 Q, a7 y3 g而家就要多生產, 少消費