0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
; P# K0 F, v: J( D) _& [8 AWhy bank will sell 借據給第三者???0 x1 U4 p7 }) }7 X7 O' k
I was so confused.....

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講到尾都係賺錢
) F, X" N. g: z/ V' L6 rso銀行可以不斷放款
; d: T% g2 O7 I+ Q7 q; O/ s+ @美國的房貸問題散佈到全世界
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4 h( n% z! v" q) V8 ^% k# G/ U9 `mortgage loan ; R4 K( g/ `+ o5 w7 O& ~5 _$ h4 ~
>conduit8 G. F+ X7 f+ p" |* j: X- \
>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)5 U$ V! K% q! B- R
最後去到投資者

Kev

i thought it is the reason of rate of return.
/ _2 V6 L; _% ^1 P, `% WCDs could have different ratings, AAA -> F,5 K- y# T/ E" c8 y! Q4 T
more risky ones would have higher premium (interest rate) as a compensation for an investment.! |" v: |0 o* K2 V( e3 D
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 C) ^/ M2 l- P7 E9 j7 I- |" iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ ?3 b9 q! T) G$ P
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ A  Y: E2 K' \. R1 |5 dsimilar to bonds, CDs trading in the secondary market have different value at different times,0 |& j- x0 U, N1 e) l- h8 o9 d
normally the value is calculated by adding it's principle and interest.
6 `8 x; ?, ~. f! e2 F1 Heg. the value of the mortgage+the interests to be recieved in the future.
8 V: B+ Y) y1 Z7 L8 Dbanks 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.! A. X2 D# N3 s. [* I0 s9 k0 c) A
5 a1 a& x) X$ Q/ b
im not quite sure if the multiplier effect does really matter in this case.: ]9 E* p8 ~0 q+ A
in stock market, it's the demand and supply pushing the price up/downwards.
* a( [, q4 }/ d* F" M. cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! P) ~: t% s; L+ e# P6 H
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 U3 v% \" h! r* Z# _1 _3 UThe 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.
- d+ Z+ K% I* W  D2 p, Ubut the value of their assets did really drop significantly.; `, R5 I1 i+ b9 o
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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" o+ T2 w2 R' u3 o2 z' Y2 m
Refer to last example,5 t! v, Q: y; x! i  h9 [) a
that means bank A have no money because we borrow 10 dollars from bank A - f2 o0 y5 U  Q& ^
Because bank A doesnt have enough cash on hand % P; o0 k  @" f' m
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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* T" |3 E9 K) S9 P, ]8 S8 _9 H6 A+ v/ vA->B->C->D->E
# m; C, O1 }9 P  V% Bso does it mean if E failed to pay D,
% U" q; V' b, R) s; L  Lall the B,C,D,E have to go bankrupt?! A1 `& m3 O- q& l
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3 u( l  u1 b6 [9 @1 x' e9 [( Ythe multiplier just tell how much money created in a whole economy, 3 L* F1 V$ l% I2 x9 ?7 r. Z
in this case it doesnt really matter how much money is created,
( F) x' F5 `" j4 j" Oit's the problem of the debt itself.1 m$ v" U" ^6 v. y$ q
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.gif0 B3 [$ \4 h) x/ J2 t" R
小弟一直都唔明...! u. [" b5 T9 y  d* c7 t
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全世界都蝕錢，咁邊個賺緊錢呢?9 l, J- f* U6 G& G+ m* o+ Q2 b  s
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無可能淨係有人蝕錢無人賺架嘛...0 E& r( K8 h) r

2 H$ u8 |7 T4 y+ p0 r/ e, d敬請各師兄解答9 m3 i! G0 H' [7 ^" l

1 c- E  c, N9 u% m' R4 d' K4 mThanks

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那些根本係 紙上財富  - h0 r( m4 m& N" K, Z$ h* `/ d& S5 b
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/ J# \$ p6 p: f" H: Y. N

* u1 o5 r. {. M" z9 `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  C3 T% k' K. l" X% v
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高* L, Y3 B% \: D. q% K- G/ `! p2 K; g+ b
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# t  [( m+ K# u2 h9 C8 ]/ w
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
$ w9 t1 p% x2 o/ L& T+ ^% O扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,9 `( e/ p* I$ U! A
計番回報率就已經係50%,所以可以好好賺
! L% D9 B/ L& P' A' d前提係銀行之間要互相信任先可以咁樣借法- j6 [$ u1 B# l5 _8 E6 K+ z) X+ o
同埋個市場既前境要係好先得% A4 F8 q7 b4 I% a
但當經濟一差,公司估值趺了,物價不升反趺4 K/ Z4 I% @. U9 A0 K9 z+ f& |
例如剛才說10蚊的, 趺到得番9蚊, ' T/ q6 S$ B' g: [
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
  G* Y% `% K) q! Y2 p# l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,
9 V4 E5 f; @1 l2 Q& E, 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, % M& l0 \& Z/ T5 K/ Y1 T* T' ^$ J
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) _9 y4 {9 x! w5 V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' y2 k( ?4 G5 [
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
; ?8 X" ]  I7 S) s唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) O$ W) c  z4 U1 D& d7 J! ^5 z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 z. S; T  x  y! N2 j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
, B: d& o. z6 c- |  q咁你話d錢蒸發左去邊? ...

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正係咁樣+ c3 x! r5 {- c  ?6 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1 S& P) N# Z% s6 C  ^! M  K2 r
分分鐘佢地唔使還錢
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) ^6 ^8 A4 d% a9 a6 U1 F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,
1 S0 t7 F: ^. A: ^& B5 j/ m連國家都係問人借, 不停發債券, 印鈔票- A! p2 l" h+ w% w; q
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產0 F' T5 Z) [4 H  w  I+ S
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
4 d! @9 _: G4 M; ]/ i0 V9 s8 \咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ k+ q$ g6 H. M5 c) M& Y其實係..." |7 O( [1 T' Z( ~5 U& o
因為以前未生產, 先消費
9 B7 L. O% }4 u0 L8 Z而家就要多生產, 少消費