0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
* x7 S0 w$ a3 e9 U( b1 SWhy bank will sell 借據給第三者???7 q; c0 ]2 o9 {* r1 f- j" t% j) o
I was so confused.....

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) r; N6 H4 V  |; x$ y- Q講到尾都係賺錢
. a" f# l, j' v. r7 y/ c9 A) pso銀行可以不斷放款+ {- I0 ^' S$ t% ~' L# T% S
美國的房貸問題散佈到全世界
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mortgage loan
- Q2 v9 S! w0 Z( d>conduit) ]" q9 R1 B" `3 p9 M
>RMBS(Residential Mortgage Backed Securities)+ y! E0 N8 P6 H$ A8 A' I+ d8 c0 h
>arranger
- |4 K) L, A. F6 u; }>CDO(Collateralized Debt Obligation)* d; [+ c* l" P$ M7 I
最後去到投資者

Kev

i thought it is the reason of rate of return.
4 j2 A* l* c, \' s( h1 t) YCDs could have different ratings, AAA -> F,
+ y+ x, J7 t8 [! qmore risky ones would have higher premium (interest rate) as a compensation for an investment.6 U" }# K, b! Z" ]& n
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 p0 ]; A/ |/ ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." j' g  q, E/ X" u( @: Q  m3 d: S
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  b- R/ l/ j- R3 \8 H) C* m* X( M; Y- lsimilar to bonds, CDs trading in the secondary market have different value at different times,
! f' J3 s2 S; I; \( Inormally the value is calculated by adding it's principle and interest.
! u+ A/ t3 }  Z' X0 y- _% aeg. the value of the mortgage+the interests to be recieved in the future.
& a& \7 j1 u( G, Ibanks 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.( _* f6 {- L, ^4 m
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im not quite sure if the multiplier effect does really matter in this case.% g- j: A. O7 r/ J, W! W: ~
in stock market, it's the demand and supply pushing the price up/downwards.6 c6 h7 L1 U, h2 L# e
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ O, k8 N& }1 }5 ]" Y! D
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 h- j8 z* h, M5 \7 y, [  b+ Z3 dThe 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.
6 ^: e0 V0 k% T+ c& Ebut the value of their assets did really drop significantly.  M, y6 k1 ~4 \9 I8 l; G
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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
' P6 ^% \3 d4 I3 G) C, pRefer to last example,1 [8 h9 L+ |4 ~  \
that means bank A have no money because we borrow 10 dollars from bank A
( J: k5 ]% f$ y) J( k  p+ oBecause bank A doesnt have enough cash on hand
3 \4 r) x. C/ v  [therefore bank A need to be bankrrupt ??? Am I right ?? ...

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0 E& a$ v' T0 z6 I; f" N; v' @+ d  e2 Q) u  W# |/ D: ]
A->B->C->D->E
6 C! v& J0 d& W; Q( _5 W: {so does it mean if E failed to pay D, 1 N# X- A* z6 `1 g
all the B,C,D,E have to go bankrupt?; y+ ]( Q) F5 W5 p
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the multiplier just tell how much money created in a whole economy, ) @- d' m# X! I
in this case it doesnt really matter how much money is created,
3 i# a1 F: ~% W: D" b/ k1 nit's the problem of the debt itself.
0 o! E! E* u0 k8 ~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.gif2 H0 a$ q/ S7 u2 c
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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" a* W* @! ?" Q; Y無可能淨係有人蝕錢無人賺架嘛...
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) j; V& ?; T+ ^8 k% _$ p敬請各師兄解答
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Thanks

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那些根本係 紙上財富  & u# C: s1 ^4 J) U( O9 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 graphic2 u  N% R1 n: Y- P- D. Z
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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. x3 n! v: A- E' {6 p
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 ^2 O+ z  x$ W% K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! G& z) S9 [& Q: G/ {6 `
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% J; o2 _; c; w" K$ O8 [$ E扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
+ V/ v8 k6 _# v8 p. u計番回報率就已經係50%,所以可以好好賺
% ?, F. j4 {  L5 v1 M. y% q' F( C前提係銀行之間要互相信任先可以咁樣借法
8 c) x2 W2 D' N* ^6 z同埋個市場既前境要係好先得' w  |; D: Y0 D5 z; p
但當經濟一差,公司估值趺了,物價不升反趺
, y+ i0 _+ r5 P例如剛才說10蚊的, 趺到得番9蚊, 7 ?/ ^& K9 H5 ^! u) n# `; R
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 C# Q5 H& c- q% L$ `所以你就會覺得D錢好似蒸發哂咁( @+ h3 V8 y* ]' C+ m
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你都可以當標野咁諗, 個樣野多人可以狂升值, 0 ?/ S6 @8 i( v9 D6 W1 J
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, + Y& j( `5 [5 _$ s1 S: s/ J
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ g# C& ^, k" C: A) @3 L3 n
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
+ d! T8 L8 _5 R9 p7 G. m9 h5 {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.gif7 r  o, H) X; b2 X0 T7 b3 i& V/ ]9 |
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 4 v& j9 D# A1 W4 U# n6 t
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! S# ^, }0 e/ 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; g+ c/ N/ J# A3 h" f
咁你話d錢蒸發左去邊? ...

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正係咁樣
# J8 y5 i& _$ k7 O6 v- h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
6 H" q5 T" G: u9 o$ G- [分分鐘佢地唔使還錢; a# w$ ~; D' p' y6 ]- L' `. X) h% [
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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,' b/ _8 {2 G1 ?& q0 y! b9 y
連國家都係問人借, 不停發債券, 印鈔票
" s" h2 |/ u- E  t2 h# L- Z一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* R/ }, d& S6 _; l0 C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
( ?7 I/ N. ^+ ]# x9 F" R6 ~咁而家"爆哂煲"算唔算先至係變番"正常"???

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% J' B( v8 ~8 m! W( }其實係...
4 b' {3 S) n7 B因為以前未生產, 先消費; A& k$ Q0 A2 ^7 H# w# d
而家就要多生產, 少消費