0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
$ o9 k$ K  |/ W; ?8 M2 cWhy bank will sell 借據給第三者???' f+ P) j- o! E& o6 N8 {$ j  Q
I was so confused.....

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, N' h1 z% v/ j/ ^# w' y* Q講到尾都係賺錢) x: `; R0 _! k" }$ V
so銀行可以不斷放款
( S' c7 w1 O. l3 w# c6 \美國的房貸問題散佈到全世界& W% A3 ?( H2 M0 ^, k+ T: X  l- i
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mortgage loan % |& G; ^( |& h( B. M+ H3 L
>conduit
/ V. J# a$ f4 ^8 \" G* h>RMBS(Residential Mortgage Backed Securities)/ p" Z: }) q( @9 A: |: k
>arranger  b; a' P$ i5 f5 m+ u* ~! r6 s& C$ v; T
>CDO(Collateralized Debt Obligation)+ i! r: l$ E+ y1 M! g+ g
最後去到投資者

Kev

i thought it is the reason of rate of return.
  P, s' l) [/ ?2 d0 OCDs could have different ratings, AAA -> F,( H: C: t' V3 r! v5 e( H
more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 [. {! D9 l) w8 e2 kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ |8 v/ J; S' M) X0 L5 s
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.( S0 g4 e5 b* }$ R& F1 V
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ X7 a& F" T! N9 H+ Jsimilar to bonds, CDs trading in the secondary market have different value at different times,
9 K: t3 B9 ]4 Z0 w: {8 |normally the value is calculated by adding it's principle and interest.
9 M% J: s; ^  a. t$ aeg. the value of the mortgage+the interests to be recieved in the future. 2 S# S! ?5 d( l% T+ R* K
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.; w2 g7 ^( |8 ~7 Q

! b! }5 \6 A+ v; Cim not quite sure if the multiplier effect does really matter in this case.
- |) N; T: x$ Q( \: @$ K; t  yin stock market, it's the demand and supply pushing the price up/downwards.
+ Q9 k+ b4 D4 P+ A7 QFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% c: f; P0 T% U- z! M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% z( \+ g' M2 ?% z  Q( M2 jThe 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. 1 \* A, L+ F/ Z
but the value of their assets did really drop significantly.
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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.gif2 G9 n; y8 w0 K  N
Refer to last example,
0 Q% z6 F& g" V7 N$ l2 Ethat means bank A have no money because we borrow 10 dollars from bank A
& X. s. o4 ^, X) |Because bank A doesnt have enough cash on hand
- K4 [# r+ ^7 L. z; ~6 s3 W. Z( u0 E  Btherefore bank A need to be bankrrupt ??? Am I right ?? ...

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7 X+ h6 n; ~. O# g5 t, f4 |8 fA->B->C->D->E& m3 K, [. f( L! r4 Q8 O
so does it mean if E failed to pay D,
, J7 S) L9 J. S; d  `! s7 @& gall the B,C,D,E have to go bankrupt?! ^4 }5 W- l- J) Z

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% k% }# n* F9 d; Lthe multiplier just tell how much money created in a whole economy,
0 p' M( x$ C. A! q  Gin this case it doesnt really matter how much money is created,
7 G. r* h1 y% g! ?it's the problem of the debt itself.
. k9 L3 d6 Y1 othe 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.gif8 p; u# s* }5 U2 H; w
小弟一直都唔明.... o, \$ G3 n1 u/ q) W, _. l) b/ f) r
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全世界都蝕錢，咁邊個賺緊錢呢?% k3 o$ D& @, K/ t  a1 m
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無可能淨係有人蝕錢無人賺架嘛...8 F% a9 Y& ?+ K/ K

$ M' h4 a/ B% o( z! T敬請各師兄解答2 b( ~, q% N, i5 r6 m- A5 Y
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Thanks

. u$ x- `, B! ^% p那些根本係 紙上財富  
$ Y8 c7 p' j# R- |7 s/ h. h) ~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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- J) ^! X, m8 \; j/ Hhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產% @! d  m' W/ |( j( w8 U
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: X, h7 i7 M6 s9 _" U/ f& n
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 l0 ?+ S# d' H  C. V% X
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
  E: p& U( o, e% D扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
2 I5 m, X- W, L" p; @2 O計番回報率就已經係50%,所以可以好好賺
/ A9 I* r% N2 |4 o  I# N前提係銀行之間要互相信任先可以咁樣借法
' j$ h) h" p) t) G2 C9 _2 `4 w# L同埋個市場既前境要係好先得, {- Z8 s7 A0 w6 ~
但當經濟一差,公司估值趺了,物價不升反趺
- a& t- `4 c  `; p例如剛才說10蚊的, 趺到得番9蚊, + @6 a* o+ z; c* ~
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%: d4 t5 ?6 B  o8 e
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, : N; b4 Q6 i8 ~5 D1 d
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$ z& [3 \! s) a. y4 Q4 `
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 w+ c7 p1 A  W9 H  Y9 K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
' O: P' ]. g# j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: ~+ M$ K  h3 A, g0 u
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ! U, t- Q) [# F$ I- @. a: i# H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) e2 k4 f+ X. x7 a7 ]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% z0 _7 f& y9 E+ m4 r% z  |" h& O
咁你話d錢蒸發左去邊? ...

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正係咁樣( x8 q/ @4 v$ @1 l
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+ }$ ?; b- D6 X! Y3 [/ N6 r3 l
分分鐘佢地唔使還錢
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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,
" l6 e5 j: J; d1 x: E連國家都係問人借, 不停發債券, 印鈔票
: z& [1 v; ?5 O一個國家好少出口, 而又大量入口 ,反映到佢唔多生產8 B* V6 _5 X2 U8 j  O: f6 P
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; Q! W+ [1 B* W4 r- M. B
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...- U4 Z- Y& {% M6 c
因為以前未生產, 先消費7 ]" j( r% l0 a" a4 O
而家就要多生產, 少消費