0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' k# z  J+ ]! P4 CWhy bank will sell 借據給第三者???* B8 i/ q" W' h* N
I was so confused.....

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9 [2 ^4 R0 U8 ?) l: ~! i講到尾都係賺錢
8 i5 T/ x( A3 P4 cso銀行可以不斷放款
% l, w8 z9 N8 f5 _美國的房貸問題散佈到全世界
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mortgage loan   w0 w: F4 e+ B1 ^. l1 D4 g
>conduit8 a! X5 |+ F% i0 C3 a+ H
>RMBS(Residential Mortgage Backed Securities)
2 w  |  O) X2 Z, u* p7 Z" {>arranger
' p; r+ _8 [/ J. K* E) ^: ^>CDO(Collateralized Debt Obligation)
4 l9 A; m6 t/ [6 i% i0 t$ ^最後去到投資者

Kev

i thought it is the reason of rate of return.1 B6 C: [, N4 b" A; A
CDs could have different ratings, AAA -> F,# W4 ]/ R2 D' Y, `
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ \7 K$ _  d) Z; M5 I; Amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- t: S# ?/ w6 e' ?- C6 B% L& Uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 x+ ^7 u0 q: `/ iAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. i# ^. m) I6 Z; j
similar to bonds, CDs trading in the secondary market have different value at different times,
% \4 C" W( e- `# U4 M0 onormally the value is calculated by adding it's principle and interest.
# d0 L, b! Z& {0 _6 a" ~eg. the value of the mortgage+the interests to be recieved in the future.
! @# F% z0 ?" pbanks 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 Z! A  S( c4 N. k6 m' T( d

* @& C% s* C- O$ u- m, |3 |) E$ Nim not quite sure if the multiplier effect does really matter in this case.% ?4 h: W. i9 i! a# h
in stock market, it's the demand and supply pushing the price up/downwards.
6 r' t* E- w8 h9 J5 j; `! S8 ]For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. S2 f" c  i; V7 ^4 F4 e
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 U2 l2 U2 Z: t
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.
& \  g2 Z  |8 z+ [) k* U. q% _7 Gbut the value of their assets did really drop significantly.2 q8 u8 I" o2 B

' Y0 N! X9 U5 N; M" E$ Q2 q[ 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- F; e0 A* j( b8 x/ e
Refer to last example,* K0 s: p1 s8 H' X  O
that means bank A have no money because we borrow 10 dollars from bank A
" v7 i3 R' f: q- Y2 @Because bank A doesnt have enough cash on hand   ]/ G4 c7 [$ X5 E/ v
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
4 l+ J3 T: ~% J3 K5 |* w: Dso does it mean if E failed to pay D, ! d' ~/ w9 ^$ s$ ^9 F1 a' j
all 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,
% e/ ~& _; f; g) H9 jin this case it doesnt really matter how much money is created, * e1 T$ e! q7 Q$ Q# w. J$ L/ Q; G3 e
it's the problem of the debt itself.
) ?; l6 ?! A) r2 Uthe 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
' P+ {! s: U+ g2 ~, O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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: G) T2 [- }: c1 L6 H無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答5 T; f4 T+ v$ V: y, U* u

4 ^( Z5 [) ~4 \Thanks

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那些根本係 紙上財富  
9 X0 H$ Z  }0 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% p' F; ?  {% ~2 [* d8 {( k

& ]% R/ C2 E; G% o( N0 ~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
' _4 Q5 s. C' J  }, f# Y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高, W7 }( M: H3 L! B8 d3 s" 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
9 H) n$ T  k' L( L個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
5 r  j$ f1 @- `+ n' M& r5 G+ Q扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 z0 B) b+ \, Z' y計番回報率就已經係50%,所以可以好好賺0 Y8 Z; c& S, T5 x
前提係銀行之間要互相信任先可以咁樣借法% L: k2 R: L  O
同埋個市場既前境要係好先得% _! K% p$ @( V" _: w7 ^
但當經濟一差,公司估值趺了,物價不升反趺+ _- ~& l" B  g& L/ e3 O7 v
例如剛才說10蚊的, 趺到得番9蚊, # E& ~$ N' h1 b& D
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%! r5 g/ _8 t5 I7 d
所以你就會覺得D錢好似蒸發哂咁
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6 O8 |8 |+ W! o- a+ L% m你都可以當標野咁諗, 個樣野多人可以狂升值, 8 \/ y" Q9 l* G
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,
- \. @6 Z' B# |1 {; m1 |4 R淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 S  e8 f5 L" x0 b. 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
- q0 [9 W8 D' k2 i5 w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
4 H$ U/ Q2 _# r唔係d錢蒸發, 而係比美國佬洗晒未來錢, ' {% @& \( {4 {+ w( \3 z9 A0 j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 q' c5 B; ?6 i9 v! 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
1 `# {6 D" R# L- t6 |咁你話d錢蒸發左去邊? ...

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+ l( p' a8 v6 b+ b6 w正係咁樣
4 L4 f  ]- W) O5 `# }  ?* ^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& Q5 u5 K2 {+ Z4 u  O7 [6 X& O. \
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,
3 {" ]+ o0 ^0 l- k5 I/ o& U- C連國家都係問人借, 不停發債券, 印鈔票
: K( H* \+ [$ ~. Q( F4 l一個國家好少出口, 而又大量入口 ,反映到佢唔多生產, q: E* L9 y1 C" y* X. m6 K
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+ G) M8 k/ i% l# r  e/ ]4 F$ h
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...  n2 z) \1 y/ g" j% s# n
因為以前未生產, 先消費
( ~, [) z8 ?6 ]- L而家就要多生產, 少消費