0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
  R; r( r8 @( ^7 _Why bank will sell 借據給第三者???
" y7 [7 F( K1 p. c2 s) X: qI was so confused.....

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. ^7 f3 x$ O$ L) g講到尾都係賺錢$ b  Y) |7 v3 t. @8 M. d
so銀行可以不斷放款
+ r, m# f8 R$ i美國的房貸問題散佈到全世界6 i0 s4 L0 n) u

5 f2 d% i7 Q8 ?, Tmortgage loan
! J. p& v$ B' p  B. d>conduit! @: ^: h+ {2 x; K( _
>RMBS(Residential Mortgage Backed Securities)1 R2 Q8 ?5 p" X( d* y- y
>arranger
3 B; B7 Q7 h1 U" t6 q$ l>CDO(Collateralized Debt Obligation)
9 }* w0 V& j( f6 Z% ~# @+ x最後去到投資者

Kev

i thought it is the reason of rate of return.# \3 ]8 c2 \* o# C) T
CDs could have different ratings, AAA -> F,
. H1 x$ `# T1 x5 P, K0 wmore risky ones would have higher premium (interest rate) as a compensation for an investment.: t" `4 K8 L$ g, L7 B9 M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ v7 Z1 M" R7 U( d1 Y2 \% Y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
* \: m' m9 i2 }  e* dAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ [2 \1 J' `6 J5 s' O1 Z. y8 Nsimilar to bonds, CDs trading in the secondary market have different value at different times,
5 Y7 `3 Z* b) Q2 l6 jnormally the value is calculated by adding it's principle and interest. + k  t3 i7 D9 \" v8 P( B3 ^0 w
eg. the value of the mortgage+the interests to be recieved in the future. 2 C* Q) g0 ?7 f
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.- h( Q, r$ w7 r/ [* m+ E
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im not quite sure if the multiplier effect does really matter in this case.1 b& `+ F$ V2 ]  F
in stock market, it's the demand and supply pushing the price up/downwards.
. V% F7 R6 \' E) wFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ i% v# P7 o7 q6 a: y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 `+ b0 L  h9 J, B5 {9 O5 k6 S
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. 2 v0 J) I0 A! q% G; \5 ~; C
but the value of their assets did really drop significantly.* h/ T" y7 Q  o

+ P4 _' p6 y9 Z2 C+ G0 F( Q; u( U[ 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
0 l3 F/ P6 v3 R4 M0 V" G: \) SRefer to last example,
  K, _" u! ?) j/ a& Pthat means bank A have no money because we borrow 10 dollars from bank A 2 M/ q7 ]7 u1 C: k. F
Because bank A doesnt have enough cash on hand 0 e6 ^! H& B% g5 _* y
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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3 m3 s1 ]1 l4 D6 J8 L" xA->B->C->D->E7 r1 V3 _! `+ a  I, N
so does it mean if E failed to pay D,
: Z& p$ |, g$ uall the B,C,D,E have to go bankrupt?1 ], B5 t3 G# _' |6 E, Z# T, ]
9 t: H! w$ k  d1 o9 V

$ Y& |' `0 i6 h$ L, u+ Vthe multiplier just tell how much money created in a whole economy, ) O: ?0 p# Z  Z1 @2 q- d
in this case it doesnt really matter how much money is created,
9 _# D- b" |' }it's the problem of the debt itself.* x% {7 F* _1 _
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
, _' B9 P. l1 R/ u# |小弟一直都唔明...8 Q+ L2 J; @: J% g& }8 ~9 L* D, A
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...7 J  @: F# ]% O# U$ ]9 F

2 u$ y; W: k. i5 D1 n( J# ?0 `- \敬請各師兄解答
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7 s% d; t' V. L. [Thanks

* t% n" |' C4 R% R. G# T) h
那些根本係 紙上財富  
6 U- r, K* ~% U: k& \8 T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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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+ H) I, L( H1 c5 o- f9 x  g
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
$ I- W, `, M; p6 g: n% P0 y: v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8 p# G! `' h7 }( j8 k& t
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
4 P3 H2 H2 Q  r* t1 a扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,& W! N# G/ R* D* H
計番回報率就已經係50%,所以可以好好賺4 H# }/ z" f2 O) s1 G
前提係銀行之間要互相信任先可以咁樣借法
% u% m: w+ \) ^0 Q同埋個市場既前境要係好先得
" v% L0 [! G. V: z7 V但當經濟一差,公司估值趺了,物價不升反趺  Y/ w6 G) l. E% u* ^8 f
例如剛才說10蚊的, 趺到得番9蚊,
4 }3 ^0 K$ Z  Z' b  r" I咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 e  I6 q# G/ x8 A* O+ g所以你就會覺得D錢好似蒸發哂咁
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  C) F- C) z! J5 B1 ~; W; F5 j你都可以當標野咁諗, 個樣野多人可以狂升值,
& r  d5 }& g' c: K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, 8 e% z" q" W7 j% n: t7 s
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" s! G4 H) y9 }2 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
, ]9 O2 v, U9 z9 k; E% p9 w( V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, V4 ~+ f5 p$ ^3 y
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
) C* w% a6 K( I2 H2 v. W9 r# h5 o" B淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " g: x- V* B: l! 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
/ V8 \0 R8 ^- K! u/ G0 b$ I咁你話d錢蒸發左去邊? ...

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正係咁樣
8 r  A4 v4 F  W, V6 i% P4 i; p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; q4 X, N* g0 F* N% ~, ?) e& h( K; }
分分鐘佢地唔使還錢6 l" E( Q! Y, \0 N+ Q

8 V6 W" l0 a0 p, u, |- u; U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,
6 S% H3 }; q! _9 R4 I5 k) J連國家都係問人借, 不停發債券, 印鈔票
' d% s/ Y9 R: d( W3 n9 o7 A. d; g一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
8 {% v8 g# i0 |) W5 P5 i8 t7 ]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
3 a4 i1 Z* ]/ r: Z( W咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
! C, V" i& G' U: Z因為以前未生產, 先消費( O/ i( N7 n3 w- [! V: {3 a
而家就要多生產, 少消費