0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
; Y, G: R$ _6 T# f7 }9 ~2 v' fWhy bank will sell 借據給第三者???
, x6 \6 ?$ x* ^4 v5 m% ZI was so confused.....

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  h* S8 i: J. q2 M/ W" Q講到尾都係賺錢
6 c" S/ \7 g- gso銀行可以不斷放款/ t0 i2 ^6 b4 k$ c
美國的房貸問題散佈到全世界
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8 N+ b0 a; y: t7 h7 Gmortgage loan
) g5 n* s. A, s3 A9 i) g>conduit
* d8 |& C1 Y0 m( P7 x7 a>RMBS(Residential Mortgage Backed Securities)
; m8 n2 A% F/ d3 @5 i>arranger$ v( j' x: `1 o6 Z
>CDO(Collateralized Debt Obligation)
. k0 N! O, M+ N/ }  j最後去到投資者

Kev

i thought it is the reason of rate of return.
2 {9 f) w* ^5 h; {+ T- k2 CCDs could have different ratings, AAA -> F,
3 x7 m! a0 x2 Y& S4 Q/ }% vmore risky ones would have higher premium (interest rate) as a compensation for an investment.
% @0 `% X6 m  y6 Y2 D) Tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* `6 _- r7 j3 W; M+ s2 f( @
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 E8 m3 T) g; h, k$ G8 X: y8 t
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) z8 x  Z* h7 C7 J7 ?" G  qsimilar to bonds, CDs trading in the secondary market have different value at different times,
8 H* g0 Q3 N/ @. c9 i7 ^normally the value is calculated by adding it's principle and interest. & j9 f- J: n4 t% B6 C. l
eg. the value of the mortgage+the interests to be recieved in the future. 1 u5 ~: o+ G. ^$ h. K  d2 d
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.! D0 v: t, o* O$ x6 r
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im not quite sure if the multiplier effect does really matter in this case.
% `, W" J& M6 e. S( Din stock market, it's the demand and supply pushing the price up/downwards.
" h' p4 Z0 x. R/ {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
  o- c9 c3 f: x% N$ WA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. T, m& k- ?/ E+ _, q5 ], |3 _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.
( W: C( x: D0 v. @5 ?but the value of their assets did really drop significantly.
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1 n/ S# U# u8 k0 d* U* Y! F! S[ 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. d& |3 V: C, Y
Refer to last example,
9 O1 R  x3 E# T5 F" Lthat means bank A have no money because we borrow 10 dollars from bank A
/ `: R3 q+ F7 m: Y# k- K. oBecause bank A doesnt have enough cash on hand
( D5 u7 ^& O7 ttherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
* m; a  i. b+ u9 `& J7 pso does it mean if E failed to pay D,
- }6 c- H1 k. M! p! F; wall the B,C,D,E have to go bankrupt?( P9 O* G2 ^( _( B/ R- |) @
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the multiplier just tell how much money created in a whole economy,
" Q/ m- s1 Q, S9 t) J; ?( @" L( Vin this case it doesnt really matter how much money is created, 5 h3 a+ _. y( I
it's the problem of the debt itself.
! Y7 c( D' u8 w% K% Cthe 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- t6 R$ b/ Y9 K& t
小弟一直都唔明...: H! E3 o# w  ^1 q: N7 O

# R) r2 z& v- N& e' l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...- G) m. h4 `- p7 F0 P
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敬請各師兄解答( g4 M6 Z- S) I

2 B/ |0 V% n+ M* f$ _% T, eThanks

5 v+ d* w8 i( T" f2 w8 _
那些根本係 紙上財富  & G$ T) `6 i% f& i/ O
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9 I, j+ s* R, a* d8 _: C  j
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) l: I; P3 P; k5 ]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2 M" Q: ^' c1 X7 v
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
. j) `* `$ t/ O/ X/ R3 U/ @扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 E# G, s. Z/ ^
計番回報率就已經係50%,所以可以好好賺1 x1 c0 [  a( ^: ?/ R8 O; C% f
前提係銀行之間要互相信任先可以咁樣借法: g( O# o2 k, o) {; u
同埋個市場既前境要係好先得/ B6 |1 g( m+ L2 B
但當經濟一差,公司估值趺了,物價不升反趺
9 X% V9 \/ F! ~$ l5 }; ^3 Z例如剛才說10蚊的, 趺到得番9蚊,
/ o: ?6 S! a$ ?/ _2 i咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% d7 k2 \2 F/ a
所以你就會覺得D錢好似蒸發哂咁
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! Y. D* x% B/ w( c3 u你都可以當標野咁諗, 個樣野多人可以狂升值, " R+ ]! K& r! h
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,
* U. d. ~$ a, e9 a3 ^7 ?" i淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 H+ v- Z5 `6 `) G( h6 J' f
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$ \5 H( n- S% f# X$ ]
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 u& \- Q3 V# d* p6 L) f* e唔係d錢蒸發, 而係比美國佬洗晒未來錢,
' z- l/ g. V% J$ A; Y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , ]8 U. h+ i+ p( F2 \2 u/ u% l( b
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; a: }- h8 l7 S! C咁你話d錢蒸發左去邊? ...

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% \8 @  e( r$ T, ~. Q: V: Q6 A正係咁樣( }6 [" r+ f  o1 O4 U0 t' _# w6 T
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  q$ `& i- P8 ^) Z+ a1 R
分分鐘佢地唔使還錢5 G! W$ I5 N& _1 s8 B" g6 r

- l4 z, k* [& {7 z" a, S4 @8 |* L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,
5 w+ T; \$ q3 E, z* z0 S連國家都係問人借, 不停發債券, 印鈔票  K7 A; b1 a+ i% L+ P( a
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: b8 l  O, W, l6 F4 \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  l/ b8 g0 m! Q9 h$ A' c4 c$ `
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...9 R) z# f9 t' k5 i
因為以前未生產, 先消費; H8 R! U2 h5 x8 m
而家就要多生產, 少消費