0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
4 ]- N6 u6 A3 T. H6 [Why bank will sell 借據給第三者???
' N' p5 G7 C  V8 ZI was so confused.....

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3 X9 f5 e' t* ?1 |; ^2 K& ~+ N& k講到尾都係賺錢
1 P8 d5 {- E1 l/ w: Tso銀行可以不斷放款
! o  z8 U2 R' m; L+ f' R8 {6 ~4 n2 S% Q美國的房貸問題散佈到全世界
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9 |0 }% r( E) }+ ]$ ]mortgage loan
6 s0 ^9 O0 b/ C5 g4 n>conduit
" p% |8 n0 E# `>RMBS(Residential Mortgage Backed Securities), y. p/ F( K( o4 B0 S2 z1 K
>arranger
8 @. T1 G6 P9 V; j& q7 e* J>CDO(Collateralized Debt Obligation)% Q2 F! |) ]# m% `+ ~* M" y, Z
最後去到投資者

Kev

i thought it is the reason of rate of return./ r. Z" @' R( j. F2 {( N
CDs could have different ratings, AAA -> F,) F: n7 x2 ]+ Y' G+ }
more risky ones would have higher premium (interest rate) as a compensation for an investment.. o( ]) T( v1 r2 C" E- ^
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ _' r# ~% d% N; L# w: K8 W
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
* o3 k$ I6 h) n1 O$ H) GAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& o" l; a6 o! O; W6 a; U: l, a, S
similar to bonds, CDs trading in the secondary market have different value at different times,( D3 Z* i  N5 R# H5 t
normally the value is calculated by adding it's principle and interest.
; b) F$ R2 X- feg. the value of the mortgage+the interests to be recieved in the future. 2 U8 e$ @& O6 F) n7 ?
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.
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im not quite sure if the multiplier effect does really matter in this case.
( D- Q0 v! u  A/ |  p) ~in stock market, it's the demand and supply pushing the price up/downwards.5 a# z8 S& p) m* u. l6 A  L) W
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 d+ T( z- P) Q, u; b0 d1 X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( Z$ C$ R9 @) x# \2 Z# M
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.
5 T, p$ `# R3 P1 A' k" Z$ rbut the value of their assets did really drop significantly.4 U( }1 P$ w- ^" p
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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.gif0 T5 \! n( Q3 O8 o6 ~8 ^
Refer to last example,5 F  z3 Z8 S& |
that means bank A have no money because we borrow 10 dollars from bank A
+ u( {: D7 j9 ^) ~: kBecause bank A doesnt have enough cash on hand # ~! B. z* @1 ]0 I
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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* E3 y8 j% F/ |8 d$ ?! k/ D# P; zA->B->C->D->E
/ Y8 _0 b2 t- O4 v6 e( gso does it mean if E failed to pay D, 8 o7 u- S. ~; B/ f7 v
all the B,C,D,E have to go bankrupt?, D- q$ U9 e7 x8 e0 b0 `* |4 _& M

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the multiplier just tell how much money created in a whole economy, / L4 ^3 I" j9 E0 e; M
in this case it doesnt really matter how much money is created,
; [" A& n; [5 i, Tit's the problem of the debt itself.
4 `" ~* ?: {. j8 L8 g' xthe 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
- [; U! f! U; Z/ K0 W6 p" Q' s小弟一直都唔明...8 Z- N; f& d2 |5 z
+ I3 I5 z! L  m$ }% Q- j
全世界都蝕錢，咁邊個賺緊錢呢?: V: G: @# _3 \- C. V3 M

" X& q$ c8 }, T9 `6 t& E無可能淨係有人蝕錢無人賺架嘛...
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( w5 ~. K3 Y( W: E敬請各師兄解答
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+ S: y% Q9 |. i4 ^% D  O, i5 I1 F" |Thanks

$ U% V! T$ q- I: v' O那些根本係 紙上財富  
. q' Q# a4 \( X4 n" {# g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% K% c9 {# U! h$ f
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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2 x( J+ W% r6 Y0 t% T: ^
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
8 l4 Y( L' L- W) e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
" T4 N9 T1 R3 m5 @個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
  c6 q7 R5 T5 ~, z  N$ }扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,& [9 r6 k* g. s1 p; l: p
計番回報率就已經係50%,所以可以好好賺
/ s8 ~8 Z! A% l1 |1 L前提係銀行之間要互相信任先可以咁樣借法7 @& f. \1 z0 v6 r+ f- v
同埋個市場既前境要係好先得! E7 u/ H& L+ ~" V! O
但當經濟一差,公司估值趺了,物價不升反趺7 N4 b- ^/ m2 i6 Y9 g
例如剛才說10蚊的, 趺到得番9蚊, ! c$ N: B" A9 q1 s: ]
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) L* q$ p$ F" |3 o' |
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, % _8 q) X. R7 O
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, " i) ~1 \7 u5 P3 [2 B/ r
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. C3 d' Y% s- i3 X0 h1 A1 h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' M$ H& k' [9 s$ g
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.gif2 }8 C6 B( {: r6 G2 J  ^
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 n3 E$ K/ }6 @' o. j, h淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% b8 P! U# Z' c& 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5 T/ b: Q2 h( h1 H% K2 q& [
咁你話d錢蒸發左去邊? ...

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: d4 L7 u, k, |9 J9 O正係咁樣7 b, ?/ |$ x  q. M/ f0 e8 e# E) r! 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
7 o( W" C% a: _/ k" h0 W" n% F2 S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,
1 B$ ]  D3 s" H; m, z- O, O- g連國家都係問人借, 不停發債券, 印鈔票9 e8 l. ^( K( C& p  d0 D0 h: ]
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產- l/ {% [4 p1 i" d+ u
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! ^/ ]# E" c+ m# N# H- P1 [' Y
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係..., H! i# ~4 x& F# {
因為以前未生產, 先消費
0 x6 j$ K. O, A8 L& s% V, }而家就要多生產, 少消費