0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
4 Q5 M; a# S6 c' L- N: b- X) kWhy bank will sell 借據給第三者???
. ?/ g+ b+ m# JI was so confused.....

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) T# p" l1 a; W2 B7 f; C" J講到尾都係賺錢# m  l/ ?3 F8 m2 r/ }! }
so銀行可以不斷放款8 P2 ~9 ~5 l8 ~+ V
美國的房貸問題散佈到全世界
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; r! Z' X1 q1 c# V& l2 K2 zmortgage loan
! B- x/ P9 R4 G3 {* h1 u) y>conduit
$ U4 K8 h" u" J% }" R( J* B>RMBS(Residential Mortgage Backed Securities)3 }) N9 f3 H! S
>arranger
4 W% J5 h+ F' l# T>CDO(Collateralized Debt Obligation)
5 l! F% e1 V! e% e1 R最後去到投資者

Kev

i thought it is the reason of rate of return.
- J6 m% ^; G# H3 z% K# g# a& ~CDs could have different ratings, AAA -> F,  [4 H) n$ r1 b" Y8 e" L  `
more risky ones would have higher premium (interest rate) as a compensation for an investment.- d# H9 e$ f( D  T8 k/ U: J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 z9 i. U9 ?7 O9 T* vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 o0 J& R, |6 W3 k* L' cAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ G. g7 o1 Q2 r6 S2 F7 x; Z2 B
similar to bonds, CDs trading in the secondary market have different value at different times,4 M* R6 r7 d, c+ ^6 C: p& c9 H" h
normally the value is calculated by adding it's principle and interest.
" G# x* j' c$ s9 d0 J2 {+ o6 A; w) Peg. the value of the mortgage+the interests to be recieved in the future. - N) X9 d3 N- o7 q/ `" N
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./ V# @/ |- n1 x; i/ i+ i

( t- J3 K5 b/ {5 m5 V; c) P6 x& Vim not quite sure if the multiplier effect does really matter in this case.! S; m/ [+ e6 j6 h( e% F; n, c
in stock market, it's the demand and supply pushing the price up/downwards.9 `4 q, E0 T7 M- K# \
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* B. {) d+ T) B* ^" |
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! k  f* c" b6 t! UThe 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.
& V, z( e2 @6 \6 A. @5 v  }, S% ubut 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.gif3 M& P" X& W2 M1 v: h$ f
Refer to last example,
% A( {' p! n" p6 mthat means bank A have no money because we borrow 10 dollars from bank A ( x% M# f, g4 W! l7 s8 O
Because bank A doesnt have enough cash on hand - a. a0 K: X; J% H
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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: o$ t8 c7 x- J! O! m; @/ Z5 wA->B->C->D->E
( g6 a9 @2 i+ {9 J& s! t$ s' Rso does it mean if E failed to pay D, 5 j4 |" q9 X* i7 [/ Y' [
all the B,C,D,E have to go bankrupt?
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% T1 b6 u2 |% Qthe multiplier just tell how much money created in a whole economy, * a+ x0 R, {2 g# l2 e8 V
in this case it doesnt really matter how much money is created,
5 V7 Y6 z- k: Q; u" @8 Yit's the problem of the debt itself.
' P' s+ _4 c  b) Z# M  fthe 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
* k: O; J5 [) a4 J' O. n$ ?小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?9 E9 }) R0 X7 z- n8 X/ p1 V
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無可能淨係有人蝕錢無人賺架嘛...5 r6 ~9 U# p& n' R) X3 i5 K
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敬請各師兄解答, T  @& E/ J3 @) Z! u

1 Z- z0 v$ w2 X7 n* rThanks

. ~2 R4 N, F9 u" u9 d4 a那些根本係 紙上財富  ; D2 ~6 @8 y- C3 \! P$ u
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- S! Y0 U5 k2 }% S! _- k( Y7 k+ A
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ @7 `9 v& W1 R; k, a% W
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
3 ]8 ^3 Q4 t0 y) ?+ Z個件物價係市場好既時候升, 例如15%先算,變左12蚊啦; y; `2 t) ~( B" @1 h8 f
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
8 R4 x1 `: q: p4 f計番回報率就已經係50%,所以可以好好賺
9 W: C, B$ f7 Q0 F前提係銀行之間要互相信任先可以咁樣借法1 p& W& f, U, g* K& s6 Z, x
同埋個市場既前境要係好先得
& ^7 L( K' g% S8 x" J但當經濟一差,公司估值趺了,物價不升反趺
2 v; ?1 t0 M  g3 f5 a/ C5 I例如剛才說10蚊的, 趺到得番9蚊,
6 J$ T. e$ P- e. u9 d) B3 s咁投資銀行一下子就要還11蚊, 一來一回變左虧200%. v9 |5 s" u& j& d  K
所以你就會覺得D錢好似蒸發哂咁
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7 J! L. ]* [! I* Q, J0 N/ ^你都可以當標野咁諗, 個樣野多人可以狂升值,
4 X6 e/ B4 ~1 h# v6 [" ?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, % b  {: ?4 {5 I* X% A" g
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& Y! U3 ^7 J+ v! I9 D3 R6 S: X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
4 I$ x: {& G% F* N* q3 |( q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& y. ?4 P: x3 y0 a- @- E
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 Z/ I6 T! p# v: u2 }) S
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 E$ r) [9 X* P$ N( p
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
/ z% P  o8 }7 Q7 S' F9 B2 b9 j咁你話d錢蒸發左去邊? ...

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正係咁樣
2 @' B; T+ X6 d7 g6 ]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& @% C# `* `5 e2 J% i' c- G
分分鐘佢地唔使還錢
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3 Y8 ?' \1 X" A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,$ ]' |% a% `0 w
連國家都係問人借, 不停發債券, 印鈔票1 P. _9 H' F0 Z4 k7 g
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ w7 w8 h/ y1 g( x9 y
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
: z7 [) i% D, S/ q' @咁而家"爆哂煲"算唔算先至係變番"正常"???

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2 S" i3 ^0 z) J0 i, W3 G8 |: f- g其實係...4 f4 Z; G/ \" I6 @/ j
因為以前未生產, 先消費
; l7 d) a$ Q/ l3 Q; V" m1 ~而家就要多生產, 少消費