0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif* u  K$ u% z" \- U/ N
Why bank will sell 借據給第三者???9 m* ?. I- P" F' e
I was so confused.....

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# \  ^% C# i, n) f講到尾都係賺錢4 |9 u7 t6 P& ?* H( W. C  y' B
so銀行可以不斷放款
& R& d" U! }# Z4 l2 x. C& i美國的房貸問題散佈到全世界
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+ \. u: J# E: m% ^- z; [1 ~mortgage loan
1 E* s  o6 H9 p- Z>conduit% k: B8 n: `( p  s6 V3 k  b
>RMBS(Residential Mortgage Backed Securities), I! i6 O0 \1 z1 e9 X  V
>arranger
( f2 p5 I% {& ^4 n>CDO(Collateralized Debt Obligation)
8 }- N! s7 T1 f$ v& N! ?最後去到投資者

Kev

i thought it is the reason of rate of return.
! S7 K" y2 S! E" uCDs could have different ratings, AAA -> F,3 L8 s' a: `3 f. S( ~% b5 T
more risky ones would have higher premium (interest rate) as a compensation for an investment.* O# d# H( S" G% U$ P- h4 n
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 E8 L/ O& }4 R) Q0 F  ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# M3 [1 U; Y8 k2 e) K6 K% _; jAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( Q# ?6 _: ^: ^5 E/ {similar to bonds, CDs trading in the secondary market have different value at different times,
3 D( Z% p* b5 m, }$ |( }normally the value is calculated by adding it's principle and interest.
/ N; @' D" ^; S+ ueg. the value of the mortgage+the interests to be recieved in the future. 5 `2 d' r5 b1 {* k- U6 i/ K
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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2 X& \0 |- Y  a( P8 Lim not quite sure if the multiplier effect does really matter in this case.
# ^) ]0 T+ S! I# _  j2 Gin stock market, it's the demand and supply pushing the price up/downwards.
% n) ?. j# W1 N8 G5 F3 j8 RFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; {+ ]! B' z( p! XA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 g" ^! s7 c" d3 i# Y* A) }$ nThe 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.
" q* E+ S. F; W9 ^4 abut 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.gif
9 P% h0 m2 `& A( l3 N- F1 d3 ERefer to last example,
- {" K1 O9 O. x; _. Gthat means bank A have no money because we borrow 10 dollars from bank A
6 W8 ^# \7 m$ t8 h! V. D: B! ~, L2 eBecause bank A doesnt have enough cash on hand
1 c% \$ q) {; W' ~therefore bank A need to be bankrrupt ??? Am I right ?? ...

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! @7 W/ ^: ]% |4 r5 l. O9 xA->B->C->D->E
7 j  i- ]( C" Q  [so does it mean if E failed to pay D,
" {1 X- z0 i2 m. h  n- [) eall the B,C,D,E have to go bankrupt?  a! b- y9 l- L- ~' ]7 W

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the multiplier just tell how much money created in a whole economy,
6 u: _/ a3 B8 Y0 F7 O* D# D$ Sin this case it doesnt really matter how much money is created,
! F, l1 V: C  P. ~3 ait's the problem of the debt itself.
% @; w) }7 w4 D3 vthe 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, ]6 L# Y8 A# N7 k/ ~
小弟一直都唔明...7 ?- }5 L0 @8 g& l

1 ^- Z; V( ?- K" S2 j: z; [5 G全世界都蝕錢，咁邊個賺緊錢呢?5 s' l5 j( B0 Z4 b7 N4 N
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無可能淨係有人蝕錢無人賺架嘛...* I  c3 D3 ~) y' i" `" n
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敬請各師兄解答6 _4 d* U6 c$ x
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Thanks

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那些根本係 紙上財富  3 m* p" J% s- c, A9 F- a
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 graphic9 o6 \/ l6 ?# X0 a2 a. [2 J

8 `! d* ~8 d& Shttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產- c: I- s) v) X1 z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 S/ K) f6 _" O5 L- j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 K# x! u7 V0 L2 O; b5 M" r
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 u) s( ]0 p) G2 T' Y$ k
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,, O6 E  b. r( m8 i' w$ {, Z: \+ d
計番回報率就已經係50%,所以可以好好賺; b. H8 g2 s$ g" q
前提係銀行之間要互相信任先可以咁樣借法0 o  Q  u- U- a* l
同埋個市場既前境要係好先得* B) p* }% X/ Y3 ?8 K
但當經濟一差,公司估值趺了,物價不升反趺* O8 ^6 v( c/ a5 K
例如剛才說10蚊的, 趺到得番9蚊, 4 ~8 |' K% H+ h9 h
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ g. K9 \* u: q! Z! J, \
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,
1 U" h, L: S& e9 `( e1 S5 S/ `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,
1 O4 d( L3 k5 U3 ^- G淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* V/ v& b; i7 ~+ \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
$ I; v6 U6 F8 p9 p) Y0 {' Y- K" q9 b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
! ?' \7 @; B2 X: v唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ N: |9 {1 ^1 ~' O* C淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + p3 G  E" q8 `8 Y# ?  E. a
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 A) ~3 ]  `1 h7 E) A4 d* H3 m
咁你話d錢蒸發左去邊? ...

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正係咁樣
: _4 X! M+ c. I$ ^1 e1 D: }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
8 v9 P3 B2 c! e% k6 h1 [% k分分鐘佢地唔使還錢
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5 K; p8 @: ^& j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,: B3 n; Z7 v; u( {1 S2 @/ p# ?' ~
連國家都係問人借, 不停發債券, 印鈔票
) Z6 \3 f0 N! y. n6 X3 Z! M3 Q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產. g. u* f+ b+ H2 B. b/ j* S
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.gif8 q" _, Y$ z) v
咁而家"爆哂煲"算唔算先至係變番"正常"???

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% `) ]+ W: q+ w& r/ s) Z8 T' r2 W其實係...
0 y# N) E4 N5 J4 H- @0 ?因為以前未生產, 先消費3 o( {) f) q- G& u! F2 z* Y% y
而家就要多生產, 少消費