0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
& p8 Q9 C5 q" MWhy bank will sell 借據給第三者???: Z8 s+ w8 d3 l: G! w, k- z
I was so confused.....

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, f' O0 O. v3 P5 _講到尾都係賺錢& k/ A/ j( x% O1 z- m3 v  w9 }
so銀行可以不斷放款
# _9 n+ _# Z1 y& S" P美國的房貸問題散佈到全世界
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mortgage loan
6 m6 I- \/ l% F9 X6 u1 K0 _/ E>conduit# A$ S$ I& D0 `; m$ g" c
>RMBS(Residential Mortgage Backed Securities)& Z! z3 F- k# d; Y1 m6 }9 \( K
>arranger
9 g4 z" p' L- F9 {3 ~- E>CDO(Collateralized Debt Obligation)3 ?9 @8 H/ T5 _7 f9 J& Q( O  C
最後去到投資者

Kev

i thought it is the reason of rate of return.% G& O, r) [$ C3 U& S3 d' m
CDs could have different ratings, AAA -> F," o' S) g# \+ _6 Q: r6 ]; ^7 d
more risky ones would have higher premium (interest rate) as a compensation for an investment.; W- p( ?& m' ]8 y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 ]! ?! p1 K+ ^4 h# d' G2 y3 _in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% k" ~% t$ Q" c# T2 k9 Y/ d4 ?Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% M/ y) n; u; o# C9 w4 p2 Q9 J- Z
similar to bonds, CDs trading in the secondary market have different value at different times,, C' t+ ~" S4 U  g2 g3 I! O" K' ]
normally the value is calculated by adding it's principle and interest.
7 E( A4 @& ^7 c$ ^- Z4 ieg. the value of the mortgage+the interests to be recieved in the future. : |' K, u- k3 C3 t- g
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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4 l8 |) c+ K- k! ]) g' m7 Pim not quite sure if the multiplier effect does really matter in this case.( ]# @3 C2 M9 M" D% Z" B
in stock market, it's the demand and supply pushing the price up/downwards.
/ K; R' U7 q( p/ d: G* }$ BFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% \1 j: S& M3 a, M& |% A* M# E
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 k! g$ B7 `# q, z8 f$ |, }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. 8 a6 b8 g* t2 L( [* |8 @& z6 P
but the value of their assets did really drop significantly.# i1 t% S7 C8 d! s+ P$ y# q
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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
$ [+ a4 r9 I# N0 q6 jRefer to last example,
% I6 Q$ a) l" ~3 i& Mthat means bank A have no money because we borrow 10 dollars from bank A . Q1 \2 ], s$ E- W, A
Because bank A doesnt have enough cash on hand
9 C% |" |) U; z' y: xtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E: t8 V9 P4 y3 a* E" ?& ~
so does it mean if E failed to pay D, * j' O2 w# R. {# X6 e
all the B,C,D,E have to go bankrupt?  D" p3 n: H5 M

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the multiplier just tell how much money created in a whole economy, ; }; F6 X6 _: {
in this case it doesnt really matter how much money is created, 9 @* P. Z  j9 x' L) |0 m
it's the problem of the debt itself.
. Q$ |* K4 a( N- Ythe 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
5 M0 F' F4 |+ q# _% i小弟一直都唔明...1 f1 `% i" x  F4 T/ R1 q  B

" D! \( I0 q! ?, m2 W全世界都蝕錢，咁邊個賺緊錢呢?
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+ M/ m" R* [- \無可能淨係有人蝕錢無人賺架嘛..., [& c# N5 R/ n

& p! }# b9 R! C  B; A敬請各師兄解答
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% x- B$ r* N% sThanks

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那些根本係 紙上財富  
% L+ w6 A- e  P' a. c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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  @; C2 {+ r( b/ mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產8 j0 j! x2 F1 g2 a" |
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% R7 ~' A% C0 R5 y/ Y5 n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" }1 Q0 o+ p$ \* n& Y% O2 x2 q5 @2 H
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! g4 l: K- S' t" a* t% i扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,9 `- ^$ B* h  w! [+ Y% w2 P8 \% z
計番回報率就已經係50%,所以可以好好賺
+ @8 ~1 w! i$ O) g- T3 ^9 f前提係銀行之間要互相信任先可以咁樣借法
8 W% G* }7 i1 U3 j) A2 {! }2 m( E, ]同埋個市場既前境要係好先得* I8 B1 a/ B! h. J$ {6 e# Z
但當經濟一差,公司估值趺了,物價不升反趺$ d4 R) P8 f( _8 j
例如剛才說10蚊的, 趺到得番9蚊, # H1 C1 q( q) G- n. y/ F; y/ z
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 A9 t4 I+ M  n# M- J所以你就會覺得D錢好似蒸發哂咁; E! R/ R& a% F+ R" J

) i. n8 J( X  |你都可以當標野咁諗, 個樣野多人可以狂升值, ; g; B) W: M% t1 a# h  N
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,
: Z5 r" B4 g; z0 d. _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 y* F7 j1 D! q" s
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
& v+ K5 l: V9 O( @7 |4 l4 z  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.gif& u9 g; a) o# H. ^/ u+ X
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
# U! E6 G% l& _, M8 J& r, q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  y! A8 O9 t  F! V  |" {( ]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  @& N# `1 S- J5 w
咁你話d錢蒸發左去邊? ...

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# Z4 S: F) P7 O, @5 C% A6 C" L正係咁樣
* B9 x( \& M  K4 _% C) \0 m: R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
! E6 H9 H  L7 q$ _7 u; n! x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 {, i. k# }* C- A連國家都係問人借, 不停發債券, 印鈔票% y2 p$ T- X, A5 H" E2 _& ~
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產) U& x( Y3 R% p2 @4 B+ q* R
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
2 _3 |3 H+ a4 |# W咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...% V* V# E0 X3 c5 P$ h" e. o
因為以前未生產, 先消費6 F9 n# q( V) B3 K1 p: V
而家就要多生產, 少消費