0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif: ~) X, P+ R# q( }( p
Why bank will sell 借據給第三者???/ J+ _, Z( `/ M( G0 @, d
I was so confused.....

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講到尾都係賺錢
- @8 w. G1 m; b1 ]! @/ u" w/ W* ]so銀行可以不斷放款$ I( s9 v% u. E
美國的房貸問題散佈到全世界' K8 ~3 z. T: _" b1 S+ ~
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)
  h* T, K- ^( h! C" r>arranger
' F, \- J4 I7 d4 C$ b0 o7 d9 R>CDO(Collateralized Debt Obligation)$ Z1 q( A  E) V9 N; `
最後去到投資者

Kev

i thought it is the reason of rate of return.# T, z% Y3 E& a8 g
CDs could have different ratings, AAA -> F,
/ K) {1 q4 b" L% g% k  imore risky ones would have higher premium (interest rate) as a compensation for an investment.
- L5 ^5 i; ~! g0 l4 G/ M; rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# {- ]: K0 P. F$ j
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." ^4 W; u) i1 v5 }8 A. ~
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. u& t% ~# z) ]8 U. I- Tsimilar to bonds, CDs trading in the secondary market have different value at different times,
6 Z2 g0 i/ }% ^3 f; L2 Y1 ynormally the value is calculated by adding it's principle and interest.
/ a* x! i4 z, k" K+ Leg. the value of the mortgage+the interests to be recieved in the future.
6 G% ]. Y" x: w- K" bbanks 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.) n* }1 p' j1 d1 @/ N2 v: T
in stock market, it's the demand and supply pushing the price up/downwards.
$ j+ W3 o. |0 n7 @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) [* ~5 R, J6 f% K' hA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ w9 T0 b9 y& y9 VThe 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.
, m* Z- L" ~. f4 x9 I+ k9 h' u( }& fbut 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- Y7 r. v; f3 p: `9 l6 ~
Refer to last example,% `% |4 ?! U. a) H6 |" B
that means bank A have no money because we borrow 10 dollars from bank A
; d! p; P) L0 p# S* S  ]Because bank A doesnt have enough cash on hand   p( G- ?* n8 `0 L8 K
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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. X7 E+ C6 a, D$ u" v- ~6 ZA->B->C->D->E# [5 s; U8 Z1 {
so does it mean if E failed to pay D,
/ U9 @" ^6 g4 I3 }* x3 Z$ y+ Aall the B,C,D,E have to go bankrupt?
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/ Z% g: N; e8 G# T/ W6 I, Zthe multiplier just tell how much money created in a whole economy,
! c  p. J. V$ H- l, t/ Nin this case it doesnt really matter how much money is created,
# Q2 }4 T1 C1 t6 Z5 I5 ?it's the problem of the debt itself.4 s$ ^* `! n; b! V* @9 t
the 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.gif1 }1 v$ ?6 A0 F# g
小弟一直都唔明...  d5 [' I' Q/ H3 o2 M. G% F

3 q: j/ l, M) v* Q; h+ q全世界都蝕錢，咁邊個賺緊錢呢?: r* b0 ^$ T/ c% f  N* x
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答1 }6 k7 T3 g' s8 A( n" f: Z4 F
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Thanks

) J7 d2 H0 m7 [4 [( h5 ^那些根本係 紙上財富  
( W$ [9 U5 {. c, j: y1 o& u  `& t! Y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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0 a% {4 h& O9 A0 \: g1 P0 a6 Khttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
' z& l; O0 a4 T( \! s" \當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- k1 H4 x& {# d  r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 U: }* ]& o* J1 r- W2 @2 h個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" d: ~8 N) t7 l扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,& q; D) D  f& j
計番回報率就已經係50%,所以可以好好賺
' X5 t% R" o. \- z$ z0 D: {前提係銀行之間要互相信任先可以咁樣借法
, ^# H, M; c# O5 Z2 `- n6 r$ X同埋個市場既前境要係好先得
. k# K& S+ P! F% C2 q" j, U# J/ s4 \但當經濟一差,公司估值趺了,物價不升反趺8 `8 C% [4 a) W: ?) x8 ?+ ~9 c" _
例如剛才說10蚊的, 趺到得番9蚊, & |# P( z- H9 C* l7 ~% y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! x1 f4 D, u4 C! g, k) R# W  i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,
! I( x, o) ^: U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, . `( `6 q" b7 U' m+ x8 r
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( p% |1 P+ V, H: D# K* E
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
3 U. I" z% m+ l+ Z/ J, M4 [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 I3 e& p2 u1 k- k唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; ~7 O) |/ H# \* X3 P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 f3 Z" {. R( Q# ^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& D9 R% {* k6 q! s( `" j
咁你話d錢蒸發左去邊? ...

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正係咁樣
* \  x. n. x. }* |) j1 ^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
* N7 g  n7 K: \5 k2 @7 Z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,9 ]3 L- b' P5 K$ b! S: Y
連國家都係問人借, 不停發債券, 印鈔票# V% }  `0 A7 K5 N# Z. `
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ n" Y+ @1 V% Q2 @& q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 D, {5 b2 ]/ |咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
# ^: q( p$ r% l1 T  N. y因為以前未生產, 先消費( r* r% Y# f/ c/ V- S
而家就要多生產, 少消費