0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif' ^' g1 `. P/ {2 X
Why bank will sell 借據給第三者???
/ v( h! F8 l. h8 v% a1 I! b; lI was so confused.....

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$ z& o* L( Q: ^$ n" _  o: E講到尾都係賺錢
& s/ z) d# F5 L1 q) Q; _so銀行可以不斷放款
7 D$ ^1 z3 J( {# L' q& o美國的房貸問題散佈到全世界0 o* c; W% H6 K& n* W
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mortgage loan 2 X, Z0 [$ d( m- N7 M
>conduit
* E& X2 o" s! r  q>RMBS(Residential Mortgage Backed Securities)3 y( t, c- w9 h! s3 [+ \  G, X
>arranger
% m* i+ o: o3 }- v2 X" i$ {  c>CDO(Collateralized Debt Obligation)1 O* c; j3 }/ i& o9 v1 U' u9 D
最後去到投資者

Kev

i thought it is the reason of rate of return.
* F# Z+ y- t' I" Y$ n1 QCDs could have different ratings, AAA -> F,
: T) [# B( f  J4 ^& F5 h1 Q3 Q& m& zmore risky ones would have higher premium (interest rate) as a compensation for an investment.4 \& c- r; \! j( D1 w
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
' g5 a( J4 X/ ?# W, Q; A& Min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 F" N  A& b+ l2 x- {% k* WAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 r$ ~& h; w2 D, B! q/ w6 a! R
similar to bonds, CDs trading in the secondary market have different value at different times,( |' R/ [+ G5 s8 n+ e
normally the value is calculated by adding it's principle and interest. & u7 {$ @- S" o9 M$ U  M
eg. the value of the mortgage+the interests to be recieved in the future. * P, x* t" k9 d; u
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.  S$ H2 E$ u' \! A- Q. f. b  i' F

# J) p. ?  |7 J6 ~+ {" z9 him not quite sure if the multiplier effect does really matter in this case.
# W. ~1 \. V* R2 n1 y, Y8 yin stock market, it's the demand and supply pushing the price up/downwards.
: G4 z) r1 V, ]/ T; f- k- l4 sFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 ?9 i  i' i$ c, k8 H
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, \$ C9 H( K9 v/ _. C8 cThe 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.
: b, V. I* V# |# N: |5 Nbut the value of their assets did really drop significantly.
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8 ~4 X  l9 C$ C; q[ 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& U/ E9 t. h1 p. G3 T' Q4 ~
Refer to last example,
8 C/ @) _$ R8 f/ qthat means bank A have no money because we borrow 10 dollars from bank A # f. @/ C$ P/ {' c$ N$ T6 l
Because bank A doesnt have enough cash on hand
3 t9 h& k* k& V. ]therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E* t' h' |: ]5 \( m4 U# l+ m! z
so does it mean if E failed to pay D,
, Z# H8 s) A* w  i0 `all the B,C,D,E have to go bankrupt?% T4 S# Q% v& s1 v! b( C

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the multiplier just tell how much money created in a whole economy, # O# q, G3 W2 [( Y9 N# k7 |
in this case it doesnt really matter how much money is created, . {- T. ~3 D" b, J
it's the problem of the debt itself.
. f( p7 p8 R  o' E; ?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.gif) f7 Z- L, I1 `5 P
小弟一直都唔明...& ]! h5 \% s; v( O

" G! I, `( p$ s) |) l# f8 {全世界都蝕錢，咁邊個賺緊錢呢?% `, d( \! D7 D
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無可能淨係有人蝕錢無人賺架嘛...
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2 x0 z/ t2 j) d- A8 Q9 v9 m' V敬請各師兄解答
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' u$ T6 x$ M2 V, i6 s* E- lThanks

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那些根本係 紙上財富  & t5 u7 [- z! A$ i* @, L: o
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 graphic2 o3 Q. S7 C3 R

& ~0 Z5 v3 }/ q2 t1 Q  ^3 q% Qhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產" Y* q" O$ n+ @9 r9 w
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高4 m, d3 ?+ n. I. w  c
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 z* t8 ~2 t& G0 M1 W$ J
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦4 w8 w( U7 ^9 |9 s5 @2 J) c& p* l! j
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,8 F- P: }% u2 K) v
計番回報率就已經係50%,所以可以好好賺0 K. Z: ~& Q9 X) H& d
前提係銀行之間要互相信任先可以咁樣借法: t$ J# p! c+ @
同埋個市場既前境要係好先得
- p4 s# l6 e8 _+ b( Y但當經濟一差,公司估值趺了,物價不升反趺
& \! y7 N0 A/ [) w+ |3 G3 h. f例如剛才說10蚊的, 趺到得番9蚊, ' Q+ X4 r/ T- ~; |& m- R
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ @' f6 L$ D7 U. T# `
所以你就會覺得D錢好似蒸發哂咁
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1 d+ u; l+ F2 t" i$ y- y  M4 h9 `你都可以當標野咁諗, 個樣野多人可以狂升值,
4 e/ Q7 r/ W5 J8 K+ f( ^: e$ y; s2 q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, 4 O! Y# c& T# n1 Y; T4 s
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 b; O7 ]0 d  F( o: y+ R- ]+ 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
% u9 v* o7 v7 l( ]9 c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
  P0 S+ J9 `" D" f唔係d錢蒸發, 而係比美國佬洗晒未來錢,   y  ^, k) d/ @  _& Y8 h: Y4 k
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 _! H, S) y( i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$ N6 `. P, ^  k
咁你話d錢蒸發左去邊? ...

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% x/ l9 y/ z! f' H0 \" K8 {正係咁樣
+ O# \1 L) u. v9 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
, r. r: _; ^( p0 }3 ?. K! O- h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,
, r' W8 [5 Y! f7 p& f連國家都係問人借, 不停發債券, 印鈔票
( v/ q+ O! {" F, r% t2 G7 p一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! B0 A# n) ^0 Q: a( F
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
# n/ l1 G: Z( l% N+ ~咁而家"爆哂煲"算唔算先至係變番"正常"???

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/ @) T8 \! |% S其實係...' D8 D# }# e$ d8 h% l: p
因為以前未生產, 先消費
! B# f, l+ Y2 Q- E* z& [5 l8 H而家就要多生產, 少消費