0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
* R5 U$ m( r1 `1 g5 BWhy bank will sell 借據給第三者???* t% k* [/ u" U1 j  W$ R
I was so confused.....

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; G( L' I3 D' Y# N講到尾都係賺錢6 D4 x& e/ h* `
so銀行可以不斷放款# s% }6 z+ n" j4 `+ r) o$ k
美國的房貸問題散佈到全世界! }; ~! f* u1 D8 b2 g7 o
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mortgage loan 5 E# ?( f2 m' J) {7 b- t5 s
>conduit: ]9 P8 ^- x5 H' C2 M! B8 W+ Q: n
>RMBS(Residential Mortgage Backed Securities)
- F4 q/ x) A5 m- W6 X9 N>arranger' K4 \! ^+ @. y2 Z, b7 [
>CDO(Collateralized Debt Obligation)8 N0 m1 Y' i) s/ \
最後去到投資者

Kev

i thought it is the reason of rate of return.8 R/ S! R# `' o+ _% m$ A8 T; Z0 \
CDs could have different ratings, AAA -> F,
8 h$ N  G5 ?8 Q2 f* b! j# v9 {2 C' ^more risky ones would have higher premium (interest rate) as a compensation for an investment.: a: z2 ]8 I$ n# O7 A6 I
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 u) D) ^* q* z: C, Z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 {; A, B- s& u& X# m: `% p
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: Z; n; n9 A' _' x" l2 Wsimilar to bonds, CDs trading in the secondary market have different value at different times,
, L* Y7 ~0 F) i. lnormally the value is calculated by adding it's principle and interest. 0 x  ?; j1 ^  k; q8 }
eg. the value of the mortgage+the interests to be recieved in the future.
+ g) c8 W4 \1 Ebanks 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.: I) r7 c- m& B9 M* e' x
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im not quite sure if the multiplier effect does really matter in this case.
! u7 m+ f  q- Y/ c& a/ Lin stock market, it's the demand and supply pushing the price up/downwards.4 C6 B1 @9 p% X
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. \$ G: ?& F5 K" e  k2 |$ \A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. z+ N. S. V8 s6 Y0 W' 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.
, Z" v) e5 d! h& ^+ u/ q) _but the value of their assets did really drop significantly.* `9 B4 t. |6 @8 T5 F
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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
( Q- T, U, b) Z1 q6 hRefer to last example,
- s0 W  O! u. j% k- Gthat means bank A have no money because we borrow 10 dollars from bank A
6 x* o& h8 |7 q9 a0 u- ^/ e- TBecause bank A doesnt have enough cash on hand 0 l  E/ `/ R: K
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
( \$ y1 h* A$ }; _6 Tso does it mean if E failed to pay D,
8 W$ [+ z  m. M' p: ~% Gall the B,C,D,E have to go bankrupt?5 G  h) S  f5 ^! U$ p. x8 B+ a% g
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" p$ K: |8 G, }& athe multiplier just tell how much money created in a whole economy, - ~3 h' f* {7 D4 V' l9 ^2 i$ n
in this case it doesnt really matter how much money is created, 4 O0 [( y* C/ O
it's the problem of the debt itself.& G0 `7 k1 n, [5 p- \9 l" K6 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
& t% z- P% _( c" F( m# U小弟一直都唔明...3 h7 T4 C# f8 b/ m& f7 Z6 `( G
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全世界都蝕錢，咁邊個賺緊錢呢?" }9 Z& g1 V& l" X
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無可能淨係有人蝕錢無人賺架嘛...
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$ f" |1 _) u" D4 n! g3 j敬請各師兄解答; Y# {+ [7 q3 p
+ I) Z% n9 \" ]
Thanks

9 O  r' G- M! m- T9 K5 {那些根本係 紙上財富  
* s( G( k% H: 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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, b* q; |* L6 l4 Q+ W- n( A; U7 thttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產* l9 X  R) Z6 R# z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高+ u. I8 m' k! t. Y
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
. S% H/ q1 e5 k/ y  E個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. i  d2 i' f4 a5 F1 m' C
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,) Z8 K5 F# \4 S+ ], P' P( `
計番回報率就已經係50%,所以可以好好賺
) k* X' |' I* p% f前提係銀行之間要互相信任先可以咁樣借法
; t) f( q0 E/ T同埋個市場既前境要係好先得
' C" x9 `" }. J7 f9 u! ]& d但當經濟一差,公司估值趺了,物價不升反趺8 k: I+ |- H8 h- i5 A
例如剛才說10蚊的, 趺到得番9蚊, 9 |+ e' g- S* k/ M( A5 S0 [4 z
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%0 `! E4 C# A6 b, Z
所以你就會覺得D錢好似蒸發哂咁% u: N; [% H' \2 W/ P4 C+ {

" k! U( c  _# x! h. I+ Y1 Y( g8 d你都可以當標野咁諗, 個樣野多人可以狂升值, . f% D. b) Q+ g% M3 Q" \4 C
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,
5 {4 Z# _! |' f4 A" w: x+ G淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . W$ _5 S- ]% A9 \7 V( 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# A" H3 \# x, e, G. @: i
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
. L2 b9 W+ [) C唔係d錢蒸發, 而係比美國佬洗晒未來錢,
! G, g- f9 P& C. I0 Y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 v8 c' R! w& `* g, P& l6 m4 W' N
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0 y: U9 g1 u! K, g5 y: d$ s
咁你話d錢蒸發左去邊? ...

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正係咁樣
0 O, M! M- _4 Y( e( A! F& {: w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, l2 z1 z8 S% l; k1 l' |! G8 G* [
分分鐘佢地唔使還錢
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" E4 x- T2 I: x5 W1 ^2 W5 f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,$ O; d% M9 N; z( |2 o% Q! a' V- r) \, z
連國家都係問人借, 不停發債券, 印鈔票% Q  b: U& g1 `! Z! C; i4 V8 o2 Q2 n
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( Z" H2 X6 n! U! y5 [; k9 K
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
1 b; X! A0 \! s9 v咁而家"爆哂煲"算唔算先至係變番"正常"???

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. X8 r% H$ T" o  N8 p+ g其實係...
# _: b# J* ]% M9 F- A8 r, _* E因為以前未生產, 先消費
2 \# r. h& I: c* I而家就要多生產, 少消費