0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
4 j) R9 p/ [# iWhy bank will sell 借據給第三者???0 \) m5 l; v. C6 U: S
I was so confused.....

4 X* W5 R& O+ K. j. d

2 d% m* ^6 v* C8 s+ e講到尾都係賺錢
4 p1 D3 Y; c" {" u/ z3 |+ tso銀行可以不斷放款
2 k- L' ^* \5 z# I3 Y, y美國的房貸問題散佈到全世界
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5 |' s5 A) A8 d! ?- nmortgage loan : P" i* {$ A  L' p9 ?: m8 x
>conduit* ^' V5 J' D9 D5 L
>RMBS(Residential Mortgage Backed Securities)3 s( Q$ B* Q7 c7 |* S
>arranger
$ R6 @) V9 m; m% R>CDO(Collateralized Debt Obligation)
6 g$ ~) W& j. L最後去到投資者

Kev

i thought it is the reason of rate of return.
; A; e! ?. {2 t1 I# U9 MCDs could have different ratings, AAA -> F,4 R7 A) L6 O% A& j6 Q# g0 P
more risky ones would have higher premium (interest rate) as a compensation for an investment.
$ w: T9 |; T- t# h# I, ?8 c3 J3 @main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' o* i* f- P( r" e- y1 f
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( ?2 \$ d5 P2 i/ G+ h" h$ [Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ g- S$ B  o: ]# ^
similar to bonds, CDs trading in the secondary market have different value at different times,
8 k' L# z# Y3 `! t' C0 S, ~normally the value is calculated by adding it's principle and interest.
. x5 i( M1 A. r8 J9 L/ o* _eg. the value of the mortgage+the interests to be recieved in the future. 1 B6 V* {& J" @; X( T
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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  o7 Y9 O  {3 ]: ?6 K# Z3 B2 w4 H, cim not quite sure if the multiplier effect does really matter in this case./ n$ k; i+ Q# u: U
in stock market, it's the demand and supply pushing the price up/downwards.
7 Y2 n7 J2 G, r% E; IFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, U2 ?8 K4 m$ k4 d2 g4 [
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ W2 [1 \9 S1 ?% p: [$ b
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. ) X6 Q. x% I, a; X) C
but 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
$ X# a$ g9 i" c* e* m/ e* K( ]7 x* ?; }Refer to last example,1 |9 v% \' a! }  F1 t
that means bank A have no money because we borrow 10 dollars from bank A
' D7 O  U9 [9 [9 I6 o! QBecause bank A doesnt have enough cash on hand
$ P  D+ r$ r9 G' ^' n9 z! m& btherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E3 P0 l! j. v9 o$ l% h) U0 g! H
so does it mean if E failed to pay D, * V! t$ k3 \! ~9 {; Y' m- ]
all the B,C,D,E have to go bankrupt?
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; }4 z  S9 U! fthe multiplier just tell how much money created in a whole economy,
1 Y" E# }6 [' s, {" \5 \0 g1 _+ M0 cin this case it doesnt really matter how much money is created,
6 u7 D: `/ ^* ~6 }  V2 Hit's the problem of the debt itself.5 G# w! R& W& w9 o
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  L2 W+ Q% ?# j  Y# x6 @7 U, g
小弟一直都唔明...% D/ n5 r9 j/ R* z, ~0 O# V! r1 C8 Y
  ~3 @0 ^" W) A+ M  i9 ~: i
全世界都蝕錢，咁邊個賺緊錢呢?
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- o0 e4 O$ R- I" P$ F- x無可能淨係有人蝕錢無人賺架嘛...1 {" J9 f2 g7 Y" f8 m$ ?" I
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敬請各師兄解答
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Thanks

. F( W$ M( W; p  G" J3 ~  k那些根本係 紙上財富  
3 ^1 N1 p( ]9 o1 X# y" j* b0 b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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http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產1 M; Y2 N- A  u) z$ T& x' g. X
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, T6 b/ W4 G5 X# L/ f/ S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 u' y) k1 a5 H/ M3 R* x個件物價係市場好既時候升, 例如15%先算,變左12蚊啦' O/ ]* ]! q8 @, c% s+ l
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
6 t' ?2 I( l/ ?  L3 K( X7 z計番回報率就已經係50%,所以可以好好賺: ^" i& D( H: C; F
前提係銀行之間要互相信任先可以咁樣借法3 ^  N" {1 Z- U- b" U. B
同埋個市場既前境要係好先得) Q$ R. u+ w2 y6 c# z$ `# [; j
但當經濟一差,公司估值趺了,物價不升反趺  {& ]5 h3 t) K: n+ I
例如剛才說10蚊的, 趺到得番9蚊,
6 n6 m0 W& \. W咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ U0 P: t. Y' h) Z$ l% a. y% b
所以你就會覺得D錢好似蒸發哂咁6 _- E5 ^/ {% n; r5 ]) j
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你都可以當標野咁諗, 個樣野多人可以狂升值,
; }3 K2 K& }# D. f7 n7 p7 A$ m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, % c- B# w0 \4 h' a# X: R* N0 y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' G0 O. F% x6 E* q0 ~1 t
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
8 x% O# E8 o8 c' f% 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/ S& E7 e" f' }% H
唔係d錢蒸發, 而係比美國佬洗晒未來錢, + C0 @9 m5 ?% U4 z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 V& W4 h$ @/ J8 k2 v2 a' \1 `1 j
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& R  d- X3 g$ n% K2 Q1 v/ F0 c
咁你話d錢蒸發左去邊? ...

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& b+ [" M6 }) c5 Z6 Z" O" H正係咁樣# X- a# e+ j# c$ D. Z
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
, H$ b2 B  {: w: |* t8 ~分分鐘佢地唔使還錢7 @3 f" Y( _. o2 Q
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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,
$ ?' [6 S1 @' k連國家都係問人借, 不停發債券, 印鈔票1 ]/ N. A  X$ w  ~- b0 {; b2 T9 x3 Y
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
5 }5 w7 C' M) b/ C6 C- A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
3 `& ?. @5 ^9 {3 o, q咁而家"爆哂煲"算唔算先至係變番"正常"???

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$ _4 d9 u/ E7 U* v其實係...& N  t- _$ v& Y3 a+ A
因為以前未生產, 先消費
% D2 w) q2 y4 Z% G5 S而家就要多生產, 少消費