0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
! r* K' F6 L  o( \: J+ AWhy bank will sell 借據給第三者???0 j. W  }) |  v7 |% q% i+ l
I was so confused.....

( I, r! u5 b  T+ b2 n  f# S6 f1 [, Y+ F" Y
講到尾都係賺錢
# k) a% V* c$ B* d, |so銀行可以不斷放款
( t$ |3 X  ?5 b* s: _4 u& }美國的房貸問題散佈到全世界# e* a) K' E  m& |
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mortgage loan $ r; U: H& ?* W6 w& J) }
>conduit
9 h& x( [6 d0 \# ^9 m- \0 m3 y>RMBS(Residential Mortgage Backed Securities)
7 {7 L# S# `% W/ Z% o" Q/ }5 l5 E>arranger  v7 ]& ]6 P9 F0 W
>CDO(Collateralized Debt Obligation)
3 ]6 g7 p( A# ~最後去到投資者

Kev

i thought it is the reason of rate of return.
' N. k( ^# C9 g' TCDs could have different ratings, AAA -> F,. M- D; c2 h! }
more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 Q( ^2 ^2 h- ]! ?/ {, Y6 Mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 c; l3 @4 v0 J8 D. M0 Q+ @in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
  u: H1 r' X" m' e$ GAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, `  B! L, q6 P; x4 x: jsimilar to bonds, CDs trading in the secondary market have different value at different times,
- z/ h, C* M9 y4 E$ ^0 snormally the value is calculated by adding it's principle and interest. 7 d9 L4 {' k  y6 D1 `4 N1 i6 x- u
eg. the value of the mortgage+the interests to be recieved in the future. 8 G; ^$ T; C6 }  r9 z  q/ X) F
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.( J, [. l% M* Z' E4 N" G
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im not quite sure if the multiplier effect does really matter in this case./ p- P( w0 l8 n) M% s% h% D2 H
in stock market, it's the demand and supply pushing the price up/downwards., L: c7 Q1 Z( T6 z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. w! d; B3 w* W0 F, s3 oA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 u' u! ]$ E# ?% c# F) aThe 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.
9 j6 y: c+ F1 T! d0 r% e. [but the value of their assets did really drop significantly.% G' J' Y* O, f( u9 w# ?

1 d5 `' U% g: p# G[ 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
% f1 ^" I3 B/ k6 ERefer to last example,
' i* P/ I" i" s( Ethat means bank A have no money because we borrow 10 dollars from bank A
' I* Q) H1 d% Z7 E2 Z+ SBecause bank A doesnt have enough cash on hand
2 n6 k7 A$ t4 t0 V& _4 F8 L7 \therefore bank A need to be bankrrupt ??? Am I right ?? ...

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1 l) t1 |; W0 b: K/ uA->B->C->D->E. V# o3 V6 B4 B9 {/ F% K5 p. Z
so does it mean if E failed to pay D, + B, H7 o. M  [1 P1 p6 H) z
all the B,C,D,E have to go bankrupt?' v' a. s( v# A' X4 _9 a8 Q

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the multiplier just tell how much money created in a whole economy, 1 B& Q! T$ u) f5 I# B/ U4 {
in this case it doesnt really matter how much money is created,
) m3 H' ^% e; p* x2 K! S; _* wit's the problem of the debt itself.* I$ H0 [" z) ~  W' U7 c' Q" k
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
# \) X4 P( Z' q小弟一直都唔明...
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& \% a9 ]- D( w9 j& s% }7 h4 K全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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+ O0 y8 w. K9 B- }, d敬請各師兄解答
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4 i$ N4 E- v( lThanks

0 Q0 F, O& y+ Z1 }. y- ]那些根本係 紙上財富  1 f  @5 X( Q' W* g
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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7 }* ^$ R4 M) i4 {+ F4 rhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
0 I* c4 |9 N$ F5 J; ?- F  y9 T當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
4 E4 M( G$ z; u% 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
8 }* n  ]  B- h* v個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% ~0 O# @/ T% @' k6 b" f) }9 B. F扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,5 l# r9 ]. b9 c' s+ W: B+ M
計番回報率就已經係50%,所以可以好好賺
1 p5 g0 R( q$ [6 g# A. h前提係銀行之間要互相信任先可以咁樣借法
) W0 V1 H: t8 S% l1 W  I同埋個市場既前境要係好先得9 K' H8 m( e  ^8 J% d7 o7 y$ Y
但當經濟一差,公司估值趺了,物價不升反趺0 ?' F- l0 o: ^3 T6 c$ a: ^
例如剛才說10蚊的, 趺到得番9蚊,
' G, T& D+ ?* j7 h: X- {! r, [. h咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 D( z: B* r3 }. {  K, r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, ' K' K' t4 B- r- 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, 7 i( r! S+ T$ Z  F& J! m
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : z+ g3 C+ M1 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
- C4 T/ }% j3 s! A* D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
, u* U# R2 I! m, I唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 F& g- ]& g* l; I& A) u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ _1 P6 A2 D: U/ l9 l0 L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 B# q- |2 G6 e; K# R咁你話d錢蒸發左去邊? ...

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正係咁樣5 o$ M" Y/ X/ i# ~) \$ t2 L
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8 Q: Z4 W- w" ~: {
分分鐘佢地唔使還錢4 E8 \4 l9 E5 ^' Y
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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,5 f- W/ R7 F  a! u' b, @9 [
連國家都係問人借, 不停發債券, 印鈔票2 Z5 H3 e- N2 Q3 R
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: b$ H7 [0 A( N2 S
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
! |4 A* ]9 T! @4 B" O7 x咁而家"爆哂煲"算唔算先至係變番"正常"???

8 S# g+ P' z* j$ h! _. B! T9 t+ ?# `; ?% P# w- l) {) j
其實係...
% A2 |& W& ?3 `% l# f, k因為以前未生產, 先消費
% c6 ?( F( Y( C- |9 i而家就要多生產, 少消費