0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif0 Y. l/ a5 \9 ~$ I/ C$ R& x
Why bank will sell 借據給第三者???
3 b: S& u2 i5 fI was so confused.....

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+ Q1 `) {0 C$ S9 T9 ?講到尾都係賺錢4 r8 a4 l5 p; Q, F) N3 L
so銀行可以不斷放款
4 D& k6 O% G* L美國的房貸問題散佈到全世界
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, h+ J6 G" t0 z2 y; P, Mmortgage loan + m0 d" f+ [& `, X* N0 f; Q* G% P
>conduit  Q6 I$ Q# ]9 I
>RMBS(Residential Mortgage Backed Securities)+ Y8 z; |% L7 f" O
>arranger
' y& O+ V+ P4 p5 S0 ~2 R$ j# y' ^) p% k>CDO(Collateralized Debt Obligation)
0 D: Z$ u! ]4 E! f) [( S& M) w最後去到投資者

Kev

i thought it is the reason of rate of return.
: X( [) p, o" A' v$ \5 QCDs could have different ratings, AAA -> F,
, @4 N. w7 @9 n& ], Pmore risky ones would have higher premium (interest rate) as a compensation for an investment.1 @' C; f1 }- I$ v2 b- M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 H2 C. ?0 k% H0 o) u' q  uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ {9 W/ _# n4 z* \3 {: I
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( H3 n/ Y- Z* k! C9 k# k4 @similar to bonds, CDs trading in the secondary market have different value at different times,
! A) c7 g6 o' G4 d- enormally the value is calculated by adding it's principle and interest.
+ E# c* D# }) u& U4 V! C3 Q& Qeg. the value of the mortgage+the interests to be recieved in the future. & E* U4 v6 }8 w0 o) p" z
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.2 j4 S3 v4 Y" b0 C
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im not quite sure if the multiplier effect does really matter in this case.
2 K6 P% [, h$ q$ n* C) @( din stock market, it's the demand and supply pushing the price up/downwards.
5 t6 n9 Q: u6 W% W- ?. N2 N0 @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( H, F. v4 `, b. ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  w  q4 y* q* _+ ~% S: w0 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.
, d  D1 w$ A0 |+ d( k" hbut the value of their assets did really drop significantly.
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+ q& R3 k3 c# ^4 v/ g' r[ 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
+ b$ l4 h! P; ~7 e7 WRefer to last example,( l9 k# O! W3 A! U: x3 i% |
that means bank A have no money because we borrow 10 dollars from bank A ( a. b! h. e+ N! _" k% _/ H3 U3 g3 \
Because bank A doesnt have enough cash on hand
0 b/ l6 ]) g5 N. @# {2 ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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+ A& f! L+ [+ ]; h% h) |! R* }# a2 d8 J; r! O6 }, y2 u
A->B->C->D->E
# j- E7 ]) e& c% tso does it mean if E failed to pay D,
: Z" D# a- ^' F! Uall the B,C,D,E have to go bankrupt?
3 d4 D' G; O* @2 R; X* K9 X9 a/ i4 Y) {

+ |- O  j+ _( E( \3 e; ethe multiplier just tell how much money created in a whole economy, # B8 |$ {1 `, D  d% C# `
in this case it doesnt really matter how much money is created,
  f7 G$ a- @7 f$ m1 Ait's the problem of the debt itself.
5 c8 E8 x% M4 ^# Tthe 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.gif8 K& }9 p, J0 R- {( s, o9 t
小弟一直都唔明...
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8 S2 j1 v' D8 U" W. `% l全世界都蝕錢，咁邊個賺緊錢呢?) l! r5 d5 A# e1 H
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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
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4 f1 o! ]# O9 AThanks

$ f, m# [( g% d. j, [% T
那些根本係 紙上財富  
- u* o4 s7 I9 B( k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3 K% k3 H% U2 @2 u0 W
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' G. B9 O' a5 L& b; z& n# ~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! N5 ]0 v9 W4 O- C6 S+ P0 ^
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
5 Y; A3 u, p. a" b0 i扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,! k* \* Q# D, f9 y! B& N. F$ ?
計番回報率就已經係50%,所以可以好好賺% J) s2 |- I6 d
前提係銀行之間要互相信任先可以咁樣借法
) _8 @+ D3 B* L  Z1 Z% b" ?# L同埋個市場既前境要係好先得) @: S. O0 C' i5 Y7 e
但當經濟一差,公司估值趺了,物價不升反趺/ ]: c# C' N" b& N5 t& U' q2 N9 A
例如剛才說10蚊的, 趺到得番9蚊,
4 P) m1 Q) @' g: ~咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 |7 w. y; Q  {+ V& x, ?+ y6 N; w
所以你就會覺得D錢好似蒸發哂咁1 S, e' e& {! ~  [! B9 X! @

9 W7 P" b/ }9 M. F3 o3 O) }0 {& Q你都可以當標野咁諗, 個樣野多人可以狂升值, 8 N( p5 Z2 C7 d( 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, . f3 o, w% d. H' R) y. }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 D6 L9 J7 F7 m7 C' g# R
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" T+ v& k+ c) ~4 v# r
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& M3 C0 C' |- b7 X# w
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
' R& z$ q9 e" b( y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, V/ W& |5 ?. L/ P4 d; ]) ~. g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 p+ Y' M& R0 |4 i6 V% X' ]
咁你話d錢蒸發左去邊? ...

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+ O6 _2 u) G7 P9 j7 u& w正係咁樣
/ E8 [* T0 L, [* o/ |0 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! X0 Z  \; J, I
分分鐘佢地唔使還錢+ A% z. s' ^. x# a& X) \. x

  L9 C, l3 \7 A% ?& Y! E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, c! I9 B. F: O4 K
連國家都係問人借, 不停發債券, 印鈔票8 f' \9 O3 I7 S) t5 |
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: T% a# X& T6 e# u+ H, ^0 _$ j( B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
6 @: n( L5 V& V+ R' y咁而家"爆哂煲"算唔算先至係變番"正常"???

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3 f8 I, C. Z9 c, f. y其實係...4 o+ M% G' w9 S6 |( f( x/ R. y
因為以前未生產, 先消費
. C. H2 t+ i* i; I. ?而家就要多生產, 少消費