0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
3 F" w! _5 ?, C' eWhy bank will sell 借據給第三者???. o' a2 v' A, }0 F3 v+ |5 ~
I was so confused.....

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; B0 W6 C% d# W, J; s講到尾都係賺錢
- ~6 c+ ~7 u5 \9 u9 I% gso銀行可以不斷放款! _5 ^' k! R5 K
美國的房貸問題散佈到全世界& x3 b, e0 {4 i9 `" y2 p$ X6 i

7 b# b( j* q3 h: M, Fmortgage loan
+ m0 l6 h7 ]$ [4 G# l. i5 N; M>conduit; t+ h2 x/ H/ ]( t" c9 w. I
>RMBS(Residential Mortgage Backed Securities). p9 Q: ?) a0 i8 e5 t+ ?. H0 Y: a
>arranger+ m% |1 M  L; m# r3 M2 O
>CDO(Collateralized Debt Obligation)
* ?' p, R9 ]- q( f$ Q最後去到投資者

Kev

i thought it is the reason of rate of return.
4 Y5 [+ |0 S; P9 vCDs could have different ratings, AAA -> F,
9 M! V! M& i8 u" A; m5 zmore risky ones would have higher premium (interest rate) as a compensation for an investment.
% y9 M7 @: @. D" \# w" ?  Y: ~5 H1 _main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,  B  ~# w0 Q5 d
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 x" m; s: j" lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% M+ l) M2 _' J' Y2 U7 n! M
similar to bonds, CDs trading in the secondary market have different value at different times,, @, D& C' |" P
normally the value is calculated by adding it's principle and interest. 0 q- F0 D5 x7 G( F9 G: Y  r
eg. the value of the mortgage+the interests to be recieved in the future. & Y# F$ J9 ^) I. Z9 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.# F( R/ f# j7 D5 Y7 c
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im not quite sure if the multiplier effect does really matter in this case.
3 p. Q- h: J. o% [5 S, hin stock market, it's the demand and supply pushing the price up/downwards.5 _7 X* m: P) |) ]
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! x% V! F2 o3 b/ \
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., C& @* e; \3 o- O+ V" W7 Q
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. + m8 p0 M  |' U9 o; x' X
but the value of their assets did really drop significantly.; }# k9 ~& A  O* b3 A/ q9 n; n
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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- ^# M$ Q  q' |: d7 e
Refer to last example,
1 _1 Y& h" @8 f, Kthat means bank A have no money because we borrow 10 dollars from bank A 1 f- L7 ?0 q9 _" E- e; J
Because bank A doesnt have enough cash on hand 5 C- `2 c! E! r  q' W, a
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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5 v- O; Q' Z! c3 k: }3 eA->B->C->D->E
2 K) O9 Y. y0 k+ B  J+ R3 ?so does it mean if E failed to pay D, 0 I9 E- b# O7 L% Y3 n- J* w! [! n
all the B,C,D,E have to go bankrupt?+ U( y* x; |* _5 X

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the multiplier just tell how much money created in a whole economy, % o3 J/ Q/ x+ u- l& O8 t$ J/ @; Y
in this case it doesnt really matter how much money is created,
" s* f0 Q4 m/ c# g8 O! ]  ?it's the problem of the debt itself.
! E. m, z7 y3 ]: U, ~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
2 d( l" X4 P. U# L2 D小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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+ C: y" r- r$ l8 X/ V$ }3 p無可能淨係有人蝕錢無人賺架嘛...' }& v0 c4 b, J$ }: N

1 V# U* i2 ]. a3 h/ i+ A敬請各師兄解答6 ^& c" h$ t( E/ ~2 ]
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Thanks

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那些根本係 紙上財富  + w* M& Q8 L$ G$ J2 T% `
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 graphic1 a2 }/ |  T( p/ ^

: E3 {8 i# [* |5 mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
; v0 j3 I3 [  i: X+ S. y9 o, V. ]當經濟好,投資銀行相信會賺錢, 物價既估值相對較高2 O; m# K* Z2 O  T  P
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( g$ j  ~9 R3 E
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦! `# I* n+ |) X$ Y1 T. n3 L
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" ]) q+ g0 m* t  s; N
計番回報率就已經係50%,所以可以好好賺6 n3 A. Z: o  S% b. Z, ?. S0 F0 y
前提係銀行之間要互相信任先可以咁樣借法
' b2 g* ]( r5 B; \  b$ e同埋個市場既前境要係好先得3 I6 P3 U9 \$ O  Z' D5 Z5 O: q
但當經濟一差,公司估值趺了,物價不升反趺0 c5 Z: |5 [" E- e
例如剛才說10蚊的, 趺到得番9蚊, 4 b: `7 l1 L# ~8 \8 u
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" Y' J/ z7 A/ A& a! P9 J
所以你就會覺得D錢好似蒸發哂咁2 t' H- x9 a  ]( D$ n
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你都可以當標野咁諗, 個樣野多人可以狂升值,
* t- E- ]# e* g; ]# ]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 r9 C. ?( A淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( a3 a( k/ m& i1 Z
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5 _" S0 ?! z$ t$ T
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
) o) s) l' |) s) l) R) X% S唔係d錢蒸發, 而係比美國佬洗晒未來錢, 0 b( }, \+ b$ W( b9 ^2 I1 L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 u' q# g* u$ z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
& x9 ^5 ~1 J2 M' E, h) E. @. L咁你話d錢蒸發左去邊? ...

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正係咁樣; t* G6 Y2 l$ I1 z  N" T+ B* i+ m8 M
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* f0 ?9 U( ^# @8 u# X+ ^  A$ O+ |
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,
5 h+ r4 I% v1 @連國家都係問人借, 不停發債券, 印鈔票
) A! W* S1 W% o% f* ?& r一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
7 q8 D  A- p: |4 {2 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
4 U0 ]4 H$ A8 F! m咁而家"爆哂煲"算唔算先至係變番"正常"???

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* W' Y* B' W" U/ M) i0 Q其實係...& X8 ~% ]2 W) C1 ^+ r
因為以前未生產, 先消費
# M) o8 j/ [, J5 z4 N  U' M. ~而家就要多生產, 少消費