0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
  e# ~) [; f+ {+ kWhy bank will sell 借據給第三者???0 W1 x3 x2 b2 _( F4 z. y! ?
I was so confused.....

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6 m0 u+ `; x$ w5 Z講到尾都係賺錢4 ]: _/ }1 b$ {, D2 o# D
so銀行可以不斷放款4 M; L3 s0 [/ k/ V  \
美國的房貸問題散佈到全世界0 m8 y! n6 ^9 L
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mortgage loan & t9 k; L: S# _
>conduit
2 M# a6 w5 u5 ]0 F0 U% ^>RMBS(Residential Mortgage Backed Securities)
' w" H3 ^' r& g' I>arranger* I! V7 p# h$ A% N( a& T
>CDO(Collateralized Debt Obligation)
% q9 z- N! \- C3 B3 N) P" s0 E3 u) D最後去到投資者

Kev

i thought it is the reason of rate of return.
+ H! x  _" k+ m7 d" ^9 y/ wCDs could have different ratings, AAA -> F,8 V( D. E( d( U! I
more risky ones would have higher premium (interest rate) as a compensation for an investment.  x+ m( u4 T+ y- ?
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) J$ S7 b5 n7 U2 _% sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; l8 v& \8 A4 C7 ~. L0 I" _% B
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) Y4 J5 j1 u: t8 `4 ~- P
similar to bonds, CDs trading in the secondary market have different value at different times,
  W2 F3 y3 c3 |& F: Lnormally the value is calculated by adding it's principle and interest.
8 p" d' t. i, u- ?7 n5 yeg. the value of the mortgage+the interests to be recieved in the future.
" @) ]: X9 {8 n& m+ \- z. Gbanks 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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im not quite sure if the multiplier effect does really matter in this case.: l  @& `) l& Q7 M9 k2 G
in stock market, it's the demand and supply pushing the price up/downwards.
. }* {8 g, s$ m% X* W3 C8 O1 BFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. l2 {9 {7 s% k. y# t
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ M. [4 b) }2 f# o3 ]9 M" k8 mThe 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.
3 R! j5 K1 D- ]. ?7 Dbut the value of their assets did really drop significantly.
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' d5 E0 g6 }# F[ 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+ y4 J! j9 X* r, |' m
Refer to last example,
! A1 t; [" V9 b2 ithat means bank A have no money because we borrow 10 dollars from bank A 3 v" j/ r% U; C
Because bank A doesnt have enough cash on hand 9 K  R7 V% N# r) y# d
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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3 W: x, r2 K2 Y! K1 DA->B->C->D->E
- W: U% g2 W7 c+ y0 P) j, K1 }% _so does it mean if E failed to pay D, # p8 F& I5 n' S' v
all the B,C,D,E have to go bankrupt?, S: m3 C# X0 ~9 L  a
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the multiplier just tell how much money created in a whole economy,
- `, A  @/ P, N+ N$ A- U$ Sin this case it doesnt really matter how much money is created,
9 R7 g( f, h2 T6 R' Z1 E  m( Hit's the problem of the debt itself.* g3 {' h( _" c0 d8 ^" e% \& 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; R$ n" z' g! M4 Z/ j; ]4 z
小弟一直都唔明...
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7 F5 ?( o2 E; m* V! Y; G% q全世界都蝕錢，咁邊個賺緊錢呢?2 O2 H% i7 Q4 S

3 Q8 _% {: {7 W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1 R. D: g$ ?6 N) Y( A4 n: \- m

  F: T8 W7 z' D0 OThanks

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那些根本係 紙上財富  ( D# x) R5 W/ Q" Q) N
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/ ^' ~# V5 e$ G$ Y4 G# X; m

* H" z" R) J# |/ E% v% N6 B  Dhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產; R7 z+ f: L/ w- e$ b# z1 O) U
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ @, q9 a5 F+ @1 x6 w. W' @7 _
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
! _: L$ ?! Z+ P, j8 C* _個件物價係市場好既時候升, 例如15%先算,變左12蚊啦9 n5 F- h6 A3 O1 ~9 }
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
, Z0 f, L: W  C6 N: Q計番回報率就已經係50%,所以可以好好賺
' A0 E. b% @( S* @; B1 S前提係銀行之間要互相信任先可以咁樣借法
, i( z4 h" t; g6 K) ?/ x) w同埋個市場既前境要係好先得
; n! r3 e: ^0 Y# J' c* K# @* {但當經濟一差,公司估值趺了,物價不升反趺7 j! j' d; M; j  j: e* C7 ]( ^
例如剛才說10蚊的, 趺到得番9蚊,
& T5 ~8 y% }. f8 B4 m: ^; |咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! g! j2 t6 d( B! ]5 A+ p所以你就會覺得D錢好似蒸發哂咁2 i) ^3 x- K/ f9 R! K* a

1 X* e6 ]4 t6 w你都可以當標野咁諗, 個樣野多人可以狂升值, 7 K$ \; y* j) }* K' }; x
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,
: h. S% B# N4 U; Q0 b. c  ^淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) k6 ^: {5 B! E; E' h7 ?% e* 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/ k2 ]( T: |' q1 N# R  |& p, k
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. ^/ l+ q( \9 s2 V
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 q) }/ O1 E/ l+ W# U4 Q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 V; W, E! M3 K& J) 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
; C7 \" F) ]6 h咁你話d錢蒸發左去邊? ...

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正係咁樣
; k: ~7 M* z7 o  `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
) Z3 x8 x( c3 h! R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,
2 Z2 H, v! M; o* z- ]6 O連國家都係問人借, 不停發債券, 印鈔票
/ `4 c" \& V: A1 Q6 B一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
- K1 N% R" Y) l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
5 P, d* \2 w% ?( I咁而家"爆哂煲"算唔算先至係變番"正常"???

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. |/ L7 R% r  _其實係...( K  b2 O! C9 }0 d0 x
因為以前未生產, 先消費/ s+ M- f9 v  V6 Y) s' w) }7 ]
而家就要多生產, 少消費