0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
+ R* G) p( H0 lWhy bank will sell 借據給第三者???) w( J- {0 w. R$ H0 P/ E
I was so confused.....

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3 s& h" T6 g" W0 \! z$ R; |& ?講到尾都係賺錢( S' P1 w% [! k( A% F, p
so銀行可以不斷放款
: B! `; \( e3 G4 C7 H! j1 I- X美國的房貸問題散佈到全世界( ]/ a/ q9 M; P. ]+ `* \
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mortgage loan / j8 p, {4 e' a& _
>conduit8 H5 ~9 F# j% U& R
>RMBS(Residential Mortgage Backed Securities)& h- g0 A+ @- |4 \0 W% q+ Y0 {
>arranger2 z2 Z# o) `* y4 u
>CDO(Collateralized Debt Obligation)
* p% ^) _! X& C) A, a) @最後去到投資者

Kev

i thought it is the reason of rate of return.
  V& a8 @" q  d( x( r$ iCDs could have different ratings, AAA -> F,4 p9 {' E1 h7 s1 H
more risky ones would have higher premium (interest rate) as a compensation for an investment.$ d; R/ J/ h9 [# R! x0 e! y& E1 S! T
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ E: T" ^) j6 Cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! H- }; k$ x* X5 P% s5 S
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ k5 r1 \( o- f- v: R$ b
similar to bonds, CDs trading in the secondary market have different value at different times,
" k, `, k2 s3 Z  Rnormally the value is calculated by adding it's principle and interest. ) J- {5 g8 ]3 {: M0 Z8 k
eg. the value of the mortgage+the interests to be recieved in the future.
2 b' X+ J* w  g) g! abanks 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.3 V" @6 {1 T- Y6 }$ k/ X2 f: r) |

, |  _$ G5 x' m( U6 h8 gim not quite sure if the multiplier effect does really matter in this case.8 x3 O. q/ H- X; h$ S$ v3 U
in stock market, it's the demand and supply pushing the price up/downwards.
: u$ D) _. \! J  Q) m: c+ EFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, [- H* g7 k& W" n% u8 M) F3 {
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 c  y8 c/ {0 g4 V3 d8 N: q* a
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.
% c/ g- c0 e4 a' Y( Y: Bbut the value of their assets did really drop significantly.
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6 f8 x/ }2 D+ L4 Y5 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.gif0 t; p. Y" I4 A$ P9 {( D$ I# k7 q
Refer to last example,
7 ?1 e9 Y+ [/ b7 W; U2 i2 Mthat means bank A have no money because we borrow 10 dollars from bank A
7 P  P: `% `: @! ^) q' V$ H" CBecause bank A doesnt have enough cash on hand / A; N* B" N. R3 |$ C$ y9 `
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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( ]  n8 {" C1 J$ n. E: vA->B->C->D->E
3 S7 z+ {& a# r% ]  Sso does it mean if E failed to pay D,
0 ?% ]+ _4 r/ D$ Call the B,C,D,E have to go bankrupt?3 [6 _3 ?( J$ O
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the multiplier just tell how much money created in a whole economy, ) n% t# ^4 J4 ?* d8 w# r
in this case it doesnt really matter how much money is created,
' H' E+ c& Z( w5 [) s" G& s; qit's the problem of the debt itself.
6 k& G9 M5 Y( J/ d8 e$ 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.gif9 |9 [- }, ], W' l9 m- L" B
小弟一直都唔明...  V* }9 D+ r+ ~

6 W9 g+ o( x9 P$ y& E全世界都蝕錢，咁邊個賺緊錢呢?
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6 j1 _; ^7 n$ s" B  M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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Thanks

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那些根本係 紙上財富  
2 Z! b: l  ~0 K. Z1 }/ D: d+ U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% h, U" G) \2 j* w% K+ \# [) r
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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4 ~% B% t4 z2 O2 u  z7 x
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 Z* S6 n. `6 f7 z) w0 o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5 \& V" F6 Y2 S4 U5 ~2 a9 A7 x) M6 k
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 k- Q, V, y5 h- P1 T9 t扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ b% s/ Y; H$ S8 I' L
計番回報率就已經係50%,所以可以好好賺
0 U7 y. M! b, R6 u前提係銀行之間要互相信任先可以咁樣借法
1 {( C& M. n5 X# J( g" \同埋個市場既前境要係好先得' R0 Q/ w" U1 p/ E
但當經濟一差,公司估值趺了,物價不升反趺
9 J1 Z0 M' R+ e. E& F9 K例如剛才說10蚊的, 趺到得番9蚊,
8 d, J/ d9 r0 b! u2 |; \6 G2 s3 {咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( q( _! {; ^% o: }所以你就會覺得D錢好似蒸發哂咁5 F/ a- Y; G: Q: |8 g  A

% e5 U& u9 b. J$ x' v你都可以當標野咁諗, 個樣野多人可以狂升值, ( z( I( |" j0 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,
  a, h; h- l2 q  J# h( E3 y* Q- U淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 l  [" T" p) L$ y; f' q, u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
4 J+ R2 \4 v. ?; i5 G* C/ b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
- `4 a, i6 d" b4 M* |唔係d錢蒸發, 而係比美國佬洗晒未來錢, * _6 z6 p) Z" ^" ?$ j6 X2 G$ `
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 r3 R! q  q1 `5 @  C: G# l% z7 w+ 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4 c7 o: Z5 ~. w
咁你話d錢蒸發左去邊? ...

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8 I1 O+ V, i! I+ n/ E  T5 Q正係咁樣" Z7 e. h; i3 u2 Y
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
, Q6 ~) l% \- y分分鐘佢地唔使還錢" q1 W( S- N: P$ x& p, C% C

! c1 ]7 J0 c$ w5 D, n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,4 K- s3 r- O7 g0 X/ L6 ~2 u
連國家都係問人借, 不停發債券, 印鈔票
0 X9 ?4 K. `8 Q) m) \9 ]一個國家好少出口, 而又大量入口 ,反映到佢唔多生產1 ?! Z$ G* g# K; j% 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
" K4 p, x# Y/ ^& H( \咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...3 W) s3 @3 u5 Y) y( M' h
因為以前未生產, 先消費2 |/ v# Y3 B+ j% a
而家就要多生產, 少消費