0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 d8 o' q* G# W5 |Why bank will sell 借據給第三者???
( e1 S- `1 z3 S/ Q) D) MI was so confused.....

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- u/ K% _- [8 j. g8 y& W講到尾都係賺錢9 t7 I6 T* [7 Z* W
so銀行可以不斷放款! U% I0 s3 e4 ?# ^# {
美國的房貸問題散佈到全世界- g' w, ~: N1 p% A, v
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mortgage loan : T! ?4 z. [. z3 J2 l; k
>conduit
0 j9 p  O& \) x# {. ]+ {1 n( K7 k>RMBS(Residential Mortgage Backed Securities)/ V& p9 R, k* ~) l- H! n# h  p
>arranger- Y# X; o8 ?4 ^, v( M
>CDO(Collateralized Debt Obligation)! q* L- k* v. z
最後去到投資者

Kev

i thought it is the reason of rate of return.
$ y, L4 u6 u0 x' DCDs could have different ratings, AAA -> F,: Y2 c# c8 I4 r4 s
more risky ones would have higher premium (interest rate) as a compensation for an investment./ {, ?2 @& X+ n9 Y9 m; R
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 O$ r0 T2 d6 ^1 o6 g* ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 B% w" Q4 z$ I; C' ?, i
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( X; q) l2 Y! S/ _$ C: s
similar to bonds, CDs trading in the secondary market have different value at different times,
3 u# ^' a  _8 q8 u, unormally the value is calculated by adding it's principle and interest. : `2 e0 ]: N3 p, t' L
eg. the value of the mortgage+the interests to be recieved in the future.
- N4 f! V& Y6 g9 Kbanks 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.  l6 l9 c2 T. z7 n& B
in stock market, it's the demand and supply pushing the price up/downwards.
- @4 @- w6 @( L7 _For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 `( Y) ^  u5 A7 a2 }2 O1 x9 s, ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 E2 ?$ h* e7 f
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. ' B* x8 N( H- R3 F4 a
but the value of their assets did really drop significantly.
- Y+ m4 Q0 y! X- _% K6 D. l+ i% d3 f2 h0 R; \8 `1 x# v/ o7 ?
[ 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; H0 c. K. Z' I! T
Refer to last example,
4 ?1 X: Q; E1 Ythat means bank A have no money because we borrow 10 dollars from bank A
' f! s/ c; w2 _Because bank A doesnt have enough cash on hand ) r* x  i: Q) ?
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E% S  x( n8 o3 o- s
so does it mean if E failed to pay D,
+ i( u5 [/ K2 n2 d# Gall the B,C,D,E have to go bankrupt?9 U$ S# C1 j& i; _( @9 u% ]1 z9 }
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! [  b; f* z6 n2 f: M6 N+ r" k3 P% M
the multiplier just tell how much money created in a whole economy,
) |* L# D' Y5 C: e: Min this case it doesnt really matter how much money is created, + C/ p1 h3 ]4 v8 s
it's the problem of the debt itself., V+ H8 y0 v5 N- k$ J
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
& V8 d4 [, e: v: e$ `' v* O/ o小弟一直都唔明...
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, P, x: r: `! l2 z5 x9 i" A7 P全世界都蝕錢，咁邊個賺緊錢呢?
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  G* x7 o: h& Y7 W5 K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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) _) M5 {: Y! V9 b6 o  ?$ w8 q# `# X6 FThanks

& {, t( x0 Y0 u$ ~  U那些根本係 紙上財富  
, h6 L* v2 A  v4 D1 Q! f; l$ s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
) `/ O( ~* _+ C8 b5 [3 ~當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
4 v8 e8 o4 x- l$ I+ g- Q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
; b1 S) ^, [4 O. V2 k9 n( ^2 b( C0 f6 U個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. }: ?3 \: u7 k! f/ S+ T& c5 I
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# B* G$ i" d% R計番回報率就已經係50%,所以可以好好賺: Q% }. O3 d5 q8 B: `
前提係銀行之間要互相信任先可以咁樣借法# K# G0 S. N$ g+ D
同埋個市場既前境要係好先得6 [7 y. a6 t: \2 E% U: ^# s; u- i
但當經濟一差,公司估值趺了,物價不升反趺/ M* c1 u  S+ t9 c# B) v3 v8 d# Q% g
例如剛才說10蚊的, 趺到得番9蚊, ' z$ X; t, ^* N' ^* q, Q; Y2 l
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
+ @3 w9 d+ o6 o- _1 _' o所以你就會覺得D錢好似蒸發哂咁, X% D. Z! M" ~& J. X5 o( H
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你都可以當標野咁諗, 個樣野多人可以狂升值,
6 w* t' L: g* H5 R+ {% 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,
, i$ A. M3 W8 T! o! V8 o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " l3 A+ d) s& h6 H3 U4 e
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
# ~. O0 i: P8 i) |3 `% D9 [, ]( W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( A6 V0 z: |0 i. u; i) r, d2 S
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 4 L7 H$ s7 D4 V9 h
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + l, U% k% }* j# i
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" |, |2 F5 `3 B8 K7 K* {+ H
咁你話d錢蒸發左去邊? ...

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- o3 |6 Q5 J. l. g: T正係咁樣
7 G% X1 u/ R+ X0 B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0 c" f/ @; k2 `
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,
% K% w5 g. C0 D# Y* }連國家都係問人借, 不停發債券, 印鈔票
3 h/ y" f+ U' I( f6 N2 a- k3 _( K一個國家好少出口, 而又大量入口 ,反映到佢唔多生產* G, C( q1 J% a8 K
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.gif1 G! S& f- |( C1 U: o6 @$ P& G
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...1 b: Q+ w0 \1 B6 N- u
因為以前未生產, 先消費
. N7 |0 C1 T" r3 n) i. b& u1 h而家就要多生產, 少消費