0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
: N" j8 h5 g3 _8 x5 ]! w& EWhy bank will sell 借據給第三者???
- X) d0 h6 Z3 [" P6 l2 Y* ]& KI was so confused.....

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講到尾都係賺錢) C% }0 U" T; k7 ]9 |
so銀行可以不斷放款5 T( ~  n. b/ T5 X" U
美國的房貸問題散佈到全世界
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mortgage loan $ u. f1 A) b1 I; g" `+ j
>conduit
8 f3 S  |; T( K8 i- r>RMBS(Residential Mortgage Backed Securities)
  q  `) Y' l7 K5 H: S  y>arranger
& N) q4 J; u$ c; D# a) y>CDO(Collateralized Debt Obligation)
" L5 O2 A! V5 M& `8 \" W% Y最後去到投資者

Kev

i thought it is the reason of rate of return.0 G" y7 g- ^3 g8 L6 k4 |% m
CDs could have different ratings, AAA -> F,! |' p- ]5 V( m3 s9 L- t
more risky ones would have higher premium (interest rate) as a compensation for an investment.
( P- A9 H- T4 v9 f, W" Rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, B& _$ H  z4 R7 @
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; }3 E3 y  S( Z% N: A  V
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ C( n; I$ h/ `1 d9 p6 x2 ?- J. f) csimilar to bonds, CDs trading in the secondary market have different value at different times,
% U6 j( ^8 m- [/ B2 T$ u& P: E8 Xnormally the value is calculated by adding it's principle and interest.
- P' i6 K# y( o$ b& A- c& yeg. the value of the mortgage+the interests to be recieved in the future.
8 R8 d3 w) c3 m8 W  Hbanks 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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$ p8 K! Q0 j6 H1 Gim not quite sure if the multiplier effect does really matter in this case.
: m* e' c, q) `" E! ]  O  X2 Fin stock market, it's the demand and supply pushing the price up/downwards.  g. G* o& d1 {6 E
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 E+ v2 {7 k, R# }, }5 yA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ p8 Y) L/ Z8 ^. D
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. 7 k' o8 @( }: ~! R2 L
but the value of their assets did really drop significantly.
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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; X$ w/ P& W. A3 m- _9 w* f8 k
Refer to last example,
; [1 H0 l+ u3 i+ q; Dthat means bank A have no money because we borrow 10 dollars from bank A
5 S9 q  E% A" u% s  z8 pBecause bank A doesnt have enough cash on hand
" M) K# C* T+ d7 H9 S/ ~/ K7 stherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E3 p$ `! Y) c! i# |) s+ |: ?
so does it mean if E failed to pay D,
6 }* s: ^! O2 ^- h, D# _6 t8 qall the B,C,D,E have to go bankrupt?5 j! J5 Q2 j& _; D2 T
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) m% V. Q) y& s4 C% [the multiplier just tell how much money created in a whole economy,
$ u7 t# }  I- z# o9 Nin this case it doesnt really matter how much money is created,
) e, m1 b3 x! S0 N7 ?8 l& J/ Ait's the problem of the debt itself.
$ o0 x. ^! F2 qthe 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
5 M& n2 B# Y8 E$ s小弟一直都唔明...7 w, M! G& {: n# p
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全世界都蝕錢，咁邊個賺緊錢呢?1 R0 m, e8 O8 i, s% ~

$ Q9 s3 i: Z7 K: w" s6 L無可能淨係有人蝕錢無人賺架嘛...2 d( _! D  z3 Q( E% [1 F  J

. Y# [4 v* d$ j* @7 m敬請各師兄解答
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& }, B0 ]9 O* r& ]" [6 [Thanks

5 }1 S' D; J, G4 ]& H那些根本係 紙上財富  
: S5 y2 b4 H2 `1 H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
- g1 Y; Z  Z, s2 h當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
0 Y/ D, r" Q/ y( 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. s8 M) D# h( ?2 C' `1 ]( h; t
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
7 _" Z/ z- d. j: _! A/ W  r( _1 @扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
7 M* q* V& J- x: {0 ^" i5 ?計番回報率就已經係50%,所以可以好好賺
6 V; }) e0 w. j, ~* J前提係銀行之間要互相信任先可以咁樣借法$ G: i* |4 f) @, y& G
同埋個市場既前境要係好先得  v, V+ Y4 W1 a5 \' a+ c
但當經濟一差,公司估值趺了,物價不升反趺) q2 R/ o/ r5 ^+ I; x
例如剛才說10蚊的, 趺到得番9蚊, % N$ |5 |: s7 r% M; b
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 }  A. A' Y# |6 n0 ~
所以你就會覺得D錢好似蒸發哂咁
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, S; u( y0 q6 o8 M0 K$ h; M你都可以當標野咁諗, 個樣野多人可以狂升值,
# J( |! n+ [1 w, c+ G. u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, 2 X8 w# g5 ]/ u* K4 j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% V0 |! `  a; c; [, [9 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
' g6 W, D9 U  }* E* Z4 E6 G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
6 G. {3 U$ F" P6 |/ |$ ~, g唔係d錢蒸發, 而係比美國佬洗晒未來錢, * I4 E5 L" \/ C; ~9 D* z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: w. I  F1 {8 T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 U- n: a" p0 l; h* O咁你話d錢蒸發左去邊? ...

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正係咁樣
: n2 F; [- R. g; W  h& t: Q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& t2 v0 W# X* ]; 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,4 [. J. N5 U  ]: K6 z9 W" _
連國家都係問人借, 不停發債券, 印鈔票
) Q. j2 O; H4 U6 n; `一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
9 h9 x* {* l' p3 T, i5 B# E  C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( v; `7 j( a0 y: @% `' O
咁而家"爆哂煲"算唔算先至係變番"正常"???

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. Y% P, S2 d1 E2 b其實係.... @9 f5 S4 J2 b$ T7 D2 c
因為以前未生產, 先消費
( _1 F& `& _' \. e- j! {: A' ?而家就要多生產, 少消費