0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
$ S# U' Z7 C# ^) x/ \! y  z9 LWhy bank will sell 借據給第三者???  S- H3 N. k5 n; t
I was so confused.....

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講到尾都係賺錢
$ ~& u- A4 y2 Iso銀行可以不斷放款
% B+ |" L8 i, }5 b美國的房貸問題散佈到全世界
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mortgage loan " a3 r7 {; G8 k" h: \% ?5 L& D5 U, ]
>conduit& |, i% I6 m( N& ~& m* q. B
>RMBS(Residential Mortgage Backed Securities): `. q6 L- ?+ X7 F8 H) p& ^
>arranger
8 Q8 Z5 ]# ^: A, q>CDO(Collateralized Debt Obligation)) j, q" J' w/ P$ p( v; r3 {. k
最後去到投資者

Kev

i thought it is the reason of rate of return.
1 W2 h$ A4 G  e' w* _CDs could have different ratings, AAA -> F,
- S1 i/ Z: j; i, ]- Y4 n6 y: omore risky ones would have higher premium (interest rate) as a compensation for an investment.- b9 u( ^. b! ~3 D0 Q$ y9 X
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- i% L1 I, z4 u+ Q8 rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ [2 K5 Q7 V" @  r, m1 s
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% {. G6 r2 ^" ?2 S8 X5 @: F. s/ V) Ksimilar to bonds, CDs trading in the secondary market have different value at different times,
) s* b) U# W3 \normally the value is calculated by adding it's principle and interest. ; A) r+ S. k: [$ M
eg. the value of the mortgage+the interests to be recieved in the future. 3 R  w5 g& ]: i  G8 Y. Y
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.* p4 A0 S2 Z. _4 O+ G

1 \/ c; [' Y+ J; Q) Y$ N6 zim not quite sure if the multiplier effect does really matter in this case.' y3 A. E5 q" l" q4 N# ~9 F$ Y
in stock market, it's the demand and supply pushing the price up/downwards.1 Z, m; b6 I+ ^4 A* H
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# L9 \; h9 O2 ?3 R$ J% i
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 [* \! U3 r& ^) s  w2 yThe 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.
0 Q) D; n6 l, L, |but the value of their assets did really drop significantly.( f! q& m. i1 q1 ~) z4 |3 D- k

, k' U* G% h- w/ b6 `: I% J, d& 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.gif
, z8 P) O4 S% H; I+ o2 zRefer to last example,
; }0 Q; s6 r8 a8 `! pthat means bank A have no money because we borrow 10 dollars from bank A
5 q- g; r) R3 Z2 h5 a- VBecause bank A doesnt have enough cash on hand + }+ b# \$ t0 S( w
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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' f( g! u( B% {" H$ }A->B->C->D->E/ I: e7 b/ {- A# U; P* B
so does it mean if E failed to pay D,
! t9 n3 c2 F. z* gall the B,C,D,E have to go bankrupt?; w, c9 A' }! S
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the multiplier just tell how much money created in a whole economy, * ^0 \) r9 Z1 c/ f7 R) @- p' ^
in this case it doesnt really matter how much money is created,
* a/ u" u2 {& @5 s  rit's the problem of the debt itself.# R* q: c  u& W. K4 f5 v
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& Y  h- H' J+ L2 H" b8 K
小弟一直都唔明...) }, s! V0 j. {* J
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全世界都蝕錢，咁邊個賺緊錢呢?! y5 y5 l( }# q9 H2 @- U: P
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無可能淨係有人蝕錢無人賺架嘛...  f3 `1 x8 ]  ]0 ?

4 V  p' H) w9 O2 L5 C1 G( ^敬請各師兄解答; V8 ]( c0 c" ~" Q6 b9 x) M

' D* u1 K( d* iThanks

3 E  b/ r! D: K# _8 B5 C3 t那些根本係 紙上財富  
* f' l# A* I7 [; U6 [$ {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
: E- ^3 D8 P+ o6 G. |當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
4 z+ f: S2 P; e1 U5 ?$ M% g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
' b/ h  m$ R* U, c' m& H個件物價係市場好既時候升, 例如15%先算,變左12蚊啦8 }# ?' M' o/ u8 |9 _: Z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,, m" ?5 y% g' ~' |; ~, {
計番回報率就已經係50%,所以可以好好賺
+ x& ^8 d5 ]/ n* s2 J+ I前提係銀行之間要互相信任先可以咁樣借法3 g4 D! E, `( E6 [- I
同埋個市場既前境要係好先得5 Q! y8 Y6 J' t  }9 ], J  O
但當經濟一差,公司估值趺了,物價不升反趺
8 I9 G1 a1 {4 ^7 l例如剛才說10蚊的, 趺到得番9蚊,   g) Z7 _  Q1 q
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 c$ k) a1 ?& L& T8 w- V" }: a
所以你就會覺得D錢好似蒸發哂咁8 N5 u1 u- e" \! Q0 S( d
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你都可以當標野咁諗, 個樣野多人可以狂升值, 1 x  I3 z8 B+ i4 _* w, L
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, 0 e% Y, Q/ m+ n! ], b6 j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ c' ^7 g) z( [. ~4 ^' 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
. Y. j& {5 c0 P( J! y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) w& ~; p5 [' t( y0 R- W
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ! u" v. `4 C) W/ |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 W6 }* }7 x9 k0 L6 G8 o
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/ _; r3 n- h- B& k9 i5 b1 @) k+ ?/ J) b
咁你話d錢蒸發左去邊? ...

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  B! z9 |+ L$ R1 G% A" Y+ C; z2 x正係咁樣
$ S. I" j% Q3 z, ~- c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
# l; e7 o; N7 c* E' O分分鐘佢地唔使還錢  Z1 K5 n  ]4 r( j
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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,6 K6 `7 s) h. ?3 i
連國家都係問人借, 不停發債券, 印鈔票2 X/ y/ W/ n) u- K' Y
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產/ X$ H3 c* s# X. L$ o8 ^  V2 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.gif4 Z8 `3 z2 }8 P% _, [# o  n7 t
咁而家"爆哂煲"算唔算先至係變番"正常"???

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8 [8 Z9 j& L8 r: m  u7 V- m- g' U+ G# U其實係...
1 ]2 }8 m) ]+ c8 k# m) D因為以前未生產, 先消費: i1 L2 b0 s: k( h
而家就要多生產, 少消費