0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
4 B5 {8 y7 F* p' y) ?1 {" ~. \Why bank will sell 借據給第三者???# f) }6 g8 W1 {: g$ \. b# Z  _9 i
I was so confused.....

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7 B) v& y& W6 T講到尾都係賺錢
! j: U! W" i. h1 gso銀行可以不斷放款% ~# y; T! D! C! c' s3 u0 _
美國的房貸問題散佈到全世界
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, h; f+ d  n* J1 l3 F( J1 F: Amortgage loan
# D$ N. Q+ S& c% Y, g) b>conduit
9 i+ U+ s. E. [- Q6 J: G% h>RMBS(Residential Mortgage Backed Securities), s9 y; S* p, ^. l4 b+ d
>arranger
" Y0 L& J4 S- [2 V+ h5 @>CDO(Collateralized Debt Obligation)
. r* v8 h8 X' Q最後去到投資者

Kev

i thought it is the reason of rate of return.
; W6 @0 E) X# X! z7 \4 C" O1 f$ u* ICDs could have different ratings, AAA -> F,
. y3 W* x6 m4 m% c% p4 y8 n7 Cmore risky ones would have higher premium (interest rate) as a compensation for an investment.) x9 \0 k- }1 b* A1 Z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ U, u! C# d7 r: Iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, X+ U4 H+ a8 v2 GAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. E* \" x" W# _) z; B
similar to bonds, CDs trading in the secondary market have different value at different times,
1 _) V+ W6 z6 M. gnormally the value is calculated by adding it's principle and interest. 1 ~- C; O5 I& l* n% G% r9 @
eg. the value of the mortgage+the interests to be recieved in the future.
$ g; M5 ]9 k* |# ibanks 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.# d/ m/ {& B) n# _
in stock market, it's the demand and supply pushing the price up/downwards.
+ l) ^* o; `2 i, s: [- d4 t" oFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 j; o# o6 B& G, m
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  [, [. z# ~( f6 i  d+ w
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. * w4 K. E3 a8 f0 R
but the value of their assets did really drop significantly.
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5 B" y- \- q- ?8 C7 Q, ~[ 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.gif7 K/ t4 f- z; [1 r# h! }8 k
Refer to last example,
; n7 q! t/ \/ othat means bank A have no money because we borrow 10 dollars from bank A 3 _" R/ T; r; M  j/ i( h+ k6 ~
Because bank A doesnt have enough cash on hand
6 @$ N& K' X. H/ vtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E. e6 x/ O6 p$ E# Y3 a
so does it mean if E failed to pay D,
! g1 P  Y' T$ q$ R$ jall the B,C,D,E have to go bankrupt?- s4 i: N3 L3 g  c9 B2 F# _) X; P
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the multiplier just tell how much money created in a whole economy, / P7 H& W3 U! d/ c+ [
in this case it doesnt really matter how much money is created, 8 t. |2 K7 m9 L+ i3 K" g# o+ ^! H
it's the problem of the debt itself.
$ |. [- G4 g* J5 P: f# o) rthe 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
  X# v2 s0 }4 J% M9 y4 Y; R2 z1 j( e小弟一直都唔明...$ A% q/ u, ~7 `+ V

$ I- F2 g, ^9 }全世界都蝕錢，咁邊個賺緊錢呢?
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3 u- A$ B  N: e$ `無可能淨係有人蝕錢無人賺架嘛...' n4 {0 N; }' P! S( S

( p  t* b1 K: F0 i$ d5 ]敬請各師兄解答
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! K& s6 k4 s0 W1 ?7 ^Thanks

4 w! m% R$ U; S2 j5 a4 U) v那些根本係 紙上財富  
7 \% B+ [; c+ j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 graphic4 q: D- O5 h9 @9 _8 T% [  P
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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5 C/ n+ M3 D, O& x7 @9 D4 m, C
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% v, N/ V+ Q# e" `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! A5 u2 N: V( F4 M9 s
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( c) [+ x. Y' B( a8 |$ }# X& G扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# `! @' J: x+ I$ ?0 J4 @
計番回報率就已經係50%,所以可以好好賺
# P) K& ]9 H9 i4 z前提係銀行之間要互相信任先可以咁樣借法1 c9 W7 y- ^) \
同埋個市場既前境要係好先得$ b4 Y4 Y( ]! j  _8 l/ S# V& v
但當經濟一差,公司估值趺了,物價不升反趺
/ c% ~, e! [: N例如剛才說10蚊的, 趺到得番9蚊,
9 h1 `* L1 Y* S, K# L咁投資銀行一下子就要還11蚊, 一來一回變左虧200%' c. b( b" N: D1 D* Q
所以你就會覺得D錢好似蒸發哂咁3 Z9 i; ~( h5 D: B+ y
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你都可以當標野咁諗, 個樣野多人可以狂升值,
/ ^8 c4 [: T7 {# W6 Z- y" 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, ( u) F) ^9 x. s+ `
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  s* M# s7 l1 V: {; g: h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
, f* B6 v7 ~! ]; g4 ~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
% J' c& n; j1 W! g1 J( L* b唔係d錢蒸發, 而係比美國佬洗晒未來錢,
# ]9 ]& u2 M0 U: z) {: b. X淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; G" e2 M& Q+ s1 l- F0 h* ~* [
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
  E+ Z* C5 G8 {) F, o* A/ q/ V8 s: n咁你話d錢蒸發左去邊? ...

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; [' ?" i* x( c正係咁樣" F% W' h  @- n5 R  N. j" \9 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
' \( a: I1 p5 X0 }- u0 a* _分分鐘佢地唔使還錢
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7 z$ k) |# c. p8 q$ C4 E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 ~8 V, G: B. u0 ]8 @5 o( K
連國家都係問人借, 不停發債券, 印鈔票
' j6 G' M; t8 I3 G: r6 I一個國家好少出口, 而又大量入口 ,反映到佢唔多生產. ^( ?" n! D1 |* Y" J* n; Y0 G
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" T( M! a: v4 |" G& G
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...6 C2 T" I6 u) v
因為以前未生產, 先消費
3 d, B: W1 Z7 c而家就要多生產, 少消費