0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
. y3 W9 I2 t, B: r7 T. C0 e& ^Why bank will sell 借據給第三者???
) a  x4 o9 ~  U- ]) {1 @% ZI was so confused.....

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+ ]. c; l- K. d1 j! J4 Z; V% U& g3 _+ J講到尾都係賺錢
4 }% e$ ~. _7 K* b  Iso銀行可以不斷放款& J. l' A. j9 H4 U9 @2 _
美國的房貸問題散佈到全世界) J  G3 p, C4 }8 u2 p, }+ e

. H; }9 V* f1 \3 i9 O! W8 [mortgage loan
: c# q2 M2 _) d9 g>conduit
$ f  D. x, u$ R; W% F>RMBS(Residential Mortgage Backed Securities)
+ q) h9 R( G& ~7 J* T>arranger
) |- x% _  F9 y/ L; G* n7 m$ v$ c& D>CDO(Collateralized Debt Obligation)
  m, q# \) ~0 ~最後去到投資者

Kev

i thought it is the reason of rate of return.
% c* c( X- K* V7 v. l3 s& S" B$ l* UCDs could have different ratings, AAA -> F,
6 p5 {( v+ G1 Xmore risky ones would have higher premium (interest rate) as a compensation for an investment.$ V9 e0 |2 d3 M4 b
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# E) n6 z" e! Uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% {& }" ^; [$ o- ^
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  [9 U: _# P6 P( n) ~3 a" L# Hsimilar to bonds, CDs trading in the secondary market have different value at different times,& P  p1 W( [9 v
normally the value is calculated by adding it's principle and interest.
, M8 o1 e: y$ Z2 S+ oeg. the value of the mortgage+the interests to be recieved in the future. " U0 {! M% `1 G/ M
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.
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4 }: ^: @6 P8 p9 z8 T1 Uim not quite sure if the multiplier effect does really matter in this case.* S  l9 p& r% z, K7 V% F4 V( l
in stock market, it's the demand and supply pushing the price up/downwards.7 [& T% e8 [* L: S
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,  ~8 L& q# @9 F. i! F3 c0 ?9 t9 X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 C: C; ~) g8 x$ q) v9 |+ `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. 6 m' F' l( a9 x& \) n
but the value of their assets did really drop significantly.% T4 ~9 y$ X: b$ `, p

8 ?0 }- k6 T' u- N! H; y  k' W; N! 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.gif
3 `) L8 o. o& T: i" ?, N  q" LRefer to last example,6 |7 a, I: ~6 V* `
that means bank A have no money because we borrow 10 dollars from bank A   x9 N! y4 R" Y/ G" u0 Q- a1 R
Because bank A doesnt have enough cash on hand
; M# t: ~- J! [* Dtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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# W5 v5 f7 Z* G/ U7 u4 _8 E# k' lA->B->C->D->E
3 L0 p2 a/ S; g" H2 h# P1 @so does it mean if E failed to pay D, 4 i) j/ T" d$ @5 X
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, , T! h7 h9 u8 U; I+ w# A9 ~2 o
in this case it doesnt really matter how much money is created,
5 Q! A$ D+ e% lit's the problem of the debt itself.
$ Y; X0 m& f, A! R: Othe 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
  B1 p; y( q4 z7 u  r小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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9 W5 ?7 A5 z& n3 S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) Z  m7 j, y! g2 ~' F, S4 z

1 q: K3 y$ A, Y9 WThanks

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那些根本係 紙上財富  + D/ a% ^2 \* g. q0 w
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 graphic8 V# K& k3 Z/ F$ G
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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' C2 U+ ]' L4 ^5 b
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
5 k9 f) }# P' v# y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' j0 i& Y1 g" |) L6 [! \; L6 B1 ]
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
; j5 P0 P2 J. R4 m: _扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,2 i/ X8 J, d6 y3 J% \9 |
計番回報率就已經係50%,所以可以好好賺
) v* l. k+ J" t) y3 b7 o前提係銀行之間要互相信任先可以咁樣借法
: f  z0 i8 K- w" B+ k8 b$ {8 _) n同埋個市場既前境要係好先得, r3 D  {: l: v  U8 C" i. w8 W* V7 z
但當經濟一差,公司估值趺了,物價不升反趺
) J$ O' p% Q0 x# Z0 a1 m; w" i, f例如剛才說10蚊的, 趺到得番9蚊, & I0 l: _) a; a, p
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
5 Z- P/ ]' y1 u' l3 p6 V所以你就會覺得D錢好似蒸發哂咁. ~& H# r! {% K
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你都可以當標野咁諗, 個樣野多人可以狂升值, % Y, M: E, X3 u3 ]  V
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,
  O6 B4 ~, G8 Z8 D淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 j& x! `( a" G, @& T2 R/ H2 R
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
; H& H3 ^- p& F6 h! ~/ |: ?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
, O9 T" \- ?4 k1 p" C唔係d錢蒸發, 而係比美國佬洗晒未來錢, - x2 B4 Y. y/ M2 g5 X! n7 T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& W9 b0 @: f4 j2 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; c# g9 X# g# f
咁你話d錢蒸發左去邊? ...

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正係咁樣9 `3 a( z9 F. k- Z9 J
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 O* H( m; E' b1 k* x) \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,- l! h9 W& y: B5 x
連國家都係問人借, 不停發債券, 印鈔票
4 T0 K  @9 {5 G+ U) R' H- c6 R! x一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! f: P" z9 Y6 t  o/ t* 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
7 J, z! W+ r. [, ~( m咁而家"爆哂煲"算唔算先至係變番"正常"???

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( S% m8 @; h0 @" _3 h其實係...2 E4 M, `# _3 o! ~2 Z; a+ m
因為以前未生產, 先消費
7 K8 W- e, p( n" h0 N$ q7 a而家就要多生產, 少消費