0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif- c3 s8 ~# Q7 u& L& h
Why bank will sell 借據給第三者???
" `- K1 K& Y0 |I was so confused.....

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" n) o. w: Q' s+ j. z講到尾都係賺錢: W/ Y- V! ^8 `4 ~5 ^
so銀行可以不斷放款; c6 ?! g& j% E
美國的房貸問題散佈到全世界: ]) Y1 A- H8 K4 W8 N; j( w4 v

. R' a- A& _2 M/ S  U$ X& Nmortgage loan
* a% X' X3 s& F( K  I: d! c>conduit3 u) m4 p2 L: E, v) L0 Q. {
>RMBS(Residential Mortgage Backed Securities)
! Q( a  ?5 V' ^/ G& }>arranger& f8 T, E8 `4 i2 @! |  p
>CDO(Collateralized Debt Obligation)5 f* b8 G, b7 E# i7 J
最後去到投資者

Kev

i thought it is the reason of rate of return.! }0 y  w3 p, r: k! Z4 [
CDs could have different ratings, AAA -> F,0 y, ~. g1 W# d6 w  B! \
more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 d3 D1 s! f  H- j" s. Xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  L7 b6 J7 W4 Z$ ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ k- a* |4 ]3 F$ E
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; N5 D2 ~. P; g# S$ w! y+ R
similar to bonds, CDs trading in the secondary market have different value at different times,* A. [; o1 o/ t
normally the value is calculated by adding it's principle and interest. 1 p  s  n% e1 Y! _- u
eg. the value of the mortgage+the interests to be recieved in the future. : f# ~" x) s1 S6 y' F9 \
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.& G; s- L# Y1 ~% y2 }# _7 l8 \9 C
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im not quite sure if the multiplier effect does really matter in this case.+ ~' U* C# ~0 v' M7 q$ Z  M
in stock market, it's the demand and supply pushing the price up/downwards., Q* ]" K% h4 |# _/ S+ X* `- u
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% Z, T( F# k" u* P% K7 F: Z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 v, Z2 D  P2 ]  ~* I$ i! RThe 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. ; L% F% z& U; P0 I2 x( h
but the value of their assets did really drop significantly.
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+ u$ o: d2 Q2 v4 N5 O[ 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
1 r# B6 @  U) a! X. p/ l! k) R/ bRefer to last example,/ l+ a: I4 K* \7 u& j, ?6 I! M
that means bank A have no money because we borrow 10 dollars from bank A - V: e% ^; n* A2 N. ]
Because bank A doesnt have enough cash on hand 7 S4 B4 T+ Z. I# l& u* }- O
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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) O( I! s- K9 R: P2 ~A->B->C->D->E
) M- _2 ~5 N+ y! iso does it mean if E failed to pay D,
! e0 ~; ~# W! C' u' r+ hall the B,C,D,E have to go bankrupt?
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: g2 P( Y6 Y) p: F4 g& \the multiplier just tell how much money created in a whole economy, ! `" F) a& E" a* t# p3 f' o4 h9 O
in this case it doesnt really matter how much money is created,
* a4 x: T' \, W4 Hit's the problem of the debt itself.* D$ \3 T% D0 Z0 c1 C1 y
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( A+ {  r4 S1 b9 g$ A4 x
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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無可能淨係有人蝕錢無人賺架嘛...2 p/ k# M6 h. f9 b' u

  o* f( {+ V1 d; O+ t0 t敬請各師兄解答$ I6 e  @$ N3 o7 ?" f9 T1 h

/ W( u+ u) |/ n% C6 H' rThanks

$ ]7 B" T5 G' C0 K7 d! _/ P
那些根本係 紙上財富  
$ t) Z4 `; G2 T  `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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9 @. w/ x4 Z0 r1 R: D# Nhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產4 X0 p1 O5 M" r/ k& t# I2 k$ [
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
  W0 L3 Z8 c" k8 H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& a1 C7 }, c+ U$ B% Q! s1 R. q: Z
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 t- R9 d1 C  [# T4 `- H! Y; ?扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) L6 H8 s/ E/ M; q& ^計番回報率就已經係50%,所以可以好好賺
5 p2 d( i$ L9 a3 }8 f& N1 L前提係銀行之間要互相信任先可以咁樣借法
8 X9 c: ~; t& l1 H- e" q同埋個市場既前境要係好先得/ R# H# J" m9 }/ ~3 m
但當經濟一差,公司估值趺了,物價不升反趺
& A5 D$ e6 p9 h例如剛才說10蚊的, 趺到得番9蚊, 0 Q  C3 q0 `5 ~% o( K& R
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ D! x. x  v. [$ k$ K+ ?* d% w7 a
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
' `, K' W: l3 |: W2 w; v! d% c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' W( c- a/ b& u) ~
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- `; e* I" w! x$ c$ b: y* x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 I1 e2 ?9 h0 Y9 M  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) d4 ]. F8 F/ H4 z% _+ a+ U
唔係d錢蒸發, 而係比美國佬洗晒未來錢, / W/ c) T( l% ?$ B$ u3 T) f$ L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ D" E5 r  Y8 N$ Z2 v. B0 ~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 q; E" @/ F
咁你話d錢蒸發左去邊? ...

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正係咁樣3 n" l- I' u- X) u) v& B6 e
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! ~# w3 ?! ?4 S. `/ ^0 z
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,* z* `. \+ @4 H. g
連國家都係問人借, 不停發債券, 印鈔票6 E% c: ^+ q. J, ?+ d' g  {6 O- @3 a6 r
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( ?% W" v% J; f" T/ d" p
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$ K. b) l7 z+ m7 \6 b
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
- R8 u$ X; }0 U+ ~* w) `因為以前未生產, 先消費
5 e& E# E. S3 T( t: g而家就要多生產, 少消費