0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' D) D5 N! Z0 E- C) kWhy bank will sell 借據給第三者???/ R2 X2 E) K; q& }' i4 z
I was so confused.....

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講到尾都係賺錢  n1 @% g) g7 C3 e& [( R
so銀行可以不斷放款
& t+ }" |9 h4 a$ v# Q美國的房貸問題散佈到全世界
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mortgage loan ; P, a8 o$ n0 ^' V' Z2 @& i4 M3 q
>conduit
5 b" }3 c) ~7 M: A! G' v>RMBS(Residential Mortgage Backed Securities)+ r* E3 i6 @9 d7 a0 {
>arranger" X/ t% {# N9 u9 @
>CDO(Collateralized Debt Obligation)) J% M, m' \  O) T) h6 j
最後去到投資者

Kev

i thought it is the reason of rate of return.' @+ s# B2 U! o- R8 h
CDs could have different ratings, AAA -> F,' i5 u/ e7 ]- _; K. i
more risky ones would have higher premium (interest rate) as a compensation for an investment.
3 R$ a( f& A  G0 @, b8 H$ ]- mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; h' t* Q1 S2 W% \/ V3 Din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" a  Z7 X/ A" s+ {  pAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 l; o3 A8 P% a3 bsimilar to bonds, CDs trading in the secondary market have different value at different times,
2 E) T2 X% X' F9 p; Mnormally the value is calculated by adding it's principle and interest. 0 j% I0 S# p' J3 w( y$ X
eg. the value of the mortgage+the interests to be recieved in the future.
. f: Y, h" E9 H# |( l7 abanks 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.: N: v7 P9 h0 |% _  k1 J5 m

0 g, }( t6 }( Q. ~( Qim not quite sure if the multiplier effect does really matter in this case.
, D, c8 ^9 G4 `in stock market, it's the demand and supply pushing the price up/downwards.- x5 \1 M2 |' R6 A
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% L3 G/ i! k) U3 ^
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 n( t/ W2 M. j$ [3 s6 gThe 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. 3 m1 }" e" n( f* u6 q, L2 H1 l
but the value of their assets did really drop significantly.
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. q+ `; p% y# A% s! y' c. h[ 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
6 P4 O8 C7 b! }1 T, s, GRefer to last example,1 i9 a# X( T. c  d. _) J+ [8 Q
that means bank A have no money because we borrow 10 dollars from bank A ; S- M+ g% n+ N' l
Because bank A doesnt have enough cash on hand
( N& B& A( ?2 }+ |  \6 M+ o( Btherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
5 B1 w% o7 l' t+ y* |so does it mean if E failed to pay D,
1 t' M+ b. g) J+ X6 ?/ K' i% oall the B,C,D,E have to go bankrupt?" m+ r( E/ i& X* e
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3 T' g6 ~( _4 }# g: b* E
the multiplier just tell how much money created in a whole economy, 1 X5 U5 M+ t2 v
in this case it doesnt really matter how much money is created, & t  N) f7 ^6 q4 W" Y
it's the problem of the debt itself.
: y! \  V8 G6 F2 v( p& ]* K# _9 m7 Bthe 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.gif6 h8 m* [% ?3 B# V& o. T
小弟一直都唔明...) L0 v4 I/ P# @( Y: R

8 g, W: q4 w* k; ~1 ?. K全世界都蝕錢，咁邊個賺緊錢呢?7 E  ^* G* D8 b3 q; R. j7 z9 c9 S

& ^; H& o  E7 P  ?( }0 W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
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  m' Q5 |  ~# X3 tThanks

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那些根本係 紙上財富  
& x" ^: y! r" Z& ~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 graphic9 z. p2 M0 _$ l

1 @$ U) R# {! khttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
( w, N+ s5 ^, B& }# d, B當經濟好,投資銀行相信會賺錢, 物價既估值相對較高8 J$ ~* a( A5 k# T8 j
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
# a& K: O2 e6 t7 J/ I個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( H0 S5 r! O  O5 ]$ j扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
3 Y/ S7 @7 U/ x7 r6 q* |# k計番回報率就已經係50%,所以可以好好賺
3 H+ ]- y$ K3 R1 w( M- o前提係銀行之間要互相信任先可以咁樣借法
% |+ K' ]: I# k2 E( a同埋個市場既前境要係好先得
/ Q4 M; t0 X% Y9 x但當經濟一差,公司估值趺了,物價不升反趺
7 {6 t6 f0 E* e+ c. I" z  ^例如剛才說10蚊的, 趺到得番9蚊,
3 q$ \; N) y) u+ K) j8 `咁投資銀行一下子就要還11蚊, 一來一回變左虧200%/ E- H# G- h- `7 U
所以你就會覺得D錢好似蒸發哂咁2 d* m" w6 L5 \; n2 A2 G

& U. D: _: R; |/ m/ P0 ]5 S你都可以當標野咁諗, 個樣野多人可以狂升值, " m0 y' H  v7 U3 \' ?( M7 I
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, 1 s  C4 P" e: u# u7 V* \/ p" z7 p
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & d* Z8 {( 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, V/ e- _1 @) O$ s( e/ k0 P
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/ O7 m5 A. |2 B& F! b' x# Y
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) b  ^" J& T) }! v0 f
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ l- j+ ^* o- a6 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
5 c" \# T: O( `: D% u. K咁你話d錢蒸發左去邊? ...

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- T/ ?, P1 s" H' Z正係咁樣) O) }$ T8 e' c& ?6 K2 v
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
9 @$ T3 G+ W- l) ?9 U: P% O分分鐘佢地唔使還錢% ], a7 b9 ]* x9 C. D+ }
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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,
3 G  z1 |, a# m) q連國家都係問人借, 不停發債券, 印鈔票
4 T: r( o1 p7 w0 V2 @! ?一個國家好少出口, 而又大量入口 ,反映到佢唔多生產7 R+ w' g* o! S9 K7 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
6 \! _# Q$ o9 Z. L0 q% r1 t咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...$ i+ P; Z8 c/ N8 |- e! I/ w
因為以前未生產, 先消費+ t# j+ H9 M8 w3 w
而家就要多生產, 少消費