0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
3 h1 ^5 H1 q4 @" y# Q$ Q9 x% G  pWhy bank will sell 借據給第三者???; X  ^. f9 v. J+ G. H- J
I was so confused.....

$ K; J2 ~  ?# L. C/ z
# n, X1 H& x" v4 P講到尾都係賺錢
2 M. ]9 c) `: L/ W( u% [$ W0 Vso銀行可以不斷放款
% Z) ?2 A: B% \/ T美國的房貸問題散佈到全世界
. Z! \. I2 ]) k/ S: j8 z& n- C. J; g( n: i) i0 V: s
mortgage loan
. q0 @- j6 x, i& F2 \. p, W3 D>conduit+ r% [  b# O9 u
>RMBS(Residential Mortgage Backed Securities); c3 B) p0 Q, k/ B, F0 e9 s
>arranger5 r& h+ [' o' s
>CDO(Collateralized Debt Obligation)
* ?/ {2 \, h+ t* h) p' i& M) d; z. ]最後去到投資者

Kev

i thought it is the reason of rate of return.; C. x( R2 L& b7 U: _( L7 G& R
CDs could have different ratings, AAA -> F,  x5 |7 r9 L9 {+ a
more risky ones would have higher premium (interest rate) as a compensation for an investment.
7 o- U$ j/ D" h- H4 R3 wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" y2 W- x8 F* @) f; E& Vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ n( O" R  e8 {% W. k: L
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' N, V& I! p9 dsimilar to bonds, CDs trading in the secondary market have different value at different times,
% v3 X6 \" Y) U4 J& Mnormally the value is calculated by adding it's principle and interest. / n$ N/ \$ M6 x8 v
eg. the value of the mortgage+the interests to be recieved in the future.
7 E0 ^; d6 u. E5 E$ q& ^* C, _' j! pbanks 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.% [8 M% f( `. t9 a7 `3 T' j
) J! w% V* m0 [) M; L
im not quite sure if the multiplier effect does really matter in this case.
8 [; I3 O; l! `in stock market, it's the demand and supply pushing the price up/downwards.( s3 u/ e& Z, N% ]! K# \* F7 [
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 O( K. u9 G* k; m% p/ Z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) z) O* e/ J: O! ^) X7 a2 aThe 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.
: {' S6 \- I+ n0 f: q; K3 mbut the value of their assets did really drop significantly.4 q+ W- S# M" D! c2 j2 s1 q" M
  L( i/ D% F4 O3 i
[ 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
' R# `9 \8 F; @& F8 K5 |. o$ YRefer to last example,
  y- G/ I- i+ Othat means bank A have no money because we borrow 10 dollars from bank A
# G8 M: G  A( k. o/ J) jBecause bank A doesnt have enough cash on hand
! r3 p2 d: x* O' Y4 Ctherefore bank A need to be bankrrupt ??? Am I right ?? ...

# a. e  k) p, t1 y/ m( u# C/ p; Q: f( n+ R1 l

$ S; G# |; I2 _% l6 wA->B->C->D->E* o: u$ T1 y9 Q- z% m
so does it mean if E failed to pay D,
) p$ r$ ~0 V) c! N: Pall the B,C,D,E have to go bankrupt?
, D( P! ^4 ~" f
4 X" b  ~6 Q; X. P" Q
1 B( q5 `6 n! l# m6 W  bthe multiplier just tell how much money created in a whole economy,
( D* \+ [1 u4 N; P8 b# m$ ain this case it doesnt really matter how much money is created, % \# O& A/ B) @! v# B
it's the problem of the debt itself.
5 u7 x7 f4 O5 G; |1 f$ ythe 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.gif3 I7 y8 p0 J7 F
小弟一直都唔明...
" N: Z  b$ s, ~* j8 Q! U0 b2 g" K4 L2 p$ w
全世界都蝕錢，咁邊個賺緊錢呢?
2 Y/ ]. a, I1 `  ]3 I
9 H7 ]5 p; X3 f6 M8 ~' C* G; ~  L6 ?& f無可能淨係有人蝕錢無人賺架嘛...
& S+ ]3 `, q/ Q  {* K& t* r7 D
" O: p  R+ D4 c! y/ ~* p8 g敬請各師兄解答
; H. _, N' T3 I1 R1 J, a
* M7 i/ G& y* {- {* ]) Z3 {Thanks

* Q- m* N5 d4 l& ~5 Z3 c% D8 p
那些根本係 紙上財富  5 x2 V$ x; o$ [
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
. b# p: W4 M4 Y9 P5 `. i# @* D$ E( Q9 I" L8 l# ~/ |& b
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! o5 m! \1 F- x; }' n7 d5 v
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高( a% v9 r6 k7 r; V- g5 m( Q
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
( |$ |; j% i7 N( C個件物價係市場好既時候升, 例如15%先算,變左12蚊啦' g  j4 t& M- Y3 _1 F* y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
1 J( y+ m+ G/ K  j) @/ B! W, U計番回報率就已經係50%,所以可以好好賺
( D4 Y: \- U% c+ U& G5 Y" W前提係銀行之間要互相信任先可以咁樣借法9 Q" j& s0 d, Y" J- l
同埋個市場既前境要係好先得
3 c+ ?  ~. F# p8 G# J7 _* d! j但當經濟一差,公司估值趺了,物價不升反趺- }3 o  J7 O! {; h) J
例如剛才說10蚊的, 趺到得番9蚊,
  ]: l  C2 A0 c- C, B; d  I3 H咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
  T2 F/ h) O& l1 W8 Z所以你就會覺得D錢好似蒸發哂咁: D; T, o4 W* b" f: ~: _

. k5 j% z& }1 m. O你都可以當標野咁諗, 個樣野多人可以狂升值, : H  B. |5 H0 h
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) b" V2 A1 D淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; S1 J2 ^& h4 L' c( @& L
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
0 k& \2 f* ?- i$ w4 j; {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.gif9 K% O1 Y$ @( I! d5 L2 s
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 5 j- i* ~' h% u! L) q$ }, K" {
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   W0 B9 A) j  L. C
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6 B' o. h5 @  T0 J4 W6 y9 y
咁你話d錢蒸發左去邊? ...

; T7 Z+ G. P+ E2 w2 U% {  e" x3 z" T5 u
正係咁樣
2 D9 T# ~! E) @2 {) M1 p$ M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
% K) n* p) [; V分分鐘佢地唔使還錢
+ t* j6 f: A3 \7 d6 _9 c3 w! M* Q: V* 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,
) W; [7 T2 I' c5 |4 d連國家都係問人借, 不停發債券, 印鈔票/ }, q9 ^6 t/ u, A1 x- ~% X
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 S( `$ B6 ^2 q7 G5 v; b) |5 D/ R( d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
( g: _8 j* K- s) B5 e% B咁而家"爆哂煲"算唔算先至係變番"正常"???

9 i3 c/ c8 B0 N  V/ K( e9 F) Z
5 }9 L+ @5 U3 O4 i8 D/ x
其實係...9 d. P1 |5 R% t  f' m0 H
因為以前未生產, 先消費
) [+ N/ V! M) Z3 ?' {4 F而家就要多生產, 少消費