0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
8 D2 ?! }8 u  J8 f( jWhy bank will sell 借據給第三者???
+ J! p  F. t& \' JI was so confused.....

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講到尾都係賺錢
0 u( v+ H* b+ eso銀行可以不斷放款
) {, b) h" k) Y美國的房貸問題散佈到全世界0 m( A/ h8 N0 n

$ N! N" l0 g1 d8 {/ W" f7 w6 Qmortgage loan 7 K) N& [4 f$ {
>conduit
- z, Y; h+ H0 F# Y- U8 ~! e>RMBS(Residential Mortgage Backed Securities)4 a/ \' }7 [  _& [$ H" q2 Z0 W
>arranger
" C7 q" [7 h$ g. I>CDO(Collateralized Debt Obligation)
5 c7 p* K4 L5 {% t- r最後去到投資者

Kev

i thought it is the reason of rate of return.: [/ l0 N3 l5 K  F) U0 g
CDs could have different ratings, AAA -> F,( X$ d) d$ F3 ?) @" b
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 F1 d* T+ l+ s* w0 i, j
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! g- \; j9 Z3 m2 q% j! e2 c* C4 {
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 b5 T# n% _4 U& B" J7 ^; _Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 K# S" s* c  U/ i4 T0 usimilar to bonds, CDs trading in the secondary market have different value at different times,
# D4 o4 ^2 N* ]0 i% C6 B6 wnormally the value is calculated by adding it's principle and interest. : V; C( H/ D* q
eg. the value of the mortgage+the interests to be recieved in the future.
% s& O) v9 R4 ]+ Q2 b) lbanks 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.0 F8 @% K7 A  D5 K4 c9 Z% N

( `( k- v" u4 T( i5 q' rim not quite sure if the multiplier effect does really matter in this case.
5 D0 _, E0 T# r' A& m7 din stock market, it's the demand and supply pushing the price up/downwards., _% Z, P8 _( \# A/ z5 @
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& t  Z$ O7 p# |: F3 C; w) yA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, _* S, `$ N. mThe 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. # _! t& m& P4 ^  `* t( `
but the value of their assets did really drop significantly.
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, L0 J# u( s1 ^$ z[ 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
  H8 r: j1 J9 i7 d! w8 BRefer to last example,
# \2 J; N+ Z+ h) c" hthat means bank A have no money because we borrow 10 dollars from bank A
$ M' {% w% q/ R) oBecause bank A doesnt have enough cash on hand
) x, w/ b, n8 M/ \. k3 jtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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  E6 t) d8 t/ eA->B->C->D->E
8 f* D9 T" v: Q! S7 m7 ]5 _so does it mean if E failed to pay D,
6 h. b6 M4 y7 Y" K. z. P7 h* `, ?all the B,C,D,E have to go bankrupt?6 B6 a. m  C+ V5 b4 l

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/ b* w' g( s, z$ Y/ ithe multiplier just tell how much money created in a whole economy, ; v$ y: c- c9 l7 [
in this case it doesnt really matter how much money is created,
% p( ]) N- m) }  Z& ^7 s! g7 Eit's the problem of the debt itself.2 W, C8 l7 d# ~& n# Z& z3 S6 v6 g
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
7 u% j0 ?  E( n7 O0 A0 W小弟一直都唔明...3 W6 E2 L3 |( [3 U5 a$ s
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全世界都蝕錢，咁邊個賺緊錢呢?
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+ K5 ]  [# v* J9 d% E' v無可能淨係有人蝕錢無人賺架嘛...
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( ]; S' _- O0 ]敬請各師兄解答. X/ L1 T' |8 ^. g' B

$ t! g1 F3 b7 k# p3 ^8 A) n' iThanks

$ ]4 J1 e3 ]. o+ e* H那些根本係 紙上財富  9 Q* j* U; t+ ?( M% w/ u( `# b
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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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3 F9 B. I; q- o! N3 P
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高/ i1 P  a$ Q  O) n! V
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6 j% U" S1 v. O) k
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦/ e/ v$ ^* E' [
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 K" T: Z7 v! K+ b2 Q$ N計番回報率就已經係50%,所以可以好好賺- V5 `+ l( E. h
前提係銀行之間要互相信任先可以咁樣借法
3 Z! Y4 q. v4 H同埋個市場既前境要係好先得
# F) l$ \' O7 H- W3 V0 g/ S但當經濟一差,公司估值趺了,物價不升反趺
# f! v3 h  \7 T% m; x3 u5 u3 H例如剛才說10蚊的, 趺到得番9蚊, . G, J1 D( W" d: ~2 c
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
5 N$ u7 b2 S$ }, s3 u, X: j所以你就會覺得D錢好似蒸發哂咁
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# h( a; _2 A+ e, b你都可以當標野咁諗, 個樣野多人可以狂升值, ' a* Y# e' q0 J7 c( a, ~2 S
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, 2 t, s8 A- |2 Z3 a, ?/ T4 y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * e( ^$ ]% x7 F( }% L& m0 W5 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 t$ `" E, m1 A  L- j0 k
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.gif4 f# H, S+ s& K3 A
唔係d錢蒸發, 而係比美國佬洗晒未來錢, & P, z% {1 `5 k' q- A/ ?2 q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. U+ G& Y& A$ m) m$ _/ ~' 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
) Z+ M* d& f$ V& a# r- M, a7 ^0 T6 c咁你話d錢蒸發左去邊? ...

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' [  |. F  k' y& Z7 w3 W正係咁樣
' l: Q1 W) X  d1 X* w6 G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% `' C! s& w9 R# C4 ^# o
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,
# g/ n) v/ Q5 e3 N" f, g連國家都係問人借, 不停發債券, 印鈔票' A9 {3 G5 n& E5 O
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產. \: c7 o* ?: h% }* U- N& o
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
& A, t3 `7 V1 I: T咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
$ c2 j: i+ {# p4 H; W因為以前未生產, 先消費$ @, i. y# k2 r  v7 i
而家就要多生產, 少消費