0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif. k0 w7 k) Z% \, p) c" s/ u) R
Why bank will sell 借據給第三者???
- R' Q" ]  M' n, I; A- ^I was so confused.....

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' z- {1 p* Z& x  v& o1 C# ?. w講到尾都係賺錢- T2 v. F( U8 L% _2 q
so銀行可以不斷放款
7 D6 A. [2 f3 S# f; ?) E9 s. x美國的房貸問題散佈到全世界$ c7 s3 g. i6 p

6 [/ d" E, z  ?6 y8 r4 u( Omortgage loan " r4 d) A& ^6 |; I7 F+ z
>conduit+ m- F' C! M& C" h/ k7 V+ Y6 b
>RMBS(Residential Mortgage Backed Securities)8 s6 G  b* [. ]! Z2 ~( |* k
>arranger# L# J% H2 t, p0 e
>CDO(Collateralized Debt Obligation)
6 M) ]. K( E  X% s/ u1 S: E最後去到投資者

Kev

i thought it is the reason of rate of return.: U; k# V3 w5 J' e  A$ U* Q
CDs could have different ratings, AAA -> F,+ B: @9 R" M! [# K2 M" U$ W
more risky ones would have higher premium (interest rate) as a compensation for an investment.
' L, ~' x% z2 W7 A% }5 |' ^main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- I% L% k& t8 _& [! D/ T3 din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; D3 j6 M# `6 P5 C: d; m9 ^
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 ~. P/ z: }( x1 T7 ~
similar to bonds, CDs trading in the secondary market have different value at different times,) I# v3 L' u- A: \3 ?2 r+ @
normally the value is calculated by adding it's principle and interest. 2 `* E% G5 [1 O/ I# g
eg. the value of the mortgage+the interests to be recieved in the future. 1 G# T, |$ c& R6 K* [# q
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.3 ?. y5 n% W6 a7 [0 g  B% E! i, g- t
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im not quite sure if the multiplier effect does really matter in this case.
! F* ~# p7 H, W, Y) Y- p9 Vin stock market, it's the demand and supply pushing the price up/downwards.
: L5 z+ Z( I1 T# iFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" s6 @7 T3 ~' BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 y* u  |0 ~( W* x/ X5 X
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.
  K) T5 B! o) Y. t+ k7 k, ubut the value of their assets did really drop significantly.
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[ 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% e7 ~# }( Z, B
Refer to last example,
2 |& o. u3 H4 R- o, Vthat means bank A have no money because we borrow 10 dollars from bank A
/ K7 l" T8 F+ }, hBecause bank A doesnt have enough cash on hand 4 _: p( {2 G: q/ b8 P1 P3 {
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
' A; y. E4 E) }% m( B9 v* w8 {6 g9 c2 fso does it mean if E failed to pay D,
: [' i3 X+ j/ m) l( z3 s+ sall the B,C,D,E have to go bankrupt?4 U4 M6 [8 l+ v

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" A" |1 R+ _- _, Y% r0 }the multiplier just tell how much money created in a whole economy, . u9 C/ T( W7 F6 n
in this case it doesnt really matter how much money is created,
: q/ @% f" R# _0 D# Cit's the problem of the debt itself.
5 @9 w; s0 w, j' L: ?$ ?' f3 fthe 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
! d" i1 `6 p6 ^* d5 E小弟一直都唔明...5 }3 @3 u% @5 F: j

0 ^7 o! j3 j- F" R全世界都蝕錢，咁邊個賺緊錢呢?" m2 G) i- z) U: i
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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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+ P& Z/ y  D2 ]# X/ s0 ~6 a那些根本係 紙上財富  
1 h7 j. k2 {% `/ 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/ R# o- D8 ^$ r7 d0 V% A$ c

# U# b) C$ D7 M) U$ {) n6 Qhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
8 |) v: Y0 u5 Q9 K% R2 W' d當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ o5 v9 B- h% f) f) 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
/ ^6 b2 p! i6 ?5 U個件物價係市場好既時候升, 例如15%先算,變左12蚊啦4 G3 V5 }7 J$ e: I9 s7 g
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,! d1 H4 U3 _+ F* H4 E% h
計番回報率就已經係50%,所以可以好好賺' _" T8 L: O' j1 K1 a! d; S
前提係銀行之間要互相信任先可以咁樣借法% t/ C  Y% R, Y! h0 T
同埋個市場既前境要係好先得# |0 t3 ^# R5 n( {( d* _
但當經濟一差,公司估值趺了,物價不升反趺, H' \! A; ^: o9 q/ c# S( t
例如剛才說10蚊的, 趺到得番9蚊, ( m& e, \  U7 l. v* D. r
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
  D0 v3 B3 i4 n/ u/ b1 C/ r所以你就會覺得D錢好似蒸發哂咁4 s+ S: p* C) e# J6 u
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你都可以當標野咁諗, 個樣野多人可以狂升值,
2 K4 X/ V# _8 W8 z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,
- S% Z, }6 {7 d2 L3 T淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 {# |8 ?$ q: U4 W" U! L" m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
1 d8 t' k3 |1 [) d& {/ \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; b6 Z) z& q7 r, [. M
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 9 N) {3 z% s/ u' p: d7 t1 L& g& w
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - c' `) @- r& W7 [7 t7 X' Y8 S
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1 y3 }5 V& L3 n1 l: M7 a
咁你話d錢蒸發左去邊? ...

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正係咁樣
9 {0 I, N1 N2 \0 P' X' e! F" p  f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
+ B7 x4 U+ k2 g% v$ v3 b" r$ r( H: \分分鐘佢地唔使還錢9 X9 S7 n* m1 K7 `2 `
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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,
* F2 G  t2 P# [% d/ G連國家都係問人借, 不停發債券, 印鈔票1 Z6 H' V$ @4 D! P
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產" {9 ^" p$ u7 l6 P% A" I
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.gif7 [# B" _. z% B7 A
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...! t/ M" k9 g" z6 i8 t
因為以前未生產, 先消費+ z2 }$ Z% `3 `3 q
而家就要多生產, 少消費