0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif' X! ]4 P7 Y$ K- \0 {5 W
Why bank will sell 借據給第三者???
8 d; g  M9 L2 t. H) XI was so confused.....

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) w; k1 Y9 s; s$ l2 ?0 r3 U講到尾都係賺錢
4 p  ~* D* w. vso銀行可以不斷放款  j$ Z/ x# s: U4 v4 A; c' B- K
美國的房貸問題散佈到全世界
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mortgage loan
2 x: K+ @( S1 p) p, r' Q, ?( f>conduit
/ U1 ?6 _4 }+ A8 n8 h>RMBS(Residential Mortgage Backed Securities)
" Q- w# @  @. G- [3 t8 ~" Q, p>arranger
& |; D  h7 O  k8 Q>CDO(Collateralized Debt Obligation)4 H0 I; G: I: Q6 i. I2 D& ^) C
最後去到投資者

Kev

i thought it is the reason of rate of return.
  v2 P' N% V8 V3 r. P4 Q+ V" oCDs could have different ratings, AAA -> F,& N5 Y3 ]9 X7 _
more risky ones would have higher premium (interest rate) as a compensation for an investment.
4 ?. h5 r8 d2 |9 f4 I% B4 f5 rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 w, w7 n$ @7 ]& |6 cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: g0 P1 t1 D2 j0 F
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* O- X0 I4 V$ @7 X$ n" o% isimilar to bonds, CDs trading in the secondary market have different value at different times,1 c  {5 B; Q, y5 g4 r
normally the value is calculated by adding it's principle and interest. 4 L& K9 O$ U8 i8 }8 r" l
eg. the value of the mortgage+the interests to be recieved in the future. . r  x" e2 r, N$ r' G1 O7 z
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.
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3 b; c* D/ G: ~& T5 v3 }im not quite sure if the multiplier effect does really matter in this case.8 p4 |+ m& i, R; \& E; i8 k  i/ _
in stock market, it's the demand and supply pushing the price up/downwards.* l- F+ {9 L$ j$ f# P& H8 y0 T
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 s2 S6 L# R6 [! m
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., A' Q6 d4 Z9 N3 X+ v
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. : V3 a2 [! e$ t
but the value of their assets did really drop significantly.: v' ?. m2 h# O0 u/ g% X: c: }* F3 n
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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( D5 I9 L1 y& u8 M
Refer to last example,) n6 q8 N8 S' q! @  d" v* u9 f% \
that means bank A have no money because we borrow 10 dollars from bank A ; |) H/ n: z4 h
Because bank A doesnt have enough cash on hand
3 l- a) |0 ?% V! n: `, ftherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
8 k2 j* i# v) Z/ |  ]" X0 Fso does it mean if E failed to pay D, : ?$ ?6 l# r* ?7 S& r: J4 h
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, # Y4 \  D+ h" q
in this case it doesnt really matter how much money is created,
( K5 I' K9 p6 _3 i5 Nit's the problem of the debt itself.3 B$ U' v- i. g4 T& x; u3 k
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 ]5 m* l' O& V1 K6 Q小弟一直都唔明...& r) @: Q3 E8 P2 f* {1 L

  H, y, C; a: K7 U全世界都蝕錢，咁邊個賺緊錢呢?0 `  H: S$ f! d( L5 s- K  [
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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, T& @" Q' f0 }% k4 u; p* l
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Thanks

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那些根本係 紙上財富  
$ G7 ?0 T/ S% k9 _; z1 G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% ]6 ~0 \$ a& N1 o; V* k+ g
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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
# q5 ~" f5 I9 X" h- Q當經濟好,投資銀行相信會賺錢, 物價既估值相對較高5 o$ A; V! ^# d. E7 f3 ?; A7 Z  x
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2 ^5 M3 P) B; s1 ~) w1 G+ P( d
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
4 c2 l( r; ?$ z' X扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- U9 }4 }# l# U  y( P* l( R3 J
計番回報率就已經係50%,所以可以好好賺- S7 l% l; i* p( Z4 W
前提係銀行之間要互相信任先可以咁樣借法$ Q3 s- p3 N8 N; @
同埋個市場既前境要係好先得' i2 X3 _/ Z* v0 ]* G
但當經濟一差,公司估值趺了,物價不升反趺
: M9 M0 J8 \  l" t$ F例如剛才說10蚊的, 趺到得番9蚊,   w7 O$ F: E+ J0 T! }4 ^& I' \
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
5 M7 t  ?$ U5 V) ?6 n- H  q" S所以你就會覺得D錢好似蒸發哂咁
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& n1 }8 v' j; {% Y  `你都可以當標野咁諗, 個樣野多人可以狂升值,
# d1 ^3 X. N6 F/ K$ t) b% S) o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,
9 x& J6 t1 O$ `; B, W8 o! j淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# o9 J2 K* [$ F! n7 D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( s6 u9 [9 F; k' S  Q
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% P9 `% t8 F- ]# s, Y% b2 f3 Z6 l1 C1 M
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
. l) ?, d: \* F& E. [9 r7 v淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 O# G- w2 Y/ f' e- L; u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 V, d2 ~: j0 B7 E) L' O1 e5 ^咁你話d錢蒸發左去邊? ...

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正係咁樣
; M. H* K. k, P( i% k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
* q9 `! a0 j5 P& e0 c, g+ S3 i% H分分鐘佢地唔使還錢* T) B: P  {- o* ]8 e. Q# O3 H7 ^
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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,) ?8 ^/ S3 R! O! `0 j, t( }8 Y8 V
連國家都係問人借, 不停發債券, 印鈔票4 U9 A3 }9 u' ?7 @; a
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
' G2 O  c: n/ m& 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.gif
) ]) Y; f8 G  u. J: C. x- N咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
  F6 G7 a; F- `1 ~- G6 D3 q因為以前未生產, 先消費( C% v1 m0 F/ H; \
而家就要多生產, 少消費