0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
/ A& `- c7 t1 M# ]7 jWhy bank will sell 借據給第三者???& W8 D1 D% Q' L/ X7 L9 j  x2 i
I was so confused.....

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講到尾都係賺錢+ }) Z1 q8 o' s# G* t0 q9 c; _
so銀行可以不斷放款
' W) C) |  K2 k- g5 r美國的房貸問題散佈到全世界
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mortgage loan
; X* [7 t  s4 R: ~3 c- X>conduit$ `+ v5 `) `+ r. m
>RMBS(Residential Mortgage Backed Securities)0 @4 H8 a) P( O; S
>arranger
# C# _* Q4 K* R3 [1 G5 \; g* ]6 l>CDO(Collateralized Debt Obligation)+ d0 T% R: L/ R7 _; ]' Y/ E
最後去到投資者

Kev

i thought it is the reason of rate of return.
' N' F6 n. ]+ c- U# B: m3 VCDs could have different ratings, AAA -> F,
* r6 W: J+ H2 K: Imore risky ones would have higher premium (interest rate) as a compensation for an investment.
' e" y" T4 i: x& umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
' \9 B9 G+ K% ]# h: K7 Iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" M" }1 ]! M% A- D8 |0 CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# x. w* m0 R' l- J! Y9 Msimilar to bonds, CDs trading in the secondary market have different value at different times,, F- `5 O/ {% z; |0 s- y
normally the value is calculated by adding it's principle and interest. 0 _% e! |  v$ m
eg. the value of the mortgage+the interests to be recieved in the future.
2 j- A+ u8 b( R$ ^7 \5 jbanks 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.: h/ }2 U8 p1 z) q0 p4 J
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im not quite sure if the multiplier effect does really matter in this case.( d( \4 n8 j9 X2 A
in stock market, it's the demand and supply pushing the price up/downwards.9 H! m* n  g7 j8 {2 s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 j8 i8 p& o% P$ _( [1 dA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  T9 @- p; |( R7 |1 f( H" ]
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. % q% S6 s: ^( E1 c+ F+ G9 R
but the value of their assets did really drop significantly.
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9 T# r3 N: @" O" 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.gif9 c6 _$ S; x" F: ]% p) v7 y* Y4 \0 W* l
Refer to last example,
$ u0 @$ e# v, ?  hthat means bank A have no money because we borrow 10 dollars from bank A 1 i1 y3 P- _) S
Because bank A doesnt have enough cash on hand + D+ c4 ?0 b+ G4 J" y! \" l
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
3 n& v6 Z( Z, s' ^5 gso does it mean if E failed to pay D,
6 R  Q/ d. b8 s4 Ball 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,
7 j. m8 w" o9 a5 H2 l2 K; |in this case it doesnt really matter how much money is created, 1 }0 ~8 R5 ^  M7 H$ E7 k- H/ q
it's the problem of the debt itself.
3 ^) B6 A3 h; g3 t' dthe 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
+ s. e7 ?' `# M, J) L8 }小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?1 {4 p% h) J" y4 M
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無可能淨係有人蝕錢無人賺架嘛..." Y# i9 X" G4 b4 @

: ~1 P1 }+ T" b敬請各師兄解答8 g; u7 P" o& G( u! J. n

7 ]/ _/ t2 y' p, Z" _4 _! CThanks

! f4 s2 g3 z' z9 x$ F- ~那些根本係 紙上財富  & e; E: \$ F  D2 X5 H1 C4 e
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- u+ r/ m. [5 g* Z; C" Y5 C
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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0 D* I; Y( T9 M& |% `& d, Y- w
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) x3 C( `3 z, C$ C  k
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8 S+ c) d5 `2 q1 m
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 `2 M) m  ~& `, i; z8 b4 b3 n, S扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,. z, z9 ]5 J! s; b2 i. h; {
計番回報率就已經係50%,所以可以好好賺
3 m/ U) b. f" ]# |5 c: X$ e前提係銀行之間要互相信任先可以咁樣借法& t) O+ c4 A- H4 i5 D) q6 \
同埋個市場既前境要係好先得/ x( b% s. x9 k8 P
但當經濟一差,公司估值趺了,物價不升反趺
! Y1 ?& |5 p* r* L" S例如剛才說10蚊的, 趺到得番9蚊, $ T9 y% L- `8 r6 W1 Y# K* u
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 y7 F0 A. H( S+ z4 t. }7 V
所以你就會覺得D錢好似蒸發哂咁
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% Q2 }- X/ _& G2 @# C你都可以當標野咁諗, 個樣野多人可以狂升值,
$ f/ u: K/ P: O8 L4 V( d" @+ ~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, 5 H2 k3 n! J% O+ g# N; Z9 l+ C/ L/ a
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 a1 Z) C. e; p- i4 Y; V
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! E# e/ E7 b' S  \" I: e, O% c# M
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
5 l. @: v( ^2 |; u- E& n0 ~  G唔係d錢蒸發, 而係比美國佬洗晒未來錢,
6 a" O; b! x- D( y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 ?# Z/ A8 x: h5 c# q: V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 [# b9 N3 v" C$ s* e咁你話d錢蒸發左去邊? ...

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1 r5 L4 t; s) b/ ~, R( Z" n正係咁樣
$ ?0 e' C8 U  R+ Y1 I! T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1 t2 z" k6 c. ?, M
分分鐘佢地唔使還錢5 Q* s% s+ J# `, U& G5 ^
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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,/ B8 Z) b; g/ |3 H
連國家都係問人借, 不停發債券, 印鈔票8 u2 S! h( S* l( l
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產1 U. v7 e& C2 F6 |; ^' x/ q5 |
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
' k. d) S$ p# u# e咁而家"爆哂煲"算唔算先至係變番"正常"???

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: j9 n+ ]/ o- q7 u( s7 @其實係...4 _0 z$ n$ L0 d0 u( I
因為以前未生產, 先消費# K" f; O) b) l. s5 ^
而家就要多生產, 少消費