0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
7 S. B! h& K, O9 A# R# NWhy bank will sell 借據給第三者???
$ p- Y1 h: _+ D( \$ I. i, c1 ^! iI was so confused.....

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$ H: Q. i2 q  @$ e講到尾都係賺錢
3 e; B) v6 P1 d0 k) _4 u. s( }/ Qso銀行可以不斷放款+ X; r6 U7 C2 X+ u  d3 e0 P
美國的房貸問題散佈到全世界
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# E9 \, a1 N  smortgage loan - ~  o0 _2 y  w; Y
>conduit, Q/ n5 f  |+ d+ ^% _+ J  U
>RMBS(Residential Mortgage Backed Securities)0 ?2 ]! G: R; o9 y6 `: o# A
>arranger
5 P4 k5 t( `8 L5 F>CDO(Collateralized Debt Obligation)6 e4 f2 V+ o4 x# x. g1 k' p2 i% _# i
最後去到投資者

Kev

i thought it is the reason of rate of return.
2 C6 b7 `3 q+ l5 Z6 ACDs could have different ratings, AAA -> F,) z" a: \' U$ n7 J
more risky ones would have higher premium (interest rate) as a compensation for an investment.
% o; T( f: v- V; nmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 o/ L* q& L1 S7 [8 e
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 z0 w& X, S  Y) EAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ V/ Z! v) s: S( @! |  y/ @
similar to bonds, CDs trading in the secondary market have different value at different times,
; T* Z/ T7 ~8 L6 Ynormally the value is calculated by adding it's principle and interest.
" r! y0 O0 d% W9 A6 Z* weg. the value of the mortgage+the interests to be recieved in the future.
- P: D* D) G# c: \- D+ R2 qbanks 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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% }2 p, l% ?; p* A1 p- y4 Z9 ?im not quite sure if the multiplier effect does really matter in this case.+ l6 c2 f; V: W2 ^# z
in stock market, it's the demand and supply pushing the price up/downwards.
+ X. m% j" \( s* Y8 l9 G; {! HFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 |; w+ o1 F6 \( _# p# ^
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 h2 E* W& I. }$ b- i3 g0 G
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.
; X0 [2 Q) w* g; l% Lbut the value of their assets did really drop significantly.- G) w! }( F1 S
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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
6 _! y4 F7 X: z, d" ?Refer to last example,4 b2 f9 q* Y7 q1 \9 I. d
that means bank A have no money because we borrow 10 dollars from bank A ! o& B) I8 i# p- R
Because bank A doesnt have enough cash on hand
1 V3 u, Y+ l1 H% b7 i& `& \therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
2 U# i8 Y& U  m, b  Bso does it mean if E failed to pay D,
2 [2 J3 v2 c; X4 Fall the B,C,D,E have to go bankrupt?' E+ [: B* I/ L1 T" d8 ~
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the multiplier just tell how much money created in a whole economy,
1 c7 r; I% S! H, _" Yin this case it doesnt really matter how much money is created, 5 z# X% h% Q  }- U+ r
it's the problem of the debt itself.. t9 W' U$ [: d% _) _
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.gif5 V) U6 Y  A; ?  L. |
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?! Z1 l0 _: d& Q6 [1 n

) L9 y( W' b2 X( ]# t無可能淨係有人蝕錢無人賺架嘛..." i0 A# c* f/ X! ^5 ], v5 {
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敬請各師兄解答6 @" {9 [. G0 n! t" C; g

  b% k0 c9 d0 e1 l5 p1 M4 |' H& \Thanks

: i5 q0 c/ d, B9 g' B那些根本係 紙上財富  
" F' R4 V0 |0 N2 k/ o3 @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 graphic0 _. x. W3 C4 ?8 {1 L- A5 A; p
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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
, ~) P/ t1 ]; \2 i當經濟好,投資銀行相信會賺錢, 物價既估值相對較高0 ?: q; V1 s/ ?+ a" I
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5 o8 p: O- U- i8 D; X6 u: s: [& ^
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦* ~# o  c4 ]5 N1 d* O
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,, h- c$ A5 v4 T  c: b, N5 n
計番回報率就已經係50%,所以可以好好賺- C, K/ \9 c3 ?) e% p9 W; J
前提係銀行之間要互相信任先可以咁樣借法1 f  U! a5 r  K+ }" o
同埋個市場既前境要係好先得7 Q1 ?; S, s6 _5 o
但當經濟一差,公司估值趺了,物價不升反趺8 Z* i. |1 w' M9 ^  |
例如剛才說10蚊的, 趺到得番9蚊,
1 K) U/ o  \( E8 o咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) V- A7 f- v: B9 T" l; @, y
所以你就會覺得D錢好似蒸發哂咁7 ?" |+ r- ^$ \
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你都可以當標野咁諗, 個樣野多人可以狂升值, + C! G) u) `9 ?
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, $ d9 n5 C( h6 v  J
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" _* J+ R+ R7 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
9 ^+ H, m! r9 v! [9 V0 X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
; c# S& i3 Y4 @' r唔係d錢蒸發, 而係比美國佬洗晒未來錢,   Y0 f  M1 S2 z1 s5 S: k0 r: N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ h" _) \, p9 `3 f9 B& @7 @3 O4 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6 w+ T3 D$ C! {7 h: N& ^' t* W
咁你話d錢蒸發左去邊? ...

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正係咁樣
& m' T6 n% k% M% T. v9 R1 Y2 {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
* r* d: T  Y6 x3 m% p分分鐘佢地唔使還錢1 W# E% Q! n+ N% m+ ?+ `

1 p6 `: d2 j9 O2 {* ^1 \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,
. F, [1 ~1 l& }1 [2 t( @0 j連國家都係問人借, 不停發債券, 印鈔票
1 V, ~8 Z- ^3 m, J" i7 z7 W一個國家好少出口, 而又大量入口 ,反映到佢唔多生產/ W% v( e9 [; a. u( \
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" ]+ T+ J4 u$ q5 F! r# p8 }$ k% C5 ]
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
0 M: m2 Q. ^6 f, d% c4 ?因為以前未生產, 先消費
, v7 g# j; W  J2 O2 c1 N而家就要多生產, 少消費