0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
; q7 ~8 f- f- o, O8 a  XWhy bank will sell 借據給第三者???
3 Y, z$ c! ^- a7 p( @9 b6 r) uI was so confused.....

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5 \9 C+ f/ R: D) p! _( Y( v) q講到尾都係賺錢5 Q0 T6 L( d# z# Z7 _. `7 n5 X
so銀行可以不斷放款
- E0 v; P; e" e% I1 I0 }. e6 ?) x美國的房貸問題散佈到全世界
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mortgage loan / K$ \) x+ B% J: X# q* Z
>conduit$ Q. p3 r* ]2 `: R
>RMBS(Residential Mortgage Backed Securities)1 M" x" n( B4 J6 D" h: ^+ q
>arranger
5 F) U- s" |7 ]>CDO(Collateralized Debt Obligation)
4 r; K1 T- V5 t5 `8 g1 Q+ V最後去到投資者

Kev

i thought it is the reason of rate of return.
% a  _" P, ]. OCDs could have different ratings, AAA -> F,
7 T& r+ p0 a% y7 Amore risky ones would have higher premium (interest rate) as a compensation for an investment.
% Z5 v! N2 X6 _9 Amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, K+ e+ L/ A2 ?$ s& j# z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; `) Z# S% S  f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 T; i6 w/ z& S0 M. R
similar to bonds, CDs trading in the secondary market have different value at different times,. `+ s7 y* z/ I* z: p- p
normally the value is calculated by adding it's principle and interest. + {' u, A. I6 M6 y' d
eg. the value of the mortgage+the interests to be recieved in the future. 8 T& T! L) ^$ N% K, s7 U
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.. C6 M: \  g  t& z

9 R! K2 \6 X. l) X. @) P/ ]im not quite sure if the multiplier effect does really matter in this case.& `; n3 j: _4 l0 I  {+ d
in stock market, it's the demand and supply pushing the price up/downwards.
) }' n. W5 g# ~8 z: f' t" rFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: _' e; I# ]* g7 R& G5 A1 x
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# K9 U* _: ]; G2 l" b
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% @8 h! J' \- Z* 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$ p6 Q5 U! D& ]* Q
Refer to last example,' a2 B- y! G  m
that means bank A have no money because we borrow 10 dollars from bank A
; Q/ L1 u8 x) ^9 m, T4 _# NBecause bank A doesnt have enough cash on hand
# Y6 D3 `7 V: t9 {* F$ ~4 ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E5 F4 b' U2 s/ G* ], p) u) ]0 h
so does it mean if E failed to pay D,
3 A4 M- ^1 y% |7 G3 H, Z+ W% Rall the B,C,D,E have to go bankrupt?5 q) ^* O+ F% C7 C# ]4 V

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) n! k6 x  F8 X$ I! T- Athe multiplier just tell how much money created in a whole economy, $ _7 H8 h3 `# O! K0 h9 d' [' e0 U3 ?
in this case it doesnt really matter how much money is created, * M% B. Y8 T8 V5 _) u2 m
it's the problem of the debt itself.
' K6 _, u2 f6 I7 xthe 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+ P- u$ y4 R) ^" }9 z% C
小弟一直都唔明...) g  o9 O2 H3 |3 ]" P' k

2 ~& Z' v. ]. L% s- L( I- a全世界都蝕錢，咁邊個賺緊錢呢?
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7 e7 }# k8 p8 T& `2 T: }8 ]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) [% g1 P8 u% V& t0 g' j
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Thanks

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那些根本係 紙上財富  
  M. {0 F1 E8 V+ z9 @& 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
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8 A' \) P$ ]0 p2 p" Vhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
* F  T  ^: |- @1 _4 X當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
6 C; E3 P! j' k4 X! |+ p1 l- L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
- Y6 q, ]1 [$ r8 N) ]8 G個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 ~% B2 o- \5 f
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
, o9 m, r  p' `  e3 M# v' w計番回報率就已經係50%,所以可以好好賺  x% e; c9 @5 V9 q
前提係銀行之間要互相信任先可以咁樣借法
3 @7 t  l! A6 W3 Y, x  A( g. ^同埋個市場既前境要係好先得) U' m0 u+ T2 u
但當經濟一差,公司估值趺了,物價不升反趺
  I1 Z. z' C: u- L0 [例如剛才說10蚊的, 趺到得番9蚊, $ |  D/ }/ ^0 n' P$ U$ L
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
. ?/ J/ w' V" p7 k  U) E所以你就會覺得D錢好似蒸發哂咁
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2 A. a# n1 J" y; p你都可以當標野咁諗, 個樣野多人可以狂升值, + ]* W# K6 y+ t5 }" w3 ^
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,
+ c' `7 X- K, V5 R9 ~淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 W1 l/ ?% l2 B( @) c0 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
$ ], Y' n* B5 v5 g- |$ y" r3 g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.gif9 U$ D5 E* N4 N7 I$ R/ z
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; n9 Y8 w4 L. h; c& h
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , _& ^7 \4 ~/ O0 E
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 e" o2 K' Y; g7 Q9 K咁你話d錢蒸發左去邊? ...

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- ~& X" V# K6 v2 a! h正係咁樣/ Q% W# S& d/ z! ^# V+ z
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
2 B0 e. ]- c8 i2 l9 W$ B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,
& f1 |0 n' k) C' a+ n: L2 H2 [連國家都係問人借, 不停發債券, 印鈔票1 k& P0 I8 r7 z3 e" _' S+ F3 o
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ I4 I; H  r5 k7 X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
/ i) w0 O6 \# M/ U3 z咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係..." f4 h& f& i; @
因為以前未生產, 先消費
+ ^3 z+ w. F2 b8 s1 x6 M5 B$ E0 [而家就要多生產, 少消費