0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif4 V- v8 E3 V) Z" p" i% i5 b5 S( i
Why bank will sell 借據給第三者???
# c3 B, N" z. v1 TI was so confused.....

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* s- u  d* k6 T8 W- J講到尾都係賺錢$ e# T( Y$ j. u4 u9 I5 B1 J+ b
so銀行可以不斷放款2 D4 \3 Y4 e% C, i
美國的房貸問題散佈到全世界
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mortgage loan
. z) r  N& D- W1 }' V>conduit
$ S* I& W- d3 B( ?+ y4 M+ J% }/ Q>RMBS(Residential Mortgage Backed Securities)
6 C5 Q$ y6 D9 {>arranger
: d, q5 I& A( p( {9 Y1 B0 S>CDO(Collateralized Debt Obligation)+ w$ e$ M4 c% T/ V) E) K* g
最後去到投資者

Kev

i thought it is the reason of rate of return.
8 d1 q/ `, k5 Z* |( B, `CDs could have different ratings, AAA -> F,  Y: q4 w2 u/ L7 m
more risky ones would have higher premium (interest rate) as a compensation for an investment.) |' \1 t8 \* K& [$ Y) k1 f
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 L, b2 _& P: O* ?% P) xin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 G9 ]+ @: o: |% F/ ?0 U0 D6 C6 ]" KAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" y( L% P3 n& ^3 ~) Nsimilar to bonds, CDs trading in the secondary market have different value at different times,
2 N) ^/ u+ L7 F+ hnormally the value is calculated by adding it's principle and interest.
6 W" I7 x  b* i) t4 i( Seg. the value of the mortgage+the interests to be recieved in the future.
5 l6 ^0 L% x: f, ~( H" T, F& k, Vbanks 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.' X+ \- _( i; d9 M4 h6 B
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im not quite sure if the multiplier effect does really matter in this case." P; ?1 e# j$ o( _
in stock market, it's the demand and supply pushing the price up/downwards.
& R5 X" P6 q. oFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. b7 s" [; Z4 p% c, p' z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 W8 ^7 u, W- }$ N( X3 T% U
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.   F. p/ w8 O* G& S& ~: P' X
but 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
1 P" h* j& z6 Z& x5 zRefer to last example,7 Z4 K  ^; r# D* v2 {$ D0 @
that means bank A have no money because we borrow 10 dollars from bank A + @, Q1 p5 O' M0 N) `) L5 r
Because bank A doesnt have enough cash on hand / |$ B  o( S- U! k; W* m
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E9 }9 I1 D+ Q7 c- @: ]* M! I
so does it mean if E failed to pay D, 2 Y3 l6 t8 v1 P/ ~: c* F
all the B,C,D,E have to go bankrupt?
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, Q' y' U% q9 Qthe multiplier just tell how much money created in a whole economy,
, Q- [' p1 t$ b5 F$ M  @* N% G4 ein this case it doesnt really matter how much money is created,
% H- l- i& ^# r' W2 X9 Vit's the problem of the debt itself.9 d" |/ |* l3 Z' d. I: L. q  @
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
. [: ^# f* B5 x小弟一直都唔明...! j' g; G) Y- C; C- L2 A

& P$ ?; G9 t5 ~: T/ d0 ~4 W全世界都蝕錢，咁邊個賺緊錢呢?" E" X- _# E+ ^- q& y8 U: B  F- J* s
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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6 r6 }% O( O" _7 \
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Thanks

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那些根本係 紙上財富  2 K+ ^. \# u4 Y. s& q/ z% ^0 _
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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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2 o' X( q: z0 q) b: f6 O- U: Z8 T2 I% `% S
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
* i! a8 |, x8 ^5 a3 i% F4 o2 B* K" s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
0 ?; {0 B5 W. G9 R$ D/ w9 F3 s個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" B2 n7 t1 i% v' B8 T' r扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ R; N& F; S* Q2 f* _) k
計番回報率就已經係50%,所以可以好好賺! k: O  e8 A+ s8 ?
前提係銀行之間要互相信任先可以咁樣借法' j9 I3 c/ `" r; L
同埋個市場既前境要係好先得4 M: d8 z; R* r7 S% t# {
但當經濟一差,公司估值趺了,物價不升反趺* F5 v) a3 G/ D; ?4 Z
例如剛才說10蚊的, 趺到得番9蚊, 7 m8 R; s$ {7 a: f/ @! \6 ^( T7 `
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ ~# j  Z! N/ p) [7 k- R
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, $ c- a! G9 s" O% R+ ^
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 ]  G2 ^0 O+ \- j9 d/ k
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, / k9 A9 ^* C! k  t5 l1 C7 g
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# r  p8 A( L; h/ b3 X5 B4 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.gif8 h% b/ u' J$ `: ~( j
唔係d錢蒸發, 而係比美國佬洗晒未來錢, * d% w! K. B" ]+ \2 n
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! }' c- x' ]& i  ^
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7 ]/ E7 g) w3 A8 [- j0 D: b5 f5 P
咁你話d錢蒸發左去邊? ...

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正係咁樣
6 ?2 N* T- a$ N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
0 n. b9 y9 d' f- o! U分分鐘佢地唔使還錢0 d: k2 p3 l; H7 Z) E8 M* Z
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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,. j; W0 i: a+ \7 n* z7 U. x
連國家都係問人借, 不停發債券, 印鈔票, |# |$ E4 ?2 ]/ r: Q; M2 Q
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% }& y5 D( ^" _+ H# X% o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, o( j- K% \: J8 ~1 J
咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ o! }: [$ d) ]3 m, Y- {! e' d其實係...
$ K7 [+ }: b! Q) l' A$ N因為以前未生產, 先消費
- z* G' S  j  l& h& X而家就要多生產, 少消費