0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
% O" q5 H/ l( wWhy bank will sell 借據給第三者???
2 I3 C, Z1 [6 I, l4 @4 }+ mI was so confused.....

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講到尾都係賺錢% g/ u2 o# X- A* D; E2 n. ^, \
so銀行可以不斷放款
$ M2 W* v  r0 G0 @# X2 b美國的房貸問題散佈到全世界
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" c9 I, \+ p( C! jmortgage loan 9 \5 I0 q" l7 I. i6 ?
>conduit3 w( n8 x9 d  M3 D* |8 g4 d
>RMBS(Residential Mortgage Backed Securities)8 ~: R4 V* W  e0 W. a; V1 _2 _  z
>arranger
& Y/ z: R: b1 \1 p2 G" T9 q- z' `, k>CDO(Collateralized Debt Obligation)
& D3 K' D2 @5 m* e最後去到投資者

Kev

i thought it is the reason of rate of return.
2 Y0 u5 `4 q" W$ j* t3 w% pCDs could have different ratings, AAA -> F,
- H' }7 u+ u0 o; {2 gmore risky ones would have higher premium (interest rate) as a compensation for an investment.
( V$ {5 j7 B% X! [0 lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,  L9 i! o! Q8 }9 B0 @. \
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ r- _- S5 J" `& {- X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' `( Y* \, O$ L0 Rsimilar to bonds, CDs trading in the secondary market have different value at different times,% H2 T6 W4 T! c" I% E6 d3 ~
normally the value is calculated by adding it's principle and interest.
. D2 ]& b+ I: Eeg. the value of the mortgage+the interests to be recieved in the future.
" m' k  d8 }3 B6 g. a0 N1 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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im not quite sure if the multiplier effect does really matter in this case.' H( m) n3 ^0 Y( Y
in stock market, it's the demand and supply pushing the price up/downwards.! u" S% h& l# ~$ W& K
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
4 D9 s: f' Q1 d4 [/ D& w, BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- v0 W/ Q- k: w% o
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.
) N$ Z% Z6 d! A. ]$ Cbut 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# w# S& h1 u% c: L+ y
Refer to last example,
: _: S( c1 L) V$ O1 d: ~$ ~that means bank A have no money because we borrow 10 dollars from bank A " z9 z. d. c$ d5 Y6 n5 u" e
Because bank A doesnt have enough cash on hand
5 K- d# T$ g9 |  H* t. ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E2 c" s$ D3 s* j$ v) N
so does it mean if E failed to pay D,
6 q: J% t: f; Y' Sall 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 v! R, h+ @3 \
in this case it doesnt really matter how much money is created,
" n4 S! n+ _' r7 C! B! L' ?it's the problem of the debt itself.' V1 a' V7 Y& X; 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* w0 l; P8 }9 y8 l3 f
小弟一直都唔明...
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. s1 e* g% Q: Z: C3 ]全世界都蝕錢，咁邊個賺緊錢呢?
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1 R1 [8 u- l9 A, v無可能淨係有人蝕錢無人賺架嘛...
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" D2 x6 e6 N0 m2 l* A& f; C9 K敬請各師兄解答
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Thanks

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那些根本係 紙上財富  
0 ?  j+ V( b* Q: Z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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. W' H6 A# v' xhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
, `) K3 a4 W8 m3 N) t當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# q1 z6 S- F7 K- m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 i$ ~1 O7 X# A) f8 C個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, `: ]1 k' Q0 ^" V& e2 \+ Z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
2 N+ ?/ U1 m: c% \) E  [/ z計番回報率就已經係50%,所以可以好好賺/ m: k0 |- ~' p  v9 H6 P
前提係銀行之間要互相信任先可以咁樣借法
" G* G, {3 g7 ~) m; W同埋個市場既前境要係好先得- I$ h- m* p: G( J& m) g
但當經濟一差,公司估值趺了,物價不升反趺
) ?3 k2 \5 C% i" a7 D9 Q例如剛才說10蚊的, 趺到得番9蚊,
  r" T: D. y* ]咁投資銀行一下子就要還11蚊, 一來一回變左虧200%7 S8 ?8 F) B5 ^; U
所以你就會覺得D錢好似蒸發哂咁' r3 `1 g; z3 p
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你都可以當標野咁諗, 個樣野多人可以狂升值,
2 c+ A8 W/ B3 A* N, F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,
7 a7 l6 \: R9 e8 b淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . i1 e8 i' w6 k! k
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* w) d; u4 {. n5 F4 `( [: ]
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
6 H+ {! X( j/ g: E# `6 h. K唔係d錢蒸發, 而係比美國佬洗晒未來錢,
0 R8 z' X# Y1 q1 R淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; \% D& i5 J6 I2 w# T9 f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 v, p. c4 Q$ r; }: c7 Z咁你話d錢蒸發左去邊? ...

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  m9 r9 F$ I" R: D- f正係咁樣
, Z2 f# Z# C. o. v6 V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
) i2 A9 Z6 u) k4 E/ v- f! r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,9 f- ^: q8 o- H, [) ?- t0 i2 u
連國家都係問人借, 不停發債券, 印鈔票
; [& ?& s/ R7 n3 f' L一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* e+ K& s' D/ A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+ h5 n3 R$ f: }: W7 N% p
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
% ?: f" a# F+ ^  c5 H( w- ^  k# q因為以前未生產, 先消費0 ^4 q/ j' i% k% m; u, x  }5 F
而家就要多生產, 少消費