0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
. p. l' z' ~; J  D2 B* f* NWhy bank will sell 借據給第三者???; \/ b9 {% w* s- y  W
I was so confused.....

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講到尾都係賺錢% S9 N# q2 v& N5 h, a
so銀行可以不斷放款
% ~# L* H+ E- M' j' Z; h美國的房貸問題散佈到全世界
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mortgage loan
- \0 E$ Q+ M1 C2 m! a# j>conduit- N$ ^$ _" h; Q' q: e
>RMBS(Residential Mortgage Backed Securities)6 r! _4 L' F* q( Q
>arranger
" G2 h! e- v' j0 t8 h>CDO(Collateralized Debt Obligation)
. j+ N7 O: j0 O  F最後去到投資者

Kev

i thought it is the reason of rate of return.
2 M" z) W6 G' u% h- @CDs could have different ratings, AAA -> F,
) j9 k5 K5 Q+ \more risky ones would have higher premium (interest rate) as a compensation for an investment.1 |' _  Y% {6 m1 Q  `& ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( ]5 ?/ X9 C7 w5 o, K9 Qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& {1 V7 F( H, QAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ j3 X/ E7 V# _& O- t1 isimilar to bonds, CDs trading in the secondary market have different value at different times,
; D" @3 x6 r$ G( E; _' Znormally the value is calculated by adding it's principle and interest. ; `* j4 n: g' I7 k
eg. the value of the mortgage+the interests to be recieved in the future. # \; d2 d" [' e3 F- n; V4 U/ W
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.
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6 g) U& {! Z# Z0 u% \1 m7 ?im not quite sure if the multiplier effect does really matter in this case.4 V4 k0 d. a% d5 g: g) t
in stock market, it's the demand and supply pushing the price up/downwards.
: G7 t& @* `6 e+ N; ~1 TFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! C8 ^  x0 Z% K/ S0 }
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ P  T3 J. L9 p% R7 T+ H6 KThe 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. ! k' r: r8 T. M+ c+ o
but the value of their assets did really drop significantly.9 C* V" N3 i9 l  |" X4 y

+ {9 @7 n' `5 E- ~  ?8 n$ L[ 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
& E8 S+ ^7 V/ |0 RRefer to last example,
. d, h: n6 u: t! u% T+ Athat means bank A have no money because we borrow 10 dollars from bank A
. A5 p! @7 v/ v8 u9 o3 EBecause bank A doesnt have enough cash on hand
; t6 |- N1 d* U: Q0 U- \therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
2 n9 g1 C/ p; H: `" Rso does it mean if E failed to pay D, ) `7 }1 V: {6 v' x! I
all the B,C,D,E have to go bankrupt?9 E2 \* h1 `! ~5 l# P' m5 n

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1 [. ?3 f1 o: C% @& C) G6 kthe multiplier just tell how much money created in a whole economy, 9 z4 S" R' S! |2 g% _8 }. v, M
in this case it doesnt really matter how much money is created,
6 v! l+ r6 I" Z) c3 k1 G! D! uit's the problem of the debt itself./ D/ t0 O% X' T/ q9 T, G5 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.gif* W8 L7 J# S- j4 L
小弟一直都唔明...5 v3 r* s8 E4 @9 U

; {' p) X6 S  w4 P全世界都蝕錢，咁邊個賺緊錢呢?  m5 D. ~. T# ^; j! |7 F
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無可能淨係有人蝕錢無人賺架嘛...
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6 _8 s0 T; S7 e' U敬請各師兄解答
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* P* {+ z- b* k  eThanks

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那些根本係 紙上財富  
/ U% w& G! h5 ?0 ?, F$ v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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9 G3 T0 {  M# w* ^  b9 Whttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產1 r5 |+ Q' n8 N4 x# H" \9 s  p3 V
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高3 r! z! m) z9 v0 k, Z# w8 H
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
- g; [9 H) ?. i( f5 p) W, ?個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
5 U, \5 [" T) P扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 ]* T0 y) g6 E- k計番回報率就已經係50%,所以可以好好賺
4 Y4 H3 a8 d- D. a3 E9 q前提係銀行之間要互相信任先可以咁樣借法' Q9 L" s% @- ?8 L- X( `" o
同埋個市場既前境要係好先得) |7 I, K0 P6 G; t  E( q3 L* U
但當經濟一差,公司估值趺了,物價不升反趺. x1 M  b3 O% }# `" X) H
例如剛才說10蚊的, 趺到得番9蚊, 0 E4 X: b& n. I: P, j9 n% Q
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
) b7 i: _' z9 Y& ]( X: G所以你就會覺得D錢好似蒸發哂咁( o: c: y- G2 a& L7 [- Q9 G/ {
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你都可以當標野咁諗, 個樣野多人可以狂升值, & d/ j5 N. C! F& F' \3 P
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, : c3 q2 O4 S1 J' j9 ~* T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 i( o3 }! j+ b8 E. V9 c( x5 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
  I3 ~; a4 K% _- M9 r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" @! U) g+ }0 l, r+ h. S
唔係d錢蒸發, 而係比美國佬洗晒未來錢, . {; f" F* U* e' O9 S
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; s. w$ ]8 e8 t- 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! M$ @) H2 D# x1 {! C
咁你話d錢蒸發左去邊? ...

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正係咁樣
) |% C5 U' {0 G- n+ [3 C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5 I* w- s/ v& Y! U4 s$ ]$ ^4 Y
分分鐘佢地唔使還錢
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. S/ D& X3 K# O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,
* j0 R% \( x5 z6 \( y* W連國家都係問人借, 不停發債券, 印鈔票
& [7 ~4 M% R: W4 ^, g# P9 d5 q: K一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
; A9 ]1 N* N8 P1 e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. J4 h5 K( E3 P- n
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
5 @1 ~" g: r8 z# L3 E" s因為以前未生產, 先消費2 P0 f2 F6 d' c0 ]
而家就要多生產, 少消費