0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
& B% X# }" F4 V& b) y" m, dWhy bank will sell 借據給第三者???; I) U% @$ c8 P. p0 t& r4 X: Y
I was so confused.....

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8 Z& e: }% _' ?0 F  T( Z講到尾都係賺錢
) x; }/ v; {3 ~* i6 ]2 ~5 e* Tso銀行可以不斷放款" a- [8 x5 U0 }4 y$ T) I9 y3 |
美國的房貸問題散佈到全世界: b9 K9 _- ~# I& y' D! l

. C3 L. I8 n5 o4 v) A  J( @% E, fmortgage loan ; o5 s6 i/ Y) c5 v
>conduit5 F, i8 k- o% Q: L% H/ H( j
>RMBS(Residential Mortgage Backed Securities)+ ]) j3 ]/ X3 M
>arranger% ?6 k( K5 f) W* n' m+ d* }) u& w! d
>CDO(Collateralized Debt Obligation): Z! V7 c  ~+ p: J
最後去到投資者

Kev

i thought it is the reason of rate of return.
1 n5 o" S8 J6 D6 i# [CDs could have different ratings, AAA -> F,
/ V2 ?; f3 `2 y. v% Xmore risky ones would have higher premium (interest rate) as a compensation for an investment.
. e" `) z6 O- p" smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 s" o# D  h: E& V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 D* O( u& W9 ], b( _Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! w" e+ }- o: J) b, p+ ]# osimilar to bonds, CDs trading in the secondary market have different value at different times,! S- I; i0 K  A* t0 T
normally the value is calculated by adding it's principle and interest.
+ B1 {: y! Z+ ueg. the value of the mortgage+the interests to be recieved in the future.
8 I* [( C8 e$ l  a7 t) Dbanks 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 N4 _% r0 ~  U. t! x$ Bim not quite sure if the multiplier effect does really matter in this case.
& Y3 ?( Y( q2 Kin stock market, it's the demand and supply pushing the price up/downwards.
- M% I2 Y5 g5 J3 d% F, E# i$ IFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; R) X! t; E: V( i  gA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ |: ~5 ]) V8 @7 T
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. . J( T! b9 U: U/ l+ h
but the value of their assets did really drop significantly.* O1 n4 X4 e( I7 i4 d
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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. q' J2 ^3 U; Q( l: T, b$ W% h
Refer to last example,
7 `  b) d3 p& M3 n( S, q+ o1 }that means bank A have no money because we borrow 10 dollars from bank A - x- G9 }1 c. X% ?4 e' N* v8 k( r
Because bank A doesnt have enough cash on hand ( {9 a" G* ^: P; `/ Z' E8 u! L( }
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E+ i' w! r3 g1 g: l. b! t
so does it mean if E failed to pay D, : f% f& l5 B& c) ]5 y5 ~8 |
all the B,C,D,E have to go bankrupt?# k6 W' r' R5 t3 s$ Y& u6 T7 l, }
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the multiplier just tell how much money created in a whole economy,
: w$ @& w+ }4 \+ N: j6 jin this case it doesnt really matter how much money is created, 7 {3 o& ]) c/ i$ b  q' j, d9 B0 P
it's the problem of the debt itself.- e# l- v( |$ ~3 i  w) B4 U
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.gif4 m; ]8 C$ n" W( T5 v
小弟一直都唔明...) n! F  @1 |4 h  {& Y: R
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...2 U. K. q+ S$ b
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敬請各師兄解答# a. ~) Z. V! ~4 w7 A$ d
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Thanks

0 w" O. N# _& `) H5 W! @那些根本係 紙上財富  
" S5 r! l4 e2 l  |( m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; R+ o% }+ U+ u2 y# B
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高- l2 q5 F4 M2 }
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
1 I) O$ `- _; Q- v- }: Q9 a個件物價係市場好既時候升, 例如15%先算,變左12蚊啦: N2 c9 q# @' {" E/ W9 o8 ~
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
2 l- `7 `$ R+ T計番回報率就已經係50%,所以可以好好賺# u, [2 g, O" a4 u5 ~
前提係銀行之間要互相信任先可以咁樣借法
3 g8 H- @" u5 _' u同埋個市場既前境要係好先得7 p( ^" [: W3 Q! T( h
但當經濟一差,公司估值趺了,物價不升反趺- K7 \! ^- n6 B' ]' P3 N
例如剛才說10蚊的, 趺到得番9蚊,
& w" u1 R0 s5 ^( v5 ?咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
/ a( a8 E' a0 ~- e+ {5 H3 F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, ( k1 O7 K  _( `
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, 6 \! L4 N, V0 b( E/ f+ U& y, b0 r8 e
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . p% m) s$ V+ v% x$ ^: y
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
' L( i: b- @4 B% o! w- E" t/ W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  |3 f$ g8 E$ C: {
唔係d錢蒸發, 而係比美國佬洗晒未來錢, # b$ R; e0 N2 ]) ^3 t, h
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 ]0 |% v/ B7 M5 H; 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
3 k5 d* g/ a, O' [# q, c- R咁你話d錢蒸發左去邊? ...

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正係咁樣
& A9 C" u8 _  R# L% n! G* e6 ?2 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
4 R% ?% G  [6 f+ H' u9 V9 g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,; o  N" J# b! K7 n
連國家都係問人借, 不停發債券, 印鈔票
0 U; h/ B4 R/ p3 p一個國家好少出口, 而又大量入口 ,反映到佢唔多生產" B  _! ?3 r* C) ?( M
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; \- k8 X: [; B/ I咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...+ e% T4 v( ~5 z7 j: B
因為以前未生產, 先消費# W3 Y7 V9 {. N
而家就要多生產, 少消費