0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
$ Q0 U3 J9 Q5 B0 e$ s' ^Why bank will sell 借據給第三者???
$ k. d; {$ N+ z6 [I was so confused.....

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9 I" J5 j; E: T" c6 L講到尾都係賺錢' M% b. V6 `! C# ]9 M7 \
so銀行可以不斷放款* P: ~  v* p) _  b  I: v
美國的房貸問題散佈到全世界: J9 ?7 C& R7 V) o/ V$ U
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mortgage loan
! z  x1 R  F2 |1 J$ i>conduit
* p4 M' S9 F- b3 w9 o>RMBS(Residential Mortgage Backed Securities)
$ a& \- V5 N, Q( i) |0 k$ ^: Z" b' o>arranger
. Y  l9 u1 d$ m' y( Q' [# i4 L' z>CDO(Collateralized Debt Obligation)1 j2 U; ?$ M. T0 ^3 \7 m; }6 A8 y
最後去到投資者

Kev

i thought it is the reason of rate of return.
% _( D: w/ V6 z- @. C! HCDs could have different ratings, AAA -> F,
! w4 B8 U6 `% B5 g% E; Fmore risky ones would have higher premium (interest rate) as a compensation for an investment.1 z0 L8 P2 Q' t
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, T2 a/ f3 t9 L$ m
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. j, ]; N1 i! e- w9 f/ |$ t4 ?
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: r/ n' C( ~; l# n6 zsimilar to bonds, CDs trading in the secondary market have different value at different times,3 s% m: h! {' U% ]
normally the value is calculated by adding it's principle and interest. 5 c+ s3 O0 y6 v* ?) q: Y
eg. the value of the mortgage+the interests to be recieved in the future. ; Y! t# D6 u7 E) s
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.7 ^) K; D4 I8 E2 ^& K4 e4 Q
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im not quite sure if the multiplier effect does really matter in this case.
+ E2 \6 s+ ~$ T* b' x; ~in stock market, it's the demand and supply pushing the price up/downwards." {3 e4 z! s# H+ S/ G
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 Q5 }$ N1 u( Q6 N0 w
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; U( ?; \) G) t+ `- Y8 A- x
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. 7 r" l3 `& v0 b. |* z; Y( v
but the value of their assets did really drop significantly.
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4 l) _/ n9 \6 v0 p$ C& c[ 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.gif7 `* z3 M% ~, G: t2 k
Refer to last example,
7 y% m, l+ H- S. Q1 qthat means bank A have no money because we borrow 10 dollars from bank A # o  i+ p) K% r
Because bank A doesnt have enough cash on hand
' C  q4 V0 e; M, Mtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E$ _" j) B7 q& b; x
so does it mean if E failed to pay D, / h& T0 k) j$ }. O# s5 J  ?
all the B,C,D,E have to go bankrupt?
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, o6 ?7 P- U6 H. Z8 P, ?the multiplier just tell how much money created in a whole economy, 8 ?& B2 L# ]& Y- t6 c: {7 z. l. |
in this case it doesnt really matter how much money is created, . Y% ^& M7 G, X
it's the problem of the debt itself.$ K" `% ]' {* V5 [: c9 P
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.gif7 l4 K4 ~6 J6 _9 ?5 l* g
小弟一直都唔明...
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* i: O6 M9 Q% f/ V* i全世界都蝕錢，咁邊個賺緊錢呢?/ l, f% P/ x4 X2 s; Q
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無可能淨係有人蝕錢無人賺架嘛...' }' j  F. o* J' @3 j' P. Q

, D& P: \. m1 A% g# G敬請各師兄解答9 @7 t& j: E2 z  x' C: h  J3 {
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Thanks

2 g; P" E3 r8 P3 ]" P* i2 [那些根本係 紙上財富  
- S7 N: I. V: G! A, C% K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 v9 O. k9 h4 t1 J2 O; 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
5 n9 l/ r# E5 ]  H" y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" p- W# Q$ y( M* V+ \7 V: t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 e; O0 j! e) A+ Y個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. u- m) [; w  o
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
+ `* U- ~; ?# I% W5 R, Y* `計番回報率就已經係50%,所以可以好好賺
% N3 [- K8 l# w4 ?# M: R. t  I5 G5 ?前提係銀行之間要互相信任先可以咁樣借法5 U3 o3 ^+ o* c
同埋個市場既前境要係好先得  ~4 t- V7 I1 {3 @
但當經濟一差,公司估值趺了,物價不升反趺
5 e4 M, \4 \$ v* Z. Y例如剛才說10蚊的, 趺到得番9蚊, 1 |3 C, F2 R! b6 G
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
3 d) ~1 j, |" X- x$ v, u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,
2 j% T% m. ?# c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, # L8 ]4 m" c( q2 @5 G/ E
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * Z) D3 @! l6 H5 x* b3 b
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% [* y1 g: b# ?! m2 e& _; @' }
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
) S; V! t7 R! j6 H8 @唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 _0 r0 i. H% l( s. E+ i淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 ^; _9 w/ @# 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. z; o* u: r% v
咁你話d錢蒸發左去邊? ...

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: U' `( \# R, [9 n' r3 O4 {+ F正係咁樣9 S3 J/ ~2 Q: B# M6 g
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 Y) Q, \# y6 m3 Q  G分分鐘佢地唔使還錢+ G3 n, I& @+ N9 g% ^: _5 @

# o, n# T. u- G5 t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,
! Y( w1 S4 l( `+ \5 o連國家都係問人借, 不停發債券, 印鈔票
: H) G6 Y4 r: x! S7 u3 s一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% n8 n  B+ p5 Y3 S& {% P8 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
' P4 o6 d8 C* Q$ x. o; G/ Y咁而家"爆哂煲"算唔算先至係變番"正常"???

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4 z/ o6 I- \" [9 ]其實係...
6 b: Y/ H$ O. ]% N4 o" M( G$ D因為以前未生產, 先消費- l' i1 o) |; f9 |6 k9 Q  n, Z
而家就要多生產, 少消費