0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
7 H3 m, o$ @  k" O: K# g% SWhy bank will sell 借據給第三者???
0 }6 O6 Z2 }) O  G/ A" EI was so confused.....

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- Y0 Z2 T4 i% A8 S+ H講到尾都係賺錢' R8 g- i; N4 [
so銀行可以不斷放款# Q: S% I3 P. q- r* U- M" d5 H$ e: }
美國的房貸問題散佈到全世界
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mortgage loan
- [4 C* `! g1 a( q: f>conduit
3 g- y0 c. u* ]) U6 u% O/ K! `( v>RMBS(Residential Mortgage Backed Securities)( e5 A& I+ [0 C) N. [
>arranger, P2 h' o, g7 n; n5 v
>CDO(Collateralized Debt Obligation)  C* c5 `: d4 H4 ^
最後去到投資者

Kev

i thought it is the reason of rate of return.
" D3 z- V2 }) m5 DCDs could have different ratings, AAA -> F,# k1 Y0 m: @" [: R6 \2 D" o7 F
more risky ones would have higher premium (interest rate) as a compensation for an investment.! l; r( N3 `! w8 P+ C* c
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! O  E8 |) h( c0 g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, K+ C3 ^$ @  o8 h2 M+ qAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" S. u& }8 m1 xsimilar to bonds, CDs trading in the secondary market have different value at different times,
/ W( a. J% u! o* w( e1 G4 Z) L6 d+ Znormally the value is calculated by adding it's principle and interest.
4 U6 F3 q+ T9 w: q3 t% A  W" Ceg. the value of the mortgage+the interests to be recieved in the future.
# }7 ^* q9 }7 K& g: ]1 \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.2 \" d) h) e) q4 e4 w+ y& V; p

1 Z/ z/ s& ]" m" B- lim not quite sure if the multiplier effect does really matter in this case.. N# V$ D7 M2 C& s( |: \4 K
in stock market, it's the demand and supply pushing the price up/downwards.' ?7 a" ?6 g- v. F% L" G& V
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 R' o( }( W2 i# F
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# @1 ?1 B8 n4 i' Y9 M2 DThe 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. 4 R: \; l& O+ F4 V
but the value of their assets did really drop significantly.
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) K, h2 D, Y! `& U) r) r[ 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
. g' m" T; P/ h1 B' |' aRefer to last example,# H0 K* _$ \! Q
that means bank A have no money because we borrow 10 dollars from bank A
! J. W2 Q. u- t+ O) @9 r2 }& RBecause bank A doesnt have enough cash on hand 5 _) b1 R6 `: |  ]7 P
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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5 X3 ~4 f4 U' S' `A->B->C->D->E1 K0 B8 ]6 M2 L1 K
so does it mean if E failed to pay D, + _: L! b8 t% Q) K( f
all the B,C,D,E have to go bankrupt?6 {+ b/ ?% [* R. x( G

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6 f& v6 r; P4 B1 E. B6 Uthe multiplier just tell how much money created in a whole economy, ' N9 m; b3 F: |4 p, ~# M
in this case it doesnt really matter how much money is created, 7 Y5 |$ @% O/ w( Y  S& C
it's the problem of the debt itself.
! e9 j% N1 O8 u' tthe 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
- T+ L/ ~; b& J: u4 o, h3 T& {小弟一直都唔明...7 y3 Y" M3 i- o5 _  J( i( N
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全世界都蝕錢，咁邊個賺緊錢呢?% c0 H/ J- ]. R# J
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無可能淨係有人蝕錢無人賺架嘛...3 ?" V: C1 X+ Q3 G

9 e! l' v, e6 d# {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  * C+ H5 w( m$ ^, o! g* x& c4 V' \4 u
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
1 w2 j% Y' V( n, I- }" `- x當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% s* g3 }$ k/ S- r2 {8 }+ l2 _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 P7 X# R5 z! k( |2 O3 a9 F, R個件物價係市場好既時候升, 例如15%先算,變左12蚊啦4 m  J( b: `# S
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,, [! E6 W' k  A* o
計番回報率就已經係50%,所以可以好好賺
1 e; i( s) |9 c1 i) Z% i前提係銀行之間要互相信任先可以咁樣借法& \: ?/ q/ Q+ J( @: b
同埋個市場既前境要係好先得& [: m4 h+ E* a* \6 Q
但當經濟一差,公司估值趺了,物價不升反趺  p: i3 P- v2 }0 c
例如剛才說10蚊的, 趺到得番9蚊,
: T6 H' V0 i. n( T6 B+ S咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
* ?& u( E3 X# p  `5 T4 }所以你就會覺得D錢好似蒸發哂咁8 x7 z$ e% U2 u  c3 `
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你都可以當標野咁諗, 個樣野多人可以狂升值,
' F! J* n3 T7 v* Z# L1 t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, 4 I0 d. P" E; B3 k! \
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 X- _* [4 v& u& ~7 {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  S/ ^9 U, R" S! r4 n3 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
5 y: H' j) x# L; u  w* I唔係d錢蒸發, 而係比美國佬洗晒未來錢, 0 f# Q, ?: }4 a4 |/ x- S. p
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* f+ E$ B; W& C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
1 N: ?5 w( L0 |( ]( n$ b/ W* Z. A咁你話d錢蒸發左去邊? ...

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正係咁樣
9 f) v! R# Y" Q" p2 r( E. W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( i: t. I, L+ j4 L+ v  E
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,
4 T' J; V7 @! q! `- T/ ^連國家都係問人借, 不停發債券, 印鈔票1 B% G1 c0 C" s+ \% ?5 V
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
+ e) C  Q% ~9 y- ^, s! H0 [3 Q% 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
1 I9 ?& [$ a" y; V' |0 s咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係.../ U) p0 `5 I/ Q
因為以前未生產, 先消費
5 W$ r" C- j3 a) j& R5 W而家就要多生產, 少消費