0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
% L" z# j( |( j5 R  X' i' QWhy bank will sell 借據給第三者???
- b5 f! E+ Z( AI was so confused.....

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! k' s' o2 p6 a4 _! t- }% D$ P講到尾都係賺錢5 X8 }- o7 X/ H) a  L" m
so銀行可以不斷放款) q, Q: b7 q$ G  }  g1 f7 `
美國的房貸問題散佈到全世界
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4 V% o4 f5 D8 A  b" B% `6 |mortgage loan $ K& C) m' w7 G7 `6 e- H# M
>conduit
+ G/ P9 O9 |, J>RMBS(Residential Mortgage Backed Securities), J: a% B8 t* k) m$ e9 k1 G" z# s. u, O
>arranger* M/ u' \# k6 Y# u+ R$ {( |2 Y
>CDO(Collateralized Debt Obligation)1 F" z/ Z# c- A3 H2 n! u6 R% i
最後去到投資者

Kev

i thought it is the reason of rate of return.
/ D$ V- B/ O; ^/ P0 lCDs could have different ratings, AAA -> F,% g4 W; u( I0 g" \1 e% q
more risky ones would have higher premium (interest rate) as a compensation for an investment./ a0 ^; C- ^; q- \/ ]. j
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,& i( n, v) _, P2 Z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 z+ y% G. {& o; m
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., n/ t2 i3 u+ b% A' C, s# Z' x
similar to bonds, CDs trading in the secondary market have different value at different times,
% O! [! y7 O5 j- Xnormally the value is calculated by adding it's principle and interest.
. q& s8 }/ e; i2 c1 W7 K7 C! H1 g( D- veg. the value of the mortgage+the interests to be recieved in the future. $ J$ d, o" C5 p
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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im not quite sure if the multiplier effect does really matter in this case.$ c5 C% J+ \5 A+ X
in stock market, it's the demand and supply pushing the price up/downwards.
7 k3 m0 }6 A" s- L) q" ?" ~For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; E  ^. \6 m( QA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* _% L8 O3 b" }  l( p* A
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. * G! p4 ~/ c( q" ]4 j
but the value of their assets did really drop significantly.
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4 _: M5 ]0 m( ?# r! r2 n& F[ 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.gif0 y7 {2 F2 n/ q; _- i8 t/ ]
Refer to last example,
& Y! ~2 m3 b* b2 T: Y: _4 athat means bank A have no money because we borrow 10 dollars from bank A
% m2 i7 u$ P  W- f' h& D3 }Because bank A doesnt have enough cash on hand
: _7 E% z1 B" }1 ?* Stherefore bank A need to be bankrrupt ??? Am I right ?? ...

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$ W8 z( @; l5 y, p/ [1 e( s$ `5 aA->B->C->D->E
0 {, p8 Z: p+ b3 n6 Gso does it mean if E failed to pay D,
* I) X- \3 W% |. b/ Lall the B,C,D,E have to go bankrupt?
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3 t7 K7 u9 _/ k$ B# ?0 i: b/ F- kthe multiplier just tell how much money created in a whole economy,
, [6 \  }5 m- e1 V2 Xin this case it doesnt really matter how much money is created, , A) _/ S9 M6 ]% r* b# z! l
it's the problem of the debt itself.- u8 T: U2 u$ q- Y0 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
) O' `6 Z' B' m/ o# u. K小弟一直都唔明.... }  H3 z% q0 B4 p" D2 h% t
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全世界都蝕錢，咁邊個賺緊錢呢?( z  F' L5 |- v
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答' Z- q6 }! V7 ?8 ^' m" J# P6 n# m
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Thanks

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那些根本係 紙上財富  
3 }% A6 y- }7 Q9 ~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# w# D/ |4 Y6 P% B0 b0 Y" R
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 p5 w4 {" \- p. p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; b( T" j  g/ Q) U3 q) p
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦9 A4 i% l- k; q# U" F! [
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,* a5 v6 ~, e% E6 w) T( K
計番回報率就已經係50%,所以可以好好賺9 n6 r7 y  G3 |. h$ D
前提係銀行之間要互相信任先可以咁樣借法
% c( Y9 Q" W! v同埋個市場既前境要係好先得
) K  w1 a* S  R0 D: ^但當經濟一差,公司估值趺了,物價不升反趺5 j+ L) e) F$ o8 {
例如剛才說10蚊的, 趺到得番9蚊,
- j2 P4 m6 ~( L咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 ?* h' p) d  ?& b( @- |
所以你就會覺得D錢好似蒸發哂咁
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- t# x7 u- L- ~( o; {2 {9 ~6 d你都可以當標野咁諗, 個樣野多人可以狂升值, 9 h1 g( a) s3 T# I0 j
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, " Q) o3 `0 m0 q6 c; W
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , ^) \9 U% J6 J) a' D6 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! p' G0 ?( }2 J
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 y5 Z; i6 _( p唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) j/ R+ Y/ ]; f1 N% m
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" @. W1 R) f# D8 i# L2 G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# v2 `1 M, [  E, O
咁你話d錢蒸發左去邊? ...

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( A' N1 Q0 L" H+ a正係咁樣3 x: \+ H2 K6 b- I7 K
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 e, f+ M  j& @7 Z5 k  P分分鐘佢地唔使還錢6 u- M% j" }$ |1 |& I

! L8 E* V# F# `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,
- \6 T& z) h) H- e+ ~連國家都係問人借, 不停發債券, 印鈔票" k* u3 U; S1 J
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
5 ]! o& T' V2 I/ _6 G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, f7 C3 L7 ^! a- L$ s* B+ |
咁而家"爆哂煲"算唔算先至係變番"正常"???

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- V9 h( t# T( J2 N9 G7 Y) b; N其實係...3 [2 T. E1 \. c8 S4 y: Y: {
因為以前未生產, 先消費1 J% c0 p- R( t5 u$ \1 u
而家就要多生產, 少消費