0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
" k/ g6 d3 C3 J1 EWhy bank will sell 借據給第三者???+ f1 r; D* w4 \' V; y: Q
I was so confused.....

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3 s. \; ^8 w" p( P" p; J講到尾都係賺錢9 W* Z  e. i/ G& F
so銀行可以不斷放款" ~% u0 \& f1 ?
美國的房貸問題散佈到全世界5 [. o; r8 U" R- I- P8 }% K
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mortgage loan 5 Z* {# ~- d& j' [) R
>conduit
9 K& H& k0 q8 @3 B, J+ ^* P>RMBS(Residential Mortgage Backed Securities)
7 ~4 m* L% Y6 Y% y2 M$ H/ Q' q>arranger
7 E3 v. i! U7 y8 ?) l# m6 s>CDO(Collateralized Debt Obligation)% z5 l" n' }7 O
最後去到投資者

Kev

i thought it is the reason of rate of return.
! Y5 q- q; A, b5 l- G8 F1 \CDs could have different ratings, AAA -> F,: ]/ y% \* K! j
more risky ones would have higher premium (interest rate) as a compensation for an investment.
/ s  E  o$ O7 {% y+ @& cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ E$ Q$ _8 D( d! n9 ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 U6 a& ]" f- _' f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 ]" Y% W! R, h
similar to bonds, CDs trading in the secondary market have different value at different times,
3 ~+ U7 J! s3 W- M' {' Nnormally the value is calculated by adding it's principle and interest. 5 f, a' T' T  A
eg. the value of the mortgage+the interests to be recieved in the future. 8 y! J% @# D/ j! Y7 Z
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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4 x" F' W4 N+ Rim not quite sure if the multiplier effect does really matter in this case.1 i5 n7 _! f! Z, ]: s4 m( g7 }
in stock market, it's the demand and supply pushing the price up/downwards./ _% u- v- @' B# c4 f# A# e$ C) z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ u3 U1 q& k( V, A5 s2 X4 |A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 C( c! W2 O+ U5 j  cThe 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. - w  B, o! \, y- K, w
but the value of their assets did really drop significantly.
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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
. s- j) O, C5 d" n& ]% U" pRefer to last example,& G4 x. B0 ]# s% t
that means bank A have no money because we borrow 10 dollars from bank A
( h' I+ v7 z! s% `* ?2 `Because bank A doesnt have enough cash on hand 6 j( ^6 h1 L- e' N6 E2 f; v8 o1 x
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E7 A- B, P" ]- n
so does it mean if E failed to pay D, ) s5 j' B1 r4 U3 |$ I
all the B,C,D,E have to go bankrupt?6 i4 A( Y% i* ^+ M" u% T. H9 v

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the multiplier just tell how much money created in a whole economy, 4 Y* }5 ~: H# c) R* [8 W% I4 b2 n: Q
in this case it doesnt really matter how much money is created,
( K) E% w0 L- ~7 ait's the problem of the debt itself.
. s# F& \* f6 c+ Q. |( v1 M$ Uthe 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. w2 J7 I  Z) q5 s
小弟一直都唔明...
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. C1 G8 Z& P+ \7 U7 [. @. P5 u* ~全世界都蝕錢，咁邊個賺緊錢呢?" A0 v, v3 q' X( `
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無可能淨係有人蝕錢無人賺架嘛...9 P" j- N' y3 r5 v3 i/ u0 G

+ n3 y, u! q1 S+ m敬請各師兄解答7 K  `/ g3 M' J; K. o6 c
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Thanks

, N5 S  z6 Q8 i$ K- }0 G那些根本係 紙上財富  
' ^/ L* Q' W4 g* O7 z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  z# X: l7 g4 y# q) \

/ l( A4 p" K% K6 @% a" H; {8 W' vhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
; Q/ {! e; \8 ]; R/ V3 _" |當經濟好,投資銀行相信會賺錢, 物價既估值相對較高, C# Z' J  l# V( W' k3 u' {; ]
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
! y8 I' R" ]8 ?2 W個件物價係市場好既時候升, 例如15%先算,變左12蚊啦6 x7 k3 p: H9 T/ E+ x, ^0 H* ?
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,5 j7 h! c& v0 S7 U: x4 e  m
計番回報率就已經係50%,所以可以好好賺& e% h( P7 ^1 ]  M2 J2 ]
前提係銀行之間要互相信任先可以咁樣借法
: K( t0 e$ `% D* |5 ?  b同埋個市場既前境要係好先得% m) D6 ^: K: G' I- I5 g
但當經濟一差,公司估值趺了,物價不升反趺
4 {* m( s, Z+ G  }例如剛才說10蚊的, 趺到得番9蚊,
( U1 Y) N8 W. x  Z# k咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
" u* q: Z: n( p. s1 g2 T所以你就會覺得D錢好似蒸發哂咁
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6 a$ J: D) ?8 ~& G# A/ z你都可以當標野咁諗, 個樣野多人可以狂升值, ; Z# z6 `8 s8 ]! ^/ o
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, ; d, @0 p( b+ J+ X2 h9 Y. E! i6 C
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: z* {1 z) M& b# }: F" 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
) `$ `" j1 t- z7 H4 w/ H' f4 v9 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: K7 Z1 d# y* B' L
唔係d錢蒸發, 而係比美國佬洗晒未來錢, . Y4 d0 _* [" Z& {& \2 }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & R( t: u/ L: T) {# z5 @7 ~/ 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
0 {/ `9 v. X2 z3 o咁你話d錢蒸發左去邊? ...

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6 \7 L* b: a. H) y正係咁樣
. D+ T8 r* K$ \, X; u# Z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! ~! F! A; Q- }3 m6 k% z% @
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,: ]8 p/ E4 h" W. R" p  s
連國家都係問人借, 不停發債券, 印鈔票% K9 N; j7 b4 g5 |; T) W
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% s; v; }4 K7 e2 R- Q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
4 o! h; C) K: l/ G咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...9 n# M0 _2 P. G; _6 U) k% M# W" L
因為以前未生產, 先消費
! l7 O4 ]! T2 Q, y# F  |而家就要多生產, 少消費