0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
: \2 Q$ H* e3 i' m% L  Y5 ?0 I$ IWhy bank will sell 借據給第三者???; I% e5 [" @' x9 P
I was so confused.....

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) o6 i8 l3 }4 t+ b8 j' K講到尾都係賺錢
+ s/ d# ^% |2 K: z. X0 j5 `( h+ jso銀行可以不斷放款
1 a8 G6 X' {) ^! o* V9 }9 F/ w8 V美國的房貸問題散佈到全世界
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mortgage loan
: Q; k2 \. C+ i>conduit  o: z; j0 A& r% E, r( u9 a5 H
>RMBS(Residential Mortgage Backed Securities)
- T8 y# h4 K( Z' k( s; J3 R0 k6 |>arranger
  p% Y4 M3 i" k8 q& @9 O>CDO(Collateralized Debt Obligation)
% h( V. L, M) w0 b最後去到投資者

Kev

i thought it is the reason of rate of return.4 S! J) E. x, h1 ~1 L4 w- W
CDs could have different ratings, AAA -> F,
6 `8 @0 C5 A/ q7 J% n1 C+ ymore risky ones would have higher premium (interest rate) as a compensation for an investment.
& j4 K) c3 z- Z# `% Hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ G1 j! E8 Z  P" m
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ P: R+ b. c: w
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) a4 f# l) B; Y. p6 c+ P  f3 O( u' z
similar to bonds, CDs trading in the secondary market have different value at different times,
* s. J; ~& }! x$ znormally the value is calculated by adding it's principle and interest.
: D. ~# `" a9 A8 k' Xeg. the value of the mortgage+the interests to be recieved in the future. 9 g1 T$ m% t, e4 `
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.9 u. f# S! M) p; W: Q

3 h9 {1 d/ C0 ^* ?im not quite sure if the multiplier effect does really matter in this case.  L' r- y, I0 _/ r: Z7 ~
in stock market, it's the demand and supply pushing the price up/downwards.; s1 r6 D$ W0 ^/ G2 G: ]# g! [4 I" \
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* j. B+ s+ r5 W# t+ F% ~$ O5 @9 |A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# ~; M% F1 l' GThe 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.
+ Y8 P, a3 x% E2 ^but the value of their assets did really drop significantly.
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( q* o+ J& E, b, [$ ~9 ^[ 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* b. g& R, m- p8 i8 N; N' e0 G$ {
Refer to last example,% z- Q& L0 z7 N, d; O; |. J
that means bank A have no money because we borrow 10 dollars from bank A
  O0 ^1 b" I6 T: y5 s2 jBecause bank A doesnt have enough cash on hand
2 S/ l% f* b& @" g3 [0 qtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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. x2 s9 a; \; h( e! FA->B->C->D->E
  p3 Y1 I. }5 X; }1 y. c( \6 k; {so does it mean if E failed to pay D,
0 ]: @8 L) r& s$ Z1 Q0 ]all the B,C,D,E have to go bankrupt?% @  J; O; J0 r4 g
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6 w0 v. B; O, u& }the multiplier just tell how much money created in a whole economy, * D8 h4 W* \/ t8 I' S  Z
in this case it doesnt really matter how much money is created, 9 k+ f9 }1 ~  c: d6 N! Y5 g+ k" A0 p8 Q
it's the problem of the debt itself.
5 c+ ?- r2 a3 kthe 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; {, q# P  m0 v% y  H+ r# L
小弟一直都唔明...
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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...8 z! s, \, M; h1 Q. W
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敬請各師兄解答" k6 A. T: C- ?7 x7 V* \! b/ b
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Thanks

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那些根本係 紙上財富  
7 s6 p6 v5 l8 d# [& i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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( d  T' ]( d" r# `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% m2 P1 [3 N+ a! E9 g
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ L" n* A: H2 L! m# [
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5 p' H8 @( t6 C7 m. [) T
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( R) F' d4 a5 r$ J6 Z# m扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
8 k  M" F( w/ Z, Z; z6 E計番回報率就已經係50%,所以可以好好賺
/ \! C4 W7 Q1 X+ O1 O* A; U- |前提係銀行之間要互相信任先可以咁樣借法
/ v5 ~) Z! \4 l8 c4 O+ x/ B- p同埋個市場既前境要係好先得0 k. L! z( L: u% y4 M/ `( S
但當經濟一差,公司估值趺了,物價不升反趺( E5 H7 M6 `* ^& O; q2 J& o  R' t4 V
例如剛才說10蚊的, 趺到得番9蚊, + D+ |8 P- N9 j2 l$ B7 L
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
/ B  H# }% w" m4 l" z  H% g: l: s所以你就會覺得D錢好似蒸發哂咁. _5 N8 p0 I4 S, Q
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你都可以當標野咁諗, 個樣野多人可以狂升值,
' p( \( y4 _0 g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, " T9 s6 D: d; b: w7 @
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % K' X+ s$ Y7 o; ]% a: {$ i
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: H$ w8 J/ P# |8 ^
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
" x+ V8 h0 t: q* }+ Y; C* C唔係d錢蒸發, 而係比美國佬洗晒未來錢, $ `& ]7 z- ]- D$ @: T$ X
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ {/ f0 ?3 H$ A, q9 o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! |' M* u8 k8 Q: o9 l2 Q- \: F
咁你話d錢蒸發左去邊? ...

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正係咁樣: Z" p5 I1 f' P7 T+ `
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  w" A/ k* [& y/ d
分分鐘佢地唔使還錢
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/ X4 J/ }, {3 R; b) R3 v( N- X: f5 N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,
3 F& `5 [  ?9 o連國家都係問人借, 不停發債券, 印鈔票6 m- Q; ]( _- p. t0 L6 {+ G
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產- z( T" y7 {- P3 h$ c
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
: p* F5 X. l0 k# k咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
9 i+ e2 }" O$ ^. e因為以前未生產, 先消費
) a9 h' U6 r; N8 ^' Z, W" O而家就要多生產, 少消費