0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif5 `- N* e! k& ]# O+ ~  I
Why bank will sell 借據給第三者???* ?2 t& z. l  g! D& w; K
I was so confused.....

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* X8 w5 G: Y  j0 [講到尾都係賺錢& Z$ O: m3 I2 J* O
so銀行可以不斷放款9 B9 x3 U, ^7 `
美國的房貸問題散佈到全世界
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5 e7 j; x8 n# X4 f% _$ Amortgage loan & ?  Q5 ?$ z5 a& N) K  m: R
>conduit6 T+ \- ?8 T/ D3 k. f
>RMBS(Residential Mortgage Backed Securities)1 o% ?0 b3 C# K2 c5 M$ }, y/ p6 L
>arranger
* _8 _( M4 f* j! z1 `>CDO(Collateralized Debt Obligation)& w6 p% @! F8 C4 t
最後去到投資者

Kev

i thought it is the reason of rate of return.* i% V$ r. |- Z5 f! @4 U  M
CDs could have different ratings, AAA -> F,* v0 c  H! |+ K/ c: C! @- x6 ?
more risky ones would have higher premium (interest rate) as a compensation for an investment.
0 G) ^, W0 Q, F3 v' A' `9 Pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* H4 E# X$ w$ b" m  jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 }0 ^( P* X$ ?. t: x0 I+ _
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# s/ s# R4 |! isimilar to bonds, CDs trading in the secondary market have different value at different times," v- n- Q3 W& v% g
normally the value is calculated by adding it's principle and interest.
* I: C7 B5 V! ieg. the value of the mortgage+the interests to be recieved in the future. 7 A6 y0 p% g- _; w1 A. f
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.) k" r0 c6 d3 ^5 g7 D7 H) C
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im not quite sure if the multiplier effect does really matter in this case.
; g1 {4 i( D9 k# S. B1 e/ s2 Z0 \4 T6 `in stock market, it's the demand and supply pushing the price up/downwards.# ]- X. k4 D$ [! J; [
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 g  O/ P1 c+ T  K
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ E2 u' y3 I0 z2 t; O
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.
: c/ z- K8 C# Q* h/ [5 Ebut the value of their assets did really drop significantly.+ V5 W/ t- w* B8 M, S, p$ \

4 u+ P; B; z& P! M+ p8 E8 q[ 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
( e; Z, i) O: {+ M1 Z2 W! wRefer to last example,
  z7 \5 ^+ [" Mthat means bank A have no money because we borrow 10 dollars from bank A
) O3 o" y  V4 u' }Because bank A doesnt have enough cash on hand
# m6 h3 L8 l0 Z  G- b% k- Ktherefore bank A need to be bankrrupt ??? Am I right ?? ...

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) n# w; g7 ~+ i% q) YA->B->C->D->E5 {0 a/ q8 v) T. c
so does it mean if E failed to pay D,
, f* v/ A! Q9 F* I% F2 r$ pall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
( E4 N/ P- b, A/ o& u6 pin this case it doesnt really matter how much money is created,
" s- ^! h2 c0 g9 f: w  j) eit's the problem of the debt itself.
* p9 Y8 |" V+ dthe 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 S) t2 M2 ^6 D: v4 L, `
小弟一直都唔明.../ r4 p7 u2 s$ G, x$ z
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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...3 i" W' F% W* O, |7 X( B8 {

( e# x0 |+ C' i* t7 W8 R敬請各師兄解答. n- D. U- f# q% [% l
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Thanks

" p5 c' o( a# h8 h那些根本係 紙上財富  
- `! `* J+ Z2 f3 }0 @3 M2 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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1 b7 ~8 ~: B1 a( ehttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產; @9 U. o# o& s9 T9 ~% f
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 X# U6 [  y  q% s- |
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
. l2 z( u9 n2 E/ M0 _' Y; k個件物價係市場好既時候升, 例如15%先算,變左12蚊啦/ G" R- ^7 P( t6 g
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ }  Z6 q' |6 p+ g: W
計番回報率就已經係50%,所以可以好好賺
" h6 [6 y5 ^$ c- T6 r前提係銀行之間要互相信任先可以咁樣借法
/ Z/ }' R7 j$ ]; g0 S' M" V0 S同埋個市場既前境要係好先得& t8 j9 S: t+ J- d
但當經濟一差,公司估值趺了,物價不升反趺
7 V. k/ r, ]- X0 n& _例如剛才說10蚊的, 趺到得番9蚊,
3 Y: V1 D1 r- b2 U% M: F咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
1 B/ y% t% @5 R0 I! W. j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,
- O. Q! X0 x. A( g+ V+ p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 j7 ?7 k. T4 u9 ]4 J0 q: r
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # l, v+ F6 R# ?. 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
# k6 k+ ~8 e% U9 K; f/ U" ^- U+ a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
( Q: F3 Y# z: x; H0 N唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 M! i/ V5 w( n. L" H淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + N( ~* q2 U. B5 J
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8 I: Q# F) v1 t8 S% k/ d# ^
咁你話d錢蒸發左去邊? ...

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* L/ r6 B7 d. \+ M8 y; ?正係咁樣
" g* Y- x) w8 K* V# d2 v6 j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
: l( _. t, _# z! F( ]) n& Q, ]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,6 _6 u. l$ f# [" L) [  [0 Y
連國家都係問人借, 不停發債券, 印鈔票
& e1 ^- D8 u! o& ]一個國家好少出口, 而又大量入口 ,反映到佢唔多生產+ P/ d3 j0 _0 _! V3 D
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.gif9 B: Q/ B1 a) Z% z2 @# K1 ?
咁而家"爆哂煲"算唔算先至係變番"正常"???

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$ t! d& V9 l6 g  S1 k其實係...9 f, p+ C3 I5 l" G- ~
因為以前未生產, 先消費
% \5 ^' t' }: e而家就要多生產, 少消費