0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
& F$ E9 M3 H# ~% _. V8 c7 G; PWhy bank will sell 借據給第三者???1 b5 Y$ a8 Z1 p) m. e
I was so confused.....

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* E' b4 `+ ^5 a% y) O講到尾都係賺錢) w5 I  k3 k2 X! _5 t6 @, N
so銀行可以不斷放款
1 _- o4 x. T2 |美國的房貸問題散佈到全世界' _1 V$ N$ o. Q

( E# h1 m% u9 I# Bmortgage loan " r0 E2 u# M' v" E
>conduit$ ]5 B5 C1 ^4 [1 a9 E/ e( h0 g
>RMBS(Residential Mortgage Backed Securities), \) O6 h6 p" m3 v  X9 a
>arranger7 p. u$ D! u) ?& |' k
>CDO(Collateralized Debt Obligation)
  x: Y7 N% V; q  a7 U5 r最後去到投資者

Kev

i thought it is the reason of rate of return.
: j7 \8 b( s; l( g9 y- PCDs could have different ratings, AAA -> F,& A7 Y# j3 H! |/ u# G
more risky ones would have higher premium (interest rate) as a compensation for an investment." K: w, U# n5 H7 }/ h6 ~( F' ~1 c; h
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. \0 C" U9 X2 v$ ~in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 c) R. K* W8 u) I3 |% v4 B
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- i" {2 r/ B, ssimilar to bonds, CDs trading in the secondary market have different value at different times,6 I8 W* ^$ w" m% n+ j1 m# W
normally the value is calculated by adding it's principle and interest. + q4 v7 _, g' |4 u& n! Z( C
eg. the value of the mortgage+the interests to be recieved in the future. - Y) q! T- ^5 K1 a7 }" i1 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.  Y1 {+ k4 E7 d6 m. c

, j8 h* @, ]3 B* o; Bim not quite sure if the multiplier effect does really matter in this case.
1 S& r3 n, g7 M% J" Tin stock market, it's the demand and supply pushing the price up/downwards.( u" o9 X( l4 h4 D
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, R! [6 Q# p6 x: U1 t# x1 c$ |: e
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; n# u+ E  J3 I% K
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.
0 A" V5 p. G/ ?but the value of their assets did really drop significantly.
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8 {2 X; c) S* E+ T1 @[ 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+ r7 `7 Y; L( G- l
Refer to last example,
: }) d! I+ B1 G. }$ i7 ~that means bank A have no money because we borrow 10 dollars from bank A
0 P0 ~6 a7 w; {/ `! e$ kBecause bank A doesnt have enough cash on hand
$ n' M$ y; Y% E) X2 ?) e1 ?therefore bank A need to be bankrrupt ??? Am I right ?? ...

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7 M3 d1 B% n3 d3 K1 k5 {( m1 u) B5 x7 s
A->B->C->D->E
9 d/ ?. c# r* {5 T0 yso does it mean if E failed to pay D,
% F! s: q. [/ Uall the B,C,D,E have to go bankrupt?5 V3 q9 Y5 e2 M  f) i
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  a  t# V" a0 P: v/ |* r
the multiplier just tell how much money created in a whole economy, 9 j! w6 u, `* l7 x
in this case it doesnt really matter how much money is created, 6 S8 W- V. c) [3 ~  h7 T, r" p
it's the problem of the debt itself.
& S2 J1 h# w+ u3 ?# P% @/ \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.gif8 z5 _& b/ Y6 V
小弟一直都唔明...  t" _+ G* W3 t) ?3 A' l
+ E9 X' l0 P, S! k: d, U
全世界都蝕錢，咁邊個賺緊錢呢?
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) I; _7 r- s/ ]- g( ^) o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+ ?) T0 b' T4 N0 h+ B! Q2 H( t* U
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Thanks

& a5 M' h# b# _$ s+ K2 c) M4 K那些根本係 紙上財富  
! r' S  O, S! W. N1 a% N5 p" F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, \+ d9 V2 K9 a- V; p: V  I
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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! M& u/ n, i- _& u8 I' Y
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ f# a; v- \/ @% w
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
( }" P2 M0 p: I; y' e個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
; O$ ~# }9 G% |, o, W+ N扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊," R2 V2 W' A# \. e
計番回報率就已經係50%,所以可以好好賺: P# o& X$ T/ |3 e
前提係銀行之間要互相信任先可以咁樣借法
2 ~# }8 h7 n7 ]. _& h$ V同埋個市場既前境要係好先得+ ^9 A7 P$ K7 Z
但當經濟一差,公司估值趺了,物價不升反趺  j5 S' K9 \6 ^+ a5 e; I
例如剛才說10蚊的, 趺到得番9蚊, " J+ m# i4 h: g' {6 L6 O: E
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! u0 ?, i+ \. [  T所以你就會覺得D錢好似蒸發哂咁. _/ L0 }6 G( P( W
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你都可以當標野咁諗, 個樣野多人可以狂升值, ( ~0 T" c# Q; x$ H/ n0 r6 |
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,
% u. J! ~, h. P3 g6 I4 y! k, B; T! x淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* x& Q; E8 C3 U, R2 d, M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, o) {- S0 M( z3 S' Q; L1 H
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
% \/ P9 q, h: V! }% C唔係d錢蒸發, 而係比美國佬洗晒未來錢,
7 Q" ?9 K, W( k0 Z: v2 j淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & `5 |- v3 F' N" v
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' `& ]$ P9 L! q7 i
咁你話d錢蒸發左去邊? ...

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. \0 T- w" k# F6 T9 j正係咁樣
; r# q  G  O& t& d& P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6 R7 Q' _" z& c
分分鐘佢地唔使還錢
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- [' j$ P, u; u) U" c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,7 n. G. n' K  N% R. Z, m
連國家都係問人借, 不停發債券, 印鈔票0 K. P" R1 A- n7 H: x7 J
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 O) q8 c0 ]% B% q/ @. k/ ~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
0 z9 @  M# t+ h7 e( _咁而家"爆哂煲"算唔算先至係變番"正常"???

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; F+ G; k, z# U其實係...
' o. N, e" p; |  Q: o因為以前未生產, 先消費* o+ ]7 P1 C! x5 e0 k! s) _
而家就要多生產, 少消費