0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
" B8 U; C. B8 L; `; _Why bank will sell 借據給第三者???7 Y9 O6 S, n6 E' a4 v. v, y& o; g
I was so confused.....

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講到尾都係賺錢
) a; g! t& d9 c2 I2 B3 mso銀行可以不斷放款
% W' p4 u2 x6 W0 J5 D6 ]% X! j% x. c美國的房貸問題散佈到全世界
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mortgage loan . P. t, @, b6 x! Q
>conduit: J1 V; o) |1 {2 [6 \
>RMBS(Residential Mortgage Backed Securities)
; I- p+ r+ N0 Z: s' `+ |>arranger8 E1 q* n9 J) f/ ?
>CDO(Collateralized Debt Obligation)4 Y8 p& [, I' p8 p0 H- j6 }" L  J
最後去到投資者

Kev

i thought it is the reason of rate of return.
0 x, L- n2 h6 A, O9 V# y/ l9 p! hCDs could have different ratings, AAA -> F,% }2 }# l# a& F8 Y
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 H( d  M& a1 M: B) p# J  \* J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# C+ G# X1 A# _7 c0 r" jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
  v+ u6 W; F- a: F2 j3 v/ lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 v, L, F7 I. g; L) Q0 _
similar to bonds, CDs trading in the secondary market have different value at different times,! g7 \. t7 d. Q: x
normally the value is calculated by adding it's principle and interest.   I/ L# p4 w, P  q& n' L
eg. the value of the mortgage+the interests to be recieved in the future.
6 f. r  j" w* L2 ebanks 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.' |* s1 ~% W1 `, p% W

1 B! c3 g1 W; j; ?; Fim not quite sure if the multiplier effect does really matter in this case.  r+ p/ ^2 O5 d3 I! V/ J( Y3 C
in stock market, it's the demand and supply pushing the price up/downwards.
" q6 [5 d# v3 L( U2 M. \9 UFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& h% S. ?! B# n: G% [5 |/ B2 {+ bA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 D9 ~8 f5 s; v# N) p" x
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.
, L& s9 g5 M+ Abut the value of their assets did really drop significantly.( w% Z- b+ v! E: ~' p( z/ o+ v
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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
& N. ~9 j9 H! T& V. MRefer to last example,
7 R: i% A+ ~* T4 E! ~' pthat means bank A have no money because we borrow 10 dollars from bank A % U) C# D' {5 W. n
Because bank A doesnt have enough cash on hand ; S% c  m/ e6 q3 P
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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6 F. v0 y' Y8 N6 N9 L" q/ WA->B->C->D->E2 L; L' ^6 U7 j. @
so does it mean if E failed to pay D,
3 j: ^) ]& |+ v+ {9 q/ nall the B,C,D,E have to go bankrupt?
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0 w* R* Q) }1 \6 |the multiplier just tell how much money created in a whole economy,
  u9 R$ s; \% _5 j, L. k" ?  |5 H5 {in this case it doesnt really matter how much money is created,
% O% b8 C+ ?: q% L! vit's the problem of the debt itself.( ^4 ^2 b4 w+ y/ d9 g; Z( O1 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+ c/ |: Q  E/ m/ K9 M; k" 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...
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敬請各師兄解答1 {8 m5 ^( y- a

; g2 s1 j: \" [3 P  L8 AThanks

5 |" @8 C+ J1 v1 C那些根本係 紙上財富  
" E6 r& G/ V2 n" r7 C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$ f; t1 ~# x8 a6 v  X2 {
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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
1 A- P' I1 c) o3 J當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' n9 k* I/ M7 s" D, i4 n3 o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6 W& Z& i% j% o9 L' ]
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
7 q; Q- k0 o+ X- I$ O* s- f扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,! E( }0 B2 R6 p# x. U
計番回報率就已經係50%,所以可以好好賺
" h$ t: c' |7 P2 K( q前提係銀行之間要互相信任先可以咁樣借法
2 J* B) M* @: C% i同埋個市場既前境要係好先得+ D$ z) A' N3 `0 f/ ~! e1 O0 ~
但當經濟一差,公司估值趺了,物價不升反趺
, T4 P/ Y5 P& U# [( ^- \例如剛才說10蚊的, 趺到得番9蚊, ! U0 \. [& b3 m3 u! `3 Z% N2 F
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
1 m3 @6 e* h8 B/ d4 k0 {所以你就會覺得D錢好似蒸發哂咁; j+ y$ O0 I8 ^8 L. w% o+ T

5 `" Q+ a0 b5 f4 Y) m你都可以當標野咁諗, 個樣野多人可以狂升值,
* l9 R- f& ^4 X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,
- c/ O/ w+ |7 G# P8 v淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 z8 y) A4 I" a/ n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, w. |$ t) P7 a" X0 A5 e
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
& I! V. B! r8 w- @唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" A! c" |1 W6 o- X" N$ T1 I; ~淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% @6 D* Q- Y! ]( d# N  n7 S! P2 D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& ]1 h6 H+ q3 `2 C$ [: x
咁你話d錢蒸發左去邊? ...

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正係咁樣
2 ^- s/ C/ `0 T: U* i5 r5 e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
+ u$ \4 Y( t# x$ m9 F& T2 `; [分分鐘佢地唔使還錢
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6 J7 A* v8 b0 H7 h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,
- [9 J; [- q- a' ~" R' Y  E- N連國家都係問人借, 不停發債券, 印鈔票
/ L" m9 ?+ x+ N1 f3 C一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
7 }+ d( ]* Y% w7 ]* a/ u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
/ K- f* V2 t2 w$ D0 b4 ?% e) S咁而家"爆哂煲"算唔算先至係變番"正常"???

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  ^, G0 L2 V4 I9 m2 g$ v! ?1 x其實係...
' U% N" }- y, \. Z7 U因為以前未生產, 先消費
- N, P  o0 ~. ~! u+ u+ g' F而家就要多生產, 少消費