0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
  j5 V* P* a1 F! m5 D, uWhy bank will sell 借據給第三者???. h2 i+ p8 H8 A9 U4 M, S
I was so confused.....

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* z; Y$ l& u/ Y0 ~  t8 |講到尾都係賺錢
2 g) @8 g5 p# m" E- V) D5 J) r* ?so銀行可以不斷放款
: I$ x3 Y0 [; ?4 P. G$ m- @! Q美國的房貸問題散佈到全世界8 s0 U/ O+ S  {% @
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mortgage loan ; s( J: C8 k2 }3 N4 e  S
>conduit
1 x* z) e. R/ v" V$ H/ q7 G>RMBS(Residential Mortgage Backed Securities): ~8 \7 L! w9 ]+ I
>arranger9 P4 [/ }! B9 _, _9 N
>CDO(Collateralized Debt Obligation)
1 d/ p( Z4 \# y6 i! D6 \最後去到投資者

Kev

i thought it is the reason of rate of return.
9 h9 V, A+ Y4 C  |  h  r5 y0 aCDs could have different ratings, AAA -> F,8 w: m3 G7 h3 y( W6 v
more risky ones would have higher premium (interest rate) as a compensation for an investment.& Q3 a  u* A$ `( A7 j2 p. ^! e8 W
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# {$ n  W' T/ s3 H+ O& n; ?) F. \
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.  W! w3 C6 F: ]) P
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 U/ W" R) n8 ?5 C7 I6 J" o
similar to bonds, CDs trading in the secondary market have different value at different times,
8 G: T/ z( c& t2 m7 [, Q5 ]normally the value is calculated by adding it's principle and interest. ; D& a- z' E" h; ~
eg. the value of the mortgage+the interests to be recieved in the future.
7 X' E# d& j1 M( a/ h& s; {: xbanks 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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im not quite sure if the multiplier effect does really matter in this case.+ n2 P0 w, a8 X1 O. K, a
in stock market, it's the demand and supply pushing the price up/downwards.
, u4 {6 J8 \/ g  d4 w) KFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 U$ n5 d/ o+ K' T0 }- D! ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: `1 @4 o% L% \: K4 Z7 fThe 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.
/ E* O9 B8 l) t; Rbut the value of their assets did really drop significantly.
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" V# a6 D8 M2 E- \% g* p, f$ A  i- U[ 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& t" |! i. ]  Q* K% q
Refer to last example,
* J) ^. {: K6 e  h5 k' Dthat means bank A have no money because we borrow 10 dollars from bank A % m) g* f  f9 A. O
Because bank A doesnt have enough cash on hand 8 K. e: A" f; F/ q8 X: ~/ t
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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1 Y, ]8 c) x5 x+ n+ \A->B->C->D->E
, W' f  i$ x2 v" rso does it mean if E failed to pay D,
2 ~5 {. d1 ^+ \  i  Lall 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,
$ C- v8 Q0 V% B! C. Win this case it doesnt really matter how much money is created,
! r% @9 A2 z4 W# |% N% P1 lit's the problem of the debt itself.
6 A& e6 f5 F3 e" }' B+ N7 [* nthe 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' v0 E) q7 w: h8 Q% C4 y小弟一直都唔明...5 T5 n# W, _% S8 K3 d( w
# \  O$ ?& o5 V* I2 l6 O# r+ x, C
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 a7 M) a2 g9 h( D2 U; k$ p% ?4 p0 ]
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敬請各師兄解答
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Thanks

( ]- R5 J2 p' E- A# J( b% e那些根本係 紙上財富  1 _. o  D" Y2 |. `& L
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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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) k* V9 X) j, j$ N
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" a: H4 w7 K) M$ Y# y) c8 A4 l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, O, c) D( l- x7 F' \/ y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦3 w  `* k/ a1 A; ^: x
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 H$ I' C; o( E8 \計番回報率就已經係50%,所以可以好好賺; s9 A6 U  ~, {3 G
前提係銀行之間要互相信任先可以咁樣借法
, R& L  w' t  K) R' L( w同埋個市場既前境要係好先得  I; K( }  n5 v+ q# N
但當經濟一差,公司估值趺了,物價不升反趺7 Q+ ^( \$ o  I3 j/ y# ]$ M7 e
例如剛才說10蚊的, 趺到得番9蚊, / h% Y  S* r* u, @5 }; P
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 k+ O! f8 }1 j7 h
所以你就會覺得D錢好似蒸發哂咁. W6 Q0 O, D, o8 p" _+ K+ z& X

" o7 G6 l( r$ j, p  s# X你都可以當標野咁諗, 個樣野多人可以狂升值,
0 |8 D3 u6 K: ~; ~1 {# C$ G7 I6 ^1 h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,
3 t" A# w; P" D淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, Y# @. b& ]3 n8 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
9 e  q5 C3 j$ ~3 T' @0 C8 ^6 N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- a% L4 x$ @  N8 I3 _0 ?* S) G
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
- E- n% o1 J/ R) v淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# Y" M+ v( B- g7 q) U& P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
! \, J5 ~& _' c6 }$ T3 @咁你話d錢蒸發左去邊? ...

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8 U3 M# Y9 @$ Z) [) [* R1 v正係咁樣2 n9 k. u* A  E! d4 C
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
& ~* |; F5 X" o- \9 a分分鐘佢地唔使還錢) J$ l) _- c$ {( S4 E; ?2 _5 P
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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,
0 _' `4 Z4 t) g7 _連國家都係問人借, 不停發債券, 印鈔票8 O0 ^! z: @7 y) P. [! b: o8 u4 o0 [8 \
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產4 c$ z0 F6 g7 E- e
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.gif6 J/ i8 `4 c- ?8 P% e
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係.../ D" ?) ?: k3 m  ~: y
因為以前未生產, 先消費
3 T- \) _0 R  A. q+ o& o& s6 }) m而家就要多生產, 少消費