0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
8 ], [/ v& N7 hWhy bank will sell 借據給第三者???
2 s+ @) t+ B$ YI was so confused.....

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/ J% F; Z+ I/ o  t1 f講到尾都係賺錢8 N( N- b1 K+ X7 s; S' I0 }1 o' s3 O
so銀行可以不斷放款& C' F0 I+ `! y
美國的房貸問題散佈到全世界
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4 e5 c& |, D* z% _. t0 Gmortgage loan
% K& F7 v1 B. ^* D6 G>conduit( _4 r2 r5 P  z' ~$ C8 L
>RMBS(Residential Mortgage Backed Securities)
, M& ?% [; h* J" y7 y, t0 I>arranger( m% O/ `5 p# n* P/ ?; a) g8 g' k
>CDO(Collateralized Debt Obligation)* ]9 b( _# z$ }8 x. i& c( Y! R7 w
最後去到投資者

Kev

i thought it is the reason of rate of return.
: G; g! n' X; d  Y8 p2 BCDs could have different ratings, AAA -> F,
: E6 c" ^! v" L9 i  w' rmore risky ones would have higher premium (interest rate) as a compensation for an investment.0 e9 R7 c& ^1 v( L7 I2 B& L7 }
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 E+ V- j& b  A" C7 u2 `2 min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 b# O+ }9 @/ ?- JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., r8 |1 I- v: ^* D2 _1 N8 t! g
similar to bonds, CDs trading in the secondary market have different value at different times,
9 [. G) M. r+ W( u/ \normally the value is calculated by adding it's principle and interest.
4 l9 Y9 f8 w: [( J: k) }& a& Weg. the value of the mortgage+the interests to be recieved in the future. ; r3 j$ j( W9 d7 m
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.
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im not quite sure if the multiplier effect does really matter in this case.
" X: P4 ], P' K! s4 _4 Fin stock market, it's the demand and supply pushing the price up/downwards.) C. J% |* W6 _, u7 V
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ t4 C* ~4 K' ?, `# @' U7 W* ~; F8 vA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ }1 v; s( w) I' m' j: K6 J
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.
) L8 r& a! \7 g9 f$ qbut the value of their assets did really drop significantly.% z& B+ L( I! _* \
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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
! a/ c& W9 A! Z4 w6 _Refer to last example,$ n! E* ]6 p4 ~
that means bank A have no money because we borrow 10 dollars from bank A
; |" l5 F$ i0 H2 _0 kBecause bank A doesnt have enough cash on hand
2 I/ s. u$ l* W# t" w  utherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E2 f3 T! X1 c9 G# S. o
so does it mean if E failed to pay D,
5 k! w$ R. F) N. y! Y( |all the B,C,D,E have to go bankrupt?* P; _$ n0 c) h' X$ \$ J; v! j

7 S* S; c1 @- `& H7 _: J% U( l" {
4 u7 G6 X& u  e/ w- o/ gthe multiplier just tell how much money created in a whole economy,
% N+ Z, r$ q5 Y7 `) ~$ `in this case it doesnt really matter how much money is created, 0 Q6 ]/ W3 E. H* H" X: r' N
it's the problem of the debt itself.
2 {1 l; l0 B5 z4 e* athe 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.gif6 ~* C9 _" D0 _1 S. R
小弟一直都唔明...
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2 c( h# l9 t# P全世界都蝕錢，咁邊個賺緊錢呢?* r. K4 i1 o9 [2 U) e
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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; N# D: C- B; n. @" ~9 F

+ i8 R% V' I& q" R( G1 [! H( bThanks

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那些根本係 紙上財富  
! V3 ~/ r) f" Q, g' A3 L/ j, v: \9 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  s( [3 f  `: ?4 T

8 F0 `  v# L- c' 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
% x* {2 f5 M, G當經濟好,投資銀行相信會賺錢, 物價既估值相對較高* I5 D$ B% v3 e% G8 L; v1 S2 z, S' z
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
0 g6 c2 v; i; F8 ]& o) f0 S個件物價係市場好既時候升, 例如15%先算,變左12蚊啦6 [5 L1 o# i1 E  m$ m" ?2 K' x, [
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% C% H2 @, r6 p- P- `8 O8 e計番回報率就已經係50%,所以可以好好賺- h0 j  \- a3 ?: Z: _# i
前提係銀行之間要互相信任先可以咁樣借法6 w* C; a! z" a
同埋個市場既前境要係好先得
0 F2 `6 c4 a6 G0 f% I- x但當經濟一差,公司估值趺了,物價不升反趺8 s: N3 P' }9 P6 b" \# u
例如剛才說10蚊的, 趺到得番9蚊,
* t3 S; |. v4 E* m3 ^; }7 l2 }咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 V" z/ V" C2 @, U. R
所以你就會覺得D錢好似蒸發哂咁3 F/ s7 t4 g7 E$ ~/ P5 I
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你都可以當標野咁諗, 個樣野多人可以狂升值, / h' E9 r# k! \
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,
7 A; @: s, g9 X: A, E; _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 K* k0 n- d& N4 Q' b
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! E: n+ S% y8 j5 ~- I
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
6 U' B1 p) D# U; J唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; [9 ^4 c: _. v
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: s9 k' J' E; j+ ?- j2 K& \2 q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
. U* b( l8 F+ g) p4 l咁你話d錢蒸發左去邊? ...

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7 I  }) k, y% d0 A1 ]: j" T4 {正係咁樣7 Y  ~2 ~* a. G+ Q* }+ y
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
( g6 Z3 a8 a, c: ^  T3 e" s+ t4 d分分鐘佢地唔使還錢
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) Z  K! v9 [+ a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 i( p8 M8 o7 s  V8 F5 }連國家都係問人借, 不停發債券, 印鈔票( v' M1 r$ E0 J$ m  H
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
" f  f: I2 F/ [& W' V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
, {! E' B2 V" r4 k/ |) ~咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...& U* t6 M/ X1 J) t" i& @
因為以前未生產, 先消費% v+ g$ o8 Z* A' q$ P7 ^. i2 n
而家就要多生產, 少消費