0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
) {: N" v0 o9 U5 j+ L5 [. GWhy bank will sell 借據給第三者???# B9 C9 G  c" ?: B" A" R+ E
I was so confused.....

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# _; R1 [) n1 u& _& M0 U9 H講到尾都係賺錢
7 s3 \2 I% p5 {3 ~) W: H1 n  T/ Kso銀行可以不斷放款
, P" K* O) C: q2 n7 B; F美國的房貸問題散佈到全世界# h2 ]( l" O' T

+ S: u! ?( `* O( Wmortgage loan # t3 P4 C1 D9 a9 c+ p1 y$ P# |9 p
>conduit
+ h9 `# ?: D" C# ?8 u. {0 p>RMBS(Residential Mortgage Backed Securities)' Q. \& Q) g8 R8 `7 w" ]! O
>arranger7 \/ n$ p) D4 I. @) R
>CDO(Collateralized Debt Obligation)9 `- e+ v( S# U+ [% z
最後去到投資者

Kev

i thought it is the reason of rate of return.
: _& v. j& g9 n  l$ RCDs could have different ratings, AAA -> F,$ g0 U8 e) d# b+ v7 L/ J, I
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ ]% {$ P) g2 ?. Gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, ^% j, T7 _( D! V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 i) J( z1 I' S4 ^7 U
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, W6 ^* _: |6 B" Bsimilar to bonds, CDs trading in the secondary market have different value at different times,. ~- I: }8 A" Q6 y* \4 D/ a! C
normally the value is calculated by adding it's principle and interest. 5 f6 q/ `2 C: r/ S6 D2 f
eg. the value of the mortgage+the interests to be recieved in the future. & z3 m+ w; v5 i
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" H+ l8 b. T0 b! t% g2 c" y. A* k

$ E. `0 G, j; N1 G5 E1 f, f2 n1 }im not quite sure if the multiplier effect does really matter in this case.
4 I! A! P. e5 X/ t6 Lin stock market, it's the demand and supply pushing the price up/downwards.
7 e' Z) o5 u2 I. C8 `2 z( }For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 m" W" E1 G: d8 aA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 k% O! |7 ]4 ~& kThe 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.
- A/ c! \- g1 p/ Q' s8 u3 i4 \but the value of their assets did really drop significantly." }" s+ K0 J: J; D! d# U1 l# n& P

% F/ }* t: l9 W. h& P# |[ 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% Q. y; C% T  k
Refer to last example,
2 G( Y  o% c- Zthat means bank A have no money because we borrow 10 dollars from bank A 6 w! ~( D  \# N8 g( t
Because bank A doesnt have enough cash on hand , H5 ]+ r! c7 \* P' d( U
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E6 e1 Z) g2 U' z
so does it mean if E failed to pay D, ( M# E" }* @6 M: A3 Q
all the B,C,D,E have to go bankrupt?
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$ q6 O0 ^) c$ |. J" @5 `; o+ _the multiplier just tell how much money created in a whole economy, + a' T. I9 a  E6 k
in this case it doesnt really matter how much money is created, % ^% Z' L6 P( d- r* D$ N
it's the problem of the debt itself.
: B0 o& c5 u- I" I$ }9 {8 ythe 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
# Z3 [0 `7 I, D% O$ v5 q/ a7 o小弟一直都唔明...
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& z( ~! m% W" d& j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! t: [  {' t. o1 n& C, H
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Thanks

2 K% S- ]- x: F: J那些根本係 紙上財富  
# B; k! {$ z! P# a, ?: M. E9 d! A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 graphic7 n" L; x0 e% R, X* d' q. m
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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6 m7 ]! u6 l; O% D& H2 q
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
5 L7 D) X. }1 B4 S/ F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 k2 S* ^" M: f! q. h2 k個件物價係市場好既時候升, 例如15%先算,變左12蚊啦$ L$ A  b" x; Q# e. D; ~3 o& P
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- P4 m% b% j( }1 x# ^4 b1 D
計番回報率就已經係50%,所以可以好好賺% h' u9 B/ s8 v
前提係銀行之間要互相信任先可以咁樣借法5 i$ k0 j8 P1 M% V2 q) c9 q, W
同埋個市場既前境要係好先得' L4 c, l/ m, q7 L5 M$ W. z
但當經濟一差,公司估值趺了,物價不升反趺4 O* K$ v) S0 D
例如剛才說10蚊的, 趺到得番9蚊, 4 \* Y6 ~1 L' G0 z  t( t9 H% G
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
+ l7 G& k( {- _( X所以你就會覺得D錢好似蒸發哂咁8 E8 z* x% J. G- R3 o* B
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你都可以當標野咁諗, 個樣野多人可以狂升值,
. l! ~, q4 ~/ \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,
+ T! D. A& a8 O4 K/ V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# z' |: q# S- ]: b+ p4 F3 u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
$ C/ o9 t( V5 @; Q0 X' J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
4 G. c0 s" o; \唔係d錢蒸發, 而係比美國佬洗晒未來錢,
8 o% H: b) {- l5 _1 q9 b2 h淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: o; O2 M! }% ]5 U1 h# L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: @: M4 B5 M  O& @
咁你話d錢蒸發左去邊? ...

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正係咁樣- i9 c8 s. F& C1 ?
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 X1 i$ h; C3 {' x
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,
/ `! C# H0 Z% Z' ^  X連國家都係問人借, 不停發債券, 印鈔票
1 A) v4 T) G+ l* [7 U0 Q- ~7 p/ I4 @- U一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 ~! J" e) S2 k! T2 [2 O% j- 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" ^! D( r* D- d' N- [  O# m
咁而家"爆哂煲"算唔算先至係變番"正常"???

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8 f5 q3 Y2 b$ L& ]( Z其實係...
) I( Q, K6 `0 D' {# G$ s/ V; n4 q. A因為以前未生產, 先消費
, P# L. y6 ~) L7 i$ M2 _而家就要多生產, 少消費