0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 W$ m' }" }" G( h5 E. P6 rWhy bank will sell 借據給第三者???) h, j. P, ?: W# r6 I; ^
I was so confused.....

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5 {: x1 N1 J# H/ y* [: X1 X講到尾都係賺錢
, \3 v' ^# i5 w! S9 G4 Mso銀行可以不斷放款1 k* U/ H' J! a0 Y8 F
美國的房貸問題散佈到全世界
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; E( E; y- Z  b. umortgage loan   _. Y) t  q; g8 d
>conduit
0 p# [; n; Q" R* q>RMBS(Residential Mortgage Backed Securities)! o; [4 N4 _7 h, }! P2 }1 B0 z  K
>arranger
1 d7 v( v% F+ r# b# y1 r>CDO(Collateralized Debt Obligation)
. ]( N  n0 o; S( c: m最後去到投資者

Kev

i thought it is the reason of rate of return.: i$ a) D0 P4 T6 H* y. S/ M
CDs could have different ratings, AAA -> F,
  a$ F2 i% k6 Z- l7 zmore risky ones would have higher premium (interest rate) as a compensation for an investment.6 @2 X$ p  N) N, [& h$ \' N7 m
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 a% ^) J0 |: D* x
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 ?0 |3 i0 `2 l4 m2 iAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ x" x$ [  X8 W. `
similar to bonds, CDs trading in the secondary market have different value at different times,# i6 w. Q' _+ x& W; h, }
normally the value is calculated by adding it's principle and interest. ( t% K! D6 f3 m1 a5 D3 u
eg. the value of the mortgage+the interests to be recieved in the future.
4 @; w9 ]" j7 H( G/ Q& W: C8 R* U: hbanks 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.* {4 n( m1 ~! g# Y% d5 v

2 Q  {' ^& M0 y' S1 Rim not quite sure if the multiplier effect does really matter in this case.2 K# W2 ^4 n1 p; {9 X- p. S# H
in stock market, it's the demand and supply pushing the price up/downwards.! Q2 i6 }1 ^' K6 N  h+ L
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: l. N7 O4 j8 W* e$ j# `9 f- x
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 u' z% ?; C, O8 N$ r: U
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.
! q' h+ C0 q) U  V7 b" I% gbut the value of their assets did really drop significantly.
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% U) B/ U* l+ r  n6 B/ ?2 w[ 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
% ^% L5 Z: a  [0 ?Refer to last example,
( r; k" Q+ ~7 Rthat means bank A have no money because we borrow 10 dollars from bank A 9 I% p# q3 x7 \5 ?
Because bank A doesnt have enough cash on hand 4 P& H: n& X2 Q2 u' v; r3 c; \1 I
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
9 E3 [$ i  d/ r0 d- l; h: Nso does it mean if E failed to pay D, 3 Y! @' a7 L  h$ c# `- U0 w' Z
all the B,C,D,E have to go bankrupt?
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- `( X& c- m7 k" ]0 ^1 Y+ Kthe multiplier just tell how much money created in a whole economy, 9 c- u% U# u; ^
in this case it doesnt really matter how much money is created, 2 y" T/ }% z- G- Q
it's the problem of the debt itself.
5 G9 o8 R/ B- \2 xthe 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.gif2 F/ Y" ]% x% \- Y+ k6 K2 q
小弟一直都唔明...
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# D; \/ Y7 w% S3 U全世界都蝕錢，咁邊個賺緊錢呢?% _* F) Y; X- s3 ]) T! Z0 J
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無可能淨係有人蝕錢無人賺架嘛...
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' L- d3 i" G$ I7 ]/ ]  o, P( f5 k- i7 i/ v敬請各師兄解答
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Thanks

2 N1 D4 g/ T) U, j  |, k那些根本係 紙上財富  * \5 z% l. s8 D3 ?1 u4 ?( O& U6 _
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) N7 j5 Q* f7 b2 @- o, P

6 o* P: n: C; zhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
% S# e2 S) e; [3 C當經濟好,投資銀行相信會賺錢, 物價既估值相對較高( X3 O$ v& k/ `( S& m* h' ]0 I8 c
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" Q% i1 ?& x$ g
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" B' Z0 g/ W9 Z& I. v
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
, @0 n" E4 i& q4 d8 p; e" d計番回報率就已經係50%,所以可以好好賺, x4 I0 ~/ k" y0 r) r6 K2 d
前提係銀行之間要互相信任先可以咁樣借法( Y( @7 t# ]2 i  _# Y
同埋個市場既前境要係好先得  Z+ S- i6 D5 b  h1 m- ^+ n
但當經濟一差,公司估值趺了,物價不升反趺
" K8 w% D: E/ B# U8 D! |- j例如剛才說10蚊的, 趺到得番9蚊,   C  U& D7 a& {0 q7 c: k
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
* L0 T7 d9 y* j6 m, V( n所以你就會覺得D錢好似蒸發哂咁3 S5 H8 E+ E: T, S9 t+ Z  Y* k

/ Z2 ^4 A* D6 A4 q你都可以當標野咁諗, 個樣野多人可以狂升值, ! _, e: e' r& N3 J& V* A
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,
# r2 O& N9 S+ R" L0 }淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) v/ B- S7 F6 ]- R5 F/ X8 B1 x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) D& B% V  }8 Y$ \  o
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
5 ~- m( H" L4 v$ `1 l8 `+ [唔係d錢蒸發, 而係比美國佬洗晒未來錢,
* f- J" W/ R1 B3 I7 S; o8 S& u8 |淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % s( L, p1 r; ]8 ]
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 C4 |& D# g" I* Q; ^咁你話d錢蒸發左去邊? ...

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4 y( K: Q* x' A, S5 k5 L正係咁樣) Q' \, z# s" j/ d1 [3 R$ C8 U- V
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
1 {1 p7 j2 ]4 R分分鐘佢地唔使還錢) a1 a' k7 j$ F$ R, r' T6 G9 }

/ F( P+ L8 ~, e$ Q4 H: q, p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,% T  D* O! g% T5 ?  p/ z- P
連國家都係問人借, 不停發債券, 印鈔票
# b1 H4 P: m3 t- I6 F( M- y, X$ I一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 Z8 g. l: e1 S
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
9 [: Q0 n* \; K咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
& X8 I+ Z5 |! X8 ^因為以前未生產, 先消費, @7 U4 G$ k; c
而家就要多生產, 少消費