0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
5 ?/ |2 W% c  k4 J) d4 S- EWhy bank will sell 借據給第三者???! c& Z, v9 s% Y7 ^! e$ R
I was so confused.....

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講到尾都係賺錢
9 m1 Z4 C2 I* z7 y6 eso銀行可以不斷放款
/ A. B6 u5 v1 ]; I美國的房貸問題散佈到全世界9 O+ X* Q* y/ |0 Q0 f0 |2 {+ G4 f
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)# V( U( W$ o+ W, H9 B0 [0 V- s& D
最後去到投資者

Kev

i thought it is the reason of rate of return.
% }! D  Q4 o- `5 P: P' W) s/ f% cCDs could have different ratings, AAA -> F,! z; \4 R4 v6 J. X, m* X& z
more risky ones would have higher premium (interest rate) as a compensation for an investment.
5 Y  @9 _! p  C7 ~# w# k8 x8 mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, u6 p1 }$ A6 U) ]& V/ E4 sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: D( [* z7 y6 I# o" J/ DAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" k) q0 x% d0 _; K/ N7 Isimilar to bonds, CDs trading in the secondary market have different value at different times,
. I# I- I, Q" Q6 s" A$ Pnormally the value is calculated by adding it's principle and interest. ( J: [; p- q) y4 j- d1 s
eg. the value of the mortgage+the interests to be recieved in the future.
  @+ H5 u9 V+ z* s+ q' p  Pbanks 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.
8 C: B/ @# t4 A0 Rin stock market, it's the demand and supply pushing the price up/downwards.$ Z1 ~# [9 M8 w
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 S3 R3 A, d: i2 lA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# w" Q+ Q  V8 n* q$ A1 ]
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.
. f. J& ]) S9 \& i# i9 h! Zbut the value of their assets did really drop significantly.
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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# T: v$ L. k! ]% i+ `
Refer to last example,
0 V7 A! q% \1 V, ~that means bank A have no money because we borrow 10 dollars from bank A 8 i" y8 [: q; s# d2 Y2 N$ X. S% q3 M
Because bank A doesnt have enough cash on hand
  j# o. J, V  {+ g, O7 y  K$ `therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
' O  [+ N3 B: W: k8 X3 [so does it mean if E failed to pay D, ' Z! o7 I/ Z! i3 g/ P+ n9 \5 o
all the B,C,D,E have to go bankrupt?- F2 w2 |4 [9 i( V+ A0 _
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3 c+ m  _" i* w7 N, h5 j* Ithe multiplier just tell how much money created in a whole economy,
1 z% l* @' B1 b3 [; A) ~in this case it doesnt really matter how much money is created,
$ Y& \" m( X, N: Z; C  A! T4 |it's the problem of the debt itself.& X% u) `/ d* t0 y6 Q5 }; u
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$ h: a+ {; f0 t. x6 `$ u2 [
小弟一直都唔明...8 k% i. T0 O* y* y5 C
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全世界都蝕錢，咁邊個賺緊錢呢?$ N1 J% ]: g# w* [% s: B( q
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無可能淨係有人蝕錢無人賺架嘛...2 e4 ?8 T0 p, d
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敬請各師兄解答3 V$ m+ E5 E- ?( D) Q$ M

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1 K% H: V( b1 R- {+ m9 R$ q0 t那些根本係 紙上財富  ) e) ^% }; T) C/ _) D! j. h4 K
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* \+ u0 F% b9 n* W- F. {' L
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高+ s- a4 Z/ I8 ]4 d% C7 ^8 i
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  l% N+ s+ T9 Y# F+ D
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% D4 d+ t+ h% `! G( j
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
( M; U7 y4 x+ p5 O$ R計番回報率就已經係50%,所以可以好好賺; m- j" b  c4 M8 ^: J6 ]
前提係銀行之間要互相信任先可以咁樣借法& [4 D! ]) Q( a2 ^. ~, x
同埋個市場既前境要係好先得
. q+ I+ t' o4 k1 o6 T但當經濟一差,公司估值趺了,物價不升反趺
' {$ z9 l( E. ~2 _例如剛才說10蚊的, 趺到得番9蚊, : Y9 d4 B- {' _$ F
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%+ ^- X6 L$ O7 W. v* s8 K: y5 Y
所以你就會覺得D錢好似蒸發哂咁
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1 Q9 z4 b$ F) b3 }# g: `9 g/ m你都可以當標野咁諗, 個樣野多人可以狂升值,
- ]8 q1 b9 S! q( f7 `/ r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, 0 Q$ u3 b  ~2 @+ g0 d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ p9 G1 X0 m# `, J/ K% B1 L5 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2 R% X7 ^" ?0 L! C, 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# ^1 }5 S/ R% f/ \$ }( ?
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, C9 g: p; V6 h+ x. i淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , B' f9 ]5 [! K! Q, x! r5 T
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( X7 ^' |& O/ M# k; w
咁你話d錢蒸發左去邊? ...

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正係咁樣
; ^/ a- c  O9 ?8 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
# `$ d1 p( q0 I  W分分鐘佢地唔使還錢
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5 J/ W7 \, C) M# O9 D4 d# V, F/ K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,
: q  _7 j. |3 \4 n" |連國家都係問人借, 不停發債券, 印鈔票
" ~5 C1 H. O( i) ?6 J: E% o# x3 }一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* C3 I9 q7 J  m5 G( A: Q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
% s0 @# l! q) N% H$ G+ _6 Q咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...  F" U! I  O0 E+ i3 @! ~- @* d7 N- K
因為以前未生產, 先消費
& I% O: y8 W9 h- }; @! W而家就要多生產, 少消費