0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif. \$ G/ m. L% ?% K! W1 D, `! N( K  {
Why bank will sell 借據給第三者???& p2 D  L0 k/ a
I was so confused.....

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) \# R% w; k6 _" N講到尾都係賺錢6 a1 c0 `8 H0 T! }5 J
so銀行可以不斷放款
. B  _5 U9 t5 l1 G美國的房貸問題散佈到全世界
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mortgage loan # c1 S" X  g2 I, v) r6 ~
>conduit
9 ]% y6 e' C: r) S>RMBS(Residential Mortgage Backed Securities): e0 ]( J% W# v9 m! I
>arranger% A% X9 C2 e  A" V4 k5 t/ m" ]
>CDO(Collateralized Debt Obligation)- o& }9 F3 r8 H6 B  C
最後去到投資者

Kev

i thought it is the reason of rate of return.
% ]! [+ {' `% @$ J, H( R  RCDs could have different ratings, AAA -> F,. J( v& L7 Z' M! X: f8 o4 p: [
more risky ones would have higher premium (interest rate) as a compensation for an investment., X$ Z  r& I5 i% ^7 D
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
' n, |7 V5 P- \2 Q9 k$ Q" ?$ Iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- L! H* h# V+ `% V, o) j& ~; e5 i$ S( _
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 B1 @  X1 h: t5 Y" y0 t
similar to bonds, CDs trading in the secondary market have different value at different times,
, ^" s, a# T# F2 cnormally the value is calculated by adding it's principle and interest. 5 w( x3 I" a* P5 ?. x- z
eg. the value of the mortgage+the interests to be recieved in the future. , S! }5 {' p& @0 t( v7 ?
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.) e1 K2 ~, E4 h. i
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im not quite sure if the multiplier effect does really matter in this case.
+ Z3 o4 s" F9 R  b) ^0 Yin stock market, it's the demand and supply pushing the price up/downwards.- J$ A3 T) h8 m/ H; A
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 Z5 W! T0 |0 G9 i- g
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 b9 U# p/ l  P! T: Q9 s
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. # o" n& A1 w. e1 W) l
but the value of their assets did really drop significantly.0 j5 J- L/ J! {( G7 d
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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.gif6 A; X. D5 q7 u
Refer to last example,
5 m6 q! _" x- W1 _) v$ M" jthat means bank A have no money because we borrow 10 dollars from bank A
- Y. _2 E. J5 j; XBecause bank A doesnt have enough cash on hand + ^6 i2 c% q8 e& G7 v
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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5 h; C3 @7 T6 X  W% RA->B->C->D->E
3 o% W( r$ x9 T4 Q- }/ r* yso does it mean if E failed to pay D,
1 u, k5 y1 ?/ |) @5 f& fall the B,C,D,E have to go bankrupt?
+ p$ T- W3 z. J4 w) F/ h, p0 ?9 i& U: T6 Z6 J) d  |

2 b/ T1 |5 [; q' I: tthe multiplier just tell how much money created in a whole economy, 8 n& t  V3 u! T: R
in this case it doesnt really matter how much money is created, ( ?0 V! C1 U8 W. V2 \! }: _
it's the problem of the debt itself.
- B5 v: a3 w1 B( y- }- Vthe 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
. j9 a0 v/ C: \小弟一直都唔明...' l! r7 j* V; M% |7 A
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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...( Z+ ]/ w9 W* S* _) n  g
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敬請各師兄解答
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Thanks

7 Y  i0 @' p+ A7 O6 g6 c那些根本係 紙上財富  
  _; F2 k5 H, a" o- d1 i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( ]0 v: [2 }' i! t( E. H

" o2 x# u( O  F; u( `5 uhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
4 J* n/ A/ Z3 k6 J, }# R$ S當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. C+ g0 P1 t7 }: Z9 |
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
: g3 {2 n. a; w, u! r5 d: {個件物價係市場好既時候升, 例如15%先算,變左12蚊啦  x6 ?! i; Z; t0 H: u6 n
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,! ?3 }: `, R6 S3 c" n! k4 A
計番回報率就已經係50%,所以可以好好賺, v( Z, `, D( i- c6 Y6 ?* j
前提係銀行之間要互相信任先可以咁樣借法
& y. F& S' ^+ b$ l' X同埋個市場既前境要係好先得# c" ]" p9 E% _  w
但當經濟一差,公司估值趺了,物價不升反趺4 S# Z6 k1 e7 ^  v+ d) l& W- }
例如剛才說10蚊的, 趺到得番9蚊, * v. W( L' u- N' b
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
1 B) r) r" _% F3 p% K所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, : F& Z9 n9 y" ^4 j7 }4 Q/ M5 `
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,
* ]+ Q- \" t# X+ v( {6 E, P7 z, n淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( h1 S3 {% D: [1 u' s8 V4 p4 y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4 F, G: U6 u( e% _  [( \
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
* i6 z7 f7 Z; X' e唔係d錢蒸發, 而係比美國佬洗晒未來錢,
5 T4 ]$ b' \; d: Y- y* D. Z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  O2 ~3 f3 p) A# W4 ~# N6 o2 f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0 c* i0 v, J6 V7 s) q7 l% w7 |
咁你話d錢蒸發左去邊? ...

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$ [5 ^. [$ Z8 G2 \6 \正係咁樣, K2 @9 Y" x7 L# ?% w2 R( x
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, s; ?+ k) i$ ?4 t( [. l5 r
分分鐘佢地唔使還錢, x' \% E' j8 g0 i% f7 L: ~% a

4 j$ K5 V9 d/ s# Q5 R8 O8 R5 F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,
  i* K- C/ r4 p, {; N連國家都係問人借, 不停發債券, 印鈔票
4 _1 Y4 f, R. d1 r6 g一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
3 J( q2 g  L  X7 ^$ t, c1 _3 B6 P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
7 e9 h" p: S. L+ }3 L0 Q9 }咁而家"爆哂煲"算唔算先至係變番"正常"???

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$ Z$ c& |7 y) y; L" _4 a5 ^& P其實係...
5 M+ P5 j9 Z5 f$ N- d# t% C因為以前未生產, 先消費9 O8 c6 Y( W$ P' U
而家就要多生產, 少消費