0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif! c9 {3 C; P& y
Why bank will sell 借據給第三者???
+ [  P8 [' F7 i- @0 u; VI was so confused.....

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講到尾都係賺錢
4 _( S; p3 E3 f5 V: wso銀行可以不斷放款  h8 R. S* j% D  U! T. ]
美國的房貸問題散佈到全世界
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mortgage loan / X% G/ q$ e( e- u: U8 a4 O
>conduit6 X+ e$ R5 j0 d! _& n1 ^; }+ p; D
>RMBS(Residential Mortgage Backed Securities)0 h7 b: v; Z) M/ x/ g  w
>arranger+ c" F( e! ^. d, l0 {
>CDO(Collateralized Debt Obligation)
$ S3 m  U) Q2 W4 _# h0 ?  {$ K, B最後去到投資者

Kev

i thought it is the reason of rate of return.
& W( s8 d& M- Z1 \: LCDs could have different ratings, AAA -> F,
0 V( N( ?* P, U- e' \; fmore risky ones would have higher premium (interest rate) as a compensation for an investment.  h1 g. }% q3 n
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,  t% I# ]) o; q$ i! L8 ^0 v- D: v
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& S* B" G! u# u/ y) r4 m" fAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' L& l1 Z9 T- _& Y7 V
similar to bonds, CDs trading in the secondary market have different value at different times,  p" Y# y8 ]! }; W, V0 ?3 V
normally the value is calculated by adding it's principle and interest.
! o# y1 g1 D7 z; O$ z; E4 |2 ^eg. the value of the mortgage+the interests to be recieved in the future. # z/ U* O2 v+ G4 i. n" J  ]# t
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.3 G" U) d, o% ^) F1 z; O4 @6 L/ `
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im not quite sure if the multiplier effect does really matter in this case.
- \' y8 z- g6 ~  z( p1 ^0 }7 Y. Nin stock market, it's the demand and supply pushing the price up/downwards.' S3 b' N. `  D& D2 Y0 r
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* T4 @/ @! ]( I4 t& z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& H. o) j( V$ XThe 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.
# O2 R* f, S" A6 t" ?but the value of their assets did really drop significantly.+ g0 g" Q. w2 l& }: x
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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.gif0 f* h6 Y, K5 g+ x
Refer to last example,$ x4 ?, \$ ]. m. R  I2 y# K+ F
that means bank A have no money because we borrow 10 dollars from bank A
# a. N* l4 a% b1 C" FBecause bank A doesnt have enough cash on hand 1 W' ?& P2 }% \5 G
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
; H. \% h# W  o+ bso does it mean if E failed to pay D, , a. w6 K! U! q2 ]! ^/ K
all the B,C,D,E have to go bankrupt?) W7 T) C* H) |# E  W7 j9 g( n! a
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the multiplier just tell how much money created in a whole economy,
+ y3 n5 K: r5 b- Q/ C- n: m3 vin this case it doesnt really matter how much money is created,
' y+ `$ k! C/ o% ?# tit's the problem of the debt itself.& A/ _  f" I6 q
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) I" P3 }/ n9 W! K; W! B
小弟一直都唔明...
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! m2 A, I  \; ?/ f0 A全世界都蝕錢，咁邊個賺緊錢呢?  ]& y3 G. S+ F/ {5 B; X- z- g
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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
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Thanks

# p) `: Y+ y. _2 z; @$ G那些根本係 紙上財富  
2 h1 p4 x3 z8 H. J) 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
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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+ F, T! x& X! \" Z$ ?
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
6 Y3 u* O7 H+ ^+ s, |; T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2 q5 H. T/ M5 [& }( Y/ B
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
- P; o0 j8 z9 Q, ?  `9 m扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ g9 W! Z* d: ^& L" R, W6 K
計番回報率就已經係50%,所以可以好好賺
, Q8 K. ^! d( h  T/ u+ l; a前提係銀行之間要互相信任先可以咁樣借法3 W& A7 J1 f* W- N( w2 T
同埋個市場既前境要係好先得
9 A) n) n3 t( g. h( V4 i但當經濟一差,公司估值趺了,物價不升反趺
: B! @; A, Z. o; ~" C例如剛才說10蚊的, 趺到得番9蚊, # f9 K  a1 F2 p* B% D
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( y+ A- b) f6 B& y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, ' A8 v/ ?$ P/ e/ _0 Q
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, / C9 K" }9 |/ A' ^% r7 w! B
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; H0 I* t0 I  o: g4 w
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3 E0 Y8 k  R8 H
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  j* {7 N1 Z3 g! `, s
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ ]! F: q& x8 n8 r淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , C3 [9 }+ m# e+ T. K  i
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- A! j' T* E7 w1 _
咁你話d錢蒸發左去邊? ...

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正係咁樣
! T. A% c4 R! u% X" I2 A& T  l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! _$ k1 q6 X! ?4 n& u
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,) `" w7 T5 `2 r* T  e, [+ [+ l1 l
連國家都係問人借, 不停發債券, 印鈔票
1 m9 J3 c8 w$ E* W/ ]4 z: h一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! D+ Y' K* x7 T: a  J! m3 G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. @& e4 j6 Y1 ]4 d, B) W
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...  n6 J0 J+ Q% }4 |7 C  G+ d
因為以前未生產, 先消費3 w; ?$ v. N: W1 b0 Q( B( @
而家就要多生產, 少消費