0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
1 F! l; L! L( _Why bank will sell 借據給第三者???: ~. P' k  A! ^' U2 K
I was so confused.....

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. t" m3 ]  W1 P+ y7 D講到尾都係賺錢; N2 C# Y5 }( |0 b4 Q
so銀行可以不斷放款6 k+ I5 `! L* t& C% Y, I
美國的房貸問題散佈到全世界! R- \4 Q- J1 N
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mortgage loan 1 z% Y; i! _7 U* L8 ?
>conduit  c6 r, s) T6 X$ P4 l0 @
>RMBS(Residential Mortgage Backed Securities)
0 b: T3 [8 `) f% F) ]>arranger
$ w7 `6 V5 _) p- J. Z>CDO(Collateralized Debt Obligation)  W$ d& ~3 L3 j5 G  T+ A+ v5 {7 I. w8 b
最後去到投資者

Kev

i thought it is the reason of rate of return.5 p) o0 u0 j. u) g
CDs could have different ratings, AAA -> F,5 D8 x4 |8 T" v
more risky ones would have higher premium (interest rate) as a compensation for an investment.' W1 ^/ c6 j: J: B
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 z& @; T: f- R: C9 K! nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.  J0 T' k9 O: a7 R# J
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# Y: q5 V. c; k3 t$ G, u
similar to bonds, CDs trading in the secondary market have different value at different times,
: {2 S6 B: J% s4 |normally the value is calculated by adding it's principle and interest. 8 W2 s% N: T# q( K/ t
eg. the value of the mortgage+the interests to be recieved in the future. 9 A  ], h& r0 Y
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.( R+ y: A9 k6 c* y5 R5 S. p* C6 P

$ [8 p7 h0 o0 @( L( dim not quite sure if the multiplier effect does really matter in this case.
& u2 j: j; Q( h! `- X2 ~in stock market, it's the demand and supply pushing the price up/downwards.5 v$ Y# m- i6 a2 |
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 d, G2 I" W( A+ wA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ `, D7 x8 Z, Q( ]- E* g/ Z
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.
; v( g6 V4 u7 n$ Abut 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$ V. `5 x& m# s/ c4 m: x2 D9 y
Refer to last example,, W. x( v& E6 k
that means bank A have no money because we borrow 10 dollars from bank A
! g  h9 M. v$ h2 y' a* vBecause bank A doesnt have enough cash on hand + y  N" P  J+ F3 Z$ p* ?, }; O
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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& M5 [' G" |+ A5 z* DA->B->C->D->E
: W; K5 V( |8 N8 O' {* j, @so does it mean if E failed to pay D,
1 _  V! k! K% S+ I% |all the B,C,D,E have to go bankrupt?' L- v  i! B* j  ?

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the multiplier just tell how much money created in a whole economy, ! e2 R. F8 |% i0 f% [) |' t: w% E
in this case it doesnt really matter how much money is created,
4 x; ?8 ?" m' g; v7 R# O3 [6 yit's the problem of the debt itself.9 C* `+ J+ n. |9 G/ g! s  C
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.gif2 ]! ~) ^8 x3 M* b" ^  {0 R
小弟一直都唔明...
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' O8 R  u6 u/ T3 X4 x8 j0 f全世界都蝕錢，咁邊個賺緊錢呢?
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( T, t- H* e5 n8 \  q  T0 W9 h無可能淨係有人蝕錢無人賺架嘛...! L- B/ I* \& L: F5 p8 e

1 ^; W. I  F6 m' p$ b0 h! W敬請各師兄解答
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5 x. Z& A7 e( ]7 B5 U- FThanks

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那些根本係 紙上財富  8 P/ S, u7 N4 J. c: W  _
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 graphic8 q& u. h3 x7 X* ?, @

# T5 z, y' q# }- H2 N' ]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% V; ~6 Q. K- B/ ]. `
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; P% o1 r/ y2 O2 [$ Z. o! t0 u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8 @# I1 V# m8 A& B4 p, F
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦* e  K( S- Q. y" |/ `4 W& l# n% K
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,! q; V$ e3 k7 C  y8 s
計番回報率就已經係50%,所以可以好好賺$ C7 ?8 g( N$ w% }+ Q! r. }" I
前提係銀行之間要互相信任先可以咁樣借法
! ^1 k0 h+ m, T同埋個市場既前境要係好先得% }. O4 L7 ]1 b3 `0 ]+ M7 T
但當經濟一差,公司估值趺了,物價不升反趺4 n, J, C  Y$ b% @% Z, K
例如剛才說10蚊的, 趺到得番9蚊, # z$ `+ v. l$ t2 d7 k: x
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% X2 j' L$ F* @# D' w7 `( F' _  e
所以你就會覺得D錢好似蒸發哂咁# ]. A3 V; V. k$ a- A; 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! P. ]/ V+ t0 D" G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,
  o! G" i9 }. y- `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& A) |9 \) o% z% }5 D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8 j* x2 r4 z0 n
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
) `6 z. i3 [# |唔係d錢蒸發, 而係比美國佬洗晒未來錢,
5 r* |2 R; }/ |1 J7 ]" k- W淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, / {$ [8 Q3 @/ R6 A
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
& \% F5 h) B- W( @' P% }* P; J8 z( D' Z咁你話d錢蒸發左去邊? ...

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正係咁樣
: d# V/ ~/ D, K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
. ^$ q6 |& o$ T/ _- @" y, y) A分分鐘佢地唔使還錢
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+ l* Y8 o5 V, D" j8 Q# m. m" ?( u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,
8 A1 G, s& r0 d連國家都係問人借, 不停發債券, 印鈔票
" G( T- z2 Y& h2 _一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; m6 Q7 f( a9 @* o: z6 x
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
& c2 ^0 V* X+ J  w3 ~! Q咁而家"爆哂煲"算唔算先至係變番"正常"???

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( S" }9 Z' D9 ]# B1 ?其實係...
$ w9 k7 s8 s; {! y$ W因為以前未生產, 先消費
; A, m. o' m' v8 p而家就要多生產, 少消費