0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
) r1 E4 F' s9 U8 ?# HWhy bank will sell 借據給第三者???, B5 {& v4 p  z5 ~; w
I was so confused.....

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! |/ @7 |+ @4 ^* w& [講到尾都係賺錢2 U# l& I4 K2 Q& q
so銀行可以不斷放款% _% u7 e& ^. a1 g2 [" M
美國的房貸問題散佈到全世界* e+ F8 @0 s- p- ^$ s! I
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mortgage loan - B% A1 a" i' {5 C0 |# ]7 t
>conduit1 W' W, C$ N% ~# n' l, o
>RMBS(Residential Mortgage Backed Securities), v8 A3 Y7 B: i- Z8 H" e  R4 ?
>arranger
6 l" I6 W2 V. @7 i>CDO(Collateralized Debt Obligation)& U: @# L+ m0 u% u; B, N; Y+ l
最後去到投資者

Kev

i thought it is the reason of rate of return.
9 h' q# a6 p& nCDs could have different ratings, AAA -> F,: M3 l/ E! I; t% |0 G0 R, l" E
more risky ones would have higher premium (interest rate) as a compensation for an investment.
  ~& D4 s  J7 j7 Q* P, c7 B8 smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 ~3 P0 _' x' w! R. O" U0 r; u
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.  U$ d/ k7 x2 a* [% v" K0 a
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% v* z/ t$ @! v- K7 q& msimilar to bonds, CDs trading in the secondary market have different value at different times,
' L  x6 I( Q( E+ o9 ynormally the value is calculated by adding it's principle and interest. & {2 h- n1 Q2 ]; F6 v  I+ B
eg. the value of the mortgage+the interests to be recieved in the future.
8 _9 r" T- ^- n& y! u* W$ Ibanks 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.* R2 Y8 {1 O, I* \6 N1 h

, Y7 K+ i. Z! e$ t9 m, [# F& cim not quite sure if the multiplier effect does really matter in this case.! y8 J- U$ m2 V$ z% n& A% Z
in stock market, it's the demand and supply pushing the price up/downwards.) @2 U% ^# N, @
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& k$ {% v- j6 B9 m; QA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ t7 J! b- b3 z0 oThe 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.
; I$ q# b- Y4 V' K* o- Lbut the value of their assets did really drop significantly.
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7 j8 Y( Y5 `1 {: Q[ 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
7 K( {2 d1 ]1 B4 \- a8 r. |Refer to last example,$ o2 H0 G4 u- R9 t. M5 C( s- v) U
that means bank A have no money because we borrow 10 dollars from bank A
9 d  x$ u* M% RBecause bank A doesnt have enough cash on hand 4 r7 p* `: V" q5 e
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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2 A! o1 T% R8 {* R/ S3 N2 @+ q2 HA->B->C->D->E
2 Z+ h7 r  X' n$ @so does it mean if E failed to pay D, , p) B, t" c; e& }5 y8 i( S6 _
all the B,C,D,E have to go bankrupt?9 F( l  d# N/ P4 g  j

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the multiplier just tell how much money created in a whole economy, 7 b  d5 K# P3 H' L6 S3 x; T0 X
in this case it doesnt really matter how much money is created, $ b* F; v! y5 n. H$ U$ x
it's the problem of the debt itself.
, }: F- D5 F( sthe 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
: g1 w" A& ?) z: e! w7 {; ^小弟一直都唔明...+ w1 j5 q( ]+ a/ C& s
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全世界都蝕錢，咁邊個賺緊錢呢?2 L# y8 L- P8 \7 h

/ |6 c+ ]1 }1 N) c1 O& L無可能淨係有人蝕錢無人賺架嘛...
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( m1 R$ \$ c: T/ c敬請各師兄解答
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Thanks

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那些根本係 紙上財富  
" r+ Y  {) ]& H9 c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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- [# D. R' g' L9 p% 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) ]0 p6 S- ?2 i7 [+ o* d
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
* s8 s: k; X& }( v- z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5 t+ L& g/ m- n: j4 c8 }
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, t  w2 j& V+ @4 a. Z# {
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,: N. I' m, @5 y% b+ a( x
計番回報率就已經係50%,所以可以好好賺
! `% J- t) P& B& {0 Z1 K前提係銀行之間要互相信任先可以咁樣借法
! I. b- M+ E9 z5 h$ t% L同埋個市場既前境要係好先得
% n) a9 }) `0 b! h  J2 r$ @5 B但當經濟一差,公司估值趺了,物價不升反趺
* s2 ~; B8 `  C8 w例如剛才說10蚊的, 趺到得番9蚊, ! O4 k  _" E7 |8 _- e0 G/ x
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%5 y1 D$ y0 S2 }+ {" }
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,
, d2 s, _, `9 s' c# l  z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,
" |" Z4 \3 z& H3 g/ N9 F淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 o5 F( M7 [# B# B6 B* s: M( q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  `% O$ |3 t
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.gif0 o# n& R0 E% J3 \3 q
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 o' q4 I' {& [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ K# g1 A! ^% x2 h  {6 R; m$ K8 K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
7 P1 ^% z2 J0 o5 M0 z, J) {咁你話d錢蒸發左去邊? ...

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正係咁樣
6 I" p4 R  L- ?  R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
; j$ M3 d! H4 X% B! v3 Q分分鐘佢地唔使還錢0 g  F' q6 E' U  `# @6 B' f

% D6 U+ C  P( I. \, j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,
/ ^3 t9 N# l% X0 F1 C$ d連國家都係問人借, 不停發債券, 印鈔票
3 f- @# J. j0 d  L& F一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
3 g* U; O) }4 P2 C3 N  u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, J- u3 V: v- A0 y4 _  o9 A
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...  ]6 }5 U, T) n8 l
因為以前未生產, 先消費! n0 C, L# {' D. y5 _4 D( U" p4 k
而家就要多生產, 少消費