0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
3 s6 z- N2 R2 g# ?Why bank will sell 借據給第三者???
. h5 a* n" R1 B0 E0 \I was so confused.....

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講到尾都係賺錢$ `5 K1 M) R4 k+ \
so銀行可以不斷放款+ W& ?1 p7 f! t1 W, O& P, y
美國的房貸問題散佈到全世界5 K; _8 z# M; e9 \0 X- ?
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mortgage loan 5 \# u3 y5 h% k# X* g
>conduit* V& m" M, w6 n" T# L- n8 k: b
>RMBS(Residential Mortgage Backed Securities)
$ |: H1 r: r% C3 H) B( F& q0 q>arranger
5 K" G) H. p2 B$ B5 X4 e>CDO(Collateralized Debt Obligation)
; }0 B+ Q* U: j1 B& ]8 ^$ [( x8 W最後去到投資者

Kev

i thought it is the reason of rate of return.
1 g2 W& \; M" nCDs could have different ratings, AAA -> F," D% g+ {3 ?' r* E' }4 K
more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 f1 T! W9 p1 v: q- Q" Kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 J. y8 V0 i0 }% I3 c
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ I2 O+ p" l  q- g9 e
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" D# I0 i, [5 e: Ksimilar to bonds, CDs trading in the secondary market have different value at different times,8 L$ z# V2 G# G$ a6 Y
normally the value is calculated by adding it's principle and interest.
5 G' v# ~/ w1 R8 V5 T8 eeg. the value of the mortgage+the interests to be recieved in the future.
9 I" y( V  \- \& H* y& O1 hbanks 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.' V8 i# x% S( i( t2 K

$ t( m  ]+ M" ^; U; T) o' g5 Iim not quite sure if the multiplier effect does really matter in this case.
/ y% I) t3 n" t) j8 I' Uin stock market, it's the demand and supply pushing the price up/downwards.
- M7 k9 T" L2 R; D4 C! ]For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ ^+ m# o0 @6 Y' `2 o! q7 T& I1 NA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; j: J2 w# K, i0 MThe 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.
- a* H6 Y5 h' K, Q' S, {but the value of their assets did really drop significantly.
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; A7 k: m6 s/ ]1 ~( l! D5 c$ A[ 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
2 ?. T% v) k1 v; @0 yRefer to last example,
  a" B- Y& i# ]1 Sthat means bank A have no money because we borrow 10 dollars from bank A
( z1 d- k' N: V& D" uBecause bank A doesnt have enough cash on hand , m, m8 @5 r8 E
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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7 M9 e' C8 I7 }' Q4 y; O  d
A->B->C->D->E& ~2 S/ L+ `9 ?# n  @. @
so does it mean if E failed to pay D, 2 w* U; {4 o% S9 A
all the B,C,D,E have to go bankrupt?( }; i+ y8 D: j0 l8 W+ W1 |

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% l  H3 _& G1 _6 A% t5 D# e0 othe multiplier just tell how much money created in a whole economy,
. ^2 W) J* O. _9 b; B- |in this case it doesnt really matter how much money is created, + _4 U/ V6 `5 I( k* a
it's the problem of the debt itself., F8 ~$ a; g( A' s" W' W5 O
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
9 ~5 O5 ^& z3 E/ z7 j0 L- o3 i小弟一直都唔明...
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7 a; J; ?' P5 Z; C; p  E; z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..., @$ X& |1 P6 L) q
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敬請各師兄解答) O# k. z6 A, S
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Thanks

$ @* N5 _+ N- R" b. g1 Y* y
那些根本係 紙上財富  4 u2 x% d9 Z! v/ ]7 G( z( h
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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1 v7 Y" x& x  P  p/ hhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
$ m3 C* N6 U6 [2 K1 }; r' E) w當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" t9 v: L: y. Y' a( a2 M* T9 x3 y7 q0 z+ l
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, z6 W$ n8 h0 K" v; N
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦- w3 I- S" `* @
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 E: w# O8 [+ F) f% s( g$ N; E
計番回報率就已經係50%,所以可以好好賺1 N) ~! S3 ~% \% \
前提係銀行之間要互相信任先可以咁樣借法* W9 C, ?0 ]( u  F! w
同埋個市場既前境要係好先得
! E" W/ v8 O# l  f. A2 G但當經濟一差,公司估值趺了,物價不升反趺
) D: J! M: q) {( j5 l0 k& U) L: r例如剛才說10蚊的, 趺到得番9蚊, 9 ]* y% ^; k8 o
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% b& l9 V4 L: H$ E
所以你就會覺得D錢好似蒸發哂咁: J) V7 K, u6 p, r, \& }

; g. N' U2 u7 W你都可以當標野咁諗, 個樣野多人可以狂升值, % U7 L* [2 q  z, @& ~( A4 K' P
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, $ K. v1 u, s& L5 k& o% a9 @- |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) h% K4 h- H# T1 G) p/ x1 ~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
/ D7 J9 }( [; S7 ^, g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# d( W: H; X- b/ M& D4 X2 M
唔係d錢蒸發, 而係比美國佬洗晒未來錢, * [) h/ V& a9 v1 r/ b4 R9 H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. E( }' M) A2 f  I/ r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 ?* S" e3 V+ \) q5 h6 z8 t咁你話d錢蒸發左去邊? ...

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" `' I1 i% Y& @: h正係咁樣
' P% R6 d9 r  A: R  D6 b% P6 `1 Z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
! x2 q" I1 ]. x7 F! D1 k( C: }分分鐘佢地唔使還錢& o% P" T: q' n# M7 n
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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,! Z9 O# w  i/ Z  W" h# H3 k
連國家都係問人借, 不停發債券, 印鈔票
  r! B5 E$ x5 U% i& c一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ l& o) U' J* ~8 t$ [8 H$ I2 ~9 w" ]
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
8 |& L. A, p+ \8 d咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ ?1 L1 `$ ]% F& D其實係...& [- H# o/ N+ o3 I* b4 f
因為以前未生產, 先消費; \% B- l0 B4 l1 h6 a
而家就要多生產, 少消費