0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
, p' v% X8 K4 GWhy bank will sell 借據給第三者???
9 L( A! `+ ?' D. O- UI was so confused.....

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5 s# i5 E  N% i* t' ^+ ?) U+ w講到尾都係賺錢
! c6 e" u& V4 N0 T$ Aso銀行可以不斷放款
$ J. h; r/ B7 E9 M美國的房貸問題散佈到全世界
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+ _: z! T8 }, Q& Qmortgage loan
5 ?# _9 k& M3 C" ~7 v>conduit* H) a# n/ }7 q! _) D
>RMBS(Residential Mortgage Backed Securities)( ~  I2 N2 r) x0 I
>arranger
0 l* M* ~6 e: S1 B3 j9 |% O7 f2 ^) V1 _>CDO(Collateralized Debt Obligation): Q+ D. K7 L& p* x  }
最後去到投資者

Kev

i thought it is the reason of rate of return.
+ X0 {! B7 F' ^: MCDs could have different ratings, AAA -> F,
" Z1 S3 B/ t6 T0 t9 D6 q2 Lmore risky ones would have higher premium (interest rate) as a compensation for an investment.
+ u! w. p  a, Jmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ o. @, @7 ?: Q5 k1 `! E
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 c& J! J$ f8 y, J9 e2 Y( lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 ]9 t4 m% D7 {& R4 s, J% B. @
similar to bonds, CDs trading in the secondary market have different value at different times,
7 O7 e8 z) n+ \* Y1 Gnormally the value is calculated by adding it's principle and interest. 4 }" d: _& Z; Y
eg. the value of the mortgage+the interests to be recieved in the future.
0 f# C. T( V6 H* h  T4 V6 i. L+ Wbanks 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.  W' L$ o/ f, d9 Y

) O, H5 `, H' A$ |  K# q7 f& N* iim not quite sure if the multiplier effect does really matter in this case.
  N% G  M" X& N' Rin stock market, it's the demand and supply pushing the price up/downwards.
0 p1 H) l  w  ^( b1 S3 |For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& P$ i$ [" v0 [& m' `6 q. f' yA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' s' u/ K7 {8 f! }* r& J& h( R: VThe 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. 3 G( C( h, ^; D
but the value of their assets did really drop significantly.1 V. s/ U$ L1 N" }

4 {: O3 z, K2 D: e  v+ w. I[ 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.gif9 B. V) e! }; m0 B  A0 Z$ [1 @
Refer to last example,
2 ]$ {! S; X& h  Bthat means bank A have no money because we borrow 10 dollars from bank A 3 T# f2 v7 T, R" U
Because bank A doesnt have enough cash on hand
6 U$ S! }' f, c" P7 a) ~) Ytherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E" C; t  z" u2 @  N4 ~
so does it mean if E failed to pay D, + D$ O, V( a0 L1 X1 N: q
all the B,C,D,E have to go bankrupt?
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  m& y3 d. u; _, jthe multiplier just tell how much money created in a whole economy, # {  ]. U1 S& B$ b2 @
in this case it doesnt really matter how much money is created, 8 @. y, C1 l# g
it's the problem of the debt itself.8 C* L& H0 M* T1 T9 k* u
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.gif8 X  V$ i- H+ m- }8 d
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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, n& o! b) T; ]無可能淨係有人蝕錢無人賺架嘛...% w) Z; d6 [# i" q3 O/ S' l

. e% c4 J" z2 H" Y# {9 Q敬請各師兄解答
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Thanks

% X2 P0 a6 a( T3 O那些根本係 紙上財富  
" J6 Z, X3 z4 M$ {4 Q- m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
& T8 a# C% K, J# o- p. m& t當經濟好,投資銀行相信會賺錢, 物價既估值相對較高8 Z& L% A2 X; J; d! K+ [
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 A; p" y9 {% p  p' B" g個件物價係市場好既時候升, 例如15%先算,變左12蚊啦3 S" \# @& z( O5 {. `
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
. y" y- @( W- C5 \計番回報率就已經係50%,所以可以好好賺% W- s9 a" i, }+ {8 J) Z. P4 W) t
前提係銀行之間要互相信任先可以咁樣借法
/ V. }$ L9 f& p) {' ?& J同埋個市場既前境要係好先得
( d8 T/ O/ C: F) [  o7 b  F+ l9 L- I但當經濟一差,公司估值趺了,物價不升反趺
% V6 u+ C7 @2 S+ O) m; X) T例如剛才說10蚊的, 趺到得番9蚊,
9 U7 u- r) K1 p, R4 d9 O$ m# n咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 h- G* o1 m' t所以你就會覺得D錢好似蒸發哂咁$ m8 \" K  }( X: ~+ f! i
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你都可以當標野咁諗, 個樣野多人可以狂升值, ! q3 Z# \% ^( K
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, % l, @3 \% C3 x' c
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( n3 W5 C' w! N, j# m7 E; ?
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( f7 [- A- S+ f/ _# N# h$ m: {
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
$ [' n- E+ i5 r- G2 }1 W' ~唔係d錢蒸發, 而係比美國佬洗晒未來錢,   S  v8 H) ?" `, s1 M1 w
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % e3 |6 ]+ L! J: J
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 d. s/ W- e+ a6 c
咁你話d錢蒸發左去邊? ...

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正係咁樣/ g, V# }5 D+ _# }7 r( F
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
) Q; M6 F7 C  Z4 C. c" d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,
1 d" s: W! V8 _5 o' q連國家都係問人借, 不停發債券, 印鈔票
4 F. h  [; g$ N* U一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% {, W9 s) c9 i0 k4 t
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
# L. F: d0 @+ p5 @咁而家"爆哂煲"算唔算先至係變番"正常"???

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# E: o% w+ b1 G$ ?其實係...+ T! g9 n  W- w3 t, {
因為以前未生產, 先消費
) Q& i% x2 F) \而家就要多生產, 少消費