0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
5 m: l1 t# {6 C9 L! xWhy bank will sell 借據給第三者???/ Z$ i# v" `$ ~  W. E- E
I was so confused.....

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講到尾都係賺錢
# Q  O  [7 _% x, p6 Q& m8 eso銀行可以不斷放款( X, b+ X' j1 s  V' O0 }
美國的房貸問題散佈到全世界, Q% x( |4 Q  r. Z
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mortgage loan + R( \+ L& K, h& G; L. B5 n
>conduit7 o9 ]+ h$ A7 O9 `4 I
>RMBS(Residential Mortgage Backed Securities)
+ u9 ^: Y# \/ B% `5 p1 k>arranger
1 }# ?6 }( l9 {" B6 K, k>CDO(Collateralized Debt Obligation)3 u! D7 G, f, ~+ i: l4 ^
最後去到投資者

Kev

i thought it is the reason of rate of return.
. _$ `$ ?7 S8 J. cCDs could have different ratings, AAA -> F,
* E. j1 Q6 \# H' F4 ~) q, qmore risky ones would have higher premium (interest rate) as a compensation for an investment.! y. [/ t7 K) C& F# A
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 ]& a+ w- H( t& H1 G+ O) Bin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) t: E8 t- e! |) J' s! l( e6 OAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* x& n; |1 [5 S5 W2 }
similar to bonds, CDs trading in the secondary market have different value at different times,
% ]  e2 o8 R8 Xnormally the value is calculated by adding it's principle and interest. : W: Z& L; I" \7 ]& w3 c7 h
eg. the value of the mortgage+the interests to be recieved in the future.
: K$ c5 e% p2 D0 A4 z$ ~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.
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! Q. d: g* A8 X3 O/ qim not quite sure if the multiplier effect does really matter in this case.+ ]7 `1 c$ B, g1 v
in stock market, it's the demand and supply pushing the price up/downwards.& z7 C7 n2 E) C/ d8 g6 {! ]
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; e  b3 t6 p1 h5 D' ]; GA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: j$ A) j6 `3 j4 nThe 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.   ?: L4 L; G8 K8 S' ~& ?! \
but the value of their assets did really drop significantly.& {. S9 @3 M1 A6 ~4 Z# c
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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* N; y, B! C& k! v8 p
Refer to last example,
+ I; a& f: s2 a3 C# i; u* U5 tthat means bank A have no money because we borrow 10 dollars from bank A 7 Q2 D3 X& {8 z  R5 ]0 z4 F
Because bank A doesnt have enough cash on hand
' ?0 Y" l( _4 F  Q* p0 qtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
- [& ~" Y* G  ~# Aso does it mean if E failed to pay D,
: f9 Z, r! N! b8 o" {' J/ O5 Ball the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, # [3 x, E3 p/ i
in this case it doesnt really matter how much money is created,
3 J& m2 {5 H6 S8 {# A! bit's the problem of the debt itself.( a' {3 ^, H( |, X3 E( G6 @$ P: P
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
2 r" E9 F/ _9 Y/ p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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3 ~* D% _" ~0 S0 B  F+ v- M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% O* N' g/ `1 R2 y* I7 B
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Thanks

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那些根本係 紙上財富  , s* g8 d# Q1 B, z/ L$ R' H4 K2 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 graphic$ a* e. D* l/ ~; V2 p
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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
% P( l6 {6 d9 F4 O3 }當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) ?# G3 [. H% @( H: F, e
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 q' o2 O: a- r( C8 ~
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦' ~3 z' F# y( `& y9 W) F. I# x. i
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
- \% n( l$ x) x: _+ O計番回報率就已經係50%,所以可以好好賺% ?' i- d# P" n  Q
前提係銀行之間要互相信任先可以咁樣借法
5 ^0 G0 }8 Z3 r( j9 P5 C+ M同埋個市場既前境要係好先得* u$ R0 K2 J9 T: t" S
但當經濟一差,公司估值趺了,物價不升反趺
) k0 H/ m" v/ F* n例如剛才說10蚊的, 趺到得番9蚊, : V3 ?  o6 w; L' g9 ]3 J) g
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
2 k" Z+ J0 w, \所以你就會覺得D錢好似蒸發哂咁+ C. \. i' h3 _* F* P
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你都可以當標野咁諗, 個樣野多人可以狂升值, ' ]8 q' I1 G1 a7 O7 Y
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,
$ N8 E$ R! Q+ K$ {& Z/ C, [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 j, R2 y- |- g' p% G2 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
5 x; J' s4 J7 p3 W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
- V& Z% A: b# m+ E9 U唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 ?, A2 L- Y0 q' k0 k. F
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 b4 q1 e. _  N3 T
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
; R% d( E! T4 C6 E2 |: ^1 T2 `8 g咁你話d錢蒸發左去邊? ...

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. B9 x  {' d6 r正係咁樣
% e/ `! E4 O& [; e. H, h! K8 P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! D# K- B( f$ v$ z% [
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,
6 t. C# \6 I7 t/ j9 a2 x) T3 r連國家都係問人借, 不停發債券, 印鈔票
. h& @# r- B4 g, o' B8 J一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
6 U6 \( u) ~( [, B% b# I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/ L0 Q- {( o2 h
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
$ V2 M  T) g; c* v因為以前未生產, 先消費
2 g5 Y5 w6 |1 v) \; x  B而家就要多生產, 少消費