0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
7 P3 f9 R8 w  z5 \  PWhy bank will sell 借據給第三者???8 H) t& Y) o- ?0 ?" K# I
I was so confused.....

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8 U" R( ]5 Q; t講到尾都係賺錢. ]6 ~% M  ]7 Y4 e- B' l  b
so銀行可以不斷放款
% W; m# Z5 r6 R" B& p+ E8 f0 l美國的房貸問題散佈到全世界( }" [5 y3 a( c& r9 i

/ ?. Q  B6 \+ smortgage loan 6 @, V& i! K' H& n8 l# ]
>conduit0 l( N) }8 i6 R) O8 u  y
>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)
  J% f0 I2 W4 D7 p/ L  n最後去到投資者

Kev

i thought it is the reason of rate of return.
; F+ t6 v0 v, G: |+ {  [2 g4 ?* bCDs could have different ratings, AAA -> F,
5 G( |! q% Q$ c! q8 o4 W6 l* x& Ymore risky ones would have higher premium (interest rate) as a compensation for an investment.9 U) s, x1 G7 B- U) e
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 x7 _/ D: i3 c  ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 H' p# q' ]/ S
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.  h6 v% u4 X  @- H- t# }  r; Q
similar to bonds, CDs trading in the secondary market have different value at different times,
3 q2 k) c. Y! d$ G0 m7 qnormally the value is calculated by adding it's principle and interest. 1 D# e3 v4 i5 c; a5 L$ R
eg. the value of the mortgage+the interests to be recieved in the future. $ M9 ^( A0 j& F$ T& s6 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.
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6 T: x) V) o  t9 X2 ~im not quite sure if the multiplier effect does really matter in this case.
: @* O3 c+ ^8 d& ~4 I$ C2 j6 C, Jin stock market, it's the demand and supply pushing the price up/downwards./ |$ \- I3 ?1 m. R" j+ L
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 t6 @% c0 O2 X: z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& R8 e+ P) J& Y
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.
1 ^  s; z* M1 ]3 b/ z7 a! }but the value of their assets did really drop significantly.6 |, p/ t: n; G/ C# b1 ~

* E$ C9 w; }! Q* p: J) T1 G[ 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.gif7 }2 A7 n4 H1 O+ i( Q
Refer to last example,
: j8 h3 y  J0 u+ y- L6 ~that means bank A have no money because we borrow 10 dollars from bank A
' F! Y2 A, m4 h. RBecause bank A doesnt have enough cash on hand
5 l  ]' h( t' Xtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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+ l- Z0 T- H9 A# B: o8 _. c( [8 R4 x! d1 |0 w6 t  X
A->B->C->D->E( Q  o2 p: H+ C. K$ f5 h( s; x2 r
so does it mean if E failed to pay D, ) e9 Z) f# A; |, u* F
all the B,C,D,E have to go bankrupt?# M- A2 J4 t' }' v( A+ v% _2 _
" i+ C& N% r$ x

  B6 K7 ~# w2 B. |. |7 G7 Qthe multiplier just tell how much money created in a whole economy,
& h4 a' b+ [2 J3 j, a% vin this case it doesnt really matter how much money is created,
8 P2 t& M  \! D  Lit's the problem of the debt itself.
/ C) O  ]* T6 X0 W/ nthe 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- e8 A1 M2 M7 G2 @& [6 s
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?! `& N" O. f: A3 J3 `- l: q
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無可能淨係有人蝕錢無人賺架嘛...5 o* f8 h( l% }. w; x) n
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敬請各師兄解答* C1 L* s! U$ [5 y& X# V
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Thanks

0 I8 q% Y- g2 u0 Q) K那些根本係 紙上財富  2 [) A! x7 v& e, i3 c; q
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) s( C3 y# ]5 L. |1 X0 [1 e1 [( c- B
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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
1 I$ [" x+ N$ M1 x: M0 r) m當經濟好,投資銀行相信會賺錢, 物價既估值相對較高4 a8 }8 U& }  B! T
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) c+ o. D4 h& x' Y3 f
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦# b/ x1 i, C5 @" W. y" O3 O2 c3 C
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ ?4 x# s* ^5 {& {
計番回報率就已經係50%,所以可以好好賺( |5 f8 Y: j: L( n
前提係銀行之間要互相信任先可以咁樣借法
( W- d( M& n6 `) F同埋個市場既前境要係好先得
  v3 [* V3 W4 `但當經濟一差,公司估值趺了,物價不升反趺  r: h8 C) G) Y% k) }0 E7 A9 b
例如剛才說10蚊的, 趺到得番9蚊, " t5 q: Y$ F; c* C3 W
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%5 }8 L+ r+ F) y# Z
所以你就會覺得D錢好似蒸發哂咁& Q: N- _: O& N* C, K2 B" ~
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你都可以當標野咁諗, 個樣野多人可以狂升值,
* q1 Z0 Y. B+ O# t& i* S& h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, . y0 T4 A3 n' p. H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ m) `$ O( {5 {1 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  Z' r* k% I9 x! ~3 p* 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
/ w- Q! [1 T% h' N1 k唔係d錢蒸發, 而係比美國佬洗晒未來錢,
% q7 E' D3 n1 Q/ T$ R6 o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 l  o& @, `" t0 }; n! L7 X2 g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
3 M8 j, n# k9 r5 X& O. o* u. A) q咁你話d錢蒸發左去邊? ...

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正係咁樣
' |1 O" A: M  s4 d+ e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
' z2 C: g) r& s4 I0 q2 j& ?分分鐘佢地唔使還錢  b1 T- n, R6 f1 d
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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,% f3 q- |8 n. A
連國家都係問人借, 不停發債券, 印鈔票
! O: u% f" Z- L! p  c一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 U5 D5 X4 E: [" C' n' ~
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& Y% E4 r4 H/ w2 |
咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ `8 f  I; L4 |8 C$ {) y8 s其實係...
6 z5 M1 t, ]# h0 v6 w( B% A因為以前未生產, 先消費
5 I: E+ Q3 J) M  ~3 D9 x而家就要多生產, 少消費