0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
; p7 j& \7 \" a# U/ T6 n: Y5 gWhy bank will sell 借據給第三者???/ L9 K4 F6 x( o" k* a
I was so confused.....

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. o* U, U/ @( M7 c2 A$ I講到尾都係賺錢
2 e* v, ?  r3 O  [; E2 P2 [; _so銀行可以不斷放款
8 g( J" i* n2 u' x2 {( B美國的房貸問題散佈到全世界* T" u& o; k" u( y- E- S2 m

0 f" Y/ }+ ~' h: ]. Qmortgage loan
) A1 ~, q; u! @>conduit
1 f+ o( [; e- r7 q>RMBS(Residential Mortgage Backed Securities)
' B) O9 L' L; Q/ ~" z>arranger, X; G# c+ q( r6 `( x) C+ O( w
>CDO(Collateralized Debt Obligation)
" v) Z: S) e# |最後去到投資者

Kev

i thought it is the reason of rate of return.$ H. i+ x1 v( F, ^8 W6 ~" a
CDs could have different ratings, AAA -> F,
- ?* b9 j/ r. ]' s' K4 s/ ~8 E' G) d8 Dmore risky ones would have higher premium (interest rate) as a compensation for an investment.! C8 W. L3 E* k% M* @) y, M' _
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ y8 a# k$ m3 {/ p
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" i. T1 e/ }: V# r) M0 r5 zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& n) m0 {6 p% B. P/ p; [# n' ]
similar to bonds, CDs trading in the secondary market have different value at different times,
% q8 D$ J( r, i; D" ]! dnormally the value is calculated by adding it's principle and interest.
1 a7 k# |; n. {) q4 r( @* heg. the value of the mortgage+the interests to be recieved in the future.
0 X1 M# n, p# e, a: Sbanks 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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  d' i1 G* T" vim not quite sure if the multiplier effect does really matter in this case.3 K+ M# l& H, @( [: I1 v
in stock market, it's the demand and supply pushing the price up/downwards.
# r4 C4 A- {. D2 E" k0 {' {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# f4 x, a" a: X7 H( w% gA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! f% @- @; E! y3 P: ]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.
/ q: E5 U( [& O; A, T- t/ u2 m! jbut the value of their assets did really drop significantly.% ^! r9 f, Y2 T: A9 i4 b- h% c

7 D, A& J' F# C6 `- X[ 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
3 K, [( g; \( b+ f  v8 qRefer to last example,' C% g& u; c* i' g" x3 r* P
that means bank A have no money because we borrow 10 dollars from bank A
3 `9 y3 W- V: W  t: t5 a. D" B+ sBecause bank A doesnt have enough cash on hand * z) ]- u" u  z! Y: g
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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6 D" `- h+ f; a+ H# XA->B->C->D->E: R4 Q! s  a4 W2 k' f0 V
so does it mean if E failed to pay D, & ^/ M4 C8 |' ?9 E/ Z+ Z
all 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,
, X3 H* U3 o2 c# Sin this case it doesnt really matter how much money is created, $ x" d7 @3 J, q/ M: o/ Q: j
it's the problem of the debt itself.' z" y+ A$ v# Q
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, M; R+ H- e: n) e! X( |
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?" G% E/ W8 |+ d% L
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無可能淨係有人蝕錢無人賺架嘛...
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( e. y" _/ R7 h! c9 \( k" n敬請各師兄解答
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Thanks

4 v5 b! O1 Y7 F# b1 v4 {# p" T* _那些根本係 紙上財富  
2 V1 C6 E" Q$ U. [) O+ k9 a' }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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) t- W; h; l# s- C% a9 _, L8 Whttp://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; V2 w- C- Y$ U- m當經濟好,投資銀行相信會賺錢, 物價既估值相對較高( H; U( r7 }& 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
7 N; d& o( R4 S  h/ H個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 z0 ]$ f3 `. }. j
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 D% s& A, ^2 m" n計番回報率就已經係50%,所以可以好好賺
+ S6 V( x: n4 E; ?, x0 n前提係銀行之間要互相信任先可以咁樣借法
4 V" b0 z' R! d/ q9 w7 F0 ]同埋個市場既前境要係好先得
" J$ W, W* n* n/ Y5 a但當經濟一差,公司估值趺了,物價不升反趺
+ }+ N& @6 ]6 P; L$ Z) W" |# U) h6 i例如剛才說10蚊的, 趺到得番9蚊, & C) Q$ f. ]/ v$ i* d
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( G  `6 u; f; s( b$ E: Z! \% F, k
所以你就會覺得D錢好似蒸發哂咁$ y7 H: @/ y2 F1 P
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你都可以當標野咁諗, 個樣野多人可以狂升值, 6 f( U2 S4 B$ j% h7 A( F+ l
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,
0 n/ y+ m+ \* n1 N+ H% ~# r淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) A* b! ^- e1 G! [* A* p2 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
2 a) r- F% ~. s. U% a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+ Z* ^( K- R; [  _* r
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
5 ?0 _( I* a8 ], ^- F# n6 {( N/ W淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 u3 T) t! {5 Z5 O6 T- X5 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
/ W4 S! J. M& C6 e+ d: f. w咁你話d錢蒸發左去邊? ...

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正係咁樣
/ r- Z+ ^  r/ i3 h7 d9 H" {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
1 P+ g) E8 \; }9 T# J8 G分分鐘佢地唔使還錢
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( C- A+ ?  x+ j. Z' m9 u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,
# z( \+ L7 S5 Y: l( Y9 G% S  M( _3 f連國家都係問人借, 不停發債券, 印鈔票1 Z) K7 Q6 n* x" s$ [) U
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 S* x$ C  \3 S1 S; B* W* \' A% `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% d8 _4 ^) q' j6 t* m
咁而家"爆哂煲"算唔算先至係變番"正常"???

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, X# J: m; [" O. f2 r9 A其實係...8 w0 d) P* Z0 s8 H5 J
因為以前未生產, 先消費
% c* H1 h$ d/ i1 O; |/ h( W1 ?  e+ R而家就要多生產, 少消費