0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif  t2 h/ s: o# Y9 w) I8 p5 A
Why bank will sell 借據給第三者???2 ~# ?4 }0 B. Z
I was so confused.....

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/ B1 ~. {) A+ x6 ^" n講到尾都係賺錢
/ @( H7 b. A2 C5 g1 j, |" v" Lso銀行可以不斷放款
& @, N8 g  x2 A+ I* e美國的房貸問題散佈到全世界( D$ ]* M: m& f3 \0 C( O0 r

* }; {9 _% U6 V1 Pmortgage loan + f7 x) r. }; {3 _: K, B9 A( j
>conduit
/ ^; \4 R; s1 ^: r>RMBS(Residential Mortgage Backed Securities)3 W5 i4 W, c3 d3 z% H* j: ^$ r! |
>arranger
$ O: m5 M+ L; k( d4 V0 _>CDO(Collateralized Debt Obligation)4 \/ P+ n' d2 `! e' J
最後去到投資者

Kev

i thought it is the reason of rate of return.
/ R% Z, s$ q2 o' b- ]3 XCDs could have different ratings, AAA -> F,
. u; b; |( k9 b2 J7 K  ]  kmore risky ones would have higher premium (interest rate) as a compensation for an investment.
, t$ ?( c# B" A9 n+ g$ R1 Wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ C. Q% ~/ G4 x* T& Q$ v5 [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 z1 k/ n% l+ U5 [( w' \* IAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. n; j, G! p. o
similar to bonds, CDs trading in the secondary market have different value at different times,2 w; U4 J4 A" j5 B
normally the value is calculated by adding it's principle and interest. # Y+ ?& y5 R( S# K3 P) W
eg. the value of the mortgage+the interests to be recieved in the future.
+ Y1 v, M. Q% o( U, s9 Q  P. b  W, ?/ Rbanks 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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im not quite sure if the multiplier effect does really matter in this case.
; U; K6 j7 Q4 n2 s/ \in stock market, it's the demand and supply pushing the price up/downwards.0 S! L" X* X: b  B6 j0 _6 Q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 K! k* H8 N* N4 r& b5 w
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) R. z* [" x* i
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. ( a/ h8 E! E7 j0 \4 V
but the value of their assets did really drop significantly.# u9 ?$ M  o) q* c: {

! s& a' g; B% J1 h/ R7 E[ 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
- t; b  B' }" ]+ g' r/ ZRefer to last example,
3 v" q  _. ~  e( D4 R: W$ G$ fthat means bank A have no money because we borrow 10 dollars from bank A 7 p4 x- ^: g$ [; B$ y! ]7 H
Because bank A doesnt have enough cash on hand 0 E. G! u9 ?$ V, f2 G
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
# l4 c; y& u. q; j# K2 ]so does it mean if E failed to pay D, . W3 Y* A/ H# N' G% m! }. n
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, 5 z$ r8 P1 |; v' G
in this case it doesnt really matter how much money is created,
$ ^$ D/ j9 P" R/ a& |+ `$ P% t, mit's the problem of the debt itself.$ ?  U1 ~9 f6 ]1 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. O7 H4 L, o6 P$ V7 ~. t) k
小弟一直都唔明...! P2 X" X& d" v3 m' s! v

* ?1 S) F) `0 X4 f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...
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敬請各師兄解答; R; x& h5 R% ~$ e
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Thanks

' v% w" W- o- ?, u8 k: T那些根本係 紙上財富  
- C# q# {! A0 V3 c! P$ o; Y% 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* v: H( A/ }# T; V5 \

( a. x$ \: x5 [+ W' G4 Xhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
3 G  x4 S# j) I; J7 |2 ^) k5 o3 h5 G當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& ^4 e; {/ J; C: V  O: V: x9 M
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1 n0 Z, W# L. u
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 m, Z% K% o1 n$ t/ _/ O扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
* q* M0 H- p1 [計番回報率就已經係50%,所以可以好好賺' l3 e: E4 V* N( ~+ [6 Q
前提係銀行之間要互相信任先可以咁樣借法
+ {/ F. o! _  S$ B7 V同埋個市場既前境要係好先得, {8 R* Q" Q1 t
但當經濟一差,公司估值趺了,物價不升反趺
8 Q  Q: h: q3 ]! z/ I+ f例如剛才說10蚊的, 趺到得番9蚊,
/ p2 c6 Y$ j. u6 \咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! D' p' q$ z  b1 B! p所以你就會覺得D錢好似蒸發哂咁
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" v: X% ~# r0 w7 R; _你都可以當標野咁諗, 個樣野多人可以狂升值,
% k. n; k: M$ m) |  f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,
- v* [& ~% R3 v4 t& i+ ?淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 b2 K% A( r, S" C* D
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
% M9 P% d6 E+ B& ]! ^' i+ p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
9 \- \; T0 V* A( T, l唔係d錢蒸發, 而係比美國佬洗晒未來錢,
4 F$ b9 w1 }  P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, c: M' h. }1 q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 B$ M2 M# Z$ }6 }* B  @咁你話d錢蒸發左去邊? ...

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正係咁樣
1 B# ^" o; l/ ?2 j0 Y$ B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) \$ R& k+ q; H, ]
分分鐘佢地唔使還錢% f# l; \5 C& f$ m& t
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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,
" H: D1 H0 D' R! d1 M5 p連國家都係問人借, 不停發債券, 印鈔票
/ T3 Y% {8 P) l一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( A" A* n' M8 I& r# y, b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.gif1 K: G( b/ n/ _! |; S' k
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...$ o- ?7 ?4 G3 M) E5 W7 y! }
因為以前未生產, 先消費7 O& Q: F' H8 Q6 y5 p1 t
而家就要多生產, 少消費