0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif. A6 h0 g( t/ I" P' Z2 d
Why bank will sell 借據給第三者???9 v4 \$ E0 U" Q, [
I was so confused.....

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講到尾都係賺錢
* I- R/ q1 g% P. oso銀行可以不斷放款: [6 @: j& @. P' d" H- m
美國的房貸問題散佈到全世界. O; m+ _# A3 R

- j' R' ]- E6 }$ f5 y' o& C  xmortgage loan
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>RMBS(Residential Mortgage Backed Securities)" i6 o# K! f! _1 }2 K
>arranger
' H% ~+ Q' |9 t: Z* q; w7 ^, t* Z, f>CDO(Collateralized Debt Obligation)% g( x% B! u1 b( D4 g8 H6 z
最後去到投資者

Kev

i thought it is the reason of rate of return.
) D& Z9 A+ h5 r4 v  fCDs could have different ratings, AAA -> F,
9 s  Y6 G% D; }! Dmore risky ones would have higher premium (interest rate) as a compensation for an investment.1 E1 B( E  s+ ?$ V6 U; e9 F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 a, ~  h9 T4 zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- }, i  Q8 f0 x. v1 [
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 V# I; h6 J4 \1 {! V+ M* }* y  B0 P$ k# Fsimilar to bonds, CDs trading in the secondary market have different value at different times,
8 [+ m& R$ `$ b) Y! R# enormally the value is calculated by adding it's principle and interest.
. Q# D, i5 p8 qeg. the value of the mortgage+the interests to be recieved in the future. 0 h; x+ T+ d% U
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.- m" v3 E1 T" W) w5 z* f: N
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im not quite sure if the multiplier effect does really matter in this case.
7 ?: p. I2 y. `in stock market, it's the demand and supply pushing the price up/downwards.
/ f& L  C3 H7 Y8 QFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% y& v; t0 l4 W: E5 |9 P: s7 m# b
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! B/ h* F( X+ DThe 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. 8 c5 I% M2 |, c) j8 E
but the value of their assets did really drop significantly.2 d# A. M; e' E) D; d1 ?

. m* z$ ?5 z' 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& W, x0 L; E, o9 A% V
Refer to last example,
# G: }2 z9 g! wthat means bank A have no money because we borrow 10 dollars from bank A
: v9 S1 e* ~, L4 @" \Because bank A doesnt have enough cash on hand : E7 B. ^* M; F
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E- E  b4 H6 R( C( `
so does it mean if E failed to pay D, ) T6 {; L* E( X+ P: `! F3 Y
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,
1 l* y9 Q) Y. [. w* q0 Z! |9 Kin this case it doesnt really matter how much money is created, ( }' W' F1 N6 o5 B" L
it's the problem of the debt itself.
+ |$ F$ y! }# t  Q7 q5 O- G" sthe 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.gif2 b6 }' n( \4 H/ x% D* ^7 w
小弟一直都唔明...
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# t# z) M. p& W  o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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: r: C" K  i: y! i# ^. o敬請各師兄解答7 d- G# ~/ M9 j: B% {8 w

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那些根本係 紙上財富  $ d2 J4 M& m# a+ C
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! ]! k$ E* Q3 c% |$ Y! W1 W  ^

- d0 U% m' Z; `/ [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
3 _; ~% f1 P9 h當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. Z0 ~% Z: R" ]: n1 L; m9 ~
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 R6 E! x7 n0 \" _5 s
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
: P/ ^2 b6 z( _9 ]0 q! D. G6 E扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 j/ d. K" @) Z4 a( E3 ^
計番回報率就已經係50%,所以可以好好賺
/ k8 ^4 \0 d& \0 Y* w5 v前提係銀行之間要互相信任先可以咁樣借法; K" K+ d" o7 Z% Q
同埋個市場既前境要係好先得5 @* l4 q* w4 U2 q0 b
但當經濟一差,公司估值趺了,物價不升反趺
2 k0 Z& Z  r* j, L) Z例如剛才說10蚊的, 趺到得番9蚊, / L+ y! e# \/ a8 N
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) N! O& e, M- w
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
- f8 ^+ S  I0 T+ [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, ( g; {, x3 T+ R4 P
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , l* @1 B' W! r2 H) P6 F$ `$ L8 F" 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
* Y. T/ O; Q! S* v. o, F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- m2 D$ p# l- P, r+ |
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; t0 i3 A  y4 o- [  t淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 u# R  ^, V# {' K9 D3 C5 k6 L  f
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
  G* m+ q& B/ U- H  K  F" M0 M1 Q咁你話d錢蒸發左去邊? ...

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正係咁樣
6 `0 \" Y" r# ~' W0 R4 }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7 p; j; x& r% k! }
分分鐘佢地唔使還錢0 O$ q0 E4 @! f4 G/ Z8 f

% j, R+ N! w% m, J3 C: b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,/ u* p  w6 Z; u( F$ O- h$ z/ g
連國家都係問人借, 不停發債券, 印鈔票
5 ?1 p' O/ S2 \: C" p一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* k, l* l. @% ~1 U, }  W  N, V) r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( }5 U& j- t5 q5 e7 Y+ j1 }5 P* P
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...: m3 A1 x4 W9 V: s9 c5 K
因為以前未生產, 先消費
8 w1 Z5 f% m, o而家就要多生產, 少消費