0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
3 g- |3 Y& b0 e5 ]- lWhy bank will sell 借據給第三者???( w: S! N' a8 g
I was so confused.....

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9 w! E1 b8 j" z( |3 a講到尾都係賺錢
$ Y! ?- d6 A  t! }9 T, [. mso銀行可以不斷放款
! K  Z+ d3 M5 |/ i0 s* a2 Z) H美國的房貸問題散佈到全世界% `6 d) S9 [9 s
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mortgage loan + p$ T- w5 @) R( w3 l
>conduit7 x  J$ K  t' m- D" j
>RMBS(Residential Mortgage Backed Securities)! z6 {+ o0 x" L& w; D
>arranger
6 ], [+ }+ K3 d' \6 [7 c# p* J>CDO(Collateralized Debt Obligation). Q. O6 P* }4 U' G0 ^3 U. S# P
最後去到投資者

Kev

i thought it is the reason of rate of return.
4 h2 ]4 [0 n5 F0 e+ [' Z1 T% ]2 z7 qCDs could have different ratings, AAA -> F,
6 f' B; z$ J9 j' H5 qmore risky ones would have higher premium (interest rate) as a compensation for an investment.
, ]5 s% C, B" V, fmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) ~9 \( m5 \0 `  u4 U! u# y- i- Oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- w, I% p- W' I% @
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. k2 I7 {, Z" x0 e& z/ Ksimilar to bonds, CDs trading in the secondary market have different value at different times,6 R4 C: \1 R2 o% r  Y* j4 O3 n
normally the value is calculated by adding it's principle and interest. $ r" K- h+ Q# j3 Y
eg. the value of the mortgage+the interests to be recieved in the future. ' @( h/ O6 p5 Z* E5 ~8 f( g
banks who sell the CDs, could enjoy a few benefits like, the present value of cash and passing the risk of holding a debt to another party.
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im not quite sure if the multiplier effect does really matter in this case.
$ [7 z! j! ]5 ?1 B8 xin stock market, it's the demand and supply pushing the price up/downwards.
2 y+ m9 p! M, B+ C" [; D( v* ?/ tFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 B+ J8 b- n4 M9 x" V3 f( I. _# f. _
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. o  a# E7 k6 Q' `  O0 r. QThe capital loss that ppl suffer nowadays, i believe, most of them does not really suffer a real $ lost yet as long as they dont sell their securities.
; I& t' B6 F# S! \) q. s! [but the value of their assets did really drop significantly.
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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
; O5 E6 Z4 o( D' `9 |& jRefer to last example,
5 s  l, E4 W+ R% W0 a& Rthat means bank A have no money because we borrow 10 dollars from bank A
7 l* B; g. j* f; P# b/ I" k, rBecause bank A doesnt have enough cash on hand
: w- I8 R4 X  Dtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
, B; _$ w  d& |& q: X# qso does it mean if E failed to pay D, 8 o6 J& {% o. y. ^8 Z6 @
all the B,C,D,E have to go bankrupt?
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4 I' M+ S, I. h8 o% _  K$ Sthe multiplier just tell how much money created in a whole economy, / ]# v5 I5 i' P6 E+ R; `
in this case it doesnt really matter how much money is created, / H0 S) t9 p! D! Q! A8 p6 J' S
it's the problem of the debt itself.
/ E! `4 h1 P1 m% r0 |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
9 G# V0 d8 R* x小弟一直都唔明.... o: [: f+ ]- Y! k' j

5 ~0 g4 D, e. b2 ^全世界都蝕錢，咁邊個賺緊錢呢?1 V& O3 d* f+ S: @: U
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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
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Thanks

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那些根本係 紙上財富  - ~$ [7 a$ g! _* d7 l' v" C; o
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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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& l" |" l5 j9 e; A* o
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
9 J3 W( i6 ~( l3 Q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
, I1 a, N. B  H) f( [! L個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
& d  u& n) t! Y5 F' ^2 j$ i) k扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
, u! u9 i* x* I* y計番回報率就已經係50%,所以可以好好賺
) D* D* c; y3 o% p) L/ t* J前提係銀行之間要互相信任先可以咁樣借法
3 U9 T) A" B& ?5 w$ |9 z同埋個市場既前境要係好先得
- {) v  O5 I; P- w* n. A8 m+ ^' }但當經濟一差,公司估值趺了,物價不升反趺$ ]  g$ r0 T7 f, C/ n& o  L8 |
例如剛才說10蚊的, 趺到得番9蚊, 7 [/ E# v! z* T7 d$ I
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
5 y, N6 `7 U  a* |) {所以你就會覺得D錢好似蒸發哂咁/ [  N# k! D  T* W0 O

' E1 \* X, ?- f+ r, g你都可以當標野咁諗, 個樣野多人可以狂升值, " A" d6 M2 \% N
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, ' [6 z1 c% S- g0 L. N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  [6 o3 [+ g7 F1 Y- s$ 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. I7 S' |6 X8 M- c
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. f8 |: u2 W; K9 V3 Z) n0 j
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 4 o5 K" F, W( z6 q- o
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& T$ R  }+ Z. U6 G0 ?5 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
9 t: V! b  `$ e/ I咁你話d錢蒸發左去邊? ...

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. D& o4 D! a% h" }( d7 z正係咁樣
. Y# s" ~2 h% H: P+ M# W$ B0 L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" j4 P# Z* u. Y" I5 e1 @6 g0 y
分分鐘佢地唔使還錢
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- |0 X6 O/ v# j2 g8 V# ?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,( i3 j7 o/ `1 S; U$ L% J8 W
連國家都係問人借, 不停發債券, 印鈔票
. {# Q; D& z% |一個國家好少出口, 而又大量入口 ,反映到佢唔多生產, b$ h# K1 }! W; T$ 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.gif1 M% _) G$ F( p  n# G
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...$ L* A( P9 w( |3 Z
因為以前未生產, 先消費
- y8 S* }0 z0 Z而家就要多生產, 少消費