0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
- S8 o( J6 t! [Why bank will sell 借據給第三者???- D; l5 Y  |% M- V% d
I was so confused.....

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講到尾都係賺錢
3 j& M* n+ M# `) _. P% aso銀行可以不斷放款! N/ u' i. O7 X2 R1 o
美國的房貸問題散佈到全世界0 _% E$ [- g( o; n2 Q: q# _

( ^- _, A, g- \! |mortgage loan * s+ q9 ?1 W6 Q; z
>conduit1 s- M) r$ ?7 a6 T2 y7 k  V- p' }
>RMBS(Residential Mortgage Backed Securities)( U- {# s5 f2 E+ u- n
>arranger
' Y  y# y( M$ f* U7 U>CDO(Collateralized Debt Obligation)4 c1 ^8 J+ j3 L% q6 W4 J7 s  n/ D
最後去到投資者

Kev

i thought it is the reason of rate of return.8 |; a2 v0 M* {; |1 N) l5 r4 j  |' z
CDs could have different ratings, AAA -> F,
6 _% r0 n0 i: o" K$ p1 R* U$ Zmore risky ones would have higher premium (interest rate) as a compensation for an investment.
; U& Q5 }2 L, o  e# ]main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 w/ r% v' t5 S. x8 iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 Y5 ]- v9 V9 D5 X5 y0 {
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 _/ q% p7 X2 ?' Z( j
similar to bonds, CDs trading in the secondary market have different value at different times,6 g* Z) j9 @: \9 d$ H
normally the value is calculated by adding it's principle and interest. $ I0 Z4 ?* [! s6 Q' h8 H
eg. the value of the mortgage+the interests to be recieved in the future. . e9 L  m& f7 ]& q3 _
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.+ ^" T9 F, \1 w% E: D3 d
in stock market, it's the demand and supply pushing the price up/downwards.
& E4 [  r: s9 `5 Q4 _For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' e/ T/ x/ B! b! @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, Y1 G7 l+ N6 T: F  D7 T& ?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. 6 F& r! l' ^  }4 a. k
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.gif2 ?% @9 A. }- U6 D
Refer to last example,2 v4 N# _5 {% H! T1 \
that means bank A have no money because we borrow 10 dollars from bank A
6 e4 S% v0 k+ W. BBecause bank A doesnt have enough cash on hand
1 }! \4 e  u1 ]( `) `. B) d- m4 H; f, [therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E: o2 A6 [' _! z" [+ V
so does it mean if E failed to pay D, . K2 h2 G# C6 ]& |
all the B,C,D,E have to go bankrupt?
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- Y/ {9 J. N# s6 l/ S) f5 [the multiplier just tell how much money created in a whole economy,
4 ^5 [. W  W0 b$ |% \6 @in this case it doesnt really matter how much money is created,
) }3 U: |2 [0 Y" ~it's the problem of the debt itself.
: o/ s7 r* a! l  w( a6 m  ^- M0 Kthe 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
. q0 \  W1 a- C6 h) B8 h9 G1 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?
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9 I: C+ g1 L! B8 Y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+ w) E- y" d. j4 h9 h7 |

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那些根本係 紙上財富  9 L% B. V  ~: r+ u8 [
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+ r, l" d: O4 v
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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
3 K1 M$ S, K' N: n; Z5 c- u4 q9 N當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
& @* O( f+ R% h; U1 Z3 S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
- p, C: t3 k/ M個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
; ^7 a' M$ j: b. Q! |5 K扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,& Q5 @! j" C; L1 C4 }" s, H# g9 G
計番回報率就已經係50%,所以可以好好賺8 P4 b2 ]6 ~5 S$ W: {
前提係銀行之間要互相信任先可以咁樣借法# D6 ]1 P* ^5 [4 v
同埋個市場既前境要係好先得2 I# p" d, V7 [1 a1 i7 c
但當經濟一差,公司估值趺了,物價不升反趺( L" H' f( c2 K+ G, m, [, k! E
例如剛才說10蚊的, 趺到得番9蚊,
7 I) o  O* {: S, A3 Q% `咁投資銀行一下子就要還11蚊, 一來一回變左虧200%0 W1 w9 q8 l  z9 f
所以你就會覺得D錢好似蒸發哂咁
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3 l; a" p# l# P4 j4 t/ V你都可以當標野咁諗, 個樣野多人可以狂升值,
8 W/ O- ?' T7 T/ w0 S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 o7 w* \" T& z2 {" ?淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & o3 C8 x& D6 |4 }- v5 [+ n9 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0 u/ {1 w9 z/ k& U; L8 u: Z2 D
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
$ J+ ?* @- \$ x4 u5 o8 ]9 \4 I% x唔係d錢蒸發, 而係比美國佬洗晒未來錢,
4 n; K6 s: M7 r淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' ^5 i# m/ s" ~' S+ _" 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4 t9 l1 d7 m% X2 k' G
咁你話d錢蒸發左去邊? ...

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# L/ p8 z6 i% G# O$ a# m6 v正係咁樣; u& D- l$ n8 a' P) ?1 u9 S
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% G3 X3 T6 [
分分鐘佢地唔使還錢
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- S+ D. b* g5 L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,. J  W1 y4 T8 H! R; H) [6 p
連國家都係問人借, 不停發債券, 印鈔票
. E1 d! z% i  r/ Y9 L一個國家好少出口, 而又大量入口 ,反映到佢唔多生產* z  ]; H( U0 n# H2 H, d. D
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
* W* g) {2 U3 \  F) O& Q咁而家"爆哂煲"算唔算先至係變番"正常"???

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: l# |- W. r5 J) z$ J5 S其實係...
2 o- r* g  S9 @4 g9 ?( e  F" ~8 h$ q因為以前未生產, 先消費
" Y$ W5 W# h! Q' x( O而家就要多生產, 少消費