0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
7 J+ [& v' M8 l) H9 k" z9 KWhy bank will sell 借據給第三者???* b& l  Z0 B' I9 A3 ^
I was so confused.....

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( i9 {+ }& d7 u: _' l, k7 b- q' k" R講到尾都係賺錢( y. S7 p2 W9 t! z- I5 K& O& s
so銀行可以不斷放款! b  s9 Q# E/ w. u# z- L; p( [
美國的房貸問題散佈到全世界% j; `) e6 E" E* d- p4 V' d

0 H2 q. c9 ~3 A5 ?$ q( Tmortgage loan 4 F" E# Z* e9 c4 O  I0 l$ y
>conduit
: r: {1 I1 b; I" V( s+ P. ^>RMBS(Residential Mortgage Backed Securities)
) L- n# ~% @: q% L' y  G. Z>arranger
' y  z" i. z6 D7 z; z. i  b>CDO(Collateralized Debt Obligation)
" |# Y  s9 y# k最後去到投資者

Kev

i thought it is the reason of rate of return.
% ?! F4 G. H7 y0 W; PCDs could have different ratings, AAA -> F,7 w7 y! N. L& `) n& U0 i- j( L! ~- l
more risky ones would have higher premium (interest rate) as a compensation for an investment.# v+ i, v5 O$ {8 Q9 b
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! s! B$ }9 R! N' uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 g" e1 O! k: u8 z5 ~
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 v1 P* N5 e  K) u: R* }+ E' r
similar to bonds, CDs trading in the secondary market have different value at different times,! C5 b' y8 f, b& F* d8 O+ b/ Q
normally the value is calculated by adding it's principle and interest. 9 }' F: s& j; }# c) N. T
eg. the value of the mortgage+the interests to be recieved in the future.
' K. D5 x5 w+ f% z( {1 fbanks 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.) i2 f7 ?2 N$ P* D% _

- V8 r; G* U; M* |" Z" \im not quite sure if the multiplier effect does really matter in this case.
9 F+ O3 o2 _. Bin stock market, it's the demand and supply pushing the price up/downwards.
/ L2 d, ]' N/ Z* q! @6 }* TFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 o7 ^5 m" @3 Q5 c
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 y; ?2 [2 \" bThe 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. 0 |" ?: [: n  h/ ?( f
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
5 y) [8 V  P7 ]1 nRefer to last example,
- P3 S# v4 ~$ C8 J9 \. |9 Ethat means bank A have no money because we borrow 10 dollars from bank A
5 S  D. t" o( t, S! xBecause bank A doesnt have enough cash on hand
9 d/ m! |9 C; vtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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8 C( {# I- y8 I. I( _8 h' L8 h. q; y
A->B->C->D->E( {$ p6 I1 ], {. `
so does it mean if E failed to pay D,
3 M7 o' J* w2 Z$ tall the B,C,D,E have to go bankrupt?
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1 W# q" f( t! k; v/ R
the multiplier just tell how much money created in a whole economy,
3 k6 H+ a& [- y% K. V6 u& @# {in this case it doesnt really matter how much money is created,
! \9 f+ U/ s* Dit's the problem of the debt itself.2 a# n2 o* G5 {6 K/ C
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.gif2 r& `/ U6 O* M& d% a6 v! S& Y- I" J
小弟一直都唔明...# h# w  Z  V; M

' k$ U4 R4 v+ m" k8 Z全世界都蝕錢，咁邊個賺緊錢呢?
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, ]8 a0 o0 D# V. z' E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

4 B0 l$ q& c3 `6 u. s+ \( ^- r! a; m那些根本係 紙上財富  " r' N+ n" T' {8 V5 s
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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+ x' K1 d2 K1 uhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
  B& m/ \, r  o( b6 A, E當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; i) F' E- s9 x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9 Q0 V  P+ s& W+ f7 p* t
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. n4 |) M$ M$ h
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,  O5 M" I7 h" S" x" @
計番回報率就已經係50%,所以可以好好賺% b9 Y/ G! y) j2 i* H2 c0 S, X+ |
前提係銀行之間要互相信任先可以咁樣借法
; X" t' |/ C0 ~7 @/ J3 r同埋個市場既前境要係好先得
* J  a$ d1 X' }  C  i, m- Z但當經濟一差,公司估值趺了,物價不升反趺
8 c5 L- I( J+ C  n( b9 e" L例如剛才說10蚊的, 趺到得番9蚊, - w0 ^2 F8 y' j9 K6 B2 @( v
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%: I4 E- s/ O/ b% t4 c# R2 p3 B. l  H
所以你就會覺得D錢好似蒸發哂咁3 H) r! S7 q* G& D& o: n. ^# g: N
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你都可以當標野咁諗, 個樣野多人可以狂升值,
8 `1 [1 ^, x/ w: E& [" O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' Y5 A# w6 N0 c; X淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 A# V0 g4 O4 H$ X* \( K8 ~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
" O  @3 q: a6 h. X) u; v* |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.gif8 `: J- L% O! x% E
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
: p7 B6 k6 L! L淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & V4 o" C& _+ W5 F. X; j% ]: S
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
6 {" o) c: T% Z/ _( |! x4 N0 N6 M- B& T咁你話d錢蒸發左去邊? ...

0 x6 c7 h' t- ~8 }1 l/ w# `
( q. ?0 M# f" X2 [8 k- H- {6 z  @正係咁樣
" {9 F8 v6 G, b1 V2 D6 L! J0 }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
- `; O5 ~& t: j, v5 b6 {- _分分鐘佢地唔使還錢- h* ^  q; X& `( C  p

! i; r2 E/ `% `' G' |& 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,5 t% H* d6 H. q) x
連國家都係問人借, 不停發債券, 印鈔票6 |! I: c) ~2 F( U
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
8 R( Z; \2 ]& G7 ~4 }2 M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
. V8 D6 w: l1 F* D- `咁而家"爆哂煲"算唔算先至係變番"正常"???

4 N" O: d4 n. c* |; l- v& [5 V1 O# a  S2 ?! v( L
其實係...
0 b( C4 v! }) V& z8 p0 ]因為以前未生產, 先消費
( b9 k8 O$ A9 N2 e; O7 F$ {而家就要多生產, 少消費