0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' ~5 h3 T! b4 r* g( r' ^, r& uWhy bank will sell 借據給第三者???0 t- U9 g" K- I- r) T6 M3 W# `! A
I was so confused.....

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講到尾都係賺錢  A6 _8 {4 v. n! n+ N* z  u/ ^
so銀行可以不斷放款
; @5 J3 P' v  c9 c- P美國的房貸問題散佈到全世界
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mortgage loan % n( b# s- N1 N' q- f0 ~( v
>conduit
; c4 W' ~4 ]% |6 x2 V5 l( \>RMBS(Residential Mortgage Backed Securities)
& R  X" c* }% R. F/ Q>arranger
- b7 {  t9 d( S>CDO(Collateralized Debt Obligation)
! v4 l: F$ @! E最後去到投資者

Kev

i thought it is the reason of rate of return.
, d0 B' \; i" R* Z2 ?. R5 r: sCDs could have different ratings, AAA -> F,
7 n  b% ~2 z0 f/ c9 X) k; K( mmore risky ones would have higher premium (interest rate) as a compensation for an investment.: [+ S( E" _, `
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% l5 f3 h4 `/ m# Uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ R. @# O5 g6 h
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., l" K* f" [4 d: ?; \9 z4 Z( E
similar to bonds, CDs trading in the secondary market have different value at different times,
1 k0 X0 J9 l+ T# k3 mnormally the value is calculated by adding it's principle and interest. 7 v+ E) w1 W& E/ a
eg. the value of the mortgage+the interests to be recieved in the future. & j: \! }+ A% S. b1 q) Y8 Y
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.
# [3 A& a7 f0 }* e4 j( Jin stock market, it's the demand and supply pushing the price up/downwards.' ^5 T4 q. ?( Y5 W% ?/ v5 H
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,  r! W0 P) H' g" }- ?% e- F  @
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& A0 ?- U8 V3 NThe 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. ( c9 {4 G9 W& {  k  [6 b7 E
but the value of their assets did really drop significantly.5 ^' |  K5 e1 q% I6 G: M% c0 R' ]

/ n% V' j1 u7 o[ 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  S% Y& S& ^, t: M
Refer to last example,
/ H* d! @) P$ J: Vthat means bank A have no money because we borrow 10 dollars from bank A
1 L: o7 Y0 \! ]% WBecause bank A doesnt have enough cash on hand
9 W8 `3 W! K4 K. P# C; utherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
* H% |  K" K- x' |so does it mean if E failed to pay D,
  S% Y) z8 C9 i: b( hall 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, ' q2 Q) p6 T" \6 h) l9 Z
in this case it doesnt really matter how much money is created,
- e0 ~: M2 y/ ]6 P0 m1 J4 r5 vit's the problem of the debt itself.
/ u9 B. R( {3 H. j2 \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
4 E. Q2 V0 ^: q( m小弟一直都唔明...! ?, A2 {5 a- X1 d# ]" `, p$ C& S

+ g0 v/ I: \" N, u' E( B全世界都蝕錢，咁邊個賺緊錢呢?2 J5 B. x& q' y! n
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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  
, l! Q. ~5 I! i4 f/ R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; J1 u) x6 J9 ~0 ~- @3 H5 M- k

% K' E, [; A9 F' ^4 B1 b6 ]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
8 T  m* t5 P1 e當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
0 j' u1 K4 w  j" G2 a6 l3 o; |, k% {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  s+ I" k- ?( w" V個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
- ?6 ]/ c; _0 y: P0 Z) J# m扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 U4 l6 n0 Z; G計番回報率就已經係50%,所以可以好好賺" X+ o9 U6 h* @7 i3 A% l
前提係銀行之間要互相信任先可以咁樣借法- g6 A# L  `, U: j
同埋個市場既前境要係好先得& M8 O& x* l. o% I& O. n) V
但當經濟一差,公司估值趺了,物價不升反趺. w8 a6 {" r& Q/ z4 d* l$ u* E
例如剛才說10蚊的, 趺到得番9蚊, ) h6 g3 b# g- v7 N5 t( `
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%3 v: H. Q, l$ v" s" o3 y
所以你就會覺得D錢好似蒸發哂咁
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; P7 O1 N. m* H( A你都可以當標野咁諗, 個樣野多人可以狂升值, 1 ?5 N1 K9 ^7 L2 z; ^
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, ( C" c. c, E( |3 g3 M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 C2 Y, u) b; y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
: B3 _+ H5 N" V1 n( F  x: z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
- t. t$ I% j: m( N8 L  ]# ~唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 W% [, X- I4 C
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 u" O7 W4 u- G5 v: P' H' a# z8 [
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
8 N5 y2 z; F. i. |( N咁你話d錢蒸發左去邊? ...

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正係咁樣
0 A) W3 _+ p) s  t" e) z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
1 `- \5 Z2 L. ~4 Y/ x# E4 ]% m, l分分鐘佢地唔使還錢$ @+ l( s  M2 v: K

) _' Z& E) |; M5 N& T# u2 C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,& Y6 S) F. a, I, M1 {* S+ `8 M4 T* P
連國家都係問人借, 不停發債券, 印鈔票3 O) U+ R& x1 ]; a1 N+ [
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產0 A; Y) N1 z. k: a7 e
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
( ?, ]. c' S) x6 m, ^咁而家"爆哂煲"算唔算先至係變番"正常"???

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9 ?, W( \0 {" O6 a: C$ x其實係...
: }* _% R0 N+ M+ w因為以前未生產, 先消費8 q( Y1 W+ y# K% g% x1 Y
而家就要多生產, 少消費