0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif$ c5 E7 C; `* P! J; I
Why bank will sell 借據給第三者???0 ]5 y3 ^2 a4 u5 w. H
I was so confused.....

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講到尾都係賺錢
1 {' s+ e( I5 A3 n6 s+ u$ s: d7 Uso銀行可以不斷放款
3 C; }' A3 X3 }: L* B+ {* @美國的房貸問題散佈到全世界5 ~. f3 ]: C2 D, X8 \
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)8 M2 ^' l4 c4 y. a6 Q0 J9 [
>arranger9 a* P7 a1 V( N5 \, n; @" A/ ]0 q5 _
>CDO(Collateralized Debt Obligation)7 |4 _9 f2 x% c9 L/ s* h7 P
最後去到投資者

Kev

i thought it is the reason of rate of return.
+ _7 D; D# {* G& K7 X2 k- p  ~; Z4 _CDs could have different ratings, AAA -> F,
- L& T1 _5 Y; }. smore risky ones would have higher premium (interest rate) as a compensation for an investment.. i% j% Q# W" {- x- A' B4 k- Q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 N& u, t4 H) B6 r* Q4 i
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
  ]. n4 P  a* K- I* LAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ H( s0 A/ `+ d1 O3 H
similar to bonds, CDs trading in the secondary market have different value at different times,+ ^+ f2 @: {8 ^  e
normally the value is calculated by adding it's principle and interest.
# u( F# ~$ V" P. }0 Feg. the value of the mortgage+the interests to be recieved in the future. + u0 A  D  T# E9 ?
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.. P+ @1 P- L. {( j  ^1 v5 h. \

* Y" ^9 d) d$ Nim not quite sure if the multiplier effect does really matter in this case.% r) p9 D: j1 T4 J+ _7 E
in stock market, it's the demand and supply pushing the price up/downwards.
$ `5 T& J5 Z$ u) A$ i3 XFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 E, n; v/ A# o2 w9 ~  P/ q/ tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 _" L, U3 y' e9 a: I
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.
: |' S: Q6 a1 \but the value of their assets did really drop significantly.0 k( G& q0 J! a5 c7 g

0 l: m% _# _3 Z7 _) j. V: l[ 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$ \1 E2 Y; F. }" V
Refer to last example,
3 J3 f. Y+ h$ k% Tthat means bank A have no money because we borrow 10 dollars from bank A 6 t& {7 T. h/ ~- ?
Because bank A doesnt have enough cash on hand % o$ Q6 Z8 r1 R* @, o
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
1 L" z  p% q+ ]' L& rso does it mean if E failed to pay D, % n; h) K7 ~3 r  J) z
all the B,C,D,E have to go bankrupt?2 c0 E/ Q+ b  j: `% h& ?* Q; p
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. Q1 D* A7 U* G' I5 B- G- Dthe multiplier just tell how much money created in a whole economy, * w& [1 |& ^8 D( s% C
in this case it doesnt really matter how much money is created, # t2 Q4 w6 u% \
it's the problem of the debt itself.( n. z" n# S5 R% m8 w# g
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! ?( B5 G; D- S
小弟一直都唔明.... h  u- a9 b0 l( _

) |7 D+ w8 ?5 T/ s全世界都蝕錢，咁邊個賺緊錢呢?0 y+ c$ x7 D- I( L1 J: n

! u1 I0 p0 @2 |* v3 P) A( h  H0 w0 p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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$ ]* A6 x: R+ G# B9 x- @Thanks

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那些根本係 紙上財富  * L  F: v' B2 {1 O8 |
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& Z$ f  `8 ^( k
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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  Q+ e9 m6 y3 x. q: ~
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
3 X( o5 _! H& Q! u+ \, `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
- U8 B! }1 z7 J& K  X+ o1 F( L個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ |1 E: T8 D% }( Z) |  `扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 V" L* D1 C7 N' [
計番回報率就已經係50%,所以可以好好賺& ?4 \! v' q9 n5 N0 D. n  z: p, ~
前提係銀行之間要互相信任先可以咁樣借法
, y; \  }8 y% O6 f6 L" \! q* k+ l同埋個市場既前境要係好先得3 g7 w: k+ P* F' i- ^
但當經濟一差,公司估值趺了,物價不升反趺2 e( |( s' r% i
例如剛才說10蚊的, 趺到得番9蚊,
9 P  L2 [# `2 k9 y! J1 g; u9 Q咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
# r- Z( D4 P9 [0 j$ S0 k# k所以你就會覺得D錢好似蒸發哂咁
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, e" F2 q0 k$ h: C) r% t- C你都可以當標野咁諗, 個樣野多人可以狂升值,
  p( w. @; x* D, J, J5 ]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, 1 h8 F/ X+ ^5 Q* j( L8 f5 @6 W
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. N, ?, p# l, Q6 M! g; v: y7 }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
2 I' |2 f( z) G; @1 v* b3 }+ W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$ E3 z) ?& l6 d# }' I0 [" C
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 l4 G8 N- O1 W% S6 A0 ]" d, E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 `/ @5 c. I- Q+ [
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
5 O6 a7 U" a: ]5 \: |4 F3 J咁你話d錢蒸發左去邊? ...

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正係咁樣
5 j( z2 O, [0 f. ~0 B" W# U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
+ P4 J5 h2 y/ {; f' \分分鐘佢地唔使還錢4 m8 ]! n$ d' i/ b, h+ i' l2 E' m$ G% D

2 d: a8 v( L6 g7 `( q) M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,
9 ?* {0 U9 o/ }連國家都係問人借, 不停發債券, 印鈔票
* A# p" H6 D. A2 y一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% o- L# p5 q8 ?/ k$ ?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: |' h. Z3 p7 y& T1 y8 n
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...$ Q9 E5 H0 P2 g! t  X* n# D# [. m/ X
因為以前未生產, 先消費
; H8 [$ ~* t7 ^& v  R  L4 {而家就要多生產, 少消費