0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif5 Z9 H6 u7 K' [1 |: n% Y5 i! b# i
Why bank will sell 借據給第三者???
4 w1 B4 S' m% Y: V- J' VI was so confused.....

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講到尾都係賺錢$ f8 {; S4 e6 p- J! X: R
so銀行可以不斷放款
+ l9 |0 V% {; \3 T* ~2 m" q/ Y; _美國的房貸問題散佈到全世界) l9 I5 `: \8 b% J6 L
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mortgage loan ! B. n8 [1 ?& b. W
>conduit' s( B6 |! z9 a7 J* X3 Q
>RMBS(Residential Mortgage Backed Securities)
  j" d( K& D* X. j>arranger$ a1 d! ~+ D! B+ T7 P
>CDO(Collateralized Debt Obligation). q# O: @2 ]( d& R# K
最後去到投資者

Kev

i thought it is the reason of rate of return.
/ t- M9 F$ q4 {$ ^CDs could have different ratings, AAA -> F,
  s( c- u% y4 @9 D+ @) p& wmore risky ones would have higher premium (interest rate) as a compensation for an investment.; }9 }" }. r9 `1 N! T
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,  F  d/ F: @2 d/ r' b
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: O# v/ U% @" U8 V! v/ j7 ^
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 l8 n: Z2 d7 L" u& o- b* u3 Ysimilar to bonds, CDs trading in the secondary market have different value at different times,$ u" O6 z1 S: K/ ~3 U+ D
normally the value is calculated by adding it's principle and interest.
* o% p1 Z5 U: Z, ?eg. the value of the mortgage+the interests to be recieved in the future. & }. g8 Y/ E& E* x7 m
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.
. `2 `/ u& n( Sin stock market, it's the demand and supply pushing the price up/downwards.* T6 w; {# S, l8 F  p" E
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
  q. O0 u) U/ @- `' g% ^A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 j8 [9 Z+ J1 j* k& H- G* f# w
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. + k: ~- [$ Y+ I  ]
but the value of their assets did really drop significantly.
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4 a' h& m2 l( H+ C. t+ v[ 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 V( _( |! G  Z8 x) l3 G2 |
Refer to last example,
, j4 d- D% a0 ~! U# q- Kthat means bank A have no money because we borrow 10 dollars from bank A : k8 L# j6 T7 }$ q% [' _4 g
Because bank A doesnt have enough cash on hand : y  F) {, X  e* i0 W
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E4 Y! h/ \& R3 _. Q+ ^) K
so does it mean if E failed to pay D,
6 g$ c4 U9 a3 R; j+ `) Hall the B,C,D,E have to go bankrupt?" t$ b" H6 H/ }) U! S% [
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the multiplier just tell how much money created in a whole economy,
4 H9 Q; V1 F; j/ {, a' jin this case it doesnt really matter how much money is created, ( a8 p" I" P3 B. L: B) S% O' x
it's the problem of the debt itself.3 ?% W. @! D* i: @
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, X5 c3 r! F0 U
小弟一直都唔明...  T4 K: N* N# m" g4 c/ ~
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...# ^" n0 n  B! w* i" [9 E( \  I
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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  " i4 u9 U6 ], ]! l, H, 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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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1 i7 Y! H: k& Z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高- V; E( J) S  p4 x6 T7 D
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4 Q9 P2 u0 Y: @' a
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦( D7 P4 Z5 T2 l
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,9 P& w9 E$ X4 r$ ^- F7 U2 m
計番回報率就已經係50%,所以可以好好賺  O2 V, `* P1 {) ~
前提係銀行之間要互相信任先可以咁樣借法
0 C! }& G& i- ~% g" M3 P+ ?同埋個市場既前境要係好先得: B( V+ O4 U1 \2 P; N+ T
但當經濟一差,公司估值趺了,物價不升反趺/ ]# Y9 {9 F" r2 R
例如剛才說10蚊的, 趺到得番9蚊,
6 `, L% S5 w( G% Z5 Y. Q咁投資銀行一下子就要還11蚊, 一來一回變左虧200%  Q4 G: ?7 ~9 u; @# _- d
所以你就會覺得D錢好似蒸發哂咁
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  ?$ g/ t; T$ d& o7 N你都可以當標野咁諗, 個樣野多人可以狂升值,
3 }1 I2 J8 n: l& p) w$ p" c3 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, 7 h+ A" O0 h. |; }9 t) y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# J$ D6 k" `* Q0 k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 v( ]7 F! @  \) H8 r; P
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
5 X9 M, ~' @* U- d1 ~: I) H# o唔係d錢蒸發, 而係比美國佬洗晒未來錢,
# C$ l) {! q  k% L. ?: _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # c7 f1 V3 W+ ?! 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: B; W* K* `# H& I( K
咁你話d錢蒸發左去邊? ...

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正係咁樣
& X) ~! N. X) Z; I4 a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
# F! m! f! V1 q# G, P分分鐘佢地唔使還錢2 m! h, T" G5 O+ E" b; i# j' r' b
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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 J* Y0 K1 z2 b1 j連國家都係問人借, 不停發債券, 印鈔票
8 o! d; m- E* b/ }" s9 s一個國家好少出口, 而又大量入口 ,反映到佢唔多生產, {& a6 a* B" B& _
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.gif9 A# p: p6 c7 @* I9 n$ X1 c/ U4 i" I
咁而家"爆哂煲"算唔算先至係變番"正常"???

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( F* e/ B4 {- Q其實係...
3 C+ l" G  S, k7 E' S因為以前未生產, 先消費+ w1 {0 \/ `) s7 [' T3 e1 X1 S
而家就要多生產, 少消費