0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
5 _7 B3 Z' ^% w4 kWhy bank will sell 借據給第三者???# G6 L; R" V3 \" e$ F7 f
I was so confused.....

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講到尾都係賺錢
* ^  N8 }- R5 R9 q1 q3 bso銀行可以不斷放款
9 ?  }3 ?; \8 D+ L" S美國的房貸問題散佈到全世界
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9 b/ C' x& }$ k( V& ^8 S( _8 Mmortgage loan
9 r4 m' }$ a$ ]* ^1 I! d  t" n. [>conduit
# n  B# T3 X7 R+ x>RMBS(Residential Mortgage Backed Securities)
. U1 q4 c) \3 ~$ h8 s6 Z6 v>arranger% L& A2 A1 M. p8 k/ W
>CDO(Collateralized Debt Obligation)+ v: V+ H( y; X
最後去到投資者

Kev

i thought it is the reason of rate of return.8 y( {8 Z4 J9 f; i
CDs could have different ratings, AAA -> F,! s; O, f5 a# O3 b6 d+ {, C' N! r
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ e6 H$ |- p2 h7 [main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 l0 j3 R2 D+ e1 f# q5 F6 W3 pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., V, J' Z; |( n8 W& r3 R1 r& a
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.  z; i# r2 R3 r+ s1 i
similar to bonds, CDs trading in the secondary market have different value at different times,
" f7 E) ?: j4 p0 I: j6 hnormally the value is calculated by adding it's principle and interest. # ]2 j9 q8 h: r8 k; q0 x9 @
eg. the value of the mortgage+the interests to be recieved in the future.
% c. r  y3 J% V" u& _0 R+ U& \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.: a6 l) g5 L  G; U+ f: @. w
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im not quite sure if the multiplier effect does really matter in this case.6 u+ v  ^: w2 q% ^. v: x" [2 ^( f
in stock market, it's the demand and supply pushing the price up/downwards.$ c! F! \5 g+ t, l8 S  H
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, b2 s+ N4 x% gA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) g$ [  b/ N- r9 Z: ~% b
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. ' E2 i# S* ^- D* n
but the value of their assets did really drop significantly.
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: M( D2 U4 K- A[ 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- U# O3 q# L' l+ Y5 n* Q- f
Refer to last example,  C! E! j5 q8 m6 A! {. C, Z
that means bank A have no money because we borrow 10 dollars from bank A
7 ^( V+ ^" B3 W2 h% EBecause bank A doesnt have enough cash on hand ) X& D7 t/ b. b
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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  A/ D  Z( t6 Q! j: l" h" U
A->B->C->D->E
' J& T) x5 j. h6 a% p: o" R9 ^so does it mean if E failed to pay D, ; q* o. E- z& _4 I" f, ~
all the B,C,D,E have to go bankrupt?
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$ Q$ H# R- p8 N- m5 Sthe multiplier just tell how much money created in a whole economy, ; {: ?+ n- H( m
in this case it doesnt really matter how much money is created, - |: ?  ]4 x$ @% R
it's the problem of the debt itself.* w1 C0 T- c( O3 T5 X
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( W9 n0 }+ p9 H% }) i; b; x
小弟一直都唔明...6 a/ v/ m$ }- [- s6 i# q
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全世界都蝕錢，咁邊個賺緊錢呢?$ D$ n& b  T9 \+ y. u# p

! M8 Z' A$ R% F無可能淨係有人蝕錢無人賺架嘛...3 N+ G% V1 ?  u4 ?1 K" s
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敬請各師兄解答3 ]/ Q' h& r; Z, d
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Thanks

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那些根本係 紙上財富  
% c7 z. S$ w4 I6 A  E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- k) d  p5 s/ p
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. b2 R1 y8 r: T$ X1 i. E; ]# g# }
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" J, J$ J3 X) Z1 ?
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 ^6 N3 n" M5 k% a5 H1 C/ D. W, s
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,  x1 y* Z+ w8 P# u+ l: r/ B
計番回報率就已經係50%,所以可以好好賺
% K* C: t8 y+ L2 i前提係銀行之間要互相信任先可以咁樣借法3 B3 G& F- r: N/ B
同埋個市場既前境要係好先得3 ^5 Q4 f. M5 l( {1 u/ e
但當經濟一差,公司估值趺了,物價不升反趺
  u  g/ V; s% a# e" F例如剛才說10蚊的, 趺到得番9蚊, , E( k4 N# H# q( n
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) e; L5 ^/ S" Z/ J, N- O
所以你就會覺得D錢好似蒸發哂咁, t$ w% H& ~" X/ k  w  Y

5 [" Z6 i& ^; V) o  l6 k/ s! d- ?你都可以當標野咁諗, 個樣野多人可以狂升值,
) n* }# P4 c' Z6 \2 T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, ; v5 ^. T' O1 b
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, / h& H% {- w5 J
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 l8 P$ H. I/ [3 k2 t7 i
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
! y& y+ a/ X) e6 `2 _  z0 U唔係d錢蒸發, 而係比美國佬洗晒未來錢, / a9 H) K+ N" x; E
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ h. K" F4 m4 O" Y$ K, {8 O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 ^6 @7 k- L# h. l咁你話d錢蒸發左去邊? ...

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3 j7 s' m" A) {) R2 q0 `% Y; {+ z正係咁樣
" q8 E2 u6 g2 T; p8 H! z5 ~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
% ~$ j) e% g" M' d* p6 L. V分分鐘佢地唔使還錢
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# M" @0 H, Y" d3 |) T0 `! q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,
! P+ H) R( z9 \1 G& F  ^! Q連國家都係問人借, 不停發債券, 印鈔票, o! l1 M9 _3 ^
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( |9 d" m+ `, ?' g, ~, U$ t$ M1 j  V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
( V' r2 t2 W0 f; f- p7 `( S咁而家"爆哂煲"算唔算先至係變番"正常"???

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" A0 `5 u2 s( e* G其實係...
$ b: O" W2 \# N4 i& w) ]' g因為以前未生產, 先消費# H% |: M2 e* o& S, g
而家就要多生產, 少消費