0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif7 D6 O8 t$ D: O' j
Why bank will sell 借據給第三者???
/ G: n, f8 J4 RI was so confused.....

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' _" A/ g' e) M9 G講到尾都係賺錢
/ Q- j/ O& U; E- v" |so銀行可以不斷放款
& P8 t% f" P& V& n4 Z% E美國的房貸問題散佈到全世界
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mortgage loan + H4 J- z) ^6 ?$ a
>conduit
0 v5 W: Z1 x* u' _. y. w# w>RMBS(Residential Mortgage Backed Securities)7 e. y4 l6 E/ x5 }6 D
>arranger
8 }, t% H5 F' m- F>CDO(Collateralized Debt Obligation)
, C" x5 H" Z$ h" c! g/ _最後去到投資者

Kev

i thought it is the reason of rate of return.- `, f7 C; R2 L' H2 W: ]! x, w4 O
CDs could have different ratings, AAA -> F,5 i1 `8 m" V( _8 ^" w2 h0 L3 }
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& I3 Y2 ?% _- T; qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
: q1 K! f2 U+ V3 {in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( N/ z1 A& i& c. n6 Z8 b+ z! JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ Y3 a* p3 W8 [* z* bsimilar to bonds, CDs trading in the secondary market have different value at different times,
- w" X7 X( f! j  S5 \0 M' T* R/ l9 xnormally the value is calculated by adding it's principle and interest. 2 C' X" f1 V7 n7 ^
eg. the value of the mortgage+the interests to be recieved in the future. , B5 _3 b! {$ t
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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0 \- r9 p# {5 P( N" X1 A% r; ?4 Kim not quite sure if the multiplier effect does really matter in this case.2 I( d4 T% X- U$ c4 s
in stock market, it's the demand and supply pushing the price up/downwards.! P8 X. f2 z/ |* V
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,  i+ b6 s6 P, _
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) [) Z6 @/ d8 b( ?/ ]9 ?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. * F  H6 E) l2 |1 W! z7 W# @! }
but the value of their assets did really drop significantly.
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8 ~1 R( ^' C- w8 X2 E[ 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.gif0 p6 ?0 ]. C+ j8 h; a) k
Refer to last example,2 \3 _& @! B: M
that means bank A have no money because we borrow 10 dollars from bank A , s  [( i* H  K2 z3 j
Because bank A doesnt have enough cash on hand
) @2 T. |+ |$ I/ m% C- [therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
0 m. r" `6 G0 eso does it mean if E failed to pay D, ; ?2 O+ r# U4 d# @$ w& U+ l7 a
all 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, 7 j, j6 i  e% {* ]. n  `) ?/ O
in this case it doesnt really matter how much money is created, $ ^' v0 v: v9 ?7 r0 I
it's the problem of the debt itself.
4 N  X- U$ ?# ^' e' O  Tthe 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
+ A  u+ Z0 X7 i3 |小弟一直都唔明...
+ {; v# u3 x& ~$ k. B, n& V7 f9 j7 M+ |# }/ q+ c  [) U
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...
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, u0 s9 F) z6 L0 x5 h8 g敬請各師兄解答! l0 d$ S! @3 `

& V3 C2 Q& C4 G" T/ k3 GThanks

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那些根本係 紙上財富  0 K$ `0 P2 e$ G# O! m0 `) _/ D
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/ a3 O: d/ S* J. i- e
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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
0 V0 L0 E+ E: L6 }0 c: M/ f! v& c當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' z, b9 v+ {6 x5 ]  P3 d! E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: R2 h& A: C5 S% E# f
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
) w2 R' J! l  q9 B* z* E5 G, J0 Q+ f扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# l5 K6 a# Z: p; Y計番回報率就已經係50%,所以可以好好賺9 D1 X' ^( _8 j2 u9 C+ o: e4 K. z
前提係銀行之間要互相信任先可以咁樣借法  j* {" B* E7 Y+ L- k5 {5 R
同埋個市場既前境要係好先得
+ B# M' Y% Y& H4 ?3 ^! E8 Z/ `0 R但當經濟一差,公司估值趺了,物價不升反趺
, G) _3 |, M/ H: ^7 A  t( @! g例如剛才說10蚊的, 趺到得番9蚊,
0 |6 p, V4 I4 u* w3 L3 a- a咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
* V5 x% w6 b+ V所以你就會覺得D錢好似蒸發哂咁: Q' N5 V3 w& n5 p4 m& N
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你都可以當標野咁諗, 個樣野多人可以狂升值, 0 E/ o& X, C3 V8 r" K$ }. C
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,
4 N1 u- V( ]0 k/ s% Q3 g9 i1 N' a淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( Q9 F1 X5 i8 B# X! P
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
. a. U3 [9 Q" V' K! 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.gif0 e( h2 ^' k& z, s
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
. e# o% g9 @( H8 j2 R. H淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : e  j- K  N/ I1 s) o2 M  {
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; I8 D% g0 k  ~& w# b
咁你話d錢蒸發左去邊? ...

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正係咁樣
6 l, j" ~$ l- S7 j- C; n# I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+ i& N1 V3 b: J
分分鐘佢地唔使還錢, J) v0 ~/ {( z( l  Q4 B

6 h' s  Y/ P" W! Y& D: b6 j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,
; q1 _* G, X3 ]7 u) a- Z0 G連國家都係問人借, 不停發債券, 印鈔票, P  G0 r5 `6 f
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; {- Y' G1 H; @, m7 `$ s4 }; Q
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' H1 [% l3 j1 Q; G
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
) ?; J( P! h! S7 M" Q0 J- [( J3 g因為以前未生產, 先消費
3 ]* {6 N  f- Q: n) M! i而家就要多生產, 少消費