0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
4 t: A# W) P' R& z4 gWhy bank will sell 借據給第三者???- b5 [/ L* b7 q5 l7 l
I was so confused.....

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& @( g5 H4 A) D/ X講到尾都係賺錢% _, d) }3 M6 _1 ~4 d9 k! e
so銀行可以不斷放款
& m" k: q7 w) c* V7 _% V美國的房貸問題散佈到全世界  F/ x& b3 l2 u1 o) S2 ?' h

5 D9 O  P& T) p; a, o, y+ T6 k5 V$ zmortgage loan 6 f/ N/ E$ C; }
>conduit
; s" \4 X0 @0 N) d9 Y# n) ]5 `2 I>RMBS(Residential Mortgage Backed Securities)
" A9 W5 G/ N" t$ s2 U( `>arranger2 n- D# ~" ?# |3 |
>CDO(Collateralized Debt Obligation)6 z5 T, M0 T/ S' i- I9 Q5 P* {
最後去到投資者

Kev

i thought it is the reason of rate of return.
7 B# P: h( m" a  X) Y2 `5 {3 C0 _CDs could have different ratings, AAA -> F,
4 G6 T# D  [3 w, [" t8 Mmore risky ones would have higher premium (interest rate) as a compensation for an investment.3 v5 w( F' C& i' }5 J. X1 \
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 V% w& J3 J  _/ Q. p* e( x" Yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 R7 O9 v8 e9 ^4 ^- E
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( J8 \6 s! [" L; Bsimilar to bonds, CDs trading in the secondary market have different value at different times,9 u' l" G6 U5 o9 A. \, V$ X
normally the value is calculated by adding it's principle and interest. , o- b% o; N. M
eg. the value of the mortgage+the interests to be recieved in the future.
. h6 Y' ~, H2 pbanks 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.
% T$ C6 X: L5 {1 i' \$ |' gin stock market, it's the demand and supply pushing the price up/downwards.( q6 d7 k: X1 K4 M$ n6 B. `
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 `' {& t) T8 N3 |. Z! ~
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' c  w- i; H% V& X0 q9 r
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.
+ J( Z, W7 i% b8 \2 hbut the value of their assets did really drop significantly.
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[ 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
2 d$ D0 E6 v8 D! T8 ~4 f( bRefer to last example,& o4 `, Y3 A/ [3 c  L) j
that means bank A have no money because we borrow 10 dollars from bank A
4 e' b0 z. f5 ^9 P/ jBecause bank A doesnt have enough cash on hand
+ k& Y3 k" P4 {# {* ^therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
+ K1 q8 R" H9 c8 G/ ?so does it mean if E failed to pay D,
" _: b- P& `$ w: X2 A$ Qall the B,C,D,E have to go bankrupt?: i9 c% @; C/ _; T( E
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the multiplier just tell how much money created in a whole economy, 8 k" D) c6 @' \6 G/ G$ _1 f
in this case it doesnt really matter how much money is created, 9 R5 f' a5 \* ]3 F4 z5 w2 P
it's the problem of the debt itself.3 z- [% E! ^! b' h5 j0 Z' A$ 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
" `6 \/ W6 B7 c6 y; j" N4 y& C小弟一直都唔明...
1 I" `  T$ ~) z) G* {4 e) i( J6 n$ m, d1 [" \% M
全世界都蝕錢，咁邊個賺緊錢呢?' ~; v) V& x4 `

6 p5 `7 k" j) m! [% o* K3 h無可能淨係有人蝕錢無人賺架嘛...- X1 g: c; U" Q' p/ d' t0 ?+ P
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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  4 F+ X2 ]% \& ^/ c. @
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 graphic8 @* p- m! d: F5 D) F# i

1 ~3 ]+ b' ^; D. Q) |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
* l8 P" L3 b# ^' m! b當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# M' x) S4 K+ @# o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! F; f/ L/ |: d
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
# k1 p) a+ n1 r扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,( T# K$ Q: v, B. ^0 F
計番回報率就已經係50%,所以可以好好賺
0 A3 Y9 a/ u6 u7 |前提係銀行之間要互相信任先可以咁樣借法# a: e  K! \  f" |9 v! W
同埋個市場既前境要係好先得
, @& }* x7 ]" O8 e% l% u) [  ?" k. I# _# C但當經濟一差,公司估值趺了,物價不升反趺
: c* X! r0 u+ i0 M9 }6 Q" K( r例如剛才說10蚊的, 趺到得番9蚊,
) H. q9 r8 t+ t% g+ C" r* I  r咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
. L2 z' Z  @& O9 f. D- J6 F7 N所以你就會覺得D錢好似蒸發哂咁: x$ T1 E7 n3 n$ o  R6 ]( |; Q$ y
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你都可以當標野咁諗, 個樣野多人可以狂升值,
9 _" ]' o& I$ r" {+ B9 S) 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,
8 Z# q' t: b1 o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' m- R; D) Z! q. u, S5 B" W8 T
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
( }) n0 j* l8 g0 t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& C. @; s) Q2 V2 R
唔係d錢蒸發, 而係比美國佬洗晒未來錢, . f% ~4 R( E2 y  g5 k
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( P5 l0 i# K! p6 w& F& R1 g
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
7 `0 J) {! D5 ]) A$ W8 l咁你話d錢蒸發左去邊? ...

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正係咁樣
% @) h5 Y1 K# g' G- S+ ]  h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
. x" r) \  b- _& p8 ~3 Z! Z9 |分分鐘佢地唔使還錢# f5 [9 Q$ ]& g5 Z  s2 Z
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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,0 v7 |4 ?2 e2 O) Y
連國家都係問人借, 不停發債券, 印鈔票" {/ i( F2 |+ c* P2 _/ W, m" r1 c
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! R7 M* i. T: j( ]. Y( O! [5 q+ n; M# r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* P7 ~/ x# Q0 \6 L% X) i$ Z
咁而家"爆哂煲"算唔算先至係變番"正常"???

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' m5 j3 `: l+ l5 i: f( g其實係...( {6 }" |- Q* m8 x, }/ u
因為以前未生產, 先消費
3 P. u2 Z" ]& d* z: p) [2 W2 v4 [而家就要多生產, 少消費