0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
) H% ^; X+ p4 A9 @' R2 f3 d9 UWhy bank will sell 借據給第三者???
( x  r0 y+ i6 G1 V& N9 L, [! Q5 u4 Z( DI was so confused.....

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講到尾都係賺錢! [7 s( N2 ~( h3 L* H$ r+ ]; n% f
so銀行可以不斷放款
! Q0 d; U' P8 @7 j$ p8 ^美國的房貸問題散佈到全世界; z( v8 T3 {; z- @/ I

; R' {- h) q8 M$ i) h: M0 Z( gmortgage loan
( A- i8 g( H* M8 S+ A>conduit/ G( i5 s8 U% n: K2 h
>RMBS(Residential Mortgage Backed Securities)" ~% z/ m$ M+ A
>arranger
6 w0 |" k/ }+ H. I7 U: n! Q>CDO(Collateralized Debt Obligation)8 v& y3 S( V/ A/ J
最後去到投資者

Kev

i thought it is the reason of rate of return.  j) v# [# U4 K/ X9 W# q- K4 P
CDs could have different ratings, AAA -> F,- ~6 T) z) e8 @, v2 W) |" v; A
more risky ones would have higher premium (interest rate) as a compensation for an investment.0 G6 Z2 s: r/ Y9 @5 L6 {
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ D4 j5 |  n' j4 g6 O6 s* min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- d; r- C; d2 j1 oAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" X& T# m6 y7 Z" u, n& F. Isimilar to bonds, CDs trading in the secondary market have different value at different times,
  ?5 c% E3 W: I6 v$ _7 X; Dnormally the value is calculated by adding it's principle and interest.
5 h) E2 t& K2 I" K2 n$ v9 H, m7 ceg. the value of the mortgage+the interests to be recieved in the future.
7 g/ I+ U. w9 ^$ O& Nbanks 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./ h4 |3 U* Y& K# n& A1 F

, b4 U* q2 v6 j; g* Iim not quite sure if the multiplier effect does really matter in this case.
% ^3 n4 t* Z  G# @/ I2 [1 B& P, ^in stock market, it's the demand and supply pushing the price up/downwards.
3 o" b( ^) u* N! ?For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* n3 s; j- C  }/ V, t, v* N( U, Q; AA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! x) g  R% T: {6 i& w  l+ ~: eThe 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. 0 I! r. J: T# ^
but the value of their assets did really drop significantly.: D7 `: X' I, Y6 d7 d

5 c/ ]3 o( s( c- E4 z  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! z8 h2 b; I# J2 m9 Z2 U# H
Refer to last example,
% r' b+ k: ~$ Y4 P4 D! Mthat means bank A have no money because we borrow 10 dollars from bank A
6 C6 _* I5 R  mBecause bank A doesnt have enough cash on hand
( J. p4 S3 a2 Mtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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# X. n& l1 ]# W% Q9 fA->B->C->D->E
, v$ _( {6 B+ R( oso does it mean if E failed to pay D, : j8 Z; V; t, n) d! p9 K
all the B,C,D,E have to go bankrupt?
9 N: k# x3 T7 ]. [" j; [$ @! \" \6 U; l& R" J' C8 m

8 X3 i1 H& O. C" athe multiplier just tell how much money created in a whole economy, + `! m: i- `: f! g% i$ @' A
in this case it doesnt really matter how much money is created, , ^8 n7 L6 F6 X1 j* K3 y
it's the problem of the debt itself.
( h- O( x; {+ F1 Z  y5 Z1 N1 K. xthe 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
8 ~4 {1 J  R2 m小弟一直都唔明...
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9 P- r9 Z' h7 q全世界都蝕錢，咁邊個賺緊錢呢?) {7 n& _1 y, B7 J
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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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Thanks

( @9 b  c  Z6 w3 [8 P8 [. m那些根本係 紙上財富  9 L) o: U( n; l/ i$ p% e  e6 p- c0 E; m) H
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. w& P( Y" i- F; a. T' T6 T3 l4 D3 q

7 s) ^8 N- K2 G% M  j3 U( khttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產" _- }3 f& ^: m7 p  l7 h% A
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; N" u: ]( ~) L" U* V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1 d; g1 a/ z( o) e# |( ^4 V$ V
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦! v, o5 S" R: I. n$ W; `
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,9 }3 J! j! y% i$ d! G. D. K, G8 G
計番回報率就已經係50%,所以可以好好賺4 k* k; `9 m0 r6 E0 |
前提係銀行之間要互相信任先可以咁樣借法
' v% b: T7 p1 q# @同埋個市場既前境要係好先得$ i4 |- u- Y" e
但當經濟一差,公司估值趺了,物價不升反趺! K/ l+ f$ ~: H
例如剛才說10蚊的, 趺到得番9蚊,
) C& K! z3 _# z, _  ]1 g0 F咁投資銀行一下子就要還11蚊, 一來一回變左虧200%. [$ }/ w. _( a6 Z0 H
所以你就會覺得D錢好似蒸發哂咁
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( B/ B5 {8 s* i% y/ L你都可以當標野咁諗, 個樣野多人可以狂升值,   x& E2 P; K* Z# k  Z
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,
: i/ e( e6 [0 X* }6 }7 }  q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ p: j+ b! {% ^8 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
9 a. x/ f0 N; ^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# c1 b0 s7 C: l! C1 w. v) Y
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" h! K4 f% b. E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 a/ [  z0 ]8 Z6 g( P: L, e3 b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 E& ^5 i/ R* z# @; k
咁你話d錢蒸發左去邊? ...

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正係咁樣
- Q/ s: m5 b" a6 {% L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
# Z! J/ A: N; Q分分鐘佢地唔使還錢
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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,8 ~! q/ R* u6 ^5 T& ~
連國家都係問人借, 不停發債券, 印鈔票
# u# K/ b+ {2 O8 C一個國家好少出口, 而又大量入口 ,反映到佢唔多生產1 a6 v/ i% d8 I3 \+ `
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
! z6 A- M# v8 K4 c" |5 k' H咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
4 f( V& J9 `) n7 r8 {因為以前未生產, 先消費
9 W# ?2 b6 E7 n( x9 x而家就要多生產, 少消費