0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif: j# _) A7 O7 |" y
Why bank will sell 借據給第三者???% `' |+ @; _$ ^- S% I( g; v1 O, n
I was so confused.....

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* {3 N( E1 m2 B0 ?: i% ]2 E1 Y講到尾都係賺錢
! a( [7 m% s, ^4 o4 i! A& G+ v3 bso銀行可以不斷放款$ p0 k7 E! A) S; ^
美國的房貸問題散佈到全世界9 c" Z% {; b4 X' R( G6 _0 A

  s4 f) x7 d& c% D' y& B* }2 r  ~mortgage loan 2 H" R! o/ m. v; _, e: a
>conduit  x0 z: X$ w0 p9 N2 @. o
>RMBS(Residential Mortgage Backed Securities)
8 r9 N8 j# @6 e8 L: i9 n  D>arranger
! m6 G. h/ B0 u$ K" @7 Y; O>CDO(Collateralized Debt Obligation)+ I5 u5 O9 h/ i1 Q" W  q
最後去到投資者

Kev

i thought it is the reason of rate of return.
! t  _. W5 B( `+ j9 B) f/ c6 X$ }CDs could have different ratings, AAA -> F,
! P6 y3 [& \' s  kmore risky ones would have higher premium (interest rate) as a compensation for an investment.
* I/ u3 D& {# lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, p0 F; R$ ^. v3 J3 Rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- s+ r" _  d2 j3 D  T& t
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( U' ?9 |2 C/ S2 c, @1 l$ Ysimilar to bonds, CDs trading in the secondary market have different value at different times,# W# X- k1 q: D1 n, J8 i: s4 t" g0 _
normally the value is calculated by adding it's principle and interest. 3 c  |3 ~5 K$ ~8 m( x% t# z* I) V
eg. the value of the mortgage+the interests to be recieved in the future. & L) g; C* g' v
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.
8 P. a% G& ~5 i% }; r* Y) |' I: ^% _in stock market, it's the demand and supply pushing the price up/downwards.
% H' P! C8 n8 Z2 U# G# OFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# ^  n& {( V% tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. u1 o$ q/ j! TThe 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.
! F4 ?9 z. B- ^6 s9 d! f5 rbut 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
$ g4 e1 _5 M; i. n0 }Refer to last example,! S) X& O; S7 A
that means bank A have no money because we borrow 10 dollars from bank A + q1 P( {" @/ c$ w* r
Because bank A doesnt have enough cash on hand 0 b3 b) F1 ^/ L
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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# M8 i. G4 N% S2 J0 |A->B->C->D->E
  w8 p; B' l6 fso does it mean if E failed to pay D, ! k  D, `1 w% j$ A, H8 o
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,
! u$ v; g- s! k& k8 U9 kin this case it doesnt really matter how much money is created,
3 `6 V% c2 K7 @% Hit's the problem of the debt itself.0 v# w" k* }2 J0 O9 p4 h
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
" b, c- q9 E* x小弟一直都唔明...
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2 Y# j3 z- T0 R- q7 A0 q5 J* k* {全世界都蝕錢，咁邊個賺緊錢呢?
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/ J. S0 m$ Y: S: a/ C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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4 n  {( K  a; e1 u1 GThanks

$ u7 c# f1 `! L6 A0 Z6 T  y4 U那些根本係 紙上財富  
4 [7 b1 R# u$ Z( ?, 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: ~/ Z0 d: @7 F% k6 J
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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
9 O0 L% J9 r2 C( ]7 W$ X8 \當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- x% P6 ]& Z# U% [3 [: R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
7 w% u/ w1 l6 i, V! r: s/ l個件物價係市場好既時候升, 例如15%先算,變左12蚊啦* H, k1 W! v! m1 \. ?# ~' D
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,7 v  S3 k. M. }5 H! o: d* H7 B
計番回報率就已經係50%,所以可以好好賺
& c* o. Z0 o3 b( L- p( b' E% U前提係銀行之間要互相信任先可以咁樣借法7 V$ Q: f- a( n9 _4 y
同埋個市場既前境要係好先得
* \8 i) q1 _! B! n1 M" O. P$ n; w# q但當經濟一差,公司估值趺了,物價不升反趺" p6 f# T0 D8 Y9 V$ H9 G
例如剛才說10蚊的, 趺到得番9蚊,
5 o: f- H) E6 O咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( ~( ?/ H5 {' o/ W8 p所以你就會覺得D錢好似蒸發哂咁8 Y8 d) k5 h3 |5 T
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你都可以當標野咁諗, 個樣野多人可以狂升值, 2 W: o2 I6 L8 W! l6 ~
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, " Z7 D  \' s: Y9 r" H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 }0 t3 i" ^: J& \& g3 U: a
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
& m! V2 K/ U* y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
* U" G5 i5 X  j& r$ {7 n, N+ l3 u唔係d錢蒸發, 而係比美國佬洗晒未來錢,
& z: ?" _, X/ x- q/ H' H  j8 o! a淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " @. j/ b' [+ _- h- i0 U; `+ ]; w
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! u1 o4 @& L( y$ X- K
咁你話d錢蒸發左去邊? ...

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' `- j3 e6 Q! P# N正係咁樣% ]) |; q& K' K: y; @
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2 Y: e3 ^7 o7 B- B( H, \. d
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,
4 f" C& J6 f" Y# d. i. x. g連國家都係問人借, 不停發債券, 印鈔票% V. s$ u; A) z5 T! h
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
$ j9 r. W* d, A, n- j- \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
: O0 o" I9 E1 B: |5 U2 y咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
, s" T4 Y3 q; q7 p7 K- X# L$ k因為以前未生產, 先消費
) n# h) D8 T% B8 U3 U. c而家就要多生產, 少消費