0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif* a: s3 {& u8 c# [2 m( d" ]) c# o! u
Why bank will sell 借據給第三者???
% n& k# ~7 E' s3 }1 @/ R7 \+ v0 ~; EI was so confused.....

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講到尾都係賺錢
1 Y( s, I! \, ~$ [. Oso銀行可以不斷放款
: j0 ^+ @& {7 h2 M$ ~; p( c1 }2 p$ \( b美國的房貸問題散佈到全世界
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mortgage loan + S% t4 \! m# {
>conduit
* B' }, f9 ^7 a- q) q>RMBS(Residential Mortgage Backed Securities)
7 P5 \+ b7 o; s5 C>arranger
& j6 s- f( ~# l4 r! v# I>CDO(Collateralized Debt Obligation)/ X, V: S+ e) U$ q# B
最後去到投資者

Kev

i thought it is the reason of rate of return.$ X. E! t: @- m3 D  |8 d5 d/ M. x1 |
CDs could have different ratings, AAA -> F,7 {  @1 f0 L" A. V6 v5 t- N
more risky ones would have higher premium (interest rate) as a compensation for an investment.# \1 \8 H9 A: k1 K! u4 b' U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ {) P6 d& I( A0 {, _in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
3 _# l; }* s; _+ j/ P* nAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 w- S: i* o# G) tsimilar to bonds, CDs trading in the secondary market have different value at different times,- U  `6 l6 @% R, \; {: \7 y2 j
normally the value is calculated by adding it's principle and interest.
# q2 N( V7 l: T; r: }% B1 S8 Deg. the value of the mortgage+the interests to be recieved in the future.
  N! F( m1 E4 m1 R. ?" ybanks 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.& o" [2 s! D% Y8 |) J: J7 o5 F! p
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im not quite sure if the multiplier effect does really matter in this case.1 Q' X4 X! c) |& o6 w( g% c1 B
in stock market, it's the demand and supply pushing the price up/downwards.
% s! f8 ^* U7 W" F0 a/ B5 nFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 N) v) S0 N* b% |( U5 tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% G3 o  o% y; V' j% S! nThe 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.
$ _) O& `3 a. ^4 kbut 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
! u& ~3 `" X0 U, x' a# zRefer to last example,
. Q& M& T% k& n8 D1 `that means bank A have no money because we borrow 10 dollars from bank A
4 `# r5 H' x( _( U0 F6 _Because bank A doesnt have enough cash on hand ( @& F0 }: Z2 ^* d' [+ E" F4 m
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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1 I7 z# W" A) \+ l* RA->B->C->D->E. t4 N6 E) l2 |" {
so does it mean if E failed to pay D,
% p% N1 Y9 L4 N* I( V. A. S6 Kall the B,C,D,E have to go bankrupt?2 a9 y/ H: I# H, L8 P: B% ~- u
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the multiplier just tell how much money created in a whole economy, : e  Y+ O4 S: i
in this case it doesnt really matter how much money is created,
0 s& @; r2 _# T& K( ]4 e7 Git's the problem of the debt itself.
) t5 c: R7 Y% l8 f3 Mthe 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- F9 G; P. g: O4 y6 N
小弟一直都唔明...1 u. `, ~8 T$ P1 K
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全世界都蝕錢，咁邊個賺緊錢呢?8 V3 _( j; G" A( I- ^  V
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無可能淨係有人蝕錢無人賺架嘛...
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" z2 |3 {! l5 ?8 O敬請各師兄解答) t) ]. v' N% C3 F) c- x2 F

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那些根本係 紙上財富  # ~( E. V! g: d* G# R' E0 Y8 T+ s
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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/ h8 }4 [$ z" \. m3 ghttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
7 t  I; {3 S" h當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ ^/ I, P8 m! q. @; J- H
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
! t8 g, a2 t7 x, P1 D5 y個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
* f, {5 R2 |/ |' ?  K$ }# n扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
. E3 U* |, Q9 D3 @. g計番回報率就已經係50%,所以可以好好賺7 h" r/ ]  {2 @9 x! K- [
前提係銀行之間要互相信任先可以咁樣借法
  j6 G, c; M3 C$ z0 S$ y同埋個市場既前境要係好先得+ a8 u. u/ r8 F% X- q& |1 X6 Y% O2 _
但當經濟一差,公司估值趺了,物價不升反趺7 J  z# M, y" U$ d" a2 |8 @$ }
例如剛才說10蚊的, 趺到得番9蚊,
& ~( H2 C0 O! z9 g咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
4 g- [- n% Q! h0 X  D( `, o) U' Z所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
% V6 \( I  j3 `- r, `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, 1 m/ g5 X- O0 L( `3 D6 R6 [2 I
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 p9 V9 P6 t: s1 Z
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5 D* |! x. W9 O/ o! o% C
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
* m, m( I9 Q+ k' c+ G唔係d錢蒸發, 而係比美國佬洗晒未來錢,
  [# x. A+ B7 Q0 `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) b. }$ ?4 c, V! ^1 i/ G9 z9 f- k
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% g) b$ z$ e9 b  t$ G
咁你話d錢蒸發左去邊? ...

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) J: B' T* }: ?正係咁樣
& T! y( E: S7 K: }6 e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
7 f/ i1 N4 C- y" G' O* K' s- K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,2 u! i, t% s( L& t
連國家都係問人借, 不停發債券, 印鈔票" F+ H$ E9 J# z- n# y, y
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( |4 d* K+ |9 w( f2 K# 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- }2 R" S- ?' P" s- n) T6 h" j
咁而家"爆哂煲"算唔算先至係變番"正常"???

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7 b; ~7 @$ O. v* F1 E2 S/ T其實係...6 q4 o6 y' p0 b
因為以前未生產, 先消費
! S3 r& J7 L& |8 ]8 N3 |而家就要多生產, 少消費