0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
6 x/ A6 `2 L- rWhy bank will sell 借據給第三者???
8 }# p" q- p5 ]( i/ TI was so confused.....

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! Q- p. j" Q0 }; [% q- x# }$ ?講到尾都係賺錢6 z5 v0 Y" J( m  a+ R
so銀行可以不斷放款% ~0 Z: n9 y' k
美國的房貸問題散佈到全世界& h, K+ A! Q. e* V- k' F5 D
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mortgage loan ) C' ]% ~% n" t; p# Z, x5 s5 x
>conduit0 ~+ ^! B  E7 Y
>RMBS(Residential Mortgage Backed Securities)9 T! d8 |0 y: e
>arranger
" f4 M9 i: _5 y  x1 j7 I) n  J* K8 n>CDO(Collateralized Debt Obligation)
$ j0 M4 \% U: j8 h  s" z, o' @- r) q最後去到投資者

Kev

i thought it is the reason of rate of return.3 T6 |! }* J- K0 J% y+ O1 a  \, O3 F
CDs could have different ratings, AAA -> F,
" K- F% E6 x( K) n8 A% i$ z2 ymore risky ones would have higher premium (interest rate) as a compensation for an investment.& C! y  {$ g: ^# F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 F, J, u# x( i5 Q' win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# y  I6 |' ~3 j! W. Y9 p$ P5 w
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 X( e; V6 i0 V  \/ @
similar to bonds, CDs trading in the secondary market have different value at different times,6 B4 c5 r9 v+ {" Y
normally the value is calculated by adding it's principle and interest. 6 F+ R- O/ D$ J' h8 y
eg. the value of the mortgage+the interests to be recieved in the future.
7 y# u4 }0 a) S' \8 }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.; g6 _* B8 c# C' ?
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im not quite sure if the multiplier effect does really matter in this case.% T, u% c1 |4 q2 |) p
in stock market, it's the demand and supply pushing the price up/downwards.0 z. k* q7 a: a
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& K) d3 N6 B; f6 i
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 j) m, I* n% g: N1 c4 gThe 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. ; t6 }' w- v7 l8 @0 C
but the value of their assets did really drop significantly.
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5 f9 L9 O8 f! A: z) w, S3 C" b[ 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' \  {8 o" w* T" z. o9 D
Refer to last example,9 T/ ~  W* W) k/ ?0 v1 k. I
that means bank A have no money because we borrow 10 dollars from bank A 4 [) J( W, Z4 U. U" G
Because bank A doesnt have enough cash on hand 8 E( k+ \1 u+ y
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E0 B( {' Q) V' C0 z( C
so does it mean if E failed to pay D, , {" B* r" c8 n
all the B,C,D,E have to go bankrupt?
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; O# e4 C) d3 L  Y- Z& M( Y4 ethe multiplier just tell how much money created in a whole economy,
6 y" ^% f1 a0 p8 K4 @- n5 {! gin this case it doesnt really matter how much money is created, 2 B6 o% H- V2 S3 X2 @$ v$ o
it's the problem of the debt itself.
# E9 a: w! Y0 ^+ 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
% u# d" ~( O. w1 L* |4 ^- ]+ ]  \小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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$ E3 n- \0 S" Q$ Q& ?無可能淨係有人蝕錢無人賺架嘛...8 C4 H0 d- T) ]# [; K
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敬請各師兄解答0 J7 J  e4 H1 Z
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Thanks

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那些根本係 紙上財富  . C" v. ]* ]( h/ r# ^0 g4 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 graphic3 G; H: K9 @$ I0 d

6 i, V1 A. t; q& t0 Y, I" M4 F- vhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產% u# n: w, ]4 {" M9 g' ?  p4 A
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' E; G3 l) q0 {* H" ]( P5 Q* }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
- e; f) k, F6 \& ?; q" i4 a個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
) y/ h) U! z; q5 I$ O9 M& Z. H' o扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,9 c- S! \( D  Y
計番回報率就已經係50%,所以可以好好賺
# R6 X  U3 U1 D1 D, ^+ o; R前提係銀行之間要互相信任先可以咁樣借法
" x) j4 C8 _& i0 k% g! Q$ J同埋個市場既前境要係好先得; [0 t# J5 w6 f2 ?' J) B
但當經濟一差,公司估值趺了,物價不升反趺
3 L' B- T) }- s+ ?7 m5 B0 D: V4 x6 }$ F例如剛才說10蚊的, 趺到得番9蚊,
9 b* g/ V* _- X7 a) D咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) l( z7 y. w* o! c7 ]
所以你就會覺得D錢好似蒸發哂咁2 u; _& r/ _+ n) T' h- ?

! {, e/ u$ {, @0 p5 n! D1 ?你都可以當標野咁諗, 個樣野多人可以狂升值,
6 h1 ]8 u2 d! p% a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, 6 {2 L8 y! `" U, ]' e6 D, f# z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 T. h2 t7 _7 W, E; g1 W2 e
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
: G7 F! K- P* X9 w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" {8 T' M' k  [- `" V
唔係d錢蒸發, 而係比美國佬洗晒未來錢, " `9 v0 W1 [. W
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * k4 }7 u- L1 I$ Q
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" W- A/ U! _* r& ^) k3 @
咁你話d錢蒸發左去邊? ...

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4 S& d" M0 v1 T) `% e正係咁樣$ ]; {$ ^& U- M
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; v" n. r8 Z6 p, m, V' }, V) k5 e. t
分分鐘佢地唔使還錢# f' r- A; e; q1 p
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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,( F% i. C8 E% |7 [" z0 B, O' C
連國家都係問人借, 不停發債券, 印鈔票
" D! a/ P' ]1 c- U$ D一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
" O7 e# Z# F. \0 K. m+ C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, ?, J. k( U2 T0 I6 q7 z% w% P6 b2 C
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...4 j* f$ U8 I+ c& s
因為以前未生產, 先消費) O! i! k- D* U/ j. X
而家就要多生產, 少消費