0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif1 h, m+ e# E' q* D- V7 t& j& K6 E
Why bank will sell 借據給第三者???& G4 v9 o9 P  i3 a1 {
I was so confused.....

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* V! S# x" E& K+ x9 c講到尾都係賺錢. I2 ^% r* i7 M8 e% p1 l2 ~' ~
so銀行可以不斷放款4 w& V" y6 A6 E# J
美國的房貸問題散佈到全世界9 i( Q& T, l, `* K( t
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mortgage loan 2 A3 s, D4 O; C( T
>conduit$ R$ D: a1 l/ K7 R4 G4 }
>RMBS(Residential Mortgage Backed Securities)" C) [4 t5 Z8 t6 O, s
>arranger
2 Y! V5 _+ Z+ K: A>CDO(Collateralized Debt Obligation)# ?# e( V& ?. x8 ?# n' F! T
最後去到投資者

Kev

i thought it is the reason of rate of return.
  E  Y2 _/ D6 c! UCDs could have different ratings, AAA -> F,
5 {' ]; C- Y( H( T4 z* ?2 D5 dmore risky ones would have higher premium (interest rate) as a compensation for an investment.
9 G  o1 y" D' V/ s, ]main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 m7 s$ @+ z" M: i
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- N" V# |+ I6 ^# P" r4 P! xAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" Q+ j7 o  T. Z0 A! g  j! }similar to bonds, CDs trading in the secondary market have different value at different times,
6 R4 n% c% W/ J* Nnormally the value is calculated by adding it's principle and interest.   q6 k1 B! W6 Z. q4 h
eg. the value of the mortgage+the interests to be recieved in the future.
$ F+ D% K# `/ f6 q4 _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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/ l7 l5 W2 I1 U* z; j% Nim not quite sure if the multiplier effect does really matter in this case.
& S" U# Q. J* j. Q; |4 Ein stock market, it's the demand and supply pushing the price up/downwards.
5 C; A: `2 K- ~& T3 b$ T' HFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 d! v6 t1 ?: [; A" N
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 W! [0 Z& Z; z) P: r( A
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. 4 Z4 I0 y! B9 e$ [" m
but 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 W8 W4 I- I) a" {Refer to last example,
4 ^) v. e- m+ [" fthat means bank A have no money because we borrow 10 dollars from bank A
# W# @/ z' J) m  j# K  m3 `0 UBecause bank A doesnt have enough cash on hand $ W+ m- w. [* s
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
& l9 N) Q0 A2 u! ?5 G2 o/ z: \so does it mean if E failed to pay D,
/ q: w* S! T' q# r  F6 o* iall 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, $ c& l- @8 a, U4 s5 y; f) x# V
in this case it doesnt really matter how much money is created, 1 p+ q" M- O( k9 [& h  J' G3 j
it's the problem of the debt itself.
1 Z3 w6 o) v- [, q+ Q+ _3 y. s3 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) z& w  n' E8 b' I
小弟一直都唔明...( c3 z7 ]1 a+ w. J8 w. y! g

' y# e/ C5 a, d) V全世界都蝕錢，咁邊個賺緊錢呢?3 x9 `+ @6 A1 L9 [

* `6 H; l, R% E0 q無可能淨係有人蝕錢無人賺架嘛...
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1 a& g5 v0 N' X* z6 E9 N" o敬請各師兄解答; K3 Q! c" J* X. r- T! w
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Thanks

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那些根本係 紙上財富  
3 e: q' \7 [# Y1 g1 P( t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 graphic6 ^- s- O6 y* c/ r+ t5 D
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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
8 u$ k8 w! F2 }- f+ ]3 m+ R當經濟好,投資銀行相信會賺錢, 物價既估值相對較高  X, y) \  r4 C5 A; M
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
* n7 i/ p2 j3 e, F  U個件物價係市場好既時候升, 例如15%先算,變左12蚊啦+ {7 [3 h* E6 L5 Z' K
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
* h9 b% O8 o  h. r計番回報率就已經係50%,所以可以好好賺
2 S* t3 P4 b1 r! a8 Y前提係銀行之間要互相信任先可以咁樣借法
* M) [7 G% ]1 A( T% m: S& e( t. V同埋個市場既前境要係好先得
8 x* I6 Y7 [) i* H5 R! j但當經濟一差,公司估值趺了,物價不升反趺
. \: j" q( }0 y例如剛才說10蚊的, 趺到得番9蚊,
* r. I6 J8 g) J' `& f$ l( W' \咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
4 O9 p5 g1 M0 L8 a5 V9 V所以你就會覺得D錢好似蒸發哂咁
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9 ?5 _" U6 a  z- T- v你都可以當標野咁諗, 個樣野多人可以狂升值, 0 |& n$ W2 z; ]2 ?$ R$ T! w5 n% C
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, ; V- b. _( Y" l4 ^7 f# k
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ j( ^4 u0 r( 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
! t% I3 ^( U6 D! o5 r3 v; Z# V) h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
! ?- h* `7 v3 K; y唔係d錢蒸發, 而係比美國佬洗晒未來錢, 4 E$ ^4 V6 G. J9 M7 [( r: e
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! L( }, n/ L( m5 H) ?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6 @) G$ O& ^0 v7 m5 o2 l2 m" v
咁你話d錢蒸發左去邊? ...

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正係咁樣6 @9 V4 C) O: v  a/ ?
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
% ~+ c6 m! l! J, N分分鐘佢地唔使還錢/ }  y1 k, E3 D7 v7 d

/ S1 T/ r. P  _/ g# Z8 T/ Q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,; y. o6 Q/ t5 b. u: f
連國家都係問人借, 不停發債券, 印鈔票
; l: f, s( n- `! e; H/ B一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# p. I' u# w* _7 e, k3 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
& U4 Y, a$ x2 G2 L咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...! b% E. A: x. U; L% J; F
因為以前未生產, 先消費6 B2 H8 j& {2 Q& j! t  b$ E& w7 p
而家就要多生產, 少消費