0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif- W: k5 E: I. s8 z/ ^. o. g
Why bank will sell 借據給第三者???7 ~* ?! W! ]8 P' R0 A& x2 ~
I was so confused.....

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% [# w& H  ]) l/ m講到尾都係賺錢
) [; P0 F4 n7 }+ c; ^8 b2 K5 G2 G7 `0 H9 {so銀行可以不斷放款
1 i" w0 g* A6 ?4 P4 m/ d+ G( k" k美國的房貸問題散佈到全世界% l  g* A7 n) H4 n$ M" h5 n" T
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mortgage loan ( q& f1 J5 o5 T
>conduit
. O- i. G0 `( y: N' z# w>RMBS(Residential Mortgage Backed Securities)$ m$ m( W7 C6 S+ ^* K
>arranger3 b2 j  [' p6 D$ m6 N1 O5 X* S
>CDO(Collateralized Debt Obligation). X  K% l, a/ ?& k9 l
最後去到投資者

Kev

i thought it is the reason of rate of return.1 G; A- h0 C: P$ D9 @  ^* s
CDs could have different ratings, AAA -> F,# u8 m+ {; o; U
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 |+ g2 N: N$ R+ E( o
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 x: S) ~" v' R0 x; k8 U
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
3 t) e( w$ ~" y! oAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ [# b( I! z2 d) X' t
similar to bonds, CDs trading in the secondary market have different value at different times,
4 }0 H% O) b* s1 j9 gnormally the value is calculated by adding it's principle and interest.
2 N4 I% G0 m7 p8 \! neg. the value of the mortgage+the interests to be recieved in the future. ; v& W- F* O# z
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.0 _" o- ^( G3 h$ o
in stock market, it's the demand and supply pushing the price up/downwards.' B+ r' k' w% O: I7 t* b0 F5 s5 v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 C9 M3 C9 U& ?7 NA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 s! n6 o& f* ?( z8 yThe 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.
& q( C/ k+ N7 A0 j  tbut the value of their assets did really drop significantly.
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7 c% n- m( Z! C: n& k5 M7 S+ H[ 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
) |4 Z3 v  M; v2 t3 A$ \% a2 ]( bRefer to last example,
: E; x7 Z0 i0 E; q2 d9 othat means bank A have no money because we borrow 10 dollars from bank A
3 v: n) v4 R. W8 K4 I" SBecause bank A doesnt have enough cash on hand 8 I% L% y4 U5 `& I: |  Z) c
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E0 }5 j1 T* c* f* O& [* ~, W# C" W
so does it mean if E failed to pay D,
) g: w9 G' O: z+ t- n, v- R' T* Call the B,C,D,E have to go bankrupt?7 T, o( Q$ H  z0 u9 [# o  ?8 l) I

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the multiplier just tell how much money created in a whole economy, ; }; m2 T( ~* t1 _
in this case it doesnt really matter how much money is created,
, p- w  h) p$ ~5 iit's the problem of the debt itself.+ o) M# ^1 y& r9 E% z. U( A
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
) V9 \( {3 M9 Y: c小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?4 k( C; R' U5 Y: T

, B  ^+ }  i2 _, s  y無可能淨係有人蝕錢無人賺架嘛...
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. m7 {7 X$ [# F2 q5 D敬請各師兄解答
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, i: ?& ~3 K7 w- y2 v6 K3 tThanks

" i* H' O9 I$ h; D8 t( }" S那些根本係 紙上財富  * ~# t9 b% H% @- W
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 graphic2 M7 r8 U: e8 f6 O6 f
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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
/ U! W7 O' C" }% [/ S( ~( ?當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% S- P. Z- K( {+ 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! q- k- s# {& c
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
) t% x6 G" E# C5 k3 e扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,; |2 p$ B7 \2 f# G' D
計番回報率就已經係50%,所以可以好好賺- l/ p" c# p4 C
前提係銀行之間要互相信任先可以咁樣借法
* g! k) J" w8 q同埋個市場既前境要係好先得
; u& P( _8 N& H# m$ z但當經濟一差,公司估值趺了,物價不升反趺( o, E" M* w# Z% a! Q6 ^9 d
例如剛才說10蚊的, 趺到得番9蚊,
# l- @  z! r: ?/ e8 ^咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' _3 i& W" j" w# z所以你就會覺得D錢好似蒸發哂咁& J0 X; i' `( d; D' K
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你都可以當標野咁諗, 個樣野多人可以狂升值,
3 k$ p. E& L, F; z! q  s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, 3 s) m6 V1 X6 ~/ f( \- Q+ u. H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 @5 g, z/ m' Z, N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
0 a: G. _: T! {, X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+ }) t+ p8 }+ G$ A1 A6 h. ^6 ~' @/ _
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 5 U8 ]$ o. O( d- l& m- c$ q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 m: t0 x: H3 S: ~% X6 B% 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 V6 K; b/ x# \1 n
咁你話d錢蒸發左去邊? ...

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. O8 [8 N' \' {正係咁樣
) |* I( s2 [8 H! t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1 s- k5 |$ k* L" Z4 X
分分鐘佢地唔使還錢
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, Y* p; ^9 u1 j( K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,
! s7 d- Z) a) C2 z6 w' z1 e連國家都係問人借, 不停發債券, 印鈔票: W9 C& O$ I3 ~
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產8 y- {8 r! l! U5 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: |( \( l0 Y3 F  d
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
& P0 o# ?* g& v+ I3 W2 a6 W因為以前未生產, 先消費- R" Y; O9 Z. M5 d
而家就要多生產, 少消費