0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
- x, t( U, X! t( S+ w! iWhy bank will sell 借據給第三者???
3 N! S' W5 Q* o7 `5 |2 bI was so confused.....

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3 F8 G  |+ O" W7 a& S6 w講到尾都係賺錢
1 y3 x- i) j- S( k+ {+ ^+ @so銀行可以不斷放款1 C0 e  C3 F  L' |) l( U( u9 [
美國的房貸問題散佈到全世界* R' Z" q. j1 O6 ~  Q" w) b5 A

3 {" b+ Z% Z& s: d) k8 [- a. {  gmortgage loan & a4 ~& c# B% z& l5 P
>conduit
9 V5 }4 y7 N3 n  t% |- I>RMBS(Residential Mortgage Backed Securities)
& y& P' v+ m# V9 C" w>arranger" t' X- P& ~; S1 p
>CDO(Collateralized Debt Obligation)8 P6 l+ Q1 M! q$ t7 U% x/ a
最後去到投資者

Kev

i thought it is the reason of rate of return.
7 n) o! p1 J* d- c2 I' ?CDs could have different ratings, AAA -> F,2 Z8 A- q1 ?# |0 k3 L# x' @9 E
more risky ones would have higher premium (interest rate) as a compensation for an investment.9 M. ^. t) z. m! R4 y: o9 Y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ Z6 h" w$ X( t8 L# ~
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 n5 u+ L$ B, J9 zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. a& t! h4 \+ ~similar to bonds, CDs trading in the secondary market have different value at different times,
/ O' n7 `1 w3 ]. \normally the value is calculated by adding it's principle and interest.
. E8 R1 e4 {2 ^; H0 d2 i+ `! H8 E( veg. the value of the mortgage+the interests to be recieved in the future.
4 j" |) h! Z/ s4 t& l% dbanks 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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4 k$ X% X# T* N1 W1 dim not quite sure if the multiplier effect does really matter in this case.! d" _, g4 e: |* _
in stock market, it's the demand and supply pushing the price up/downwards.
; c5 ^& a+ a8 P) V* _For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: N0 x8 U) f/ V( K$ z+ S2 P0 V  u0 @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' M6 R8 Z8 ]* b( n; b7 ?" m# O' e' G  }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. 7 @4 F, ^) J0 P+ T9 f7 z
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.gif4 s5 [9 X$ N0 p
Refer to last example,
0 h; r* D$ j, {- a+ Rthat means bank A have no money because we borrow 10 dollars from bank A
& ^8 |9 Y8 h" x5 gBecause bank A doesnt have enough cash on hand   h( N# e/ g8 ]
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
9 L" X# p% t9 e! Tso does it mean if E failed to pay D, 1 j# w# y9 E$ m2 ?2 t. k- T& r) z
all the B,C,D,E have to go bankrupt?" Q+ c. |5 D& n. e

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- K0 \% F% {8 \4 @# c1 Mthe multiplier just tell how much money created in a whole economy, ! O! L+ O' d" k' g& |, w
in this case it doesnt really matter how much money is created,
6 T0 D* C! v0 T$ c3 L, rit's the problem of the debt itself.
# d) y( {1 N' J: V: Athe 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) ]: @' ?' E# S2 I
小弟一直都唔明...) b: A! H9 s8 r1 W3 P
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全世界都蝕錢，咁邊個賺緊錢呢?
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/ i3 S' t; B9 x- k  o0 j. 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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Thanks

8 v, q) a+ a3 `
那些根本係 紙上財富  
/ f5 }. N( y1 R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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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& ^# B% m' J# Z3 Z8 w8 b
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高/ P; ]9 `+ N) h$ C. M8 L" H# y' L
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) J: ]% V+ q/ H4 ^5 }6 |: W+ e
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ l( E) y& ^# S% D扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ d3 [) G) O3 @9 u0 c5 E
計番回報率就已經係50%,所以可以好好賺- G9 o& f! ?2 H, j0 b9 G3 e5 _
前提係銀行之間要互相信任先可以咁樣借法
$ \& I/ p, b* H3 O同埋個市場既前境要係好先得. X  O& \( f. p& d3 m* S
但當經濟一差,公司估值趺了,物價不升反趺0 Z; v; c2 j. P! O% f. f1 d
例如剛才說10蚊的, 趺到得番9蚊, ' N* s7 c0 O+ c* U0 o  U
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%4 V+ D3 ~. Q! t+ K/ L  }
所以你就會覺得D錢好似蒸發哂咁% {+ C& |9 }  {- G5 L7 j$ G
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你都可以當標野咁諗, 個樣野多人可以狂升值, + w( ?& K' F- P6 c9 c2 M1 M+ T
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, 4 z" c$ v2 k9 |5 K4 w
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* U( D5 s% C/ h; V7 S( s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 F' D# E1 w% |8 H4 K; Z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
! N4 S$ `& x9 B/ A2 z, D唔係d錢蒸發, 而係比美國佬洗晒未來錢, & i) }# P- p" d) u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 E5 n2 i0 v) K; U. [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
  I7 J% N8 t2 h9 w4 V7 k7 [- N咁你話d錢蒸發左去邊? ...

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- E- x2 q+ f0 ]1 V& v1 e% B正係咁樣
2 `' Z. J' S7 L" X1 O$ A2 S) j3 R: 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
2 W9 S, X3 l: c! z! Z; d( {( `) T! @分分鐘佢地唔使還錢
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& Q7 L* G) |" H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,- {9 d, M2 N- M8 s
連國家都係問人借, 不停發債券, 印鈔票" g5 C5 W; Q& p6 O
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產& D+ }. J/ I9 E
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
* Z  }$ r! Q/ w; |5 E( _' ^咁而家"爆哂煲"算唔算先至係變番"正常"???

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: z/ Y" q3 B8 V' T: h其實係...
6 P( R" q5 u% L. V- r因為以前未生產, 先消費
, W! A, B' N# @' k8 m, q而家就要多生產, 少消費