0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
: d( i1 V0 q5 P8 YWhy bank will sell 借據給第三者???
5 Z" |8 C- o* cI was so confused.....

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4 F5 O' m) S5 ^講到尾都係賺錢
$ z+ J3 S2 C: e, l4 a5 Xso銀行可以不斷放款  M7 w* G1 p; ~6 N; r
美國的房貸問題散佈到全世界
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/ N& O2 s: ~$ V( ymortgage loan ) o/ U7 S, j# x* W
>conduit
. c8 w* V$ X! H7 |* e>RMBS(Residential Mortgage Backed Securities)) A! l3 p# [* Q# B" r
>arranger
2 e* w0 Q; `, L: Y! Q9 x& b8 ?>CDO(Collateralized Debt Obligation)" m  u, k' f: q
最後去到投資者

Kev

i thought it is the reason of rate of return.
( b$ C0 G. N  R  [CDs could have different ratings, AAA -> F,
/ V8 ]; T3 A# S. U1 pmore risky ones would have higher premium (interest rate) as a compensation for an investment.2 q/ w( t- G- i$ X
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; w$ ^+ Y  a" p5 ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& r: v2 m2 X" c( a
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! P2 O8 z4 B7 H4 x6 C7 H+ X& f
similar to bonds, CDs trading in the secondary market have different value at different times,
/ ?! }  Z6 J% J* h. e# p  s' d6 rnormally the value is calculated by adding it's principle and interest. / `. ]. p" q+ |) }$ t
eg. the value of the mortgage+the interests to be recieved in the future.
+ x. n) }' U' x# P7 H# \2 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.
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! w; R2 N  j" p# L( \2 Kim not quite sure if the multiplier effect does really matter in this case.6 a2 s+ a; n9 v2 o* F
in stock market, it's the demand and supply pushing the price up/downwards.0 I+ H  y& G9 }, I2 e
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 K' C. Y$ A) D% ^" \, F6 c( oA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ D% ]1 \, I6 a$ ~0 iThe 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. / h: T  I- Z/ I' \1 M6 v, Y- p
but the value of their assets did really drop significantly.8 {$ v7 u9 @# A! @# v# X! ?

/ l& o( }; `# s[ 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.gif5 P0 ^. C! l/ p1 M+ d8 A
Refer to last example,/ ?# C1 H2 ]* H9 r6 k! W# Q! b
that means bank A have no money because we borrow 10 dollars from bank A
% i4 i8 d# i0 L( ~% CBecause bank A doesnt have enough cash on hand
( T- k" F: s: ttherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E6 ~$ G2 ]' h* n
so does it mean if E failed to pay D, # r3 P9 P& m' E# {8 C# W. @
all 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, 5 h- N9 w6 u' X8 v5 T4 a
in this case it doesnt really matter how much money is created,
0 r  U: w' w' A0 ]0 {it's the problem of the debt itself.* H0 Y: c* _& B* @0 \' |7 J1 H6 U+ h
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$ W/ |* Q3 O0 B' W1 l' R5 B5 `
小弟一直都唔明...' _2 ^9 {: F. h& u% b% m
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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8 R; w; H* \( L5 H敬請各師兄解答9 N, f4 e, z/ g; G# ^5 I/ e
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Thanks

7 ]4 J9 T& u" R- H$ [6 T那些根本係 紙上財富  0 o6 e( ~4 A! O$ F; }0 J$ F8 _5 o
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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8 Q+ i, F. q: H  A+ i( ^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  O! o* a* h' v1 }, m3 Z8 Z3 E0 A
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高9 Y4 ~; j7 p# I/ _
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) L8 t, d7 Z, V# o# O! y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
& y* F5 Z3 B, P' ?扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,' d9 B) P( H5 U5 o! Y( L  l
計番回報率就已經係50%,所以可以好好賺) q7 Q4 t+ i  h- Z  k% D
前提係銀行之間要互相信任先可以咁樣借法; ~, I1 c' B* N  u3 }
同埋個市場既前境要係好先得! }# p" {0 }$ W; v
但當經濟一差,公司估值趺了,物價不升反趺
3 i( e' R3 U2 F* i例如剛才說10蚊的, 趺到得番9蚊, : ~9 t4 Z8 D5 v. e$ K
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%/ s% J* m8 K' K7 X6 v5 r
所以你就會覺得D錢好似蒸發哂咁2 S  J* R& H& P7 J- K) A! [, i% t

3 S! [' P4 Y+ ]0 \你都可以當標野咁諗, 個樣野多人可以狂升值, 8 c) G* A% l- l; `  d
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, 0 ]- g, `; g9 i
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 A- V# U( H. `; 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
1 `0 g6 i0 Z! \1 {+ f& J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
) z4 }' i& t+ a' J唔係d錢蒸發, 而係比美國佬洗晒未來錢, * p% _% H$ ?+ c# k+ y  o
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 y9 F# L9 p9 }. 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+ r5 J0 _0 _# S
咁你話d錢蒸發左去邊? ...

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正係咁樣
. N7 o/ V6 c# V8 R3 d, O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; A& u, p* t3 U! ]+ U- s9 H7 l0 `
分分鐘佢地唔使還錢2 |8 x6 l4 D) o! C
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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,
6 O* v# ~5 D8 M  F9 V3 j連國家都係問人借, 不停發債券, 印鈔票9 t: j& F7 y( x% }: Y, G
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ q- _8 Y, o0 B' N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
8 @# T5 l0 d' m! G) K+ y咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ t7 d8 ^, ~0 P/ B; x/ v0 N/ U* [其實係...
5 ], [, U# v/ ^& O2 D# x7 u因為以前未生產, 先消費
$ R, k2 N5 s" y6 O- m5 C而家就要多生產, 少消費