0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif. u$ H7 v5 I8 Q
Why bank will sell 借據給第三者???/ g/ I) k$ c, V6 q, O: J1 _: c
I was so confused.....

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講到尾都係賺錢
# Q5 Y/ ?& d: _; uso銀行可以不斷放款4 f$ F$ M! l; m/ C
美國的房貸問題散佈到全世界% X! o4 w$ i7 S5 X& X/ H8 E

' U! N' D# q' ?3 {* {4 l% q( zmortgage loan
7 b4 x6 K$ }" Z: o$ q4 [3 e>conduit* z) i, a. E, g& B6 m
>RMBS(Residential Mortgage Backed Securities)
5 c- h8 E! v, J7 o( R* {>arranger
: z) q3 X/ u% F8 X  \! ?8 W>CDO(Collateralized Debt Obligation)1 ^$ V0 o" y8 h3 }7 c% W
最後去到投資者

Kev

i thought it is the reason of rate of return.) _! V3 H; i7 }* Y3 G% C
CDs could have different ratings, AAA -> F,
% [1 a) u1 r" v1 B; e" s6 a0 {* ?more risky ones would have higher premium (interest rate) as a compensation for an investment.
  T2 I" p1 d0 E- W+ B2 lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. H5 g! {  k1 x* |- lin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& I# t( c; |9 W& c
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% i- ^, l5 X/ @1 ssimilar to bonds, CDs trading in the secondary market have different value at different times,3 V: u/ z5 }) X% A/ [2 M" Z# ~+ Y
normally the value is calculated by adding it's principle and interest. / i; }, _8 `# V0 u
eg. the value of the mortgage+the interests to be recieved in the future. % M5 `6 a# P7 Q4 Q4 u5 ~
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.
5 c9 W3 @' C& Nin stock market, it's the demand and supply pushing the price up/downwards." f: v' T) ^# V7 Y+ F
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% H) U: y5 M* Z% m% [
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 z  a+ X+ f+ h5 M% h
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 I1 N  T( C5 ~1 V" J) Dbut 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.gif3 M* }( G" b) \# Z, u" N% K8 u' V* m
Refer to last example,6 j7 e/ O* m4 O$ ~# b
that means bank A have no money because we borrow 10 dollars from bank A
6 S6 g/ l0 y5 ]- D/ `% yBecause bank A doesnt have enough cash on hand 0 {9 ?+ F. ]0 e$ b( K
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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, r0 M4 {, j  `) Y! S# jA->B->C->D->E4 i2 n* M" a, E8 F
so does it mean if E failed to pay D, . D* Z/ n4 ^2 u9 H) i  P' v
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, $ S4 U1 v9 A1 [6 {. D0 ?
in this case it doesnt really matter how much money is created, 0 N$ t3 V( N( D, G0 X+ N# Z. e. b7 w
it's the problem of the debt itself.0 v1 d; U6 v1 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, \7 }  {* U7 Z8 V) |$ O9 Z
小弟一直都唔明...7 b3 b  ^5 @& y- r" t
" T9 X3 E1 a# r2 U  K
全世界都蝕錢，咁邊個賺緊錢呢?
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5 T' [3 `0 _8 k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- B. D  Y, X1 G. T2 @! ]2 R8 L; Y
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Thanks

$ Y9 F+ M! b  `/ |那些根本係 紙上財富  + |: f3 x9 x# q3 `
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; a5 G- g  ]4 B) G% |, A

3 ^" \+ W, ~0 L7 U4 V& khttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產5 u, f. [8 @, F! a( }6 ?
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% D* J1 v5 o8 t* P+ 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
- F6 h# H3 C+ f8 k( K, B) r8 f個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
# a. o/ O2 S* r/ l1 @7 u扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,4 j8 F3 L- [  {7 b4 A# A
計番回報率就已經係50%,所以可以好好賺
4 T" i$ s5 x7 p0 X3 d1 Q0 i前提係銀行之間要互相信任先可以咁樣借法, P( \7 I9 {) A3 e; L7 v) r  e
同埋個市場既前境要係好先得1 J5 ~  Y  L. w2 E1 u7 S
但當經濟一差,公司估值趺了,物價不升反趺0 X# ~) ]- I0 _
例如剛才說10蚊的, 趺到得番9蚊,
7 _9 }( Y; X1 d' A& \, ]) m+ \咁投資銀行一下子就要還11蚊, 一來一回變左虧200%3 G. F  b6 h6 Z. }4 a% U0 \
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,   W8 K5 t6 `5 p
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,
  c* k- F- ^: R6 o/ T9 a5 [, [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 x, |) i9 Y, z0 L7 B9 b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 ~( R% y5 q: Y$ A" 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
# B8 }4 n' U6 L唔係d錢蒸發, 而係比美國佬洗晒未來錢, * U* D- Z1 n& s
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; }/ J: W0 l9 t( I2 Y
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 e1 Y% S0 m3 }
咁你話d錢蒸發左去邊? ...

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正係咁樣
6 i* z& x3 Z: N, F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3 h% W" V8 R. R; R
分分鐘佢地唔使還錢
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- l5 |; S/ {4 a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,/ K4 d9 h! C2 P
連國家都係問人借, 不停發債券, 印鈔票
: V& a! i* c+ o" @一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# e4 M9 u( e8 H
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* \- F8 B# W4 w* f# M- c
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...! Z: F: }0 q- F3 f1 v% J5 O
因為以前未生產, 先消費- Z" S8 h: g. [: t
而家就要多生產, 少消費