0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 y: D  m# m: Y3 T9 T$ F1 ^Why bank will sell 借據給第三者???
3 F; ]( r3 |. z5 Q/ l& u6 u  b3 g, xI was so confused.....

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講到尾都係賺錢4 z8 m6 p/ {3 g: U+ Z" D
so銀行可以不斷放款
) }5 V" z8 Q9 I5 P美國的房貸問題散佈到全世界2 B$ ~" l: H4 `4 S' |3 U% ]

& w5 m6 J9 w- ^2 nmortgage loan
' h1 ]. F) }: O7 q+ `>conduit
0 E8 g) W. J, B+ E9 V>RMBS(Residential Mortgage Backed Securities)/ {% z* P" x5 c/ j
>arranger
. I" b8 d3 e3 x/ |2 x" V9 x>CDO(Collateralized Debt Obligation); G7 [, N5 @  O2 |2 ~) @4 J" S
最後去到投資者

Kev

i thought it is the reason of rate of return.
% t# `8 t+ P& C. s* ^2 s; H7 NCDs could have different ratings, AAA -> F,& Y0 @4 k: d0 P: g% S
more risky ones would have higher premium (interest rate) as a compensation for an investment.
. ~9 z! U) N+ }1 G+ kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  _; T% ?  i2 O& h$ ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: y1 h. `/ [/ b% j4 tAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, A" o# A8 D) c1 \8 b5 t9 Msimilar to bonds, CDs trading in the secondary market have different value at different times,
3 V* t: |& V/ t) Xnormally the value is calculated by adding it's principle and interest.
  o# ~1 G8 F5 E- e7 J  feg. the value of the mortgage+the interests to be recieved in the future.
) {5 [. Q" @* ~2 y8 bbanks 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./ V2 _4 m- m4 b& Z/ O

# `, g; H- U9 s% S* R! iim not quite sure if the multiplier effect does really matter in this case.: w3 v% C  `' q7 W  T: Y; x
in stock market, it's the demand and supply pushing the price up/downwards.
, I, ~  r+ S% S% SFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( ~% p, j! M; Z: X2 \$ _3 w, \. w  ~
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; n  Q/ ^4 u1 q7 [6 k7 eThe 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 t7 Z9 u3 d5 u- O. s: r
but the value of their assets did really drop significantly.% z- S7 _* f2 A. j0 Q* y7 H

' t: U9 I1 P7 T) w[ 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
# }, ~6 o3 {* t( ZRefer to last example," s  D2 a" h. ^- G
that means bank A have no money because we borrow 10 dollars from bank A * ^8 F- j! [: P: ~9 k
Because bank A doesnt have enough cash on hand
7 x' X5 P) b3 a- _5 r& k8 |& `/ Etherefore bank A need to be bankrrupt ??? Am I right ?? ...

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! a9 w' ~# B6 wA->B->C->D->E
) V5 i  v+ _) o& nso does it mean if E failed to pay D, 3 f5 ?9 N) |5 ], A( l  l
all the B,C,D,E have to go bankrupt?! e* z3 S1 T- V& x  W0 E' z

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the multiplier just tell how much money created in a whole economy,
" u; ?; l4 q; w# Z, T9 Sin this case it doesnt really matter how much money is created,
/ y  [, }! W5 d5 uit's the problem of the debt itself.
  R/ f* q4 \. b2 c# Rthe 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
) i' R( z" @* Z  J小弟一直都唔明...- e; Z" S9 S+ g; h/ W' P4 \
) g; ]$ X1 k+ ?1 U% N% @8 f* z
全世界都蝕錢，咁邊個賺緊錢呢?# N" r. T& F, z- q! \) a/ t% v* I

/ l5 E! q( S- y  T; p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

3 m+ Y6 a) x- ^" l* {# [那些根本係 紙上財富  . m+ M/ {1 a7 g0 c& x" N1 Q
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- T2 X! v9 D% A* G/ A
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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2 p) _% @" T) }5 \. q9 l
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高0 T* X" _  y' ^% C5 S" j. z
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
4 Q) P% q5 i5 K) O3 v+ M個件物價係市場好既時候升, 例如15%先算,變左12蚊啦! U/ v  {% Q( H, R7 a& _: q% M
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# r1 D' [" R0 a
計番回報率就已經係50%,所以可以好好賺: o# Z7 f8 Y* a  ]$ q# }
前提係銀行之間要互相信任先可以咁樣借法
5 C, i3 c  ?) U& ^4 g9 E同埋個市場既前境要係好先得
" O: m; T4 ?# U4 ?4 c但當經濟一差,公司估值趺了,物價不升反趺
3 J7 I: I6 C3 |# v+ ?. T3 Y; ?例如剛才說10蚊的, 趺到得番9蚊,
: l- S* b. T5 I. Y6 I) U# o3 D* Z咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
4 t& }6 [5 Y% I; m2 u3 v0 ]+ N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,
/ u2 e# ]6 g) Y2 K+ D7 y; 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,
, c$ `+ ~. p# a# |+ r" d淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, h- D( r8 b' T& r( `! g; A7 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, W: I+ M$ b# i0 L
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
6 R- T, u# K# r+ s# c$ K唔係d錢蒸發, 而係比美國佬洗晒未來錢,
- f1 G$ ~4 T4 B6 }* Y# y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- f2 \# \6 [& }3 q3 u5 o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 [, f* w  t% r
咁你話d錢蒸發左去邊? ...

7 r8 ]; G" |; k2 y8 A1 K/ e

! n% l. e& E; u7 Q+ y正係咁樣
8 Y$ U* H) V) W3 g# N2 X6 i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7 W8 V' F( M9 e: ~
分分鐘佢地唔使還錢
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9 w" S% g) M$ f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,7 A2 [# f5 h4 l" p8 t/ s
連國家都係問人借, 不停發債券, 印鈔票
9 k0 A2 q" C& ]* q: a一個國家好少出口, 而又大量入口 ,反映到佢唔多生產8 J, z  O7 [* C6 [3 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
+ i* n( f8 b1 V( P$ w# N咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
% O/ A+ B! D) e: `& d因為以前未生產, 先消費
) L: A% K9 y4 |0 g7 X1 K而家就要多生產, 少消費