0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
4 V, Q$ @# I) t8 l3 WWhy bank will sell 借據給第三者???3 N* v" k# w2 G: H! I; ~6 Z" R
I was so confused.....

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講到尾都係賺錢
. k& b$ a% t- A0 t: Cso銀行可以不斷放款& z0 o5 p& m( c$ @% X; ]
美國的房貸問題散佈到全世界
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mortgage loan
/ o, P! i! X0 ^2 O- I. K>conduit8 K% k5 q) E# ?5 c5 @' d/ W
>RMBS(Residential Mortgage Backed Securities)  a2 e. t, w$ X% u3 e
>arranger, I+ X8 j1 J/ g- m
>CDO(Collateralized Debt Obligation)9 C, M3 v5 ?1 P7 F% ?6 c' B# U' W
最後去到投資者

Kev

i thought it is the reason of rate of return.
$ u  h* J: R8 Z6 QCDs could have different ratings, AAA -> F,- k5 O* Z9 l$ ~7 D/ u& D3 s- D
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 N3 z4 Z; ]) R1 ]8 }1 l
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 W! S! E- B; U
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) T4 K( o! X1 a: O$ mAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; `& a$ f2 U% h+ y' S
similar to bonds, CDs trading in the secondary market have different value at different times,
' t, A% [, l/ |$ Gnormally the value is calculated by adding it's principle and interest. . q6 t9 g7 n$ X
eg. the value of the mortgage+the interests to be recieved in the future. 9 B/ Q2 I2 M1 W& T7 w7 m
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.
- s3 Y% N8 P6 f( z7 S/ T1 bin stock market, it's the demand and supply pushing the price up/downwards.4 o, t8 a2 x! R5 W9 L9 }/ a" f
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 P$ s1 j) ~8 ?1 Q' u
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( Z8 V" M+ D/ @7 Q& ^" uThe 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.
" d) i; D, A) y' {# c$ _' [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.gif
" O5 D) A: A: z- sRefer to last example,
! w: `/ S( C# mthat means bank A have no money because we borrow 10 dollars from bank A
3 i' y; E7 k) e% S2 w0 `# S  mBecause bank A doesnt have enough cash on hand
7 C0 F9 s# ?2 D9 R+ Ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

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  i0 i, ?" T& \9 xA->B->C->D->E+ J4 E2 H7 c! c
so does it mean if E failed to pay D,
8 M  `: W0 V+ f( G' ball 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, " a; V! A0 D6 Y4 |7 ]+ ~: C
in this case it doesnt really matter how much money is created,
: R0 Z4 _& |2 Y0 n) O5 D) xit's the problem of the debt itself.& B1 j5 U; a" l8 M
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  v) n+ F$ Y$ S5 k5 Z3 ]
小弟一直都唔明...
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9 k3 @0 s- Q5 G7 _全世界都蝕錢，咁邊個賺緊錢呢?* N- a# W: C9 N+ O2 J
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無可能淨係有人蝕錢無人賺架嘛...$ N1 |: W  a+ F& R/ T* j- ?$ ]
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敬請各師兄解答, u$ f2 x5 }+ n3 c7 T
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Thanks

( J& b1 ^; y) [1 |1 R1 J3 b$ J那些根本係 紙上財富  # t3 z* n" e: `+ b5 U$ b" G' i) l+ }' H
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 graphic3 D. K+ y& G3 K8 d7 d+ O' 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
7 m' T1 Y0 I( }$ v: }8 Z/ v$ ?- t當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ V, ~( r% s1 Z/ U
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( N* Q. u" Q' ?, L; W& _
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( E# c. F, u  L5 \. n' D扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
3 Q2 W- i8 T  Y; I, u- K) p計番回報率就已經係50%,所以可以好好賺9 ]+ L- C  {: j9 K7 _- q
前提係銀行之間要互相信任先可以咁樣借法, V" `- E- n5 Z6 r2 F' {$ Q* `: M
同埋個市場既前境要係好先得
" x1 d3 z% C0 u) \/ @但當經濟一差,公司估值趺了,物價不升反趺/ f" X7 _. G" [9 _
例如剛才說10蚊的, 趺到得番9蚊, 6 D! c2 ~  H* @/ \5 M9 O2 s% S/ Q
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
; x) S+ Z1 H9 h- J8 V; m所以你就會覺得D錢好似蒸發哂咁8 g# S! e3 q4 z; c% J, e/ b0 B( Y
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你都可以當標野咁諗, 個樣野多人可以狂升值, : A3 z3 y6 ]& d) j3 A
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,
+ q; T3 g' i( y! P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * H4 E  d! T2 Q8 q
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
& `, j2 c0 c" o6 v% r, K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
" A1 b( B3 Q1 [& A' f7 Q唔係d錢蒸發, 而係比美國佬洗晒未來錢, . p! S/ ?" n0 y5 l" y+ @  B4 {- r& M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " z/ L$ l- d( r+ A* ?
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
- s& H9 ]) i& V6 a咁你話d錢蒸發左去邊? ...

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, H9 M! Y! d4 v正係咁樣
9 F! Q* Z  ]3 T2 ^9 F* 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
* m: W* P/ ]+ \3 k( u8 t& q. ^6 p/ H7 X分分鐘佢地唔使還錢
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3 w2 A5 _# _: n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,
: y. i) E+ o4 m, c3 D0 `連國家都係問人借, 不停發債券, 印鈔票8 X/ v! f0 [9 V$ {2 V' E
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; y' ^; _$ k  x1 S% A& q7 c5 b
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! E$ N+ Y, r# ^# v6 D/ h
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
8 c. ^' C; s4 z6 f+ }因為以前未生產, 先消費
/ A, d! ?. j! r3 u而家就要多生產, 少消費