0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif$ r% F+ _" t  T1 v* M
Why bank will sell 借據給第三者???
/ S0 T5 c. ^5 ?0 @; DI was so confused.....

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講到尾都係賺錢
! m) ?% l: _) _7 c% Uso銀行可以不斷放款
% c' J# t( m, L' x& g" J& Y; m美國的房貸問題散佈到全世界
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mortgage loan
! W* p5 s& ]" B$ q0 F- d>conduit
+ N+ z% R! M8 `5 L; _>RMBS(Residential Mortgage Backed Securities)* b9 e# Z8 F* |. C
>arranger
  S/ N- e* y0 u( J( ^$ A: D9 ^>CDO(Collateralized Debt Obligation)( H) Q1 L6 R8 M1 ?" E! E
最後去到投資者

Kev

i thought it is the reason of rate of return.) j/ t- c% T9 ?+ V# Q% F% X
CDs could have different ratings, AAA -> F,
2 Z' y5 O; e: i0 J2 ?/ Pmore risky ones would have higher premium (interest rate) as a compensation for an investment.& r+ H( t4 N+ `4 o9 o8 P8 r4 J$ g; k
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! k6 T$ U2 A; B) ~6 x8 gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 z$ Q% T8 a: U& X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' b! h9 \$ R* k
similar to bonds, CDs trading in the secondary market have different value at different times,
  B! F# k7 ~* L  L! R3 P& }4 Anormally the value is calculated by adding it's principle and interest.
+ V" I# h! x7 }7 j7 oeg. the value of the mortgage+the interests to be recieved in the future.
4 x3 i6 y) m  W+ i4 n( ?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.; i; {7 T+ a8 v, t, `: p
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im not quite sure if the multiplier effect does really matter in this case.' M5 t7 R1 [% [$ F) E
in stock market, it's the demand and supply pushing the price up/downwards.# n* \3 m, A1 s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' R" S) K& [' f% ?( CA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! c: `; w, j! i2 E/ \/ O$ H, v
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.
5 }% e8 t1 x7 p, ^; m% F  Dbut the value of their assets did really drop significantly.
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2 [1 v! d; N% h( r  J# L[ 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
) t0 J( Y- f; tRefer to last example,
* s0 O8 u5 L1 e5 xthat means bank A have no money because we borrow 10 dollars from bank A
; u% U2 P9 C& ^8 F7 b4 {Because bank A doesnt have enough cash on hand ( r  c) j; ^. M, m+ z
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
% E4 i/ O0 n  r2 B+ Q. z) I- Z  G/ uso does it mean if E failed to pay D, % ~# a7 b  P  L, h3 Z
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,
3 Y5 c! T( S8 }- ein this case it doesnt really matter how much money is created, 1 J0 Q1 P! c# t6 V
it's the problem of the debt itself.0 m) _8 j6 t, N$ C( z2 J5 D% W
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! u% U: D' Z小弟一直都唔明...
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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...! f1 y8 v2 m/ o' L2 J" o
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敬請各師兄解答1 ]6 {# C9 s1 x4 L/ v# k
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Thanks

: Z! G( X9 n$ ]& k+ ~8 I那些根本係 紙上財富    z  F% _: X% M3 ~+ T' E
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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1 F# D7 t. J7 }# ], zhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
# a5 l2 K, S" K( P) J  r當經濟好,投資銀行相信會賺錢, 物價既估值相對較高# o+ i* ~: S! 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
- O! L7 K$ K* c0 b  f個件物價係市場好既時候升, 例如15%先算,變左12蚊啦& F. q) G& ~- A% ~
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,. p7 Z2 |/ x# [& N  e; W7 b: b; b( F
計番回報率就已經係50%,所以可以好好賺
! y6 S2 t' M& X8 S6 V前提係銀行之間要互相信任先可以咁樣借法3 z# e( `+ }/ h/ O  C5 P
同埋個市場既前境要係好先得0 p: I# R2 m4 ~* g7 e0 C
但當經濟一差,公司估值趺了,物價不升反趺
4 ~9 c1 d) V) H  X% z例如剛才說10蚊的, 趺到得番9蚊, # V/ y9 M2 o0 x# A0 V( j4 d
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% `" Y* `6 k* e; k0 K/ v: h
所以你就會覺得D錢好似蒸發哂咁0 V# S1 S9 e  N$ p7 D' Z
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你都可以當標野咁諗, 個樣野多人可以狂升值,
: |9 \1 D; N/ E4 z  B! Q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,
+ _9 X' H( ?1 \/ P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 z4 g9 b& i2 F% X% l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. I! S7 `+ c* I/ I4 t
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 I' @: Q2 k: D9 h2 Q! V. S唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 g) f' \) a* x; Y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' e! N% n$ ^$ c! ^' ], A3 _
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) ]  K( u4 a2 U( f5 v! n8 N
咁你話d錢蒸發左去邊? ...

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8 G1 b. }9 X2 d' J' f5 Z正係咁樣  D* W) h2 o" J& q% w1 d1 q
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
' J+ w& t. R. \" a1 r分分鐘佢地唔使還錢- a4 z. ?) ]& U. z  m& Z6 K( v( x

" R) S1 T, E$ N3 E" p  U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,
, Z  ~0 o& s2 s! V% h* D連國家都係問人借, 不停發債券, 印鈔票3 K$ G( }. G6 U  L
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( K* o$ Y& ~, C; M4 C
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
& u5 d; I+ Y5 p8 `咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
6 X5 H4 i! L9 J% a* A) z% [: D6 J因為以前未生產, 先消費# ]! l% I4 A# q8 b$ Z1 y0 d0 O
而家就要多生產, 少消費