0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
# V% N6 ^$ v; V! C+ `! t3 _Why bank will sell 借據給第三者???  d8 {6 d+ o8 s
I was so confused.....

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講到尾都係賺錢7 q+ e2 @7 b/ V: x8 `9 V6 I2 K" B
so銀行可以不斷放款6 {3 c6 g* B# O  R' Y- H
美國的房貸問題散佈到全世界
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+ _) b7 h& I3 i" b- X8 zmortgage loan
+ ]. R% I4 ?! N. f( R>conduit2 K. e2 G$ [+ C8 e$ g4 D
>RMBS(Residential Mortgage Backed Securities)
/ \7 l! J3 X9 _- J( k) G>arranger4 i) W1 m. [% h8 i/ C, {
>CDO(Collateralized Debt Obligation)7 O/ A% i5 y$ Z
最後去到投資者

Kev

i thought it is the reason of rate of return.
5 t3 @" v6 p' o8 L2 L" L9 x" |( G/ qCDs could have different ratings, AAA -> F,
/ g: Y/ n' Q: |% a; ^more risky ones would have higher premium (interest rate) as a compensation for an investment.' n8 r: `/ h9 U$ N
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 W/ K3 u# C1 I0 {. d# c
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 g) W5 k$ R7 a; w- W5 H& xAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 A9 {2 M4 B+ \+ L3 Zsimilar to bonds, CDs trading in the secondary market have different value at different times,
/ [8 ]4 p9 k* A( Nnormally the value is calculated by adding it's principle and interest. . s1 Z" {/ b# b( R; j
eg. the value of the mortgage+the interests to be recieved in the future. & l+ r" k) k4 |5 Z
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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  L) e* t$ I% \- J9 w3 X7 ]( e. Eim not quite sure if the multiplier effect does really matter in this case.$ l, l6 Z, ?. k% N( W. G
in stock market, it's the demand and supply pushing the price up/downwards.5 g# g9 A( L5 _  A, c
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# q9 T# b" S  A! [( W; ]0 I1 lA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 r' g  C! |% Y# H0 V. @& HThe 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. / ?8 x6 V* Z6 I. X* m- \: n. d: 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.gif0 d2 t6 u1 g$ L5 k0 I$ f" f+ a3 y
Refer to last example,) B! ]. W6 ~" I9 [) A# E
that means bank A have no money because we borrow 10 dollars from bank A
) N& J8 B2 R  c  m- IBecause bank A doesnt have enough cash on hand $ b$ e4 Q0 r6 P0 c
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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+ D& L: m* E  i2 b; M! H0 XA->B->C->D->E
; z' g4 d  a" m5 t, eso does it mean if E failed to pay D, 5 b- x# v! k( x7 ?0 _& V& B
all the B,C,D,E have to go bankrupt?* `( n6 |" {; s, o( t* q: p$ S0 Y
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the multiplier just tell how much money created in a whole economy, $ v+ \+ n+ M1 v8 H+ S2 W. T
in this case it doesnt really matter how much money is created,
! Y0 [! h2 i, k6 H0 zit's the problem of the debt itself.* r4 E1 H0 [* p  {2 G& V( x  G
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: N+ x) }0 w! g4 F
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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' Y; ?8 W- B+ C+ Q% s# z& j4 @無可能淨係有人蝕錢無人賺架嘛...8 V- S8 ]9 B8 N1 Y4 r& v7 \3 V7 H
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敬請各師兄解答
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0 ~& S$ o& b, _: r3 o/ g$ AThanks

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那些根本係 紙上財富  
1 j7 e- T% i. a, m, N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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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 z$ k0 Z! x$ [, S
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 b' d) o7 B1 L- l! e
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
+ ]: b8 _# j4 a1 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" C) N4 p) V! G8 ~5 o+ [2 n扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,8 g6 @8 {+ [) Y( u3 u/ P9 G
計番回報率就已經係50%,所以可以好好賺9 N" j7 [5 p+ }! \" m
前提係銀行之間要互相信任先可以咁樣借法/ R! G/ `1 b; B7 o
同埋個市場既前境要係好先得1 Y, g6 V  d' G0 \" V
但當經濟一差,公司估值趺了,物價不升反趺  S6 g. U" r; W- s5 F- X, h
例如剛才說10蚊的, 趺到得番9蚊, : ]9 \1 t; C9 N3 d# b/ ~/ p: W# b& F
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%  [% L: u% o/ ^* v% N  W
所以你就會覺得D錢好似蒸發哂咁4 I- G7 Z4 q3 [2 m" m, K& {
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你都可以當標野咁諗, 個樣野多人可以狂升值,
/ D1 F3 K8 V5 g" q/ w# p0 b6 j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 v+ w. Y) r9 }* |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 d) R3 }) H& e: w# \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" V% X( \5 J. [, [/ I( O( I! W: g
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.gif8 K- Z2 \- a) Q- f
唔係d錢蒸發, 而係比美國佬洗晒未來錢, , ^8 j6 @6 I8 y- R7 H2 U
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' H* ~+ 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
* T( m3 q& F; d' o6 c0 a咁你話d錢蒸發左去邊? ...

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正係咁樣$ y6 w' P* D. H$ S9 e
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
) H: \$ P& j0 _分分鐘佢地唔使還錢! z- i# Y$ O, C3 z/ f; i
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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,
2 C  G9 W# d. g* `" X0 u; N8 R" R連國家都係問人借, 不停發債券, 印鈔票
( D* C  [: Y6 ]. e( Y9 m+ ^一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' ]/ O# ^0 g* q, |1 w% }
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.gif0 m3 `5 A5 q/ Q' G+ F: w
咁而家"爆哂煲"算唔算先至係變番"正常"???

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5 Z* ^) r. t, |4 T" T2 J1 h( ?其實係...
* P& \+ ?5 X6 z9 P因為以前未生產, 先消費$ i+ p, M8 {4 u8 V2 e
而家就要多生產, 少消費