0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, [' h' ?3 T) C; o
Why bank will sell 借據給第三者???
# i2 U' f6 i- JI was so confused.....

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講到尾都係賺錢2 W0 M4 {; p4 Y' w9 k5 `, W: D) X
so銀行可以不斷放款
" i, e9 ]3 S. K) `5 u美國的房貸問題散佈到全世界
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)$ o7 M8 g3 v0 _0 v* l$ ?+ l- \" G
>arranger
: S* B6 Q5 {, ]% }5 P: ]5 q- C>CDO(Collateralized Debt Obligation)6 T4 D2 v( H9 r* m
最後去到投資者

Kev

i thought it is the reason of rate of return.
2 q4 X- H& ]; XCDs could have different ratings, AAA -> F,
3 w7 ^  b6 l& o0 e* K2 Ymore risky ones would have higher premium (interest rate) as a compensation for an investment.0 y2 {( X% C2 }0 h# x: t$ Z* A
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( F$ U, ~: M8 t/ x, M& q9 Y5 l8 l2 k- |in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 _- w3 p9 Q  X/ [
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 J; d( |) q4 W; P) E3 csimilar to bonds, CDs trading in the secondary market have different value at different times,
; B- h' F0 ]4 E' e5 G+ a$ g! inormally the value is calculated by adding it's principle and interest.
# T8 j# M/ c: X$ g% }& S; ieg. the value of the mortgage+the interests to be recieved in the future. & M9 v! A  T2 {
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.
( p( U# H  j# d" Z: Bin stock market, it's the demand and supply pushing the price up/downwards.
4 k# c6 A! p: O; AFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ o0 J: O: i9 A! ]! nA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! D. I+ N+ \3 N. e: I/ 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 A( ~6 S+ n1 U5 xbut the value of their assets did really drop significantly.& z9 \( o9 G2 ~. j1 A, [2 ?7 K

2 ^: D. L: e% H$ i9 j[ 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) C& m3 \/ _+ D5 p) y6 @
Refer to last example,) t# o" F: S" ~! A9 [+ M
that means bank A have no money because we borrow 10 dollars from bank A 4 \" _+ e% K1 G- y7 Q5 s
Because bank A doesnt have enough cash on hand
! D- a2 P0 x+ ~, I+ Z. stherefore bank A need to be bankrrupt ??? Am I right ?? ...

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6 k% o7 \' y. L: pA->B->C->D->E
4 r  ^. ~- r/ r+ I! m: S8 @5 U5 zso does it mean if E failed to pay D, / h+ Y  f7 \2 y( m0 M. \* m
all the B,C,D,E have to go bankrupt?
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! `2 O: ]0 p$ E) }. Uthe multiplier just tell how much money created in a whole economy, 1 A9 F' v  a: a) x) [
in this case it doesnt really matter how much money is created,
$ o& }+ H# R  X. A  Eit's the problem of the debt itself.0 g5 ^# \# [( _4 r, `! 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
9 t: R9 U! f0 ^) a# X( ^( a; a4 }5 f小弟一直都唔明...; A  ?+ i0 G* f( e  U7 p

% a/ x/ d+ O3 G7 n$ G全世界都蝕錢，咁邊個賺緊錢呢?
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: G" ?' l4 _  \9 b; ?/ r5 \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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8 h- P- s8 p3 p/ ~* q: M) XThanks

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那些根本係 紙上財富  + z+ R! Q3 I7 u- l: S
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  B- m4 E9 o: T0 W
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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  o8 }  t% L# x; X0 K7 ]( j
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- l! Y/ X4 d- ~/ \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
3 K5 j: c7 Z$ q$ ]3 B) q9 a7 j個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ V7 Q; e1 V3 w& Y6 e扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
' f. _, _0 ?! s$ }+ m& r2 H計番回報率就已經係50%,所以可以好好賺
- g2 K0 |/ q3 V& Z0 T1 ~前提係銀行之間要互相信任先可以咁樣借法+ ]; k& g4 P& s5 d* u
同埋個市場既前境要係好先得5 U2 U, Q$ m, S' \* L& J$ [
但當經濟一差,公司估值趺了,物價不升反趺; R; l9 y# }9 o' C4 R( ]! n$ E( T
例如剛才說10蚊的, 趺到得番9蚊, 6 e0 n6 Z8 q  J8 G* ^
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%4 o! j" D  ]% X$ k5 j
所以你就會覺得D錢好似蒸發哂咁& \+ l  K9 }5 m. r4 `
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你都可以當標野咁諗, 個樣野多人可以狂升值,
* U/ H) u# k% B0 {( _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,
3 U+ d: J3 _5 S2 Z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & h$ j/ v* @+ t7 d4 a" M
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
7 U# m$ O4 u/ L6 E3 ]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
" {9 h% }; [' |+ P- T; y0 O4 i, M唔係d錢蒸發, 而係比美國佬洗晒未來錢,
4 p" |  V5 T8 L8 `" ~- g, Z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( Z7 L7 g4 {, ?1 H0 V$ 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1 _" n8 }8 t; e# D" L
咁你話d錢蒸發左去邊? ...

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正係咁樣
) Y( k( l0 [6 P2 {+ L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
1 y. p9 ~8 s1 y( a- W9 Y: y分分鐘佢地唔使還錢; n. a9 l, c9 |3 t$ o' y: {

7 e3 {8 _- Z- z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,
' A: C0 ?) H  n2 v( f1 r( v0 ^) @, U/ m連國家都係問人借, 不停發債券, 印鈔票" A. {$ i- `8 h5 c7 g" U. Q
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ H& V6 R' w' }6 O7 C0 Y, `4 J
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/ c! K# U# E& q6 y9 n
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
# k1 X( C. h% C2 q因為以前未生產, 先消費! n; F6 J& z% E) X
而家就要多生產, 少消費