0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif. S% P, {& D( }3 k) ]: g
Why bank will sell 借據給第三者???6 w% U9 y3 H" S; [, f5 H/ g: @
I was so confused.....

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/ x/ A5 C6 q/ f( B. b講到尾都係賺錢
& X2 ^" R- |( U! J, }, O7 Kso銀行可以不斷放款
( e4 k! p; t9 {' E1 K6 s美國的房貸問題散佈到全世界( d  e; R4 j2 z& B9 p5 G3 u
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mortgage loan 0 z! u! h5 N: ~* X( N0 u3 U3 q  W
>conduit
2 ~4 ~# X# f& S- \: o>RMBS(Residential Mortgage Backed Securities)
: J5 ?& _1 r$ u' E( I+ I>arranger
  |2 j* g1 I7 v4 X8 T0 e>CDO(Collateralized Debt Obligation)
. \. E, U+ g1 p! k9 N最後去到投資者

Kev

i thought it is the reason of rate of return.5 _% ~' k9 N5 Q& n1 u
CDs could have different ratings, AAA -> F,
& S2 {5 l2 J6 z% M8 _" ?/ emore risky ones would have higher premium (interest rate) as a compensation for an investment.
! A* R: m* L8 u: B" o7 m2 vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) Q$ ^1 s% Z2 A' P
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* I5 N: T4 r0 T/ E( c
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, q- ^5 H; G8 |9 S5 G9 x9 F, Csimilar to bonds, CDs trading in the secondary market have different value at different times,
) y' A  |) B$ k. rnormally the value is calculated by adding it's principle and interest.
: S& _% ^2 Y+ keg. the value of the mortgage+the interests to be recieved in the future. ; `% W4 ^" S! s$ p
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.- Z. v/ ]" f  u
2 }+ s! e& e4 {3 A; ?
im not quite sure if the multiplier effect does really matter in this case.
) Y$ F3 q9 {1 ]3 E% `0 iin stock market, it's the demand and supply pushing the price up/downwards.6 S0 O' S+ z% a1 V8 D! e: C
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 E9 l- e- ?9 A$ g, C& e8 m
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  L/ ^: i  A8 x+ M( R3 _
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.
" Z  J- k, i" g1 f3 p( ~" vbut the value of their assets did really drop significantly.; M8 y7 B  b' v: ]" m3 @
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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 s1 S! k9 _6 X% J
Refer to last example,  L/ {, f! f' F: Q, ?
that means bank A have no money because we borrow 10 dollars from bank A ! U( j8 t$ G, v, [
Because bank A doesnt have enough cash on hand ; o! \! t' k3 E: y6 }3 S: a
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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" i" j! B  k! D/ bA->B->C->D->E
& y* V0 ~. U2 i8 g! x" H2 q& |so does it mean if E failed to pay D, , ]/ z$ F" V0 L9 s
all the B,C,D,E have to go bankrupt?5 l2 v# }8 `( S  O% E% w

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- w; z& a5 ]/ ^the multiplier just tell how much money created in a whole economy, . R  f1 k! j. C& l
in this case it doesnt really matter how much money is created, % S; O7 A' ?" K
it's the problem of the debt itself.
9 a6 k1 U) T5 S  H1 `# l4 {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
+ R7 Q- J/ R% Y小弟一直都唔明...
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: P5 ]  Z0 q$ X+ [全世界都蝕錢，咁邊個賺緊錢呢?
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2 o1 Q; V! h9 |% n: Z- v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: d# n% z$ B7 B  u' e0 h+ i( E. k

- T' C4 b* A% {. H2 e  }- iThanks

; q1 ~3 f+ k5 K# L那些根本係 紙上財富  . e9 ]; U$ T& j/ Z, Y6 w: @
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; \5 P5 h* Q, \6 @7 @, b. C: `1 K
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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0 _, O5 n6 o5 ^8 f3 b* r! w3 h  d
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高, J9 Y! d1 [& \$ z( h
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. ]! P; F% K, i- B( l
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
5 ?) h$ D( {* X' g- R- q6 j扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ }* e% i& C! [* {% P
計番回報率就已經係50%,所以可以好好賺
( g' _$ Y$ x& A前提係銀行之間要互相信任先可以咁樣借法
# }# a3 g& ^3 ~& m7 V同埋個市場既前境要係好先得' k- V9 E& E; _- a" s& c* M
但當經濟一差,公司估值趺了,物價不升反趺. u+ J. c6 u- F* X
例如剛才說10蚊的, 趺到得番9蚊, % b  y  ~- [5 g3 v! F1 t& z+ a
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
* h( O% P6 o. e$ g, @, c; f所以你就會覺得D錢好似蒸發哂咁
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; t% z7 `8 U/ @+ C; h你都可以當標野咁諗, 個樣野多人可以狂升值, 4 D5 b# A2 j$ U" z4 f
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, , h7 l. K2 f% R; U  n
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . N$ j0 p" U& M7 Q+ u7 h
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; C, B3 p9 S2 Q2 f
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
) o5 v# A4 G  ~$ h2 F0 R唔係d錢蒸發, 而係比美國佬洗晒未來錢,
8 f9 G2 h/ J4 q- @% b淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , ?/ M2 I2 Q; 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
% B3 _5 d% n2 s& e咁你話d錢蒸發左去邊? ...

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& v+ s9 L! ^( i; a正係咁樣
; t( k! p4 A  S. u  t+ m1 P# w5 L9 Z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+ U) H1 r5 i4 i0 u, `
分分鐘佢地唔使還錢$ I3 A: v! ~3 x3 T

( a8 r/ N: B/ U4 i3 q! }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,
+ v! L2 D  \* K! D# N% t連國家都係問人借, 不停發債券, 印鈔票
! g) x3 v0 |- X& T一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
' e0 O  W' r# Z; I" m4 F7 N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; V4 C  P  h3 X3 ]; E( E: @% v
咁而家"爆哂煲"算唔算先至係變番"正常"???

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# X9 k6 n7 D1 ~) T其實係...
/ X. \0 E7 b' p. X$ K) G因為以前未生產, 先消費
0 q0 V& s: ~- _! ?/ \而家就要多生產, 少消費