0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
" w3 m6 P; v3 ^/ zWhy bank will sell 借據給第三者???% \, K' k6 G+ ?8 `- i
I was so confused.....

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講到尾都係賺錢. S7 k' D0 a- V+ q& z
so銀行可以不斷放款
; T1 F9 W  H1 M& E$ n, K, ^美國的房貸問題散佈到全世界
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7 I1 O! H$ Y0 ^( O2 d3 }/ Zmortgage loan
( e) C6 W' _4 L& O! U/ l9 ]/ ]) I/ A>conduit( l( }2 a* ^, [- g6 g2 E
>RMBS(Residential Mortgage Backed Securities)$ w9 `2 g, r5 t- z: X3 z6 ?
>arranger1 x/ f/ O' Q# B. y
>CDO(Collateralized Debt Obligation)
$ |" t$ y- @/ v3 P( e( P1 w: T最後去到投資者

Kev

i thought it is the reason of rate of return.
4 U0 z9 `7 `+ F/ F- T+ }# yCDs could have different ratings, AAA -> F,# D1 I5 ^8 c7 x" h4 Y% T
more risky ones would have higher premium (interest rate) as a compensation for an investment.; H4 T- w$ m) B) X
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 K6 q+ u7 ?  t5 Y* A6 x' w2 qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: y& x$ R0 l0 M8 f# i; jAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; X7 ?" g% ]6 \# fsimilar to bonds, CDs trading in the secondary market have different value at different times,+ }1 q1 {% C3 i' g
normally the value is calculated by adding it's principle and interest.
- l" e* a- k/ ~5 ~! neg. the value of the mortgage+the interests to be recieved in the future. 0 Y7 y# f$ X9 I  P& 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.9 E: z3 w0 j5 g: V" v& {/ \

% ?0 _- Y3 {$ Y4 d% j' `9 |, Kim not quite sure if the multiplier effect does really matter in this case.
2 ?1 Y) w2 y- z  C" Z: Gin stock market, it's the demand and supply pushing the price up/downwards.5 l! m: P; f4 O4 o! E0 L
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% q6 j+ J( o7 K" n4 ^! ]( nA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 K+ v2 e: n& 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.
; j- K* D) N4 k5 \( ebut 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) o0 d) D  o  G( E
Refer to last example,
# T8 W  u7 g3 m9 wthat means bank A have no money because we borrow 10 dollars from bank A
" ^8 e& |2 M; M9 y, V% t$ {; eBecause bank A doesnt have enough cash on hand
8 ]* @: L# ?5 e! O( H  vtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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; F# Q/ A! X- nA->B->C->D->E
! ~( \  I4 \) x( T% T6 @so does it mean if E failed to pay D,
1 M' ], ~2 u9 R+ K8 ^) \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,
0 D4 C5 G& ]( U( O  Rin this case it doesnt really matter how much money is created,
/ V3 ^. J6 i& Z/ E8 sit's the problem of the debt itself.
, f- F& b  A1 q! |/ Q; r2 i* [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
5 l1 X0 D/ T, n9 K, J' `; e) S8 T6 e8 m小弟一直都唔明...* j3 c) `. M! a3 x

4 B; }8 h& n: C' |' k全世界都蝕錢，咁邊個賺緊錢呢?
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9 ~+ U! y& \! G, e8 {0 W: q8 Z" N+ A" w無可能淨係有人蝕錢無人賺架嘛...4 u' {% `5 v0 u) z+ @  B
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敬請各師兄解答
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Thanks

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那些根本係 紙上財富    C* {* G/ y( ^6 N$ c+ l8 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  J" b, e" R5 ^7 x9 W

  W- Q. r6 J( a; \! shttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產9 o- m8 ^, R0 E, r( c
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- C- N/ u; o4 o5 W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! g6 o9 G9 `! Q( z
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% u1 \! [5 F( w7 A1 j* h0 c
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,) j& I: x0 R% ~( G! ?4 i
計番回報率就已經係50%,所以可以好好賺
9 ~( O9 I$ u* q  j' U' g前提係銀行之間要互相信任先可以咁樣借法8 i1 \+ T# j' l- U2 i' p
同埋個市場既前境要係好先得
" ^3 T  k* ]' X5 D( D3 p但當經濟一差,公司估值趺了,物價不升反趺+ g' i, X7 _& g2 a! P5 |+ x, R* [
例如剛才說10蚊的, 趺到得番9蚊,
. k6 u" y: N' G" k- M( I* G咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
2 x9 G" V% l, z, \) l9 Z$ m所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
+ w) n  C  s, v- K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, 4 y1 p, w$ ^6 H4 x4 |3 J8 H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& Z6 n+ X3 W. V" l0 z1 C0 q! a5 D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
6 F0 a! a$ I6 }% F7 j2 d5 N3 w8 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.gif
. A3 \' J- k9 n  e唔係d錢蒸發, 而係比美國佬洗晒未來錢,
$ L1 b# j* ?: L淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - M8 i1 F5 s9 ^! \; 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  ]) y; ^/ T: b' ?0 {/ \- ^, D
咁你話d錢蒸發左去邊? ...

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正係咁樣
; e* o7 z7 ?* V' M4 [7 W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
6 G& O* F, }9 G, e" a7 ], w) _分分鐘佢地唔使還錢
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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,
/ `8 b" ]( G* e- K  @1 o連國家都係問人借, 不停發債券, 印鈔票
2 y2 f+ Z* W+ O& a5 `8 M% _; E一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# [. C2 Q. t6 f* d7 j( T# G+ M
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
" ?. {! V# b# \9 N( O% S3 |咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...9 l' i; O# W' K0 g1 x1 D; y
因為以前未生產, 先消費
% Z! e; w0 C+ z  j8 V  H- y% `6 b而家就要多生產, 少消費