0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
7 L% F5 }' H# A" OWhy bank will sell 借據給第三者???4 l, @# y  D+ ^
I was so confused.....

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4 F% W0 T! O* P& w1 G講到尾都係賺錢. H- v/ ^- p0 d3 V, q# V5 z
so銀行可以不斷放款
# f7 a  A/ h3 R7 N7 I美國的房貸問題散佈到全世界
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mortgage loan
- l6 h7 k; f7 ^# {>conduit
+ h! x. T# g+ f; Z>RMBS(Residential Mortgage Backed Securities)
* b, r% d, B6 o/ M>arranger- |/ u& ?7 @; |' T; x8 R! Y( c. R
>CDO(Collateralized Debt Obligation)
% `, V" m- }. \. J, a最後去到投資者

Kev

i thought it is the reason of rate of return.
9 J4 A# X) X& g: N# LCDs could have different ratings, AAA -> F,
0 |7 c0 e( ^$ R5 ]( a9 Y# s1 w8 cmore risky ones would have higher premium (interest rate) as a compensation for an investment.
2 z4 d- t$ |+ d! `2 Z, N% Omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 O' I5 S$ l% @  |% k8 C+ Y. jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
  {9 M/ e4 |8 F: q3 ZAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ y/ u9 O  S/ }/ u. L  G$ P
similar to bonds, CDs trading in the secondary market have different value at different times,% `& Q% A9 u6 i+ ^# C9 Q. o
normally the value is calculated by adding it's principle and interest. 3 E( N+ K  X7 Q
eg. the value of the mortgage+the interests to be recieved in the future. 5 ^) f. [* M. p0 ^
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.
% J& g7 o) p+ d. [3 Tin stock market, it's the demand and supply pushing the price up/downwards.9 M5 a% w& u5 ]/ N
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: p# z! f) e; s# }9 yA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! D0 K3 D! ?, C8 V7 W; a' IThe 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 [1 f  o  ?4 W; E9 o! R
but the value of their assets did really drop significantly.# t/ n$ S% z3 v# d

/ @% G8 t6 d* y! ~  i" y[ 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
0 x* N4 ]* W$ _% g6 R7 H6 |' dRefer to last example,; a7 J& g) N) D. K5 U9 Q) D
that means bank A have no money because we borrow 10 dollars from bank A 9 l; g) q6 L) }' w  ^
Because bank A doesnt have enough cash on hand ' y1 @% x. t+ \; @7 M3 t
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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& J1 d# D2 @, L  yA->B->C->D->E6 Y' k  A) F' e" Z
so does it mean if E failed to pay D,
/ q) ?% a8 H# }  T  hall the B,C,D,E have to go bankrupt?
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+ e+ c$ C/ U4 f& g* g$ \the multiplier just tell how much money created in a whole economy, ! j  v8 E7 z* W( u  U
in this case it doesnt really matter how much money is created, # c9 K# H; \3 o
it's the problem of the debt itself.
6 O$ L7 e% {5 Z( q2 A2 j4 Ythe 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
) q4 b. [* ?9 |小弟一直都唔明...0 U4 m' L6 J1 j$ y9 o7 \

  h  O9 }7 S9 i0 W全世界都蝕錢，咁邊個賺緊錢呢?& h/ P% t5 Y3 s
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無可能淨係有人蝕錢無人賺架嘛...7 Z6 i- q& A9 P. W  |8 K

! s6 I* h: [5 }) L, x敬請各師兄解答6 `- P, L3 T3 Q' z. z

* u& v# S6 D4 x1 p5 X: mThanks

* i! n( L3 Q3 \6 G那些根本係 紙上財富  5 Z# M- q' B  w- {3 p% j
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: _% G2 M6 H4 ~0 P9 {1 E

' Q; A: z0 m. chttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產6 a8 p+ R% a1 W* N
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ Y; ~; L6 {' }0 _  ?/ |
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* i& C( p$ p, i& x+ K
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦) C0 h& b# I+ H
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,& w0 u! s: U- |8 O3 W: u
計番回報率就已經係50%,所以可以好好賺+ v* t8 z+ x: k* @) ^7 j' j
前提係銀行之間要互相信任先可以咁樣借法
0 h; \) k% v, _% r' f/ H同埋個市場既前境要係好先得/ L% y. ^3 m4 S
但當經濟一差,公司估值趺了,物價不升反趺1 ?) z* Q, @; i; ^' [5 H
例如剛才說10蚊的, 趺到得番9蚊, & Z% g& X( n+ y1 Y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% ]4 C7 m5 y& j1 k! K& F# ]* S
所以你就會覺得D錢好似蒸發哂咁# N( f; L( q) ]: S
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你都可以當標野咁諗, 個樣野多人可以狂升值,
  b' x7 l2 m7 _2 C* `( [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,
2 m0 H1 \/ f% |) F5 ]/ M( S" _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; z2 q, q4 s5 s0 X+ ~' H4 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
1 c2 ?- t$ t3 y% 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$ |/ F" A" \2 b+ o
唔係d錢蒸發, 而係比美國佬洗晒未來錢, $ _" {4 T: t5 ~5 u& B( p
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 Y' c' H) H, P: m2 B& z
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5 ]# q7 F5 Y1 o2 i2 b
咁你話d錢蒸發左去邊? ...

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6 i- f1 G, _' E7 R$ J5 j1 V% t正係咁樣
, f* S/ {7 F; j1 Z( A4 ^* o8 A8 u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
& S) v+ p9 L& l, Z  T5 f; }4 Z分分鐘佢地唔使還錢
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8 `/ b: o1 o. c4 F/ H' P' f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,
" H9 s3 \9 S4 s: w. _0 d連國家都係問人借, 不停發債券, 印鈔票0 e1 m: l* @) |4 x* c& [) B! t
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 \, x! }: t( V6 U
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; Y1 m, ]2 o( {9 U9 s! S; U
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...7 G! v8 q4 _! D* J
因為以前未生產, 先消費
( D) V" s- S$ M$ Z而家就要多生產, 少消費