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原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
  Q" L& R% e% |2 G8 s1 Y$ jWhy bank will sell 借據給第三者???2 M) k$ w( t1 J/ f& W* j  v
I was so confused.....

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講到尾都係賺錢
2 ^! [; e6 I% Z/ S7 w" B7 F8 Sso銀行可以不斷放款' H0 U: B! k# C9 T2 P+ j: H
美國的房貸問題散佈到全世界' \& m* Y4 Y  h) e( V5 i: }+ Z

6 H; p7 R# O6 m0 `3 |0 V- _1 Omortgage loan
4 K3 p8 A5 `$ r4 C: a5 F) D>conduit# W% F) U% J7 `2 Y8 n1 {* j9 i
>RMBS(Residential Mortgage Backed Securities)
$ s3 T6 {0 v5 j  u>arranger
$ z6 O! I  a) l7 m7 p>CDO(Collateralized Debt Obligation)% m3 G/ g5 k& @0 Y
最後去到投資者

Kev

i thought it is the reason of rate of return.  p- n  n% y7 i) j7 P6 C  Z
CDs could have different ratings, AAA -> F,2 r* X% M( t6 B  E; P
more risky ones would have higher premium (interest rate) as a compensation for an investment.9 _& V, k0 I% N& d8 z. }- e; F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! a& |0 ?7 h! t! C! }) {) rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& x, b# [0 K; L+ w, K! CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% C5 O6 _' ?2 B7 Y  w& k7 E
similar to bonds, CDs trading in the secondary market have different value at different times,- {$ s/ B; Y3 f0 g+ k/ l
normally the value is calculated by adding it's principle and interest. % x3 ?) ]/ m' }
eg. the value of the mortgage+the interests to be recieved in the future. ( T4 O) I( l3 E1 f' s* ~) h8 x
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./ ?4 U- R8 a4 p) J

/ ?5 z; m" a5 o! b* nim not quite sure if the multiplier effect does really matter in this case.  ]: N% ]" r) U5 g* @
in stock market, it's the demand and supply pushing the price up/downwards." `5 [! S" E! E. n2 c
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: G4 Y( M  i1 Z+ H8 `9 K
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 s! C9 g3 d1 {8 P$ e& ]0 `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.
) b1 k" `  V. z: ~. J& G3 Q& Sbut the value of their assets did really drop significantly." I7 F6 q  u  {8 M

+ B% Z, S  |+ _[ 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
5 N2 s- F: N9 X4 e7 FRefer to last example,
* p) N& i: g  V3 r8 ?that means bank A have no money because we borrow 10 dollars from bank A
. e1 ?/ L6 ?3 d! rBecause bank A doesnt have enough cash on hand
5 R7 s; i5 k+ i9 f3 Rtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E3 t0 c$ b. h2 W* \4 `. f0 _
so does it mean if E failed to pay D,
" @! d1 X9 |/ R, e5 mall the B,C,D,E have to go bankrupt?- M2 ^/ {( x; L- ^; `5 L
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3 L: v3 P- \8 o. ]the multiplier just tell how much money created in a whole economy, 7 `3 {% j2 v2 \9 y5 y/ C
in this case it doesnt really matter how much money is created,
5 p0 t: q1 P6 {9 ^8 p! xit's the problem of the debt itself.9 C* i& V; Z% W3 t" k. z! c! ~  @, y
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
! o* s/ o; O3 I; r0 t1 l- ]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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% V+ p+ g' j2 E, O1 `# Y無可能淨係有人蝕錢無人賺架嘛...8 b; j# a# r! f- w

$ {3 S  I. c/ r' q敬請各師兄解答- G' ?: H; T% s7 |

, @" q6 F& w* D9 @( k* z2 _Thanks

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那些根本係 紙上財富  , {2 a; m: q. j+ Q: e
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
% m7 {  i" A& q# x! _$ s/ R當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% U: v& T  g6 Q- R: u, b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
; l( ?! J0 S9 P) z: Z" d個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
9 T" O) B: K1 w: v4 ~5 o扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 J) `3 |4 `) |. a) v, Z, ~3 @計番回報率就已經係50%,所以可以好好賺
, i, g4 Z- Q3 d前提係銀行之間要互相信任先可以咁樣借法/ _  F1 f  s: k9 G( Z/ `
同埋個市場既前境要係好先得) G2 m( M! V; u
但當經濟一差,公司估值趺了,物價不升反趺0 s! d, V9 Q, m& R2 o, g2 ~
例如剛才說10蚊的, 趺到得番9蚊, $ l7 P+ s. c( }# [4 c# _
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%  x! d% z* M& j+ _4 D$ g
所以你就會覺得D錢好似蒸發哂咁+ g. c; t+ d! H" k- ]
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你都可以當標野咁諗, 個樣野多人可以狂升值,
7 {1 z5 \$ W- e; `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, * V) p; N6 y! |. M8 V* ?" W" _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 f' F. @4 J" G- n- G
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# l- V& Q; u2 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.gif2 Q  A; U: ^7 C! v7 e" E, @" B
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" c5 d! w+ Z/ E, q) N/ @! U% O- }淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . O- F! i$ A/ \- k
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# X" `; f; W* ]
咁你話d錢蒸發左去邊? ...

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6 F# N/ n2 i* ~3 I正係咁樣1 Q7 z0 n0 I  k; V9 t) f8 A
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
" V4 g  I& J8 h+ B分分鐘佢地唔使還錢+ N7 B8 A' N& a* P  W
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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,' U: P; _% g  H6 N
連國家都係問人借, 不停發債券, 印鈔票
- J8 D0 |  G1 \8 h一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% [' u9 ~- G8 K+ S+ I
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
# y. f, I* b* F0 @咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
3 j+ u0 A5 i+ c  H& L因為以前未生產, 先消費
% n. [- F) B+ r- P" S而家就要多生產, 少消費