0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
5 ]  Q' C2 {  u$ f+ v4 yWhy bank will sell 借據給第三者???& T4 c4 k& |8 i) o( ?3 Z+ P* q
I was so confused.....

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1 |% B! g( i+ q1 P. B7 Y! S; N" v講到尾都係賺錢& i2 C* @" x3 @9 O, K  F
so銀行可以不斷放款
, i+ c4 e% m3 D2 v/ g# |美國的房貸問題散佈到全世界
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mortgage loan
# J& ~. e7 b& q>conduit
& y  ~2 v8 b# U4 r9 H>RMBS(Residential Mortgage Backed Securities)% y, J# w, ?/ m$ Z
>arranger8 @" @+ [8 R/ O7 D& \$ `: A$ P2 R
>CDO(Collateralized Debt Obligation)0 e& O3 }' a5 p. j9 m" ~
最後去到投資者

Kev

i thought it is the reason of rate of return.  |8 w( r6 J) i
CDs could have different ratings, AAA -> F,
3 [" O) X4 L4 v, I% Smore risky ones would have higher premium (interest rate) as a compensation for an investment.; _3 O4 I) F& w9 [- D+ V: z: y, X0 k
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
& l1 I2 M- Q% X. rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 L( ]. V& D/ Q0 OAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 t5 j* z0 _; r
similar to bonds, CDs trading in the secondary market have different value at different times,* h7 p% D0 Y- i  P( X8 Y  e
normally the value is calculated by adding it's principle and interest. 2 |$ M5 Y/ w! E1 R- ?# u  f
eg. the value of the mortgage+the interests to be recieved in the future. 5 a0 o% O, H; T  i% `& Z
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./ U/ }- W" o+ V8 C
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im not quite sure if the multiplier effect does really matter in this case.# L. {( V# v1 Q
in stock market, it's the demand and supply pushing the price up/downwards.
% p( L: ], h+ C0 r- H4 {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' f" o. x/ X2 e, w; kA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' l! q) a; v( o. YThe 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.
+ m5 a! v. g& D" E% n7 \but the value of their assets did really drop significantly.' ?0 S+ v+ N8 m: {

  V9 }2 s% f7 F1 m' |[ 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% H% q- B1 E# q) J
Refer to last example,# P" Y0 g0 v; o) F
that means bank A have no money because we borrow 10 dollars from bank A ! c5 f' B  e$ x% Y- o# p, \/ g
Because bank A doesnt have enough cash on hand
- v. t, U) U1 B$ p! J7 ^+ Etherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
8 B0 |& ?  m+ e3 v+ Rso does it mean if E failed to pay D,
6 H' K+ j3 e3 E) Sall the B,C,D,E have to go bankrupt?( q* U; _# i7 M6 j3 a

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the multiplier just tell how much money created in a whole economy, 6 N9 |! L& X% R6 M6 q
in this case it doesnt really matter how much money is created,
! `1 G4 ~7 @, Q: M7 Qit's the problem of the debt itself.. w* m1 X% u4 a6 j
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.gif2 i8 E5 d8 Q6 d; C
小弟一直都唔明...
( {# {, _3 }  @
* r! a3 S8 R3 G, O' B/ i" b7 w3 F% D* a全世界都蝕錢，咁邊個賺緊錢呢?
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& t( V- |- M+ d/ n7 M! t無可能淨係有人蝕錢無人賺架嘛...
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! v' E8 ~2 T! \- v$ J" d$ Y# s8 c敬請各師兄解答" M3 U, t. ^9 C& E& i: C
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Thanks

4 u& j2 A2 W1 I1 K那些根本係 紙上財富  
* T# V0 {) H5 X% i1 f& [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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) b7 J- F7 g; l6 H+ I8 Ohttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產2 x: H0 m8 w+ J) \; g
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
: x1 A3 q$ Y: m, v' s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
$ ?% a* k7 y+ V個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
: y* ?8 ]8 m3 R" Z% y5 o扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) x4 ~5 g- }7 W( w計番回報率就已經係50%,所以可以好好賺
& q6 w# l$ H+ Y- h前提係銀行之間要互相信任先可以咁樣借法, V  V+ R7 F* y7 v
同埋個市場既前境要係好先得: y: f% \! f8 r7 r4 [: \
但當經濟一差,公司估值趺了,物價不升反趺
7 u. X* @1 y* U$ Q5 j4 Y1 N8 X5 M例如剛才說10蚊的, 趺到得番9蚊, 2 p8 v5 f5 P1 Z( y! x
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%- V( i+ ^' a4 F1 y
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, & P  S" ?+ A1 W* n' a7 s- w+ X
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, 7 q5 S9 z0 T* G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 {' v, d0 {. u% \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
8 H) a- q  l0 o+ v/ R1 x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
6 N/ p0 x1 i/ @4 n: E唔係d錢蒸發, 而係比美國佬洗晒未來錢, . F2 _' ~5 p3 F8 f
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ A% F7 ~3 ]' k0 S! d% B9 y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& x1 F8 O* ]- O
咁你話d錢蒸發左去邊? ...

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正係咁樣1 Y& ~; w( S2 k8 D8 I
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
2 i! a' ^- f8 A; I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,5 |/ b5 E& u: o6 @3 A$ h" h* W
連國家都係問人借, 不停發債券, 印鈔票
( V2 M9 b! h" {' H% V0 m1 G& V* @一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
9 o- ~$ v% H9 O9 r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
0 Z9 h( s( X" U. x咁而家"爆哂煲"算唔算先至係變番"正常"???

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' `0 }8 h& `# R' E( l! i其實係...
6 N, b4 U" s7 l. }, B因為以前未生產, 先消費
5 x: Y9 \) {: K, ~& t$ `0 O而家就要多生產, 少消費