0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
7 Y, @! g, y: \Why bank will sell 借據給第三者???0 V" z) f; a2 p
I was so confused.....

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講到尾都係賺錢
9 A1 y2 j" u4 r; i8 A( g0 Eso銀行可以不斷放款0 W% @- n: O* ]* f; R
美國的房貸問題散佈到全世界
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$ T2 H$ D9 r3 l! h: f' ymortgage loan " |' _6 @; s' t  H* C
>conduit
4 h+ U0 @/ l: n) j: C  }>RMBS(Residential Mortgage Backed Securities)1 q" W2 L: [* |1 m6 T
>arranger) z! d; i! \8 p& c
>CDO(Collateralized Debt Obligation)
6 U( K1 N5 |0 c9 D4 S. a最後去到投資者

Kev

i thought it is the reason of rate of return.
, M$ Y" I8 w/ vCDs could have different ratings, AAA -> F,. ^# ^- l0 {6 u
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 Q' [4 q0 @! a" s5 d
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! u  ]/ b* @) T, I* X. Q- Hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ D# g! `4 A: D9 x2 s# H+ x: y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" w' W- c# d) [- D2 Y1 osimilar to bonds, CDs trading in the secondary market have different value at different times,: K4 Q% J" A1 m; U* w
normally the value is calculated by adding it's principle and interest.
: m, }; l- r4 [) q: {7 f0 _eg. the value of the mortgage+the interests to be recieved in the future. 2 _5 t% o) W7 P* 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.( @8 r7 c+ \7 C6 A

& y1 h* r; @7 W, Z7 [& w& b$ F3 Z, uim not quite sure if the multiplier effect does really matter in this case.
- Y5 g+ k: W- f, jin stock market, it's the demand and supply pushing the price up/downwards.
5 r: v4 q2 k! O# WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ u) g: }* ]9 \- j
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 o8 f) u% y' A) @/ t, G: l
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. 6 _  g; Q0 s7 z
but 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.gif1 j8 \  u8 p) T4 ~7 g0 C4 F" i
Refer to last example,$ H0 e- f7 v" [( K
that means bank A have no money because we borrow 10 dollars from bank A
- q* k- e- `' y# kBecause bank A doesnt have enough cash on hand
- ?8 d4 G% u& Itherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E% N& W0 B9 y6 e/ H
so does it mean if E failed to pay D,
# o: k, \4 d( A+ E0 a/ U) R% N; Oall the B,C,D,E have to go bankrupt?" {1 M# Y1 {- B2 c/ h

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7 f5 O' J; `! y/ G2 S! Y" kthe multiplier just tell how much money created in a whole economy, 8 ]/ x2 }9 `! r- t/ W+ S
in this case it doesnt really matter how much money is created,
0 ?8 U# t8 k- T9 tit's the problem of the debt itself.
) y7 G$ s: V2 e+ R$ a" X: H* e/ gthe 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.gif6 R' S9 ?/ r# r- R3 k, Z
小弟一直都唔明...$ z6 J! U. D$ X4 i

6 s2 n. s2 `' d( J+ }  F+ y全世界都蝕錢，咁邊個賺緊錢呢?: P- D  Y) Y% u+ ^- o8 }( A; ?

2 ^- g  D9 ^7 Y/ ~( [2 q+ d6 ]無可能淨係有人蝕錢無人賺架嘛...
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) ~. @# L( V+ X, d/ {8 i2 o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  % S1 @. b" i. t0 @
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# u# F; Y8 t0 n8 h
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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
. g0 f) l$ M5 {當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' w" @9 k% _, G; _' n) }) k9 F
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4 I9 w* R; U* l
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦( ^) i" U0 r& ]" ^6 a' W  ?
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,1 a' ]/ ?7 r8 I7 z  G7 s; Y" i" {, G
計番回報率就已經係50%,所以可以好好賺
4 `0 A8 @: s# L! u6 e- u$ D前提係銀行之間要互相信任先可以咁樣借法
& b( N, W; f6 D同埋個市場既前境要係好先得
" m6 d6 T* X0 P) c3 O& t但當經濟一差,公司估值趺了,物價不升反趺; N, B% G( N6 a& m/ x" r( A
例如剛才說10蚊的, 趺到得番9蚊, + a8 p- k6 ?4 ^9 v' n: w
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
, M  k1 \3 W  y4 m6 j7 T2 L; G所以你就會覺得D錢好似蒸發哂咁
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' S7 H% u7 }3 g1 Z* Q. @; e你都可以當標野咁諗, 個樣野多人可以狂升值, $ _8 e  Y. y' V9 F% L- ^4 Z: U; s
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,
. L, P8 w9 S1 |5 `2 S- i/ ^淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 |: I* l8 d) G1 \# H3 o) 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
, f% g' v0 t! K0 d% o+ p! a5 N& Z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. l* `" r8 S! y# V! ^, P4 z
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 ^8 a! t4 `1 f6 E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ P( D/ e8 F5 v# w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
( B8 f7 M$ A) a  W1 Q7 d6 b咁你話d錢蒸發左去邊? ...

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. n, m7 X$ e$ ~! H' U# s1 O正係咁樣7 L1 }( P! ?  h. A, p' b* I8 }
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
9 S0 a5 j# z+ @5 |2 v分分鐘佢地唔使還錢3 t$ f6 q) j) \: {
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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,! r. \  Q4 H/ {3 v% k# C: J
連國家都係問人借, 不停發債券, 印鈔票2 t6 D. X: I% t' U: G
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( }1 V8 x5 T: u' A8 \$ v
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
; \4 i" I3 S: x# m' x5 V咁而家"爆哂煲"算唔算先至係變番"正常"???

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3 P. B2 F8 O$ T其實係...# B# @8 d+ i* V8 E2 j8 [4 I
因為以前未生產, 先消費9 p+ e4 Q% G( m' x9 O9 l2 S( b# R
而家就要多生產, 少消費