0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif) l) @# V9 t9 w% k5 X3 i
Why bank will sell 借據給第三者???
7 S, g  m" m$ s+ S" u  a7 d( H. QI was so confused.....

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# f4 ]8 S5 X2 C! K1 d: n+ o$ m' t講到尾都係賺錢! d4 b- M9 [7 t4 T
so銀行可以不斷放款! d; n* A5 a. R% v
美國的房貸問題散佈到全世界
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)! O9 |2 \1 _& I. S7 D. i
>arranger
; |* Q8 m$ z2 i' Y>CDO(Collateralized Debt Obligation)( n! o& q; ~/ o# x
最後去到投資者

Kev

i thought it is the reason of rate of return.
/ j, X7 X8 j5 d# kCDs could have different ratings, AAA -> F,6 w9 ^2 S/ q! x
more risky ones would have higher premium (interest rate) as a compensation for an investment.' r8 Q* s; o9 J7 X6 \
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- d& `3 h7 G: f7 y8 `" v
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# _1 @+ b* T$ ^0 mAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 l9 |$ B% ~& T# b6 c5 Usimilar to bonds, CDs trading in the secondary market have different value at different times,
* t" O2 D( z# f' `4 S# inormally the value is calculated by adding it's principle and interest. 8 Y( [6 C$ r" f* N% C; o
eg. the value of the mortgage+the interests to be recieved in the future.
& _) J! c5 k! [0 I# fbanks 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.. h: a+ [) }4 U5 s9 L
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im not quite sure if the multiplier effect does really matter in this case.) T- \7 u! n' B
in stock market, it's the demand and supply pushing the price up/downwards.0 _8 h" }% ^8 S- F& s0 s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 t- r1 U; O8 W5 r5 W
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- i# C# C7 Z* [* o6 b- q& VThe 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.
+ s. j; k, y: I$ F2 l: W% Sbut the value of their assets did really drop significantly.5 K8 M& ~$ r) f. }
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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) \/ i; t7 p5 }/ u+ ?  h
Refer to last example,
+ b- v6 ^' ?- j; }# Rthat means bank A have no money because we borrow 10 dollars from bank A
8 [4 Z7 Z) d, z% |5 \Because bank A doesnt have enough cash on hand
6 Z3 }4 n; h! x# btherefore bank A need to be bankrrupt ??? Am I right ?? ...

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- B! k2 Y! _% oA->B->C->D->E. N( J5 w) \6 q2 ~) q' [
so does it mean if E failed to pay D, ! o. I' _( m$ u) j
all the B,C,D,E have to go bankrupt?! s  m# K1 R! Z7 `1 e
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  y; W& }( @8 V( Hthe multiplier just tell how much money created in a whole economy,
! B1 p' o- f4 J6 L4 r0 t/ \; gin this case it doesnt really matter how much money is created,
+ a9 a7 \1 e" L7 m# iit's the problem of the debt itself.9 K. P" H6 I$ ]+ T
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
, n6 a+ D: ?8 U小弟一直都唔明...0 P9 u8 t1 z0 F5 |, a  w& {4 ]- G

5 X. P' M  J3 e, o全世界都蝕錢，咁邊個賺緊錢呢?4 e8 u- N9 f# S4 w+ O/ Q6 A

( o- W+ w7 g: _. G+ Q無可能淨係有人蝕錢無人賺架嘛...
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& Q) b$ w* F5 `# f敬請各師兄解答: |( |4 C/ v1 Q4 S  I/ H: k: I

( a% N# g  I/ p  z1 Y6 WThanks

3 G$ q; E2 p7 J8 e+ ?2 ?/ [那些根本係 紙上財富  
, v4 L: [% Q4 f7 [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! S5 D* F0 M7 S
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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7 Q' s3 P/ m6 a& \
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. v- w2 [7 m( T5 c4 s( p5 w: 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6 e) R& v- T6 O5 p
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
* _  p9 b6 w- k扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
  x7 m7 Q# G' T+ h計番回報率就已經係50%,所以可以好好賺/ N! t4 X  A4 W4 s1 `
前提係銀行之間要互相信任先可以咁樣借法
! d, v( L0 G" {& G! S) w同埋個市場既前境要係好先得2 q$ o9 w  _5 L3 e  T2 D# y
但當經濟一差,公司估值趺了,物價不升反趺" _  O# r4 B- |+ w4 ]1 h9 d
例如剛才說10蚊的, 趺到得番9蚊,
, G% L- K3 u5 i咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! i9 Z' P+ s  e2 i, z2 _所以你就會覺得D錢好似蒸發哂咁( f: n: S( y0 s- T
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你都可以當標野咁諗, 個樣野多人可以狂升值, 3 @5 ^  Y& n% a
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 w, K  [6 O0 p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' s. M( t4 g) M( F0 `# n# x
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 t8 [5 q+ k( o% [9 y
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( i4 V% `0 S  e7 ]# p
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 j* H3 V( y7 L9 y; O, M淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . d4 X% E4 i. H! z" ]. m, S
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4 B$ D* L2 Z2 F8 d; n6 C" ^* v$ @
咁你話d錢蒸發左去邊? ...

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0 P6 C1 x) J: r1 k6 p  c: `正係咁樣
+ Y6 _' r+ v( 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
. a7 b* f% W$ {+ M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,
3 w+ s# s4 X2 i& N" j連國家都係問人借, 不停發債券, 印鈔票. ~$ P- M; S0 l, ~% K* d  ]9 M
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* t# @& p, V8 B7 V2 ~# [$ T. d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/ j2 q; w+ [7 M  Z3 }) |
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係.../ M" N4 S+ ]" P1 R8 O1 o7 k: F
因為以前未生產, 先消費  |! w; A' ^4 `
而家就要多生產, 少消費