0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif# D& @9 x- Y" }; E" b
Why bank will sell 借據給第三者???
8 X" M9 y  {' II was so confused.....

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講到尾都係賺錢
" @5 V2 |: E7 kso銀行可以不斷放款
$ Q& |7 ]; x$ [美國的房貸問題散佈到全世界
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mortgage loan ; K1 t$ m$ ^0 J( R
>conduit
: S% U# M5 t# v% f. ]$ }( R6 {- {>RMBS(Residential Mortgage Backed Securities)
3 b' |8 \' I% m>arranger
7 a, E- d  j5 L, [3 g! ]( `  Z1 e* ?! S>CDO(Collateralized Debt Obligation)
/ w4 D$ m: X3 q( Z& p0 w; i8 d最後去到投資者

Kev

i thought it is the reason of rate of return.4 n5 Q7 [5 [3 P
CDs could have different ratings, AAA -> F,
" h/ q7 c. g3 z$ v8 p8 Gmore risky ones would have higher premium (interest rate) as a compensation for an investment.' u1 N8 t* D* [& g. s, D6 f$ H- J5 ]% N
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* `# Q& d3 ]- W3 s. \: Din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' Y) _: T% x  k8 W$ b5 K
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.  D" j! [# E7 `5 m, F
similar to bonds, CDs trading in the secondary market have different value at different times,- G. ]0 r/ h$ ^  p
normally the value is calculated by adding it's principle and interest. % [) y: X3 h4 r% [8 N' s# s
eg. the value of the mortgage+the interests to be recieved in the future.
9 w7 Q* b7 |+ {# Rbanks 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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: u0 Z( G4 d9 W- c  j( J* X1 x8 iim not quite sure if the multiplier effect does really matter in this case.
! J9 |' L* ~) Y. s+ [in stock market, it's the demand and supply pushing the price up/downwards./ C( q* U$ W( V" \; x8 A/ N
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 {6 N( z* E: M6 U! E% J+ Q* {
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* y' P( J3 n% S2 y
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. ) ~. m, O4 [( x7 u  |
but the value of their assets did really drop significantly.
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& U3 L; @" `+ o7 @[ 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 y5 T6 K; ~1 w4 d6 DRefer to last example,5 k/ ]* H/ |; K( L% D( b5 p
that means bank A have no money because we borrow 10 dollars from bank A
7 f% h5 Z3 X) H7 v; \$ p8 ^Because bank A doesnt have enough cash on hand 1 C/ L- M0 y) P
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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# o! F/ n7 l/ q0 uA->B->C->D->E
5 [# A" `: g- bso does it mean if E failed to pay D, 8 i0 S8 A, Z+ {/ V6 g9 U
all the B,C,D,E have to go bankrupt?1 P8 y5 Y0 Y3 `7 e: Q8 N4 H0 ~
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the multiplier just tell how much money created in a whole economy, % U6 j* u" I' p+ Q
in this case it doesnt really matter how much money is created,
3 k8 \0 T" ~4 hit's the problem of the debt itself.- Q' w* M! z: o: v
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
9 N0 O& A4 E* j! `小弟一直都唔明...& f9 a1 N3 W5 H+ f! a- B5 N) _8 Z$ q
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...3 y( Q) a/ Y, ~

' T6 n( s7 B% I) P+ N- g敬請各師兄解答3 h! M" m% b3 ]# _; G5 }

5 P3 p5 N0 Y& z- }3 K* sThanks

2 p" \( E, V. y那些根本係 紙上財富  
# `% s: u- C2 C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
" P- {6 m" T- O% f當經濟好,投資銀行相信會賺錢, 物價既估值相對較高, ~) v4 s$ z) F, B9 ^
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" o- v" L7 d
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
9 b+ `3 F3 V7 K' x扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
- j( T8 Q' `: u$ w1 {, A3 s+ V: b' L計番回報率就已經係50%,所以可以好好賺! x& i; s! e$ {' w2 Y& Z
前提係銀行之間要互相信任先可以咁樣借法
+ a6 W0 k7 ~) h6 p" j. u$ {同埋個市場既前境要係好先得9 d5 g# `! \9 t# B. p/ X
但當經濟一差,公司估值趺了,物價不升反趺8 v  b9 G! Q, c* r* A
例如剛才說10蚊的, 趺到得番9蚊, $ J" j0 s7 E+ _9 i% L! S
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
2 ~( n4 W$ S# O所以你就會覺得D錢好似蒸發哂咁
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5 ^& ]7 b- o  Y1 L! B4 o你都可以當標野咁諗, 個樣野多人可以狂升值,
& L0 `/ q1 i% u" E5 }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, - ]% B( V5 T/ U' j+ I. k
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 A  y$ A& s! `+ L0 W  _6 S, O% t
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
' L6 D% j$ W# R8 Y/ W8 ^6 t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! M) i: P1 j2 e6 {
唔係d錢蒸發, 而係比美國佬洗晒未來錢, . c* \# T6 i$ t( m' O
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! \+ c3 u/ T3 M( H
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
" a; M0 G! u! C% W5 t0 j咁你話d錢蒸發左去邊? ...

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7 w4 L, Y$ D' |& g$ ]$ _. o% C正係咁樣
7 C& R8 a. \0 D9 w  E5 B- ?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
% Y# E$ Z2 O- D* z* X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,) @) V/ h7 b' o. g1 J$ l
連國家都係問人借, 不停發債券, 印鈔票
5 {5 E: Q( Z/ t6 N9 m一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% Q! u+ ]) A5 q
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
( e2 _8 H8 D$ `/ l咁而家"爆哂煲"算唔算先至係變番"正常"???

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( \1 B. Y1 X5 g, g其實係...; f! j3 _/ g* `% Q9 s8 ^: o4 K
因為以前未生產, 先消費
) Z$ w$ B4 w, c$ L. G: @& \- z9 s: a而家就要多生產, 少消費