0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
( G" l$ {% H: e2 S- [) LWhy bank will sell 借據給第三者???' n6 V" F# S, r! Q# |- @/ I
I was so confused.....

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講到尾都係賺錢$ i! a2 X+ L5 m! u
so銀行可以不斷放款
9 R- o: R% n5 V6 K( M美國的房貸問題散佈到全世界% n7 C; R3 x: E( J* L% f

+ h9 M: h; A9 k6 n4 V3 E/ xmortgage loan # I1 Q: z$ }3 p
>conduit
, c, @+ z! v1 ?( q. |0 Q% T>RMBS(Residential Mortgage Backed Securities)2 P5 ^3 s8 \6 |! u/ c
>arranger
! a* k4 k  E8 {; T5 s3 E8 p>CDO(Collateralized Debt Obligation)  X% w2 b5 P' v2 y* u/ U2 J
最後去到投資者

Kev

i thought it is the reason of rate of return.. d6 `1 N0 ]& Z& K3 J: L( U
CDs could have different ratings, AAA -> F,
% ]( i9 j8 C5 e* q8 u% N2 H8 ^more risky ones would have higher premium (interest rate) as a compensation for an investment.
& O: i5 {- M# C0 wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 G! W; P/ x- F- U5 ^! Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ r9 ^! B% \7 V8 N
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! |8 O3 U0 t5 F  z3 Y0 z
similar to bonds, CDs trading in the secondary market have different value at different times,5 N3 ?8 z! i5 [* @/ W& o* M
normally the value is calculated by adding it's principle and interest. 8 v# D* ]8 O0 V: q
eg. the value of the mortgage+the interests to be recieved in the future. , Q( l, x" f4 p
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.
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1 \" ^6 X0 Z8 v( L, Z! F2 Him not quite sure if the multiplier effect does really matter in this case.
; I6 {9 X7 }% cin stock market, it's the demand and supply pushing the price up/downwards.
* H: ~: W3 z6 w6 [For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 v3 {8 f( p5 u( `A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) |/ {* a5 N! IThe 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. + c* K9 v  w  y* O* G# k( s
but the value of their assets did really drop significantly.6 P  p! l8 ?8 E$ }+ P6 O: d
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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
6 Q, f' i) ^& B3 l  P' c( g' c8 _Refer to last example,
! C- x( D5 ^* Pthat means bank A have no money because we borrow 10 dollars from bank A * P' E) C/ C$ m1 F
Because bank A doesnt have enough cash on hand : ]* W# N8 e$ ^5 `+ w" h
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E! x. j. U  f" a( N2 n5 X0 Q8 _# J
so does it mean if E failed to pay D,
* u8 I$ N( X0 |6 `all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, % a1 ~; D+ Q2 ^0 W+ w2 h5 x! q1 f
in this case it doesnt really matter how much money is created,
3 B& Y/ u1 I" @4 {" T# H, hit's the problem of the debt itself.1 U% g  c+ q3 v% J4 h
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# s6 M7 C: P' V+ X
小弟一直都唔明...6 z1 ~  A9 ?/ Z, L( [# R
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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...4 l/ p! d7 i4 V% y/ j: F
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敬請各師兄解答5 _! v) o1 i! @0 Q9 b1 T4 H: e- q
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Thanks

& z; j( h) P3 f- A- i" t那些根本係 紙上財富  + ]$ ~6 ~! ~0 Z5 J6 p+ H1 ]
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 s7 v7 g- A& H% g. T
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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
: e* z' `/ u( _% E  g) T當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% }' W* o$ i1 f" ]: V. M
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
. @! r& h$ L' g2 P& ^$ r; M, }0 \個件物價係市場好既時候升, 例如15%先算,變左12蚊啦' t1 O# I* x. G) B$ E5 P$ o. m
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,9 d0 F# X- l$ A# r( Z
計番回報率就已經係50%,所以可以好好賺9 ?+ O- a" C" I+ G  b4 Q$ J) j' G
前提係銀行之間要互相信任先可以咁樣借法2 E$ k$ H. P: p4 I
同埋個市場既前境要係好先得3 ~. q$ n6 N/ l8 _5 K
但當經濟一差,公司估值趺了,物價不升反趺
# f) P( h. d0 k" t4 H例如剛才說10蚊的, 趺到得番9蚊,
' ?1 t7 F' ~- E咁投資銀行一下子就要還11蚊, 一來一回變左虧200%3 j- K! M  u* {
所以你就會覺得D錢好似蒸發哂咁3 D6 ]  O& W8 ?( w

4 @" T" A/ Z2 R' n& `4 v' h8 j你都可以當標野咁諗, 個樣野多人可以狂升值, ! c; f4 ]* b1 Q$ n+ Z
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, : d) ]3 Y2 V& n$ Y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, J4 w( x8 S& G4 Z  B9 W: I7 V# c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! ^7 E" |( v' q) }( p" l" 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.gif5 m5 {% m9 Z" H  V. u: {: o+ a
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
# ^+ f/ P" e, g3 t9 `+ D+ O' ]淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # c( ]. [+ f9 c: A5 o7 a8 |
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! h  ~8 M( g% M, q' i* u6 X: r
咁你話d錢蒸發左去邊? ...

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, ]; h' t1 m6 D6 X正係咁樣
& _: X8 e7 g9 p1 d8 O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
& J& Y# h( x. x" r" v+ y分分鐘佢地唔使還錢
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# e$ l+ D. Q$ [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,+ m: I) ^6 p; u2 l% y1 A: Y: \! I
連國家都係問人借, 不停發債券, 印鈔票) I, x' _* |. e2 B7 M6 N
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
& l0 G3 h; ?, @" T. s8 m$ I  l5 K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.gif2 a4 A9 J5 E3 p/ k2 d* a
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...% P. k& K' }0 u* u1 q6 i! C3 }4 ~  i
因為以前未生產, 先消費, G+ q0 U6 @# U9 q
而家就要多生產, 少消費