0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif% p% s: }# @- \& s% z. a2 ?% L
Why bank will sell 借據給第三者???
) Y6 A- I1 k2 r$ `* I) hI was so confused.....

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/ g; c7 V- P- D% o, t2 l講到尾都係賺錢' {$ a6 Z$ @7 r% r# C0 W
so銀行可以不斷放款
9 \! i$ S" I& H" _  r# a美國的房貸問題散佈到全世界
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2 p1 X* d$ h- z7 |mortgage loan 7 O4 C6 [2 C8 R$ L3 Y' D$ p# \: j
>conduit
. J+ ?; ?: o# m. n3 @) `; o>RMBS(Residential Mortgage Backed Securities)2 }/ f# H5 X) k+ {- L0 D5 m
>arranger3 @$ q5 \) c3 E" Q6 a0 l7 \! ^) V
>CDO(Collateralized Debt Obligation)1 `1 v9 H" K) j) Y# H# G% m1 K
最後去到投資者

Kev

i thought it is the reason of rate of return.3 n+ ~; o: H" I& e3 l
CDs could have different ratings, AAA -> F,
1 O+ K2 U% D# w7 s: p: \! T. Rmore risky ones would have higher premium (interest rate) as a compensation for an investment.
( ^8 u- M5 [  Zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! Z. c, H( [7 S& g( j$ J5 v
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 m& H/ ^9 q- s# b) a. W( K7 C; I
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* K3 d/ `3 m& o% i/ Y' r1 Dsimilar to bonds, CDs trading in the secondary market have different value at different times,
9 G; |' R5 `% q. j3 pnormally the value is calculated by adding it's principle and interest. ; Q! h2 W$ X6 `4 Q: J
eg. the value of the mortgage+the interests to be recieved in the future.
+ @- R# P' E. v: Z) a% U* tbanks 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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9 m5 H6 g5 \, E8 x6 x* Q5 t$ ?  {im not quite sure if the multiplier effect does really matter in this case.
5 }. |) @' T$ _0 _+ Sin stock market, it's the demand and supply pushing the price up/downwards.) R& U+ u7 K5 L) h+ z$ c6 v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 G: P5 [1 I) c
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  Y+ B3 L: T) aThe 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. + N$ x' \5 I- W. \. g0 g
but the value of their assets did really drop significantly.
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  C0 j9 ], g' F6 y& X% D1 x[ 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
2 Z/ d% D$ `: z" S$ A1 D' VRefer to last example,
% t6 b% R8 L6 P: b  L1 d5 othat means bank A have no money because we borrow 10 dollars from bank A ) s$ K! k) y) n1 Y0 v' u
Because bank A doesnt have enough cash on hand ; J& c* l& S, q4 @8 `, J$ |  ^7 s- Q
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
# Y4 y- C6 H( i4 _7 o3 [! Lso does it mean if E failed to pay D, 5 l+ h6 H9 i5 g- j$ a4 u/ Z
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, : R# h/ m( l. B1 j0 J3 e
in this case it doesnt really matter how much money is created,
2 u9 ?8 v9 H) b2 Iit's the problem of the debt itself.
& \  N4 S& d( Rthe 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
1 \" T8 w- A; y/ F* A& J小弟一直都唔明...
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8 F$ k3 d- i8 [9 O( B1 F全世界都蝕錢，咁邊個賺緊錢呢?
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& A$ c  K6 q! }: x無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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Thanks

# E( x6 S, P- Y$ d# F1 F+ i9 s$ ]& N5 m那些根本係 紙上財富  9 |& c% f$ |1 g" O$ j% S5 K2 X
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
3 x( E, c8 R$ }! _6 |: P5 T/ b4 w當經濟好,投資銀行相信會賺錢, 物價既估值相對較高2 T! F9 m+ S' j- u
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
5 E( c. v* L  q) a6 {1 J個件物價係市場好既時候升, 例如15%先算,變左12蚊啦( p5 ^6 r1 a( m: z6 f# Z! ?
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
. }& H% D) }4 c3 t* G! e( ?計番回報率就已經係50%,所以可以好好賺
0 ?% _: [/ C8 O! O. o前提係銀行之間要互相信任先可以咁樣借法
( v2 G& k9 _% N1 w- }& K# s0 G同埋個市場既前境要係好先得; Z0 j9 f. p* F
但當經濟一差,公司估值趺了,物價不升反趺
/ ~& P; b7 W& o8 r0 B+ X/ t例如剛才說10蚊的, 趺到得番9蚊, ! T3 N/ j; Z3 @
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%, v9 F' y* r  R; C
所以你就會覺得D錢好似蒸發哂咁
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3 `8 |& u2 v) X8 p+ h  F" {. T6 ]1 m1 n你都可以當標野咁諗, 個樣野多人可以狂升值,
9 [- V% @. E5 e, M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, - v  [$ V4 u7 U
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . {, B, Q$ P4 R. _& B* B& C, G
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: ?' D7 e' p* p2 W6 y- M3 k
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.gif8 P* I$ p( q' \" ]% d6 G
唔係d錢蒸發, 而係比美國佬洗晒未來錢,   s0 I) ^6 K! w( g, K+ ]
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* R! p5 x% W" a& 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
2 W  ^* I/ k6 W: j咁你話d錢蒸發左去邊? ...

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1 T. D$ ~: s" i" c) k8 F2 {正係咁樣
* C- Q. [% \% b. x1 N; |- \0 @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 O3 x- o6 x" _. g8 h" Z$ ^分分鐘佢地唔使還錢
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) b. e; z% d! Z. K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,! B+ T( T4 r* K$ h: s6 |# G
連國家都係問人借, 不停發債券, 印鈔票
0 n. v$ G5 M' F一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
3 _& O" J* @  p; P5 a6 N8 o: i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) R8 c. V1 I+ j2 C' `, ?
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係.... v* u) L+ O3 w% l
因為以前未生產, 先消費$ y$ N! q$ M4 C6 X: Y
而家就要多生產, 少消費