0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif* e1 Q2 w6 Y4 M( R
Why bank will sell 借據給第三者???! m2 ?$ o' t/ \/ p  w  q
I was so confused.....

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: h$ Z  Y* Q# {6 {8 g講到尾都係賺錢
$ Q6 V" p# Z8 \3 xso銀行可以不斷放款( r7 y3 k" o. U
美國的房貸問題散佈到全世界5 p, j0 C# f* d) ]8 [5 o
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mortgage loan
( s6 }9 d5 [! C>conduit
1 i; x4 {& l; i# @! W9 Z7 F>RMBS(Residential Mortgage Backed Securities)
+ {- B/ B* m& f" P: K! @>arranger6 _! [" h$ h! L7 U4 F/ x1 o
>CDO(Collateralized Debt Obligation)* c1 j7 b/ x6 g; v2 y" p6 i
最後去到投資者

Kev

i thought it is the reason of rate of return.7 I" B# k7 w  f4 v
CDs could have different ratings, AAA -> F,
! H1 m; G* p8 ^0 V/ Y4 }3 D& ]more risky ones would have higher premium (interest rate) as a compensation for an investment.
/ q5 B/ o% a% @9 `! m1 Zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; e2 N; R9 W5 T3 G* Q9 k8 v0 C
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& g3 E0 n$ w& W- q
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' F; ]  M) t( c; M+ r6 Ksimilar to bonds, CDs trading in the secondary market have different value at different times,
+ @3 N1 `! r# H: B5 s) p( ~: Z5 A7 ~" znormally the value is calculated by adding it's principle and interest. % C) U/ x: P0 U& Z( a0 J6 w
eg. the value of the mortgage+the interests to be recieved in the future.
7 n/ M5 ?2 i7 t' }/ T9 n! B) H/ ebanks 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.0 {0 n8 h! ^  G7 V% C: m2 S
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im not quite sure if the multiplier effect does really matter in this case.* J8 G( q7 Z. n! F* K, X
in stock market, it's the demand and supply pushing the price up/downwards.& }* m% U. Y3 A8 d8 j/ w
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: y( Y; r" k6 z9 p6 t/ C
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" f( H/ G5 K8 U4 b: Y- v8 jThe 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. % F5 t& I6 O; G8 {' F$ M! p# z0 D
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.gif
( i3 y" v7 I8 j7 lRefer to last example,
& b/ ^% W3 F. @that means bank A have no money because we borrow 10 dollars from bank A + H" c2 O- u( M4 K( q( t. g
Because bank A doesnt have enough cash on hand
; i+ U% b$ w6 S0 c5 B$ \therefore bank A need to be bankrrupt ??? Am I right ?? ...

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: V# c3 N# ~7 H/ [0 vA->B->C->D->E- F+ ?0 h- c- t. R- I
so does it mean if E failed to pay D, 0 e9 N3 R, B' G* k! s
all the B,C,D,E have to go bankrupt?7 J& S9 n: @4 ~9 j9 U

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the multiplier just tell how much money created in a whole economy,
& d. }* O" t6 c; I1 z" ^in this case it doesnt really matter how much money is created,
2 r/ {$ t$ \' ]" A+ ~, c6 ~it's the problem of the debt itself.; J0 v' z7 A- X% c  n; D
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- c2 w: {6 w1 L% p3 a
小弟一直都唔明...
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7 K- X; q! @1 W! }* n8 n全世界都蝕錢，咁邊個賺緊錢呢?# I4 x& A9 ~2 C

2 }5 R* [( R! S% J: t% l& 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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7 s& R2 V3 q5 j. p4 P  n* o$ A' p- RThanks

9 t! t4 N* x+ V) J, u那些根本係 紙上財富  
7 u5 g- K! R( \9 g  {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. H) v4 U& w! F; I6 T! n) D; p
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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9 T  K% R% H; o" }+ Y
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ K- J! u. V# w- @/ p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
# z' n/ L4 l+ p  r; e個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
9 u6 P7 ^! T9 A扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
2 p7 ^/ z2 b; K5 j$ X; b計番回報率就已經係50%,所以可以好好賺. b/ Q: Q2 I1 r# e
前提係銀行之間要互相信任先可以咁樣借法
4 J+ I; V- u1 U. S同埋個市場既前境要係好先得8 A. Z# k$ G$ J- X
但當經濟一差,公司估值趺了,物價不升反趺4 [; r2 Y' n2 {: d  S
例如剛才說10蚊的, 趺到得番9蚊,
! P" q8 y- m  W3 l. Q" E( E咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
3 n5 Y! w& z" w所以你就會覺得D錢好似蒸發哂咁
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# C& g9 h* \7 \/ y& M你都可以當標野咁諗, 個樣野多人可以狂升值,
0 e( M+ m$ m0 a' K2 ~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, / l6 f9 ^9 E. b9 q- O0 B
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 \& W3 W) X# t3 I! H, R6 \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. L* w) M  r  S$ j7 {0 ~% |
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% Z4 R/ W- D# Q
唔係d錢蒸發, 而係比美國佬洗晒未來錢, & H# ]& X! N" i/ Y; W3 _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & `8 N+ S5 l; n0 O  B7 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) m6 q/ o. x. r. z- |- }* v
咁你話d錢蒸發左去邊? ...

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正係咁樣( j% u5 h6 n4 i, Y7 m( n" W
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
5 q/ ~2 Q% \7 A5 _分分鐘佢地唔使還錢) {& m* K7 R; f1 r9 D
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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,
6 d& c2 w/ S/ e& d1 T3 S8 _; E連國家都係問人借, 不停發債券, 印鈔票
, J0 h% ^% i% |7 f: ?/ {  R一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
7 Z  \8 H/ O+ 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.gif
6 D/ m# h, g0 k$ ?! @咁而家"爆哂煲"算唔算先至係變番"正常"???

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. K8 C& d( Q; b( S. h其實係...
' ]" B, t6 A# X0 D/ ]3 `因為以前未生產, 先消費3 H. A+ N/ X* ~" i% [
而家就要多生產, 少消費