0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif1 s# B9 s! S1 N' h& E8 A/ j! W
Why bank will sell 借據給第三者???
4 P( v* N/ W# w; |7 o# SI was so confused.....

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! v3 g  @6 H) z8 c/ J講到尾都係賺錢2 U. _, J6 N. }0 U
so銀行可以不斷放款: ^) c$ N9 m" }/ x" w6 z
美國的房貸問題散佈到全世界
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mortgage loan
' o) q9 Q8 X: [- K- @2 L>conduit
; \  @/ i; g( a& G4 l: X>RMBS(Residential Mortgage Backed Securities)
4 E: Z( R  d2 J* ^% P, S>arranger8 I5 N2 T0 X  v' l, b6 K
>CDO(Collateralized Debt Obligation)
9 `  y$ f- P! }" o1 Y最後去到投資者

Kev

i thought it is the reason of rate of return.
4 Z* {( s1 P5 ^8 s4 g) s5 WCDs could have different ratings, AAA -> F,
% y6 X8 ]. r; e8 A: f+ Pmore risky ones would have higher premium (interest rate) as a compensation for an investment.. @! k* e9 g2 d/ d/ V9 ^) o3 \
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 E" ^6 K' Y5 V( B1 W, X# Pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. B# k# u4 W. }) HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! `6 f' L  X8 N3 t% y0 v; z& Wsimilar to bonds, CDs trading in the secondary market have different value at different times,
: Z" M$ j. b# l. j0 h7 pnormally the value is calculated by adding it's principle and interest.
, i2 \' O: Y3 \" q7 deg. the value of the mortgage+the interests to be recieved in the future.
  A; l: W( l) F, 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.5 H# |3 D, r  E( n+ C. H9 l
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im not quite sure if the multiplier effect does really matter in this case.
2 u8 e5 A% c8 }/ @" k: Din stock market, it's the demand and supply pushing the price up/downwards.! d  Z9 w, L6 h
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! V- M* w# T! S2 n; YA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ t" U5 K# r& r- j8 \8 c0 {" O
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. / E( I2 S( [0 k" h
but the value of their assets did really drop significantly.2 d( o* q# e3 V
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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* x& e1 n/ n  u- ?
Refer to last example,7 H! _2 R$ _- H0 F# b, S9 [" y
that means bank A have no money because we borrow 10 dollars from bank A
$ P4 G$ {3 J7 e" t/ KBecause bank A doesnt have enough cash on hand
8 n* }. [6 l" w5 E9 s3 ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

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4 t8 l( G, A8 m# e- _A->B->C->D->E6 `9 j+ L2 n6 Z8 D
so does it mean if E failed to pay D,
3 |* j$ h* X4 c% l7 ?, Eall the B,C,D,E have to go bankrupt?/ d9 ]1 ~  i4 V* s% Z
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the multiplier just tell how much money created in a whole economy, 4 G$ Z; a6 ]/ f. o5 l- l! d" D! ~! n
in this case it doesnt really matter how much money is created,
# X! |9 K, T9 N; A# n4 iit's the problem of the debt itself.( {) h$ U( S. O% ^8 ~
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& @: Q+ O  n% m$ C) a! `
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?2 V; k6 u8 Q' L; t3 Z. t' Q' P1 `$ s, l$ @
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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. ?) T1 h+ ^4 m. C
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Thanks

+ b% Q# G' B: p7 Z6 E那些根本係 紙上財富  - c; a# I5 i# t
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 graphic6 z: n2 z: J, _
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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
6 j$ [  e! ~% x' ^當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" c3 Y# f$ i* r% y% x
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
0 G% c. z% \9 b  Y個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 a# W1 e+ Q( S, y# }# t+ z0 T
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 `& K- N9 l3 N3 f計番回報率就已經係50%,所以可以好好賺8 p2 Z1 n2 X! M* f
前提係銀行之間要互相信任先可以咁樣借法: S  ^5 `" r: k! ~+ P) }6 c: T: [: f
同埋個市場既前境要係好先得
& `$ W# T- u( b3 k3 P0 ]但當經濟一差,公司估值趺了,物價不升反趺9 c" {1 B) u+ w' o* L
例如剛才說10蚊的, 趺到得番9蚊, ) P/ e4 v( T  E8 n$ x$ Y7 O
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
  i5 e  g- L% ]所以你就會覺得D錢好似蒸發哂咁
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2 c. ~) M# j) r/ {  X你都可以當標野咁諗, 個樣野多人可以狂升值, % q5 U  h1 I! S" A& r: w1 |
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, 8 t4 `  b( _$ i$ ]' L( J. U; D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' E7 X' k- S: r
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
% v4 _- ^: ]0 Q2 D/ 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.gif
+ w2 D. C8 Q" T5 j唔係d錢蒸發, 而係比美國佬洗晒未來錢,
0 s; l  a6 {, [' H/ R淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
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咁你話d錢蒸發左去邊? ...

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正係咁樣
6 W; p7 w0 r* J/ x1 H% W7 ]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
/ E' e* z, t9 M4 b9 {0 ~) I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,
: _9 Q. `8 b' M6 {) p$ b3 ?連國家都係問人借, 不停發債券, 印鈔票
* ^0 g) b0 H" _6 R* @+ f7 b1 y一個國家好少出口, 而又大量入口 ,反映到佢唔多生產4 Y- u; P9 [1 Q  o/ q. k9 J# C9 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.gif1 ?( m8 F$ E6 h2 U; a( R2 N5 P4 l
咁而家"爆哂煲"算唔算先至係變番"正常"???

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( _5 T; [% n# w& @* y+ S' M其實係...
+ t: i7 X5 m( X# C2 Z1 J因為以前未生產, 先消費5 o$ f0 ^2 Z8 t7 Z; k  t( d) D
而家就要多生產, 少消費