0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
6 Z  q" f( c9 m3 F- U/ @2 n; QWhy bank will sell 借據給第三者???' ?) k, p, n5 E) E/ n
I was so confused.....

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" x+ N/ v, w8 E# k6 i. x/ H1 r講到尾都係賺錢1 p" @+ r, O# }% X+ Y8 X$ @6 j: X0 I+ D
so銀行可以不斷放款( O$ C9 j* R+ S
美國的房貸問題散佈到全世界* W/ ]6 t2 X7 O* ~- ~! {

/ o7 M" s/ J0 T  umortgage loan ! W; C1 {$ |6 K3 `- c3 D9 {6 F
>conduit
  _; o8 h  V! o$ n# B" m>RMBS(Residential Mortgage Backed Securities)
2 H- L2 _. l: Z" N& _>arranger
9 ?! R/ F1 i$ @) H>CDO(Collateralized Debt Obligation)' R0 R0 R/ k$ i/ P. W  q
最後去到投資者

Kev

i thought it is the reason of rate of return.
0 f( o8 c& i" w" @- K- ~, qCDs could have different ratings, AAA -> F,
# ~( w" Q9 d. }( kmore risky ones would have higher premium (interest rate) as a compensation for an investment.
) u3 @3 t& B0 Z4 b  v4 Ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 @; N- `1 p& e- h
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 G1 Y) v9 M+ \% m- [" ]% U1 y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  d& v, c+ d0 F" N5 Csimilar to bonds, CDs trading in the secondary market have different value at different times,0 r. h0 h4 j9 ]% q7 \
normally the value is calculated by adding it's principle and interest.
7 D+ m( N8 Y3 d, P% a3 a8 F+ oeg. the value of the mortgage+the interests to be recieved in the future.
, J' T, @6 v: R+ }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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im not quite sure if the multiplier effect does really matter in this case.
  X* m: B# E. p0 }# i: E( cin stock market, it's the demand and supply pushing the price up/downwards.
$ Z6 g1 n5 s% j. z2 l; J. WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 p) V6 k0 m3 U# \  K8 t4 N' T
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' v& Z0 @9 {* X7 m/ N5 U8 Z$ f
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. 6 `, [% t  ?# b& F
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
7 v4 B: k, a  z- u* U' _Refer to last example,* Z0 b9 z  C" G; x1 j. F
that means bank A have no money because we borrow 10 dollars from bank A
% c: A  g- o, {+ v! }2 KBecause bank A doesnt have enough cash on hand + K8 V: U9 E1 E* F5 B0 ]
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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! Q: E6 i6 T1 U8 p, z# b% LA->B->C->D->E4 o- w% }; L; W/ y/ G
so does it mean if E failed to pay D,
  L6 P4 M* \% v+ O1 rall the B,C,D,E have to go bankrupt?
* S7 y/ k$ q' x0 `- B8 u" r2 g/ w) y

4 E! J$ K) h! o- l9 f/ othe multiplier just tell how much money created in a whole economy,
; z  Q1 B% m+ P7 U& l' gin this case it doesnt really matter how much money is created,
" G5 D2 ^* E& a& Z) Z3 Zit's the problem of the debt itself.# `9 q) l) \" r9 D5 z( x" Y
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.gif0 {% f! W, Q- }+ U6 [; ^0 ?
小弟一直都唔明...
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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.../ {+ A5 k+ m" R
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敬請各師兄解答
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Thanks

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那些根本係 紙上財富  5 A+ D- f( r' K* ]# o/ 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- I& W' x  ?2 N! r

+ @" \+ t9 Q, Ohttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產2 U" I5 n+ K# N3 \1 _$ M1 t
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: U  y7 w9 E9 C% H6 f$ w/ a
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
" \4 v/ k6 V% p" K. w. b' p個件物價係市場好既時候升, 例如15%先算,變左12蚊啦! T2 d/ A3 d2 Y$ L  s5 }5 x
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
- ], i# F2 d# s' U* L計番回報率就已經係50%,所以可以好好賺
3 d2 j5 n+ x( \$ @, D9 N( h前提係銀行之間要互相信任先可以咁樣借法$ Y: ~) \8 T, l2 s. K
同埋個市場既前境要係好先得
$ z7 Y2 ^) [% m' d- h& J但當經濟一差,公司估值趺了,物價不升反趺' _  \  c0 q8 S% N6 ~
例如剛才說10蚊的, 趺到得番9蚊, ; v2 z# t% `8 ~  p/ ~9 [9 Q
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%0 ?" I# {; f9 M! ~+ l+ S, |8 v" G
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, 0 t! N4 b! ]6 v
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, % J* w. s; j: A. S
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 n  u6 k- y$ U7 J+ 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* N+ _) h7 u9 s' K. j+ M
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.gif3 S( Y3 B. ~5 D
唔係d錢蒸發, 而係比美國佬洗晒未來錢, , A3 ?+ L; L" V! B4 {
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' D% d! P! ?8 b% o& X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
4 v8 z- Y- K' k0 v咁你話d錢蒸發左去邊? ...

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正係咁樣) e8 \" M+ N3 e3 [
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
& n" a, L& n4 L* S6 j) n分分鐘佢地唔使還錢
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% E7 K+ ?1 w" M1 l. s6 {; p4 B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,
1 C7 w8 W9 L+ |/ d連國家都係問人借, 不停發債券, 印鈔票: B) x: O; Y6 C' i9 V  C4 Q1 ^# A
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
9 N' N) m6 j8 r7 s# L. W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
0 C2 T1 C- N' L# E/ U& i# ?咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
# N+ K3 F) @' u% v% l! O因為以前未生產, 先消費; V) w* e" t" ]6 i
而家就要多生產, 少消費