0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
7 s% Q' t* a5 B7 ~2 R+ RWhy bank will sell 借據給第三者???" x) F3 h* Q( N1 l7 M; G
I was so confused.....

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講到尾都係賺錢; H* N3 l" ]. Z! N( c
so銀行可以不斷放款
& [- K* k) L8 u0 S美國的房貸問題散佈到全世界
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mortgage loan
' s, b! a/ p* e3 W4 T& {  H>conduit
& k7 I" L' \1 d1 s  C$ q>RMBS(Residential Mortgage Backed Securities)
" F: g: N- j) u  x# I>arranger
  {+ P$ ^$ B% P: x>CDO(Collateralized Debt Obligation)* F' N2 Z# {7 `4 x
最後去到投資者

Kev

i thought it is the reason of rate of return.
4 ^& q. g1 ?" v* ]" i* |CDs could have different ratings, AAA -> F,* U% i# g' a/ \, Q% S. b4 E% Q$ O
more risky ones would have higher premium (interest rate) as a compensation for an investment.( X5 E- S5 S; N, ]. }
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 |2 X/ o6 M* o/ ^8 g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.) ]# ?2 R  s" q
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* d. C0 n/ x" O
similar to bonds, CDs trading in the secondary market have different value at different times,  B/ I+ m* j# K
normally the value is calculated by adding it's principle and interest. ' a5 Q: v6 o  @( l  p
eg. the value of the mortgage+the interests to be recieved in the future. # q) o, M* F, j0 s+ b% a# |
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./ p6 E" x- Z& ~% [. ^
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im not quite sure if the multiplier effect does really matter in this case.1 b; h  U( O8 r2 I" \
in stock market, it's the demand and supply pushing the price up/downwards.
1 }9 k; D- i: e. o1 yFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ D& Z- }! f6 M9 ]2 J, R5 @; D% uA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
/ o% Q, e/ q0 o* e3 ]7 BThe 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. - a' ~9 R( U% a/ b& ~- S
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, t1 m" ^% f: |* H4 g' e
Refer to last example,$ ?5 e" V$ \, f( u
that means bank A have no money because we borrow 10 dollars from bank A
9 ?" _; F& ]7 }. z5 h0 xBecause bank A doesnt have enough cash on hand & ~( s, n( g, m4 i
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ {6 [/ P4 E: y* J4 W0 ?0 }

& n( e' X( V& d' i5 GA->B->C->D->E
+ U5 M& a5 ], R0 p; l1 x: Q8 \so does it mean if E failed to pay D,   O: p0 j; G: f; `
all the B,C,D,E have to go bankrupt?
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+ f7 b  B( z. ~. g) ?, I7 l( ?+ V" M" bthe multiplier just tell how much money created in a whole economy, $ q0 _( w9 G9 t4 I5 Q
in this case it doesnt really matter how much money is created,
7 U' H' G7 `+ I, _% G* iit's the problem of the debt itself.% l( X2 o' g1 }8 r# m4 k' m
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# D% C( L) R; I& P+ k% I
小弟一直都唔明...
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* Q( j  t; R" C& a' J$ w/ q全世界都蝕錢，咁邊個賺緊錢呢?9 Q1 C+ i2 S. F( Q/ V* N  W

9 F5 k+ x1 N8 W無可能淨係有人蝕錢無人賺架嘛...6 o- V' E1 x4 Z1 K, R
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敬請各師兄解答8 H& _! K! ?) ^# q2 h

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7 `1 |( w/ m3 u5 x那些根本係 紙上財富  
) w1 k& b* {; ^3 @+ S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
' l* w# i$ {1 o+ f# `! v當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' s' {- v' F5 c( I' t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- w( }5 q9 l7 R$ w0 x% H' Y! O8 _- a
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, J4 ~  k1 z7 b- `
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
/ Q, h" w8 m) {% X: z5 g8 @計番回報率就已經係50%,所以可以好好賺7 n1 j  \0 [) C5 p
前提係銀行之間要互相信任先可以咁樣借法2 S  \3 p! ?7 O6 f: G
同埋個市場既前境要係好先得! B- F- Y5 j+ m, r4 q, B
但當經濟一差,公司估值趺了,物價不升反趺. V6 W4 K7 l- w7 P: U! w1 b
例如剛才說10蚊的, 趺到得番9蚊, , }5 B& r+ U: ]/ Q  p. d
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
$ t' r: R& Z: L. k% B* X所以你就會覺得D錢好似蒸發哂咁& P& q+ ~/ w! R4 z8 h0 `
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你都可以當標野咁諗, 個樣野多人可以狂升值,
$ Z% ^2 B$ o& ~/ X/ _; B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,
, a0 V& W2 j( T  h% b* W淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, e# s. w" Y' g) l: ]8 I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# `( e. S1 y8 v2 z3 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.gif4 e( l6 F5 m  {
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
8 f; w) S; l- M" X! Q2 j3 J  j/ P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 M7 F3 G- P: `! {: X1 U' _& z# z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
5 }5 Z8 J- M6 }/ _咁你話d錢蒸發左去邊? ...

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正係咁樣
& J+ b9 Y% y% ]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 b; S3 q& @6 f/ T5 ^$ f
分分鐘佢地唔使還錢5 W1 x' m  H0 u! k
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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,+ K4 d) R, M( d9 [# L
連國家都係問人借, 不停發債券, 印鈔票8 C5 n1 s% U" Y- M& s
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產3 d+ o, g6 [1 L8 x
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.gif3 C8 x9 m, F7 p& N/ H) p8 B" C9 [' ?
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
0 o4 g. Y1 f$ w: N) `+ E4 E* Y因為以前未生產, 先消費3 j( U- d) l; s6 B( |/ B
而家就要多生產, 少消費