0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
3 U5 }8 y; ]# d! B; Q( SWhy bank will sell 借據給第三者???1 Z  }$ d: \% R! B/ y
I was so confused.....

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$ @4 @) o, ~0 r+ A1 i8 h講到尾都係賺錢7 s& D  B/ Y# @7 E) `$ o
so銀行可以不斷放款
; A9 G1 A9 i$ s& N$ E4 `美國的房貸問題散佈到全世界* p, Y* }' M. Z) G7 R& P+ X# Y
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mortgage loan 7 j3 p( r. I; ]/ ~! g  }# B
>conduit
8 x* a2 `! w/ Z' w' Z! V5 h) }0 `>RMBS(Residential Mortgage Backed Securities)
6 g6 @) n  B% u>arranger
* }. l( C7 c  u3 T5 b4 |>CDO(Collateralized Debt Obligation)+ l2 l. [' `  {  [% T; X( C
最後去到投資者

Kev

i thought it is the reason of rate of return.
, k+ L/ x) N3 SCDs could have different ratings, AAA -> F,
* |6 K* f4 C# T1 s9 h; q* s+ g+ }$ ~8 Gmore risky ones would have higher premium (interest rate) as a compensation for an investment.
: p/ ]9 m( }! imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* ]+ ^% U" z/ Pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" ^2 r7 F, W# z2 V& O5 CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ j0 l# K0 |5 a) @* `/ V
similar to bonds, CDs trading in the secondary market have different value at different times,
- J/ p+ [8 S3 H- P1 `6 Dnormally the value is calculated by adding it's principle and interest. + t+ H+ l# S4 T, k, a
eg. the value of the mortgage+the interests to be recieved in the future. $ J5 {: G. H9 D! i
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./ }$ }5 q4 J8 k6 }* z# p4 {! r
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im not quite sure if the multiplier effect does really matter in this case.- q# P% C& U  ^9 w/ z+ b
in stock market, it's the demand and supply pushing the price up/downwards.4 D; W3 a0 _9 b3 ?
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 A, g" U1 ~/ O# g, k
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 ]( w  D+ D$ {. E9 N; i. ^. _
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. / T. L' o6 c% H. p! q# E5 A
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
! a; O/ }8 r0 \" _5 [) cRefer to last example,/ G, \* k3 y4 c7 M6 J
that means bank A have no money because we borrow 10 dollars from bank A
, H0 d' e6 R7 E3 C3 ?1 Q1 X1 fBecause bank A doesnt have enough cash on hand # V1 V) Q) Q" Y- c7 o
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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+ {2 c/ ^; L0 l/ V! Y6 o& fA->B->C->D->E
" ^  d; T  c# mso does it mean if E failed to pay D, 8 R' P" L: R) @0 k
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,
4 y' Z, ~, }- {6 O4 ]/ `% kin this case it doesnt really matter how much money is created,
3 A; ?& O* ]& L% m  U) r, tit's the problem of the debt itself.7 i; s2 |! R$ u) v0 y1 U
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
. O. k4 {, A  @+ e$ }/ R7 W5 Q小弟一直都唔明...
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) z- ]. [+ S' u$ l: D全世界都蝕錢，咁邊個賺緊錢呢?- u( r1 g) ^% H, X$ d3 V% W; y: d
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無可能淨係有人蝕錢無人賺架嘛...) |4 W# g7 b: o0 Q
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敬請各師兄解答, b/ o1 O* G7 h# e; O3 }: T3 b
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Thanks

# E9 c: H9 ^8 K5 _" I5 S( O5 Q9 Y那些根本係 紙上財富  
6 _' v6 x8 P4 `2 Z3 f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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7 T' H7 b+ z. P7 X5 Q6 Nhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產/ \* Q* b: o& ~7 H) `
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
! Z5 q3 C& [3 `3 ^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 U  s  _- Y; V4 k$ W. B9 K2 k
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
7 R& C" P+ J/ c. |/ e5 P/ e. e( ^9 |( H扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,5 M# @9 v+ s* Q! C  z
計番回報率就已經係50%,所以可以好好賺
6 a6 I# E) p1 h前提係銀行之間要互相信任先可以咁樣借法+ _0 e3 m6 H% B0 B/ w, X$ V" p
同埋個市場既前境要係好先得8 B$ r/ s  \& l; E. ^7 j, x" K
但當經濟一差,公司估值趺了,物價不升反趺" z. u# |- o/ B4 Y& y+ a# M
例如剛才說10蚊的, 趺到得番9蚊,   D! v$ {' j9 F; E7 a# U* H& o
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! x& ?; k* I: j, U所以你就會覺得D錢好似蒸發哂咁
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7 [8 U+ G3 y2 N' `+ ]5 |! X你都可以當標野咁諗, 個樣野多人可以狂升值,
4 t8 j9 @( Y2 q) X+ D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, : B" V' D% n6 F& H: H4 z. s3 e8 J. Q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 ~9 D! q6 R+ `) d! 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
; W8 C# {1 z1 ~7 b- I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! @& P. b4 ]/ z- r% I
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 8 {9 S# E" f- h: Y4 M. a% X
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * F, E6 x8 |6 G% N" H5 m9 K6 d
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 s8 W% K8 |8 g2 V3 C" D7 W咁你話d錢蒸發左去邊? ...

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4 A1 A8 r4 m' Y1 s6 s- ^' g正係咁樣
% S) `9 X# i1 o( ?* }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
) L- P- i, d7 g- D4 F9 s分分鐘佢地唔使還錢
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+ ~7 @- M, ]0 I: g2 c3 ~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,
4 _. o1 a  Q$ u  w$ _連國家都係問人借, 不停發債券, 印鈔票
9 Y: D# R- u9 J# |1 I一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
7 s( n* c9 K, E7 A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 F$ O! y2 e1 p( G) r咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
, k2 @9 E* |& J因為以前未生產, 先消費
" P4 ]% o" L2 s" D. T" f3 e而家就要多生產, 少消費