0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
5 Z: d* F7 r5 u4 E( H& W6 D! B5 FWhy bank will sell 借據給第三者???% R: U' L; }3 h/ P0 N6 P
I was so confused.....

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; `7 B0 }! g- M講到尾都係賺錢/ G6 C, j) ]1 Q4 b0 z* z
so銀行可以不斷放款# e4 \8 I, O5 Y+ V' s' {( x# A
美國的房貸問題散佈到全世界
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& T& z" j$ `# _5 A% zmortgage loan & Q: X% A6 W1 d# ?6 b, m2 G; n
>conduit
! c; w2 V/ N2 u9 m' G$ o>RMBS(Residential Mortgage Backed Securities): l! M* z- P- M; X# {6 @2 V
>arranger
7 C$ s! \1 C* x3 ?>CDO(Collateralized Debt Obligation)/ ?* p- X) C; d  {, i+ ~# V
最後去到投資者

Kev

i thought it is the reason of rate of return.
; j( y7 U( E: R0 zCDs could have different ratings, AAA -> F,9 }, W0 U" K# b! n8 u$ T
more risky ones would have higher premium (interest rate) as a compensation for an investment.0 }1 D4 J3 r  A( I6 Q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* W) |( @/ f8 {* A+ W
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& C8 P$ @- K  aAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
8 n: Q6 R: Z( X- ^3 dsimilar to bonds, CDs trading in the secondary market have different value at different times,
/ M9 }% h  e( N2 Z5 g7 Xnormally the value is calculated by adding it's principle and interest.
- ~$ M% F& |, P" w) g6 C8 P4 [eg. the value of the mortgage+the interests to be recieved in the future.
3 T( n1 p' B: P& ]+ _2 jbanks 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.# v' e5 g1 h! L- K
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im not quite sure if the multiplier effect does really matter in this case.
8 a; S" o; f! B4 |; _  y- fin stock market, it's the demand and supply pushing the price up/downwards.0 L" f. B( L7 F
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ R; o" `% q6 [" u1 \0 G& P! {7 XA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 E7 n# P$ F& l3 f+ s1 _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. 7 g6 K+ i) V* h0 Z5 u5 r
but the value of their assets did really drop significantly.# u4 W8 h4 |6 A" P3 H+ u$ b

9 D- [2 F, G5 Y3 M5 Z/ z8 i[ 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/ p3 {6 J! p! V0 a$ s9 Q0 @) w$ H
Refer to last example,' r& r; W/ [4 K/ _6 a# i4 ~: P; S
that means bank A have no money because we borrow 10 dollars from bank A
/ S1 c3 Z0 j; m, K3 M# I! ~- }' O( A% m; eBecause bank A doesnt have enough cash on hand
& }$ ?- ~, _% ]) M8 U( F1 j; `therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E& x6 `' m( K+ K! _# C% w
so does it mean if E failed to pay D,
$ D" d4 I, M6 y+ aall the B,C,D,E have to go bankrupt?% M4 d: I- h: T' d& ~/ N

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$ v/ w0 g; H& o* N# ^the multiplier just tell how much money created in a whole economy, 8 m& N( Q) Y8 O" l2 |3 }; v
in this case it doesnt really matter how much money is created, , H: z, a7 \! H% _* a/ M
it's the problem of the debt itself.
# y( `2 u* s. D5 Jthe 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& V" P' B* {0 \& U6 q& }, Y
小弟一直都唔明...
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- P% s& e/ ]7 i) J* c. }) W全世界都蝕錢，咁邊個賺緊錢呢?3 P. Y5 V" P# J) h

, k5 Y( ^* c8 f: I5 B) a) J無可能淨係有人蝕錢無人賺架嘛...; J6 P8 e8 s! o
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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  % h% {" e: `  R' a, q5 x
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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( S7 o3 i5 e- X# V- yhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產' p9 A8 ?6 _" K( |" Q
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% Q% \: I% i: ?6 b- O7 k9 g
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
' d" V$ M3 @' e' [9 H5 s4 ^- W! ?: G個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
, B$ P5 R- `: ^扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) f. @" B& o) i# `3 g計番回報率就已經係50%,所以可以好好賺3 s7 M5 h9 b( Y; v( e3 E
前提係銀行之間要互相信任先可以咁樣借法
4 ]8 `) h  Z, r) W/ g1 y4 R同埋個市場既前境要係好先得
0 v# h& M0 q. Y# g" u, u, ^但當經濟一差,公司估值趺了,物價不升反趺
$ K2 A4 C& h# H; P6 h例如剛才說10蚊的, 趺到得番9蚊,
' |& X# d- M% {# S% z7 T咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
, V: u* A7 ]4 W- r# Y# I: S所以你就會覺得D錢好似蒸發哂咁
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1 a) X+ g8 {7 I" h你都可以當標野咁諗, 個樣野多人可以狂升值, 8 k, i$ b0 B3 h6 p6 s9 K
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,
: N$ s# Q* r3 W0 w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ b7 B* X) H' n7 z& 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
$ P% s5 G, u# N" H& S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.gif7 O; l' W1 v1 S8 K
唔係d錢蒸發, 而係比美國佬洗晒未來錢, % r& J: z5 b! x: p2 h: n+ g$ g
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& E1 {+ r9 s, X& m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. Q7 R2 u$ D8 d3 |# Q
咁你話d錢蒸發左去邊? ...

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正係咁樣9 |, A, Q6 f; Y9 f1 k# B
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7 }  g5 ~8 e, C. c8 V
分分鐘佢地唔使還錢7 _9 Q0 B5 H  y9 w

8 m) Z- K+ S/ v2 c. l/ \' M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,
" A" E. i" e, F5 B3 O) E& R4 Z, O連國家都係問人借, 不停發債券, 印鈔票
9 l7 ~/ T- W! Z一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
; i( S4 o; R. j; S* f. J) |" A, z# k0 j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.gif9 }0 u0 H! D* W" `. C* c* r! L
咁而家"爆哂煲"算唔算先至係變番"正常"???

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1 O) H! G4 B& d2 I% L其實係.../ D' f' R* n3 ?
因為以前未生產, 先消費
' J0 g- R$ M9 `" O+ p而家就要多生產, 少消費