0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
; y  Y0 o* s/ p2 w7 k* @- r) eWhy bank will sell 借據給第三者???+ H& K7 t+ K0 j/ l$ Y; ~$ w
I was so confused.....

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* g& J5 ~  |1 h1 ~3 j0 [/ e講到尾都係賺錢
, O( A9 C- g) U& R( v" }# n% P8 Yso銀行可以不斷放款; V# E! ]8 c! H- N) g* {3 Y3 j' U
美國的房貸問題散佈到全世界5 s. A5 o) q- c) N% w% X

% u7 w$ \0 c& q' o5 B" w7 I2 Jmortgage loan 3 K# h8 |; o% z/ }' k% H) q
>conduit/ V+ D: `# M/ ^$ L7 }0 q
>RMBS(Residential Mortgage Backed Securities)
2 ]8 n7 P# P$ _# D3 M. x, P>arranger
5 ~+ W' l3 }+ t! ?6 C6 P9 p>CDO(Collateralized Debt Obligation)
+ s+ Z, g1 M8 _最後去到投資者

Kev

i thought it is the reason of rate of return.
2 O. n9 I0 w* j5 q' A- WCDs could have different ratings, AAA -> F,3 [3 j  @: _: F. ]$ |4 M
more risky ones would have higher premium (interest rate) as a compensation for an investment.0 l5 z( g" F, i
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 d/ P& t4 k4 Q% ~" F" }  W! \in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- S5 D2 V, w7 u* B
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., Z" w3 \9 `2 g& B- J# d. t5 V
similar to bonds, CDs trading in the secondary market have different value at different times,: C! z8 Q! Z, ~  V. _5 L$ j
normally the value is calculated by adding it's principle and interest.
5 n; Y4 ]8 T) |& X5 j) \eg. the value of the mortgage+the interests to be recieved in the future. 0 G9 [5 @# h2 C. w  U7 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.
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im not quite sure if the multiplier effect does really matter in this case.
  u- ^0 P: T3 R4 I. z% \in stock market, it's the demand and supply pushing the price up/downwards.9 V" U3 F1 b5 D; V( w9 W4 ~' I
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 [2 }9 f& H1 X6 v- N$ eA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 U% b( ]) [) ]7 ]8 j/ L% z
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.
! [2 n# ^( x  q0 p' V8 S' Zbut the value of their assets did really drop significantly.- q2 @2 g. V/ N, t0 ?( i7 {7 G

$ `7 h& [0 W' m  i2 _5 m) c( u[ 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
$ H& W! h9 [9 V4 fRefer to last example,
" R* p: a; p$ X) x+ V' ^: ^that means bank A have no money because we borrow 10 dollars from bank A ( c8 w: ?& i1 b; D/ ^- R; C, }
Because bank A doesnt have enough cash on hand
; H" o7 e  |8 {7 y+ u( ]therefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ L7 s. i+ U4 T- NA->B->C->D->E: C8 N1 ]0 _- f4 n  C: B
so does it mean if E failed to pay D,
" p8 m$ p9 A- J8 p5 c& y6 Gall the B,C,D,E have to go bankrupt?
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. `1 a/ w6 f# Y& o- l! f/ \5 M* N; i! _9 O: |3 R
the multiplier just tell how much money created in a whole economy, ' Y: B' m& j' g8 U! z! R  M
in this case it doesnt really matter how much money is created, ! q* C  y2 L: P& E, _
it's the problem of the debt itself.& q8 t& h* Z  p9 _# w6 d
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.gif9 o: H  r" {/ D7 x0 z
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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, L; U) |- S9 i. J/ M# M& ?8 i( ]無可能淨係有人蝕錢無人賺架嘛...7 ~6 N+ ^8 T  o

- @1 P5 S( R4 d+ u  A敬請各師兄解答. U, w# j8 y+ i
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Thanks

: E1 x( q8 ~/ j6 ?0 }+ u  F3 L那些根本係 紙上財富  % H- f* t/ N# N0 y5 U, d; W$ a  }
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
  U1 }8 A) D, ]! K, n當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- N0 w; s4 y8 d9 U2 B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 L5 ?. q1 ^2 @( _* }
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
) Z8 C  I9 F) x' N& X6 q" J- V扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,* k# ~8 z; P! H  G3 V
計番回報率就已經係50%,所以可以好好賺/ p* u1 U  K. n  i, ]
前提係銀行之間要互相信任先可以咁樣借法# L, l' \% s$ M: }0 v
同埋個市場既前境要係好先得# }3 [4 `5 O* d# P  T/ x
但當經濟一差,公司估值趺了,物價不升反趺
' n5 [, S5 B; V% B6 I例如剛才說10蚊的, 趺到得番9蚊,
, [1 z, A( v- d% ^: ~* L; m咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
: }( q4 Y, K9 u8 [3 U0 X所以你就會覺得D錢好似蒸發哂咁3 t6 _) y" D: }  ^! G

4 {9 H  \8 a3 R1 U& p6 E0 W你都可以當標野咁諗, 個樣野多人可以狂升值,
0 R2 J9 \5 I) I4 B2 {1 Q" I- e+ @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, 1 W. {  G$ n( L6 r7 P, @& p1 T3 Y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: g) B- U2 ?) h+ X% b% q1 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
) ^0 W; t3 l2 |" M) N, X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* c4 I, M, J! ]
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 w2 C. V% W7 Z( t9 e
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 h, k: K) N5 L( a
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
' Q* Z0 c1 \) f- Z) o6 ~咁你話d錢蒸發左去邊? ...

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# b; i, @9 f* b9 P, @( N2 c正係咁樣! \6 r& c; l1 [  w) c% D! g
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
! G& o& f  f9 L: V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,, E0 s1 o9 U+ b. A7 i
連國家都係問人借, 不停發債券, 印鈔票
: d/ `7 g; {+ L+ Q$ d1 E一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
8 E4 m1 L2 `) B7 N) l9 n, n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& {3 J, k9 m  C% ~
咁而家"爆哂煲"算唔算先至係變番"正常"???

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/ j5 N) b  L2 l9 a' }- V其實係...2 X! U6 q) y, O" u  ?
因為以前未生產, 先消費
: F( U' h- k$ }" J7 j" [而家就要多生產, 少消費