0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif8 G  m: E% w+ V$ E7 B9 K3 G
Why bank will sell 借據給第三者???& @' ~% g, I- X- S- @
I was so confused.....

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6 B; e) d# z) [2 Q講到尾都係賺錢
$ N, `2 v2 {  |. m& J- n8 yso銀行可以不斷放款( \7 Z- K+ M- j/ O/ B# x+ S- @
美國的房貸問題散佈到全世界
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5 @& H0 d3 I5 }+ N$ L4 u4 b( ]: Cmortgage loan : s+ w2 o  \0 S
>conduit
- g0 ~* F0 H0 p$ c' B: b>RMBS(Residential Mortgage Backed Securities)0 q; `8 Z- r* |+ h3 Y+ R, r
>arranger
9 |* T% v  n- _6 g+ W5 ?>CDO(Collateralized Debt Obligation)
; j/ t; x& t4 C& Y1 |最後去到投資者

Kev

i thought it is the reason of rate of return.# R- K+ ?2 K. \8 a1 s  f
CDs could have different ratings, AAA -> F,+ ^& ?* G9 r$ m& g. T9 m& B
more risky ones would have higher premium (interest rate) as a compensation for an investment.
) w) f8 e+ k4 ~  [% E: e3 dmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ k: z1 s9 K& a; N  r& T% J+ M& Hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( a) h9 T+ A% I6 x6 o' p7 ^Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  a& d8 i0 p) T  I/ \' C6 Zsimilar to bonds, CDs trading in the secondary market have different value at different times,9 v! D# ]# ^$ g/ v" n  h% @7 f+ U
normally the value is calculated by adding it's principle and interest. 2 a' P. j6 N4 q+ O6 t  O, x. d: u
eg. the value of the mortgage+the interests to be recieved in the future. ( v3 u4 {( p, o) t; ~* c3 x
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., |4 K' k1 y8 J7 |1 ]( P4 ~0 R
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im not quite sure if the multiplier effect does really matter in this case.! n* |4 ]& B/ J# w8 A) o
in stock market, it's the demand and supply pushing the price up/downwards.
1 n' ^) v5 y  B$ J% c6 n, ]For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, z' A, A* h, j7 yA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 I: p+ e; X* r% f: ZThe 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. " {9 [5 ]8 Z% X, I+ P" g( w" B$ s
but the value of their assets did really drop significantly." F! I0 J- H' W3 k

) F5 e2 M( }! r3 u* a0 k[ 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.gif6 A2 `: p# [, S: o; x" A
Refer to last example,0 R( `: ?- m) W3 P2 J
that means bank A have no money because we borrow 10 dollars from bank A
, H3 y/ l. i9 l6 v' W  [$ b& ~Because bank A doesnt have enough cash on hand 9 p, m5 E$ h. P
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E$ t( a: M  K7 L" {
so does it mean if E failed to pay D,
3 `' R0 d& O! V, Wall the B,C,D,E have to go bankrupt?
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# P4 m+ m; ~* G( j1 s; P' Jthe multiplier just tell how much money created in a whole economy,
; m/ `8 \0 ]; V# M5 ~; Lin this case it doesnt really matter how much money is created,
4 Y. V+ U- g6 t4 |1 }) h& kit's the problem of the debt itself.3 @* j" k2 J: R" 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.gif
8 g" B( X' M( d& X& a% _3 Q& I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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3 F& b3 }) ?  s0 T6 [2 z# L+ X" Y5 p無可能淨係有人蝕錢無人賺架嘛...
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7 {- y* N: U" b9 f& h% N4 O敬請各師兄解答% G5 ?  M# @. ]! ~. j' i* n! M
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Thanks

4 K' ?5 t" q) i- A那些根本係 紙上財富  ( v" ^7 a* o; s5 T) O
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( Y6 L$ Z5 I) U1 U) P
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高; g; o# k; c, ]$ s4 ]5 W+ ^' K, ]
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7 n( v% j, C8 f5 Y' \4 [; a- v. g! S. o
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦' |2 B# A2 l) V) D# n/ 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' I" n" ?+ i" C/ ~計番回報率就已經係50%,所以可以好好賺' }$ A, Z2 o$ C0 p
前提係銀行之間要互相信任先可以咁樣借法/ k$ m' h# i' m9 H6 X
同埋個市場既前境要係好先得
% ~' P& k2 q! k0 p/ {但當經濟一差,公司估值趺了,物價不升反趺9 C  {' r/ D: ?5 M! i3 z
例如剛才說10蚊的, 趺到得番9蚊,
, v) k/ G0 ]* }% _$ C, A- b咁投資銀行一下子就要還11蚊, 一來一回變左虧200%3 l+ `$ V+ z; y; }# I
所以你就會覺得D錢好似蒸發哂咁
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( c) w0 R3 r9 v6 S9 _: k你都可以當標野咁諗, 個樣野多人可以狂升值,
, A% M: O' W+ Y' ~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,
2 M& y; [8 D- S" O( \0 I9 F) k$ x淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" S/ o* @. ~: C. [, B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 J; w/ M3 d1 j; e  G7 v) }: O
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.gif0 f- v/ i& ~5 f7 H! `$ U  G3 M
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 7 S, v  _2 ~* ?9 ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 v6 t1 c4 s5 R# {; X! v- ~& X3 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
# m% F' _( u2 m! P7 D# s. k' }咁你話d錢蒸發左去邊? ...

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正係咁樣
7 P5 b" y3 `  A& N; s' J8 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
9 v9 r0 R4 j( ^" m  _分分鐘佢地唔使還錢
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5 p' A- K8 B1 `  f0 N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,7 Y6 k; y3 g/ m. q, M+ y
連國家都係問人借, 不停發債券, 印鈔票- `7 o0 j: R9 n  B  f& i
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產9 ^$ x: ^1 C# I7 b8 O% k; R. `1 B
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
( e# P' i! d5 F* T咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
& p7 T5 N; E" L3 U因為以前未生產, 先消費
8 P# R: b  a% u% d+ Z而家就要多生產, 少消費