0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
# c9 i; l: L) |! G! FWhy bank will sell 借據給第三者???3 \6 m3 w, S2 G1 y* g- K6 q
I was so confused.....

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講到尾都係賺錢
3 r  A; U" H+ g! s; }" }9 Nso銀行可以不斷放款# }  i7 @( w' \* E
美國的房貸問題散佈到全世界/ J% O6 m8 b0 m2 z, a2 y: m
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mortgage loan + [+ D$ x% V2 j) C& @# |4 N
>conduit
5 x* z9 m1 v( J3 ?) m0 L, @0 j0 Y>RMBS(Residential Mortgage Backed Securities)2 G$ j- S$ \% w+ Z5 \3 l6 N3 I
>arranger' O9 c2 B% g% Y
>CDO(Collateralized Debt Obligation)4 A* f3 Q# }! F3 N) A
最後去到投資者

Kev

i thought it is the reason of rate of return.* r0 \9 x1 F0 R1 P( S$ p4 d
CDs could have different ratings, AAA -> F,' ^* O0 j- o5 n
more risky ones would have higher premium (interest rate) as a compensation for an investment.- }! V) d# W( T/ @1 p# ^4 @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- N. R8 t6 K! o  A9 \- x* C/ G) j; u
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- I" l- x% R7 KAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( E7 }, g8 U/ o) W" l. w
similar to bonds, CDs trading in the secondary market have different value at different times,7 z1 s* B9 E3 j  J
normally the value is calculated by adding it's principle and interest. ) j0 k+ `, U" b; j7 b+ |* J6 N0 m
eg. the value of the mortgage+the interests to be recieved in the future.
; p7 M3 G6 c. y1 sbanks 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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( @' o/ ^& Z5 m* {im not quite sure if the multiplier effect does really matter in this case.3 g4 s& c( D& h6 @8 S
in stock market, it's the demand and supply pushing the price up/downwards.3 v2 B2 Q) w% L: S2 l/ k
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 d# n* E3 D( g2 W& a% g
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) p  G) U# z. d/ r5 A" f7 c( SThe 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. 3 Z6 x8 ~& p5 p
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
# E+ ~% U* ^3 V: \/ p. f8 dRefer to last example,
1 C' c: b7 D* q/ S  _; ?that means bank A have no money because we borrow 10 dollars from bank A * e% x3 I- ^4 q: r' T5 ?
Because bank A doesnt have enough cash on hand
) ~5 I3 M" ~( ttherefore bank A need to be bankrrupt ??? Am I right ?? ...

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" ]: v& Z; r6 y5 ]* f' n3 BA->B->C->D->E
) d! f. ?/ r5 D7 E0 t( J. m: Hso does it mean if E failed to pay D, ) ?  ?& p# u, g
all the B,C,D,E have to go bankrupt?4 s1 U% Z+ g$ j3 R( x8 l1 y& W

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; r0 B" \+ ^2 @; L) o# s! m' _& bthe multiplier just tell how much money created in a whole economy,
: d1 ]) N: n3 H3 @in this case it doesnt really matter how much money is created, . R) f$ E" C0 R6 \1 ]
it's the problem of the debt itself.  Y8 j$ T) s0 C, \
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: w' [$ ]  ^9 w
小弟一直都唔明...
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+ K$ u& H1 g; K. W全世界都蝕錢，咁邊個賺緊錢呢?; S# q: Y) i: G& e, v$ k! X
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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, j6 G$ @( {% B' L/ _  _' k: tThanks

3 \5 z- Z5 v/ ]2 |那些根本係 紙上財富  
) W- Q  O! l2 J* V, L% 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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+ K; u) b8 S( }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
$ S$ n/ @: [& Z+ r& @5 H當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
4 m. g" P# {0 d7 u1 Y6 a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
4 M& t7 m* @) f5 q3 r/ p個件物價係市場好既時候升, 例如15%先算,變左12蚊啦; F! ]0 G8 V) c: V# U
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,) g# h. j) u1 k' t
計番回報率就已經係50%,所以可以好好賺
  g1 g, f- a% j5 L& I% i% N  L0 e前提係銀行之間要互相信任先可以咁樣借法& `9 G. `) `6 ~9 h7 ]: I1 N( g4 D, m
同埋個市場既前境要係好先得
6 E* g$ V0 H) ?0 G* C! n/ o, ?但當經濟一差,公司估值趺了,物價不升反趺' ?) u" h+ B. |6 x8 h3 f9 q
例如剛才說10蚊的, 趺到得番9蚊,
4 q" F$ y9 M/ r9 x  r  S% A: w咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 d% i) U! ^- s5 ^' M所以你就會覺得D錢好似蒸發哂咁
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. S& ~$ c- k! a! g) D& J# M你都可以當標野咁諗, 個樣野多人可以狂升值, 0 R! ~. \: V9 J- t: S+ ]* W) E6 S9 L
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, 4 y  M; E" T4 U* w" n6 u7 o
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 T- i/ T8 k6 Q, |5 N
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! L% X7 c7 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
9 E, O* T: c5 }唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 Q( w% @8 o7 T" ]$ X
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ z4 Y. w( S! ^6 }6 Z3 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
4 d! k3 v9 [  [4 c4 }咁你話d錢蒸發左去邊? ...

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+ r, P& v" n" L正係咁樣2 X, f- w# c3 f# t' 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; l: W& G5 c$ g5 `0 m* Y' B
分分鐘佢地唔使還錢
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, q1 B: E4 x3 O5 e( _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,+ {8 O  z7 X) O6 c! b/ D$ z$ \
連國家都係問人借, 不停發債券, 印鈔票
0 K% w* B# G; Y一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# `- n% ]3 E+ {# W
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.gif7 V- p! B! D' ]4 Y, \- M
咁而家"爆哂煲"算唔算先至係變番"正常"???

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$ e3 {( Z2 @% |) R1 p9 m其實係...
7 ?" T- r' s6 ~9 V因為以前未生產, 先消費
) S" B+ M- w7 _& u) l- A6 ]而家就要多生產, 少消費