0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif# u# K' k" l% |+ r7 m6 C* y
Why bank will sell 借據給第三者???# n4 _" L- [2 D8 ^  S$ Z
I was so confused.....

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, B, Z) c8 |, v講到尾都係賺錢; O& T3 V1 {$ m) e( ^# k6 c' {
so銀行可以不斷放款9 v. o: d8 s$ A4 }" \; u
美國的房貸問題散佈到全世界+ M8 ~9 S& b  t9 Z8 J- {) n* g" x
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mortgage loan 5 v+ s1 C/ |1 `5 f' p; h
>conduit
) @" s: b# f+ c# n) y% q>RMBS(Residential Mortgage Backed Securities)
' L% ?4 g; o5 D7 O>arranger
8 Y. u8 S. \, b) h>CDO(Collateralized Debt Obligation), r# A* O5 ?) n: N" c+ a- W9 Q
最後去到投資者

Kev

i thought it is the reason of rate of return.0 Y1 G( m8 O5 h
CDs could have different ratings, AAA -> F,
7 C5 y, i" W+ h* Mmore risky ones would have higher premium (interest rate) as a compensation for an investment.
# G! `9 D  H2 k/ N# pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 O7 y0 K5 ?5 j$ B5 Xin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- x* }% P( k' L* [0 w
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 e, w" J3 U9 T. r" d6 p, W3 @
similar to bonds, CDs trading in the secondary market have different value at different times,
# @' m  s7 O$ g( K" snormally the value is calculated by adding it's principle and interest. 2 O9 G& E1 u. \+ V& I; I7 i4 a: ]
eg. the value of the mortgage+the interests to be recieved in the future. * T! e( i0 o  E; X7 t
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.
8 ?  v4 t8 \* u  A/ r$ j& s$ nin stock market, it's the demand and supply pushing the price up/downwards.( g& c, l0 c  [: N$ X  U6 M: Y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 d( e( R& J# [& E. u) @; s
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& U/ R; G% Z+ c! X# QThe 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.
+ L( U3 t& \8 Z) I8 ebut the value of their assets did really drop significantly.# i: O9 a% n, \, v4 j! i
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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! m! P2 {7 |& I& V  V
Refer to last example,3 f. b! ?$ F2 W4 q: z  q; a9 Y
that means bank A have no money because we borrow 10 dollars from bank A " D( |, t4 ^  }+ \- H+ v
Because bank A doesnt have enough cash on hand 4 q( T% r$ L# Z0 x& |0 A6 m* o
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
4 D8 N; F4 d6 p6 h% }$ |, Oso does it mean if E failed to pay D,
; y0 m* s1 r8 Yall the B,C,D,E have to go bankrupt?6 j  q8 {+ |' J; i% t

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1 Z: m( x( i5 g! m: @- |the multiplier just tell how much money created in a whole economy,
9 r: G3 h% ~4 a& ?, z8 |% Sin this case it doesnt really matter how much money is created, 8 O0 O1 s7 x* H6 F4 H4 j$ q
it's the problem of the debt itself.3 y. N+ {! R1 Q' ^  V! ~) H" o' ^: n
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.gif5 Y) c5 s6 a0 t" v; {
小弟一直都唔明...5 V% _4 u4 P6 j  y/ I9 [  v" m$ H

1 e2 G2 c% X8 ?( r% U全世界都蝕錢，咁邊個賺緊錢呢?
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- D+ U/ R1 z, b無可能淨係有人蝕錢無人賺架嘛...: r) R( R' d# O( B+ P- i3 w# s

) K6 v" }! f+ D6 S" k6 N0 r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. u, R# V% |+ t4 E
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, _. l2 Q5 Q  K2 e3 l+ m
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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
+ ^8 l7 e$ m9 z當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: y1 d; c6 @  u* h+ 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
& U4 }7 I  Z6 X* Y8 r* K% c8 u個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 P( Z: o  r. P; }
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
3 q; N- {. K: g# N# o' T$ S' s! J計番回報率就已經係50%,所以可以好好賺
% y2 I& j( n( b; Y前提係銀行之間要互相信任先可以咁樣借法1 p4 |1 X- V9 x* u# w+ R
同埋個市場既前境要係好先得
0 I" v1 H, w) w8 e" m$ u/ _- f但當經濟一差,公司估值趺了,物價不升反趺$ H# `* _$ y7 K8 y$ w6 W% e
例如剛才說10蚊的, 趺到得番9蚊,
8 p0 B8 ~$ c3 ~. V咁投資銀行一下子就要還11蚊, 一來一回變左虧200%/ F4 U1 }. V" C* Z
所以你就會覺得D錢好似蒸發哂咁% u5 r" Q( j$ p# s
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你都可以當標野咁諗, 個樣野多人可以狂升值, 3 d% i9 L4 @: x3 l# P( 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, 7 d% y' \1 z; ?1 A3 q5 l
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % R' S9 ~% A& h& w% [1 x* S
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
5 `) m: q7 R: `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, d# P7 F) d- X$ u: y
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 Z- c0 W# n+ K6 J$ Y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# _* c% ]9 T7 e2 x' a+ b& 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
/ N- E* Q$ j$ T) H8 f) y" ~* G咁你話d錢蒸發左去邊? ...

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正係咁樣
3 u# P% t9 ~4 F; X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3 t9 W- @" Q" F- @8 V- X. v4 L
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,
! t- p; Y) O( e) @1 W* {) W連國家都係問人借, 不停發債券, 印鈔票
0 k8 l8 m; e7 ~, |4 b1 C9 s! }一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
" `0 }' y0 Z8 c) _; `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 Q- {" Y; _' ~- d' Y咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
. A* k; q. L) x因為以前未生產, 先消費
- ~& p+ A, O' z0 i, T8 s) f而家就要多生產, 少消費