0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
" i, S0 ]# w" _" r5 w; xWhy bank will sell 借據給第三者???8 p, j" N& H$ W  x2 O
I was so confused.....

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講到尾都係賺錢0 R7 `7 P: m3 k" H
so銀行可以不斷放款' Y- ]( ]3 o! |3 t3 V5 C2 s
美國的房貸問題散佈到全世界
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- ?" o4 X  T/ K, a6 l) Zmortgage loan
9 H9 W( f, P. s4 y>conduit
6 a! M+ E/ Y6 o: b>RMBS(Residential Mortgage Backed Securities)& W1 y; w* O, k8 p$ s4 t5 R0 [7 n, d
>arranger+ k, t8 d* q. }. [! Z. g
>CDO(Collateralized Debt Obligation)6 l. v% U$ C) T  `+ x
最後去到投資者

Kev

i thought it is the reason of rate of return.  u3 O0 T$ ]. ]" S* e0 ^
CDs could have different ratings, AAA -> F,) V- P* Y, p; J
more risky ones would have higher premium (interest rate) as a compensation for an investment.& m8 w' y; u# j3 m# U9 J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# S8 y. e) {& H% l9 Z3 a! Oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' i1 G) m# ]$ h8 C& hAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 D$ U# z3 j6 X8 |: B. q( ]% E
similar to bonds, CDs trading in the secondary market have different value at different times,
) C$ g3 e8 z3 inormally the value is calculated by adding it's principle and interest.
7 U' L6 H+ Q  geg. the value of the mortgage+the interests to be recieved in the future. 6 W' Z+ p; R2 `1 P( w
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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  l4 x, S; Z7 U# H+ f* t/ `im not quite sure if the multiplier effect does really matter in this case.
" m' O# ^# B3 S2 Din stock market, it's the demand and supply pushing the price up/downwards.% k% b: ^0 P3 Z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
  U$ r2 ?% n* v: eA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 ^- s0 z  w: i. s/ H9 ]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 `2 E# ~8 U1 m2 p/ a% v
but the value of their assets did really drop significantly.8 N7 }, [( {0 u
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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
" n, M' W* |% }4 d$ D+ u6 MRefer to last example,! [. M0 o- t9 l
that means bank A have no money because we borrow 10 dollars from bank A
3 D# i" j% d! c+ X4 }& a) c' R, JBecause bank A doesnt have enough cash on hand
/ n7 C2 _5 `. k; Vtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E# m: V  f( S/ o7 X6 [* X( C% d1 N
so does it mean if E failed to pay D,
6 f9 K) E3 h7 o! E( _3 l0 b2 K7 Xall the B,C,D,E have to go bankrupt?' x- N) n0 G/ `. z' h+ u! l

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the multiplier just tell how much money created in a whole economy, + d* [0 x" ?/ v
in this case it doesnt really matter how much money is created, ! ^0 R: t9 g! `# J
it's the problem of the debt itself.+ b3 p$ `7 u* ]( l5 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
: g/ L" L5 C4 v# `+ s* w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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無可能淨係有人蝕錢無人賺架嘛...
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7 E* j2 I0 g- q% q0 P6 p, C  ?2 Y敬請各師兄解答8 C4 g7 L; x! Q$ O1 i7 f

& {6 V: X4 V1 ?/ gThanks

: u  Z& D4 `8 m, g那些根本係 紙上財富  
! {/ K+ u3 F6 @+ b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& F1 u8 C( S- f' m  f* w

/ N  W( W5 h5 [1 v6 v$ }3 ?# X4 j* ohttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
2 L; [: l( H8 r3 a. \! P- e當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
6 C8 O! V. @! f" G$ X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& X2 _! S' |* ]- g) G! X8 ]4 B. |7 h
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 A6 ^. k0 l, m3 p( f: O# C扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# c" B7 m7 o& i/ ?3 y* O0 j% y+ z
計番回報率就已經係50%,所以可以好好賺" I7 s- v: ]& g) A
前提係銀行之間要互相信任先可以咁樣借法
0 X- ^, D" L7 Z同埋個市場既前境要係好先得& }" t' z6 Q5 n' Q. a( Q
但當經濟一差,公司估值趺了,物價不升反趺
- B. z* k, e3 N- B; K1 }5 H例如剛才說10蚊的, 趺到得番9蚊,
' U- e7 S- R9 U" c6 w) j咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% n, T' t: _) ?; T
所以你就會覺得D錢好似蒸發哂咁
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' i( c. ]7 x8 |- W. `: n你都可以當標野咁諗, 個樣野多人可以狂升值, ' Q% j0 d( |$ W
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, - `% t! V' p1 `4 r! s5 d' C  D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! L8 k( j# F& x+ F/ P
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1 T0 X! d' H! Q3 Y6 G1 S, P, O1 }; ^
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: O  R% `8 t( G3 U
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
! h  _0 W: g' j$ e$ e淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 E% X" N5 Z1 ]4 W/ v$ Y
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
) }) \! T8 {' e( K  w4 K- I咁你話d錢蒸發左去邊? ...

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* Q* S* D1 p7 a3 {7 H* O/ \正係咁樣
# |  n4 J- ^" k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
' L9 W$ G/ v1 m% S+ Z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,( `8 _9 W6 W, P
連國家都係問人借, 不停發債券, 印鈔票
/ h8 A- @* I" Y& s- Y一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
' L0 R* r4 e. X( 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& N9 e0 e8 S+ [$ V% I9 l+ }, w: f
咁而家"爆哂煲"算唔算先至係變番"正常"???

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' D( G* C* D( u7 O! M. ]其實係...
3 V: A' b3 C1 X5 t; u9 C; r7 R因為以前未生產, 先消費& Q( x6 o. _7 A* X+ G8 y
而家就要多生產, 少消費