0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 v3 t% u* @8 y. g) kWhy bank will sell 借據給第三者???: ]# a* S$ m/ i7 \
I was so confused.....

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+ d* P" p; \  W- [, k: Q/ \講到尾都係賺錢8 L6 N7 S- b) [. o
so銀行可以不斷放款4 x5 G: Y+ N  F+ W* @2 C# c
美國的房貸問題散佈到全世界
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  p$ y2 {4 z7 e3 Z# \6 Gmortgage loan
9 e! g2 i) K: _3 r3 B>conduit
) p' `* g5 x' p8 k>RMBS(Residential Mortgage Backed Securities)) n" e0 s7 a9 T
>arranger* C! p- i  j$ P% F9 i) t' b
>CDO(Collateralized Debt Obligation)
" M4 z, d- d4 R$ i. v+ Y最後去到投資者

Kev

i thought it is the reason of rate of return.
6 x3 ?* q' E. b7 lCDs could have different ratings, AAA -> F,
$ T5 n- w# p& B4 O+ q6 M$ ~8 E; t* Zmore risky ones would have higher premium (interest rate) as a compensation for an investment.1 ?* @' d  H5 a. Y) H5 J/ h5 \! I/ v
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 ^8 N/ `! ^" i; P- L
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., c% ~6 m) ~- L7 M
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& t1 X( y" S: h) n/ \' I, K5 G1 w
similar to bonds, CDs trading in the secondary market have different value at different times,+ z' p$ j) A2 _; _: K1 b2 h: V& ~% m
normally the value is calculated by adding it's principle and interest. + r' d6 S+ B' ~, C  C& I2 W1 Q& R. T
eg. the value of the mortgage+the interests to be recieved in the future. ' L  |8 o* q' W) N
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.) R. j0 {! O# @/ {
in stock market, it's the demand and supply pushing the price up/downwards.
! O  P& z7 b" _& jFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( i! [# x$ D; E% p: X+ H
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  F6 J& C. R. r+ ^% [: U! d- NThe 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. " |; j0 r, x* @0 L* Q
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) t0 l* q/ \! N
Refer to last example,
8 b2 u0 O: j2 p6 h3 Z( vthat means bank A have no money because we borrow 10 dollars from bank A - f% \: M0 P+ v. G4 T- g
Because bank A doesnt have enough cash on hand
/ [* y# R9 k7 ^" _therefore bank A need to be bankrrupt ??? Am I right ?? ...

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6 {' z# L7 Q  U/ L' ^  V3 }& |A->B->C->D->E3 P" j! T+ @8 j. j
so does it mean if E failed to pay D,
$ X: n' a, j) `2 dall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
  r' v/ h1 L$ `: B: ein this case it doesnt really matter how much money is created,
( J6 F) x6 Y8 j' t7 H1 y" {. tit's the problem of the debt itself.( G, O7 i* n2 Y2 {" B4 w
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- d# K: y' \- u& J! T# h
小弟一直都唔明...
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. J5 k9 d% {( [# X2 c全世界都蝕錢，咁邊個賺緊錢呢?
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* J! K" l/ \7 y4 r" W. w無可能淨係有人蝕錢無人賺架嘛...6 ]5 H  L9 @* ]/ a

: T$ L. N, N7 v5 w: a敬請各師兄解答( `6 W% r) R1 v" ~: G5 ]/ V
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Thanks

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那些根本係 紙上財富  
* r, Z8 c0 h9 w5 |' G! J# N+ x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 graphic4 z" U9 B: }6 V

5 w; M4 D5 D$ K' rhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產( R' A5 l$ @1 Z% |  n
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 [, Y3 u" z, [& W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' v1 d; [+ ]2 F. o) ~
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ {1 x, A; ?* S0 y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
( m2 p, _' _) @0 ^5 t計番回報率就已經係50%,所以可以好好賺5 m7 e; F0 u: `& E/ f6 ^- P
前提係銀行之間要互相信任先可以咁樣借法3 D1 p' N1 z$ O# g/ M8 z
同埋個市場既前境要係好先得7 l& @' n2 t8 x6 y! l- ?  G$ z
但當經濟一差,公司估值趺了,物價不升反趺
2 `0 F4 D+ n. [. J2 L1 x例如剛才說10蚊的, 趺到得番9蚊, 5 b3 _1 f$ O! _& V
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
  Y) ]) G! W( [, r/ c, z所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, * j- x1 B- F+ M. F/ y2 Y) ~- b
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,
* F4 V4 [- K. S6 w! h+ i淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. B' A; P7 B! B+ K( K% M# O& h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
6 K8 k8 e' z( X) ?4 e8 i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
) p. G3 \. q! B' @+ _" t/ }唔係d錢蒸發, 而係比美國佬洗晒未來錢, + M1 Z; i* G% `6 |* x- _. W2 ~
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   P; x- ?3 U0 M* a% Z) O" T
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: o8 s! u7 {) i  K8 b
咁你話d錢蒸發左去邊? ...

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正係咁樣' c. q: `& N' ~
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; t8 `$ T- ?; z0 U4 m& _6 ^
分分鐘佢地唔使還錢
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1 E/ f' f5 _9 ]& I& u8 n( H9 C: {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,
' u. [" Q4 S* u  G0 K- o/ I$ C連國家都係問人借, 不停發債券, 印鈔票# ?1 i& ~9 j' A1 j+ J/ L
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* H' ]$ ?( [9 A8 R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' O5 K1 v5 q/ ?: Z3 O
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
: k2 V# ~3 p$ B6 [因為以前未生產, 先消費) E; a9 P( h  s! D4 o2 }( n# M
而家就要多生產, 少消費