0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif3 _5 g7 R8 P& o
Why bank will sell 借據給第三者???9 f: Q. o) ^7 f! G+ `" M% A
I was so confused.....

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- @* U9 v8 C6 F$ v4 g講到尾都係賺錢0 n6 w: J2 s5 B" ]! }/ \; k
so銀行可以不斷放款
3 ]+ n' [) z  `" D8 t" a美國的房貸問題散佈到全世界
4 F. s9 Q1 t7 Y" O2 F2 W3 \' T& {8 T: u& A8 t6 m
mortgage loan 7 \6 a; {; |2 [$ z0 N/ j. S; W, e
>conduit9 ?$ W. W, ?+ d
>RMBS(Residential Mortgage Backed Securities)( i! d. M: _$ |9 o  U
>arranger
, h) s1 ]) k% L- s" s+ `>CDO(Collateralized Debt Obligation)
6 ~7 I: G: J. C8 @最後去到投資者

Kev

i thought it is the reason of rate of return.  B% }+ v0 ?3 Z4 k9 T5 Z
CDs could have different ratings, AAA -> F,( ]; T) o4 o4 q( z
more risky ones would have higher premium (interest rate) as a compensation for an investment.+ `% Q. n: }; h% d
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ P. Z, t/ [/ }in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ s" [6 B( w8 y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( F; R" q! p( F& R2 i+ L6 f
similar to bonds, CDs trading in the secondary market have different value at different times,& \, U/ m2 V% i! ]& ]& z$ r* w
normally the value is calculated by adding it's principle and interest.
! _. I/ Q7 V; d9 s+ ~/ s& eeg. the value of the mortgage+the interests to be recieved in the future.
8 i9 d) U+ D4 p$ \3 Ibanks 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.! m3 Z9 u% a  A" d9 U
2 X* `3 F  ]& k7 n8 s1 _2 e
im not quite sure if the multiplier effect does really matter in this case.
. o  ]0 r' Z* X3 i$ E/ s7 Hin stock market, it's the demand and supply pushing the price up/downwards.
" a+ Y. u2 p  N7 N4 `/ a9 PFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 r9 v' Q4 q1 i, e7 Z' gA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ i2 h0 _" I# ~1 T
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.
3 _8 ]1 k4 \3 M0 v7 k& C8 vbut 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
! p- U- u7 ?) E/ m  P8 YRefer to last example,
4 E2 P, I' [$ G7 @5 h; pthat means bank A have no money because we borrow 10 dollars from bank A 3 {  w4 Q8 `; a
Because bank A doesnt have enough cash on hand 3 u* A& q' n: c6 n" \% ]* u/ Q
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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$ J% P: o0 [$ {7 q
9 W% Y# b/ p! @" r- d6 KA->B->C->D->E# q, e. q7 w& K/ D
so does it mean if E failed to pay D,
/ z$ |8 L, [5 \8 t0 Y  a, |all the B,C,D,E have to go bankrupt?
  w8 y+ D# Q) `) O  d+ _9 a3 [6 ^3 [
9 d" Z4 b1 B4 _. B! D1 {
2 L% m1 b3 Y8 l) Cthe multiplier just tell how much money created in a whole economy, * s  s. E& H/ U
in this case it doesnt really matter how much money is created, 3 ^, X% H  q: B7 S
it's the problem of the debt itself.
% D- n: V+ M' b, _0 o  B: [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
" v! z$ V4 G& X$ Q; p. q% E4 `小弟一直都唔明...
& e" }7 n! g3 C  H$ O; G
4 b5 F4 `9 _$ {% x8 G全世界都蝕錢，咁邊個賺緊錢呢?! ~% H1 l1 @: k
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無可能淨係有人蝕錢無人賺架嘛...7 ]8 A6 I, [! K) ~$ l

4 F! E6 t2 Q3 t0 S% m; A敬請各師兄解答0 M, _! y( a8 `) D! a+ d

5 I7 E1 O) v( qThanks

  ^  f5 {- N$ L0 _7 V9 F
那些根本係 紙上財富  
) ]4 Y5 N0 o  {8 r# t/ k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 graphic3 G' K9 P- X- `) Z) `9 N
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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  G0 J0 |9 Y3 N7 r
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高7 p% W' I5 N9 z3 D
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: K: D8 L) q3 j" N( i8 J- ?: J
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦3 U4 L, I( H, \! u% g. [; Q# }
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
/ R0 f' g0 H  }5 O, L0 _. E計番回報率就已經係50%,所以可以好好賺- [& v$ H5 t; M& C
前提係銀行之間要互相信任先可以咁樣借法
( r0 g8 M0 g' d0 x9 P5 C同埋個市場既前境要係好先得2 m& Z( ]7 d( E4 l' y$ c( v9 M
但當經濟一差,公司估值趺了,物價不升反趺! B- d5 }; H/ O
例如剛才說10蚊的, 趺到得番9蚊,
+ O' o. f/ T+ [4 C& |. ?咁投資銀行一下子就要還11蚊, 一來一回變左虧200%4 Y; }$ X& W5 t) g( ^+ v5 J
所以你就會覺得D錢好似蒸發哂咁
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. p0 x% t# n9 }: P9 p* c: p你都可以當標野咁諗, 個樣野多人可以狂升值, 6 T% e7 i. i$ F$ h: A: _( @
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 G+ `. r9 c6 s4 R7 u) G8 P7 O淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 b# Q3 j% A' _9 W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# E2 _2 m$ o1 W* z# P1 y/ W
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' @+ {$ L9 E2 j
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 5 z1 V2 G. B4 g+ r
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, N  g- O: e8 ]' D3 w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$ @. i. t+ X7 B: a, m  C
咁你話d錢蒸發左去邊? ...

6 G. x. p) B! J; ]3 x5 L

! S' n  E1 W" {; C正係咁樣
" g% A/ N; r7 ~2 Q8 T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 d, ~  d% d! @
分分鐘佢地唔使還錢# g; G& ?6 O3 g% A4 R! l' p

) N- n7 D) @; u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,& H" t* A. ]7 o) z
連國家都係問人借, 不停發債券, 印鈔票
1 @8 S! V, {# E8 N4 F" v& A5 U0 V一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
, ~* }: Q) s/ Z5 M  o% D! Q. z% ^. 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
9 X2 f4 K3 _8 A' [# S9 J/ O/ s咁而家"爆哂煲"算唔算先至係變番"正常"???

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' w9 P& L0 \) X8 L0 G  \9 N0 p其實係...
: ~3 b& i% d$ Q  k$ A因為以前未生產, 先消費! `) v4 I: e0 \
而家就要多生產, 少消費