0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
: w1 ?' _; ]* VWhy bank will sell 借據給第三者???
  m2 k$ X. c  v/ CI was so confused.....

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講到尾都係賺錢  [, e% n8 |4 B# R: H
so銀行可以不斷放款
; A5 j. I& Q# k7 c/ [' b, \美國的房貸問題散佈到全世界
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mortgage loan
% u1 G5 u7 p# l" n, A>conduit
5 ^5 k  s! Q) J7 \' i" k>RMBS(Residential Mortgage Backed Securities)  \/ N. d4 e& ]! R9 @, x
>arranger1 }+ o( c( N6 M! @6 g
>CDO(Collateralized Debt Obligation)
8 W" J6 v: l  Y' v# s7 u最後去到投資者

Kev

i thought it is the reason of rate of return.
, Z% t2 h. J+ @5 D2 `' pCDs could have different ratings, AAA -> F,
; k! E$ n! K$ d/ e* qmore risky ones would have higher premium (interest rate) as a compensation for an investment.5 }# A+ d+ H( U$ d: a+ ~1 P+ |, k
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, R3 M2 w" S. a* F' }in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ U, I: d. u7 y5 x9 b( L: k: T6 JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 S' W& S* y/ i* u. u3 I! i8 ~: Z
similar to bonds, CDs trading in the secondary market have different value at different times,5 _. Z9 O% z8 ]- Y3 A& r3 g
normally the value is calculated by adding it's principle and interest. ! C7 y( G1 }. R: o6 U( j4 J7 `
eg. the value of the mortgage+the interests to be recieved in the future.   B1 G$ C; ^1 D% D/ O
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.% b* v+ H0 [; w# H8 r$ ]  C
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im not quite sure if the multiplier effect does really matter in this case.
1 H6 Y) C* R; r9 s& [) b5 `in stock market, it's the demand and supply pushing the price up/downwards.
& t1 `" i" x4 sFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% j$ M+ S; S* ]0 B& i( r. J- HA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 ^: F0 B5 B/ g6 HThe 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. 5 E0 [3 B' T  S
but the value of their assets did really drop significantly.
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2 ~/ O: [$ b, |3 P1 ][ 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+ ~( T5 ], A  K3 E4 {( W
Refer to last example,0 N9 c3 n" i( O% w. L' L
that means bank A have no money because we borrow 10 dollars from bank A
% b+ X+ u; p7 O5 Y+ ABecause bank A doesnt have enough cash on hand + F7 x: r0 [* ?9 \; ]( e* C4 {
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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- a# l4 b. j( f2 {A->B->C->D->E8 x0 T* D' V. d6 m6 g
so does it mean if E failed to pay D,
3 B3 t  \: G3 P. r1 pall the B,C,D,E have to go bankrupt?' j8 U5 [0 h+ m: t( N

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$ W) \  d8 j+ o& j) ~! xthe multiplier just tell how much money created in a whole economy,
& e- c+ I+ }2 V  g. Lin this case it doesnt really matter how much money is created,
) ^5 L6 D! f5 ?( G' sit's the problem of the debt itself.
+ Z4 K  l2 \) X# hthe 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
  m. V  U: _- A& e7 i! V% ~5 _4 L小弟一直都唔明...
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# y+ E6 ~# h9 u$ u4 j全世界都蝕錢，咁邊個賺緊錢呢?0 r& |9 R) p' \: v0 k# Y: Y

6 i! G. |5 h. P( E無可能淨係有人蝕錢無人賺架嘛...
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1 }9 S, @. |1 `& I; U7 y! {敬請各師兄解答: `  C) x, y: D. }  e
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Thanks

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那些根本係 紙上財富  ; m  ^' l9 b: I/ f- I& L8 v5 {
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/ N2 Q; n" ~5 N1 \7 Q; z

7 ]" X8 y: M( K* ]7 e# Jhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
9 B7 `$ I2 {/ ^/ Z- s' e/ `! E3 k當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. \& B: d& }( D. ?9 j3 }
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
- i* `# D9 }; j. @個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ d9 E4 a' C, s. E" d: u' z扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,. N$ h7 O. y* Y4 q
計番回報率就已經係50%,所以可以好好賺3 P, v0 A+ t. j. k7 Y
前提係銀行之間要互相信任先可以咁樣借法
) ^& T) s1 b7 \$ F$ A同埋個市場既前境要係好先得8 w4 Y- l! Z! y# b; |3 R
但當經濟一差,公司估值趺了,物價不升反趺
4 m- B( n! `/ E+ I. v# @1 W  y/ {例如剛才說10蚊的, 趺到得番9蚊, , m# c( \) x$ H+ b; y4 U/ M3 B
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%' u' }6 l8 `, B- @
所以你就會覺得D錢好似蒸發哂咁7 m) q  j. [  ]' G; S9 O: \

. c: C& ?2 h& {; {2 ]9 `+ y8 G& p  t你都可以當標野咁諗, 個樣野多人可以狂升值, 4 T3 w) _6 L. w1 ]# h8 X
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,
/ K. e% {7 t! n7 \, n; ^淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . Y- U5 l  m' T6 ]% h9 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
! U4 p# |( C9 w* y& c  B' N6 R, N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
% ^! l6 X; C9 H2 V唔係d錢蒸發, 而係比美國佬洗晒未來錢,
! `$ G& V5 m- @; u. [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 M, E8 y5 @! s2 x
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 M( `' U2 |9 t: \3 `; g2 U. C
咁你話d錢蒸發左去邊? ...

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正係咁樣
3 {1 D3 q, F$ b: g4 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
+ Z7 u# F% {' h  ]) R- I1 A# @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,3 C1 r' f5 w' S
連國家都係問人借, 不停發債券, 印鈔票
# d3 H' b2 ~! s/ P" J/ D一個國家好少出口, 而又大量入口 ,反映到佢唔多生產0 d# b* h. ]) D# g1 }! v* l
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
; t; g$ Z. V9 X* Y/ G咁而家"爆哂煲"算唔算先至係變番"正常"???

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9 p# x0 n+ h. w5 [. v+ E6 _其實係...( ^4 t! i9 G3 m6 D
因為以前未生產, 先消費( e' K& l$ p1 c6 o* k; C
而家就要多生產, 少消費