0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif" G% S4 ~' c, g/ y* i
Why bank will sell 借據給第三者???4 U% H; \( J( N& L
I was so confused.....

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講到尾都係賺錢) N, \; K$ Y  W& s
so銀行可以不斷放款  W5 p; V# Q9 U+ ^$ f! B
美國的房貸問題散佈到全世界) \! w8 v4 j, Y' E% ^. k

' d. W% g: r7 n$ a& b# |! Tmortgage loan , b3 l7 r! l& }; }4 G
>conduit. b9 e# S* J) k% j, |
>RMBS(Residential Mortgage Backed Securities)( C  e2 H& w( j" s( O
>arranger) H9 y: h6 T/ e
>CDO(Collateralized Debt Obligation)' T5 l  k4 `/ [2 ^! g7 X
最後去到投資者

Kev

i thought it is the reason of rate of return.# z- d. u) Y/ R5 E
CDs could have different ratings, AAA -> F,) D$ j4 k; V! N- K8 q. m
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& B; H2 i, Q4 N6 Tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ F" C$ k$ o3 _1 H, vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 T( W: g  V9 T+ Q4 q
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ b! U& V1 V7 \' n* {1 K
similar to bonds, CDs trading in the secondary market have different value at different times,
6 u% i$ A. Q! l0 cnormally the value is calculated by adding it's principle and interest. 9 i6 u- t8 I& I# P" M) o6 ]  ~
eg. the value of the mortgage+the interests to be recieved in the future. " k' [2 L7 ]; t3 O3 s" l
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.6 z( v/ Y4 z" T: a8 `
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im not quite sure if the multiplier effect does really matter in this case.
/ M% N7 M& c5 Q# B+ a& oin stock market, it's the demand and supply pushing the price up/downwards.. {# x' [: E- M5 X) |5 W6 l: u
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 N* @! d/ N9 q5 b, J
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; }; B% w3 q" o! E$ R5 M
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. - m) L& F8 M6 X# B9 P
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
! x6 `) @9 H8 T6 ~2 \: j( O. gRefer to last example,
, L6 ~; z. v, I. w8 |. E+ x  ^: Jthat means bank A have no money because we borrow 10 dollars from bank A 5 z9 A% w$ T# f8 o. c% T# N4 ~
Because bank A doesnt have enough cash on hand
- {- z& n8 @- c; c2 F4 E2 mtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
" c2 k& I4 l! b" iso does it mean if E failed to pay D,
1 y" z: C0 \; |+ ~all 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, + Z  V( l9 B, b1 n6 u
in this case it doesnt really matter how much money is created, 7 m4 W% e& w7 x( v) U
it's the problem of the debt itself.8 g0 [& C% b& p; p1 `& n( c. D
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
3 _5 x& f* l% y8 s( p% P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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' v& j2 X; g0 Y1 @, H" j" q# Y無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答# I8 i* X+ I4 `& b- Z1 D
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Thanks

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那些根本係 紙上財富    {9 L( j: S- G2 r
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  b$ b/ h& H& h8 _' i* W5 _

& W' R/ h) |" ]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) E6 k: S; [1 m* f0 t  v
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% X, F, T" p" `7 r. U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
9 \) @! l$ B, x0 C' Q個件物價係市場好既時候升, 例如15%先算,變左12蚊啦$ j/ @0 {! E& q% ]2 X
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,% D/ t2 P  I, k5 O% u  |
計番回報率就已經係50%,所以可以好好賺8 {* @( f; y( w5 n
前提係銀行之間要互相信任先可以咁樣借法  q5 |% u7 G3 f  }5 b! A
同埋個市場既前境要係好先得
' c8 D$ o+ T) C$ C/ ]% f, u但當經濟一差,公司估值趺了,物價不升反趺2 C! w) r3 ~& p( I% N
例如剛才說10蚊的, 趺到得番9蚊, # a' e+ u9 O  e' j. K; D3 H
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" ^5 N$ F6 |/ R4 }) Y5 _9 w
所以你就會覺得D錢好似蒸發哂咁# R9 ?& r: [7 f  [
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你都可以當標野咁諗, 個樣野多人可以狂升值,
" u* I2 |/ \. K5 P1 I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,
, Q9 I3 u# Q( F% c2 t: V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 K" Y! ~  ~7 w9 @  [" [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 l# b; Z( @# e6 ~7 P" H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' }" @  @0 e: o; g5 V
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" \0 u, j9 i: ^4 s淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' I# a: x' ~8 L. K9 @* Z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
+ M/ J$ V) v/ R, G) x# e+ S" l咁你話d錢蒸發左去邊? ...

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3 M. H! \0 a0 K& O6 o正係咁樣
, q1 I+ d+ d4 l0 j: n' p8 W, F; p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
% q) `' d1 x* h0 Z: _1 Y) G& o分分鐘佢地唔使還錢" p( `  u* F, T& e4 D
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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,. B1 g" ^/ t0 W2 |5 U! b  y
連國家都係問人借, 不停發債券, 印鈔票
$ `, k6 L: `1 C/ P# ]4 A一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ j; I& D5 B2 S& f) z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/ b4 j: p- ^+ V! z) q! G7 U1 z
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...$ g" @: p# ~8 \
因為以前未生產, 先消費# a! H3 m) A( K; {
而家就要多生產, 少消費