0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif) G/ Q  W, r# j9 D) q6 P3 l4 f/ L7 H4 z
Why bank will sell 借據給第三者???+ Y8 {7 d. \- T9 L/ T7 e
I was so confused.....

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1 V4 n' D' T6 Z3 O講到尾都係賺錢
# u6 k: a" Y  y8 U7 G  s# Mso銀行可以不斷放款
  K0 o" k0 R, g美國的房貸問題散佈到全世界
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# V# j8 R. L( [* s1 A  s) \mortgage loan
, d! d4 u6 \/ `+ O* @+ _- I>conduit
9 ]8 U* [" R& w: V! {>RMBS(Residential Mortgage Backed Securities)
; ~& Z! W  f9 s& U3 x>arranger9 ~& m: r3 L) ]: Y0 o
>CDO(Collateralized Debt Obligation)1 N! o. c7 F7 O7 E: b4 {2 ]
最後去到投資者

Kev

i thought it is the reason of rate of return.
( S5 ?8 g. G# f' Z2 G$ lCDs could have different ratings, AAA -> F,
0 U" i! q/ b& \3 ~0 h; g* `more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 K9 X5 @# N8 T2 b/ Nmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 d9 d. _  F: w- Q2 Min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.  R: U% V! R  b5 _
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ `+ i4 M& y+ n/ v: F$ [similar to bonds, CDs trading in the secondary market have different value at different times,* O/ n! B' M& m8 B& c4 e2 c
normally the value is calculated by adding it's principle and interest. 5 [5 h. Y) A# s: Q/ J
eg. the value of the mortgage+the interests to be recieved in the future. ' v' }% W& k5 j/ O4 W6 ?6 ?
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.& `' K  y/ C9 y% w* e/ Z9 R2 d

- W. z" m3 {2 O- u2 v0 Y; h7 h+ jim not quite sure if the multiplier effect does really matter in this case.
9 S+ ]: B; Y' Cin stock market, it's the demand and supply pushing the price up/downwards.% U) q' _* G- m. s0 R, o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! {4 J& U0 V2 ]  i$ QA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! g, }7 p$ A1 s, K  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. ! f  t9 @" j8 @
but the value of their assets did really drop significantly.' F7 ?( ~9 D  a/ H$ u: s! r

% K/ V( \* C/ [' i% I9 F7 N! b[ 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: ~& r& x6 s7 j* ~7 G' S6 }6 E
Refer to last example,
' n0 g$ v  ]" v' |# lthat means bank A have no money because we borrow 10 dollars from bank A
3 Y! C0 {' l# n1 V2 q6 U3 ~! XBecause bank A doesnt have enough cash on hand
6 [  s  q/ Y9 htherefore bank A need to be bankrrupt ??? Am I right ?? ...

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7 Q& M  M- O/ \& {0 YA->B->C->D->E
% t+ |7 X, l' O( |  f& nso does it mean if E failed to pay D,
3 g% h9 n4 I4 P+ v5 I/ Iall the B,C,D,E have to go bankrupt?  ?! U' S$ v* f( @6 K

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! r$ {: Z6 k" j! E* H( r1 athe multiplier just tell how much money created in a whole economy, # z- U4 ?6 A9 N5 `; u3 Q7 V7 C
in this case it doesnt really matter how much money is created, # z+ {7 @2 f. `' }5 i) w4 q: X
it's the problem of the debt itself.
* g; w4 @0 J8 \) h& f( d' othe 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) Q$ _4 z( j% @* V# i6 |
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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0 W. h& U/ X6 c/ s9 d1 @5 c' D無可能淨係有人蝕錢無人賺架嘛...# O. j! B$ K! y, V5 b# v( |$ B

$ l) m. Q/ E8 [! \* F敬請各師兄解答' P' x' W1 L' p1 c
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Thanks

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那些根本係 紙上財富  % G; m0 w' M1 R5 \5 H* q) 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
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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
: f& u  t% K, {. e* }  E1 [當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
0 t% M0 m6 k' ?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. {$ Q9 R: B/ s* O5 K3 W
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦3 B/ [+ D7 K# x" P1 M2 ]
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
( `- F  Z# z, t4 b2 s- s& I計番回報率就已經係50%,所以可以好好賺
( ]$ e; L9 Q6 \1 @$ u  x) D' Z前提係銀行之間要互相信任先可以咁樣借法& C% i3 I# |  B7 b" p# N
同埋個市場既前境要係好先得( f9 q- r2 R; h9 z$ B
但當經濟一差,公司估值趺了,物價不升反趺
5 o) U" O4 k& }. g4 B例如剛才說10蚊的, 趺到得番9蚊, & X0 ?0 F: ~. E+ }
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%! \/ v8 b) J- f2 t: E# t9 M! i8 ~4 z
所以你就會覺得D錢好似蒸發哂咁
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0 o1 X! `) Q8 Y- G# t; K你都可以當標野咁諗, 個樣野多人可以狂升值,
. I; m& j) j% t8 n& G, H/ _- X' o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, ( m( G" I3 C! ~, c; D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ M1 r' X1 T3 W4 r( m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 z9 Z& y1 \3 t9 n$ 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
! |9 F1 P  j% @唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 Z& p3 O7 d* Q, {! e: T0 k7 _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& ?  ~1 o- v) |  e4 Z/ ?( 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- R$ T5 f5 _0 B, ^) e3 s
咁你話d錢蒸發左去邊? ...

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正係咁樣2 y( |% s1 s8 P% y7 c/ V
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9 X* k; {- P1 U3 f
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 h/ n5 a) X9 {" q- w% z1 Q# P0 g連國家都係問人借, 不停發債券, 印鈔票
# W# l( P5 {2 V+ z一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% M% ~. K) x* h  n, a$ l4 v6 ^; w
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
4 Q5 P# U0 ^% G. o! ]; z3 w1 A咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...' X0 N$ ?1 O0 Z6 K& N, B
因為以前未生產, 先消費4 _3 k* \8 |4 {* e' d1 [
而家就要多生產, 少消費