0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif- Q. k( U, s: S9 X9 Q
Why bank will sell 借據給第三者???7 D2 [( e! \7 u! N
I was so confused.....

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講到尾都係賺錢
* r/ }. k3 l7 _/ {  O9 I3 mso銀行可以不斷放款
# {* S+ b3 V% P( A+ @美國的房貸問題散佈到全世界& F% b' G1 b- Z" h

9 A/ m) |* w! Mmortgage loan 5 Z, C5 B8 M) C0 y' N
>conduit
. H- u' l% j( c9 _  X$ `$ B>RMBS(Residential Mortgage Backed Securities)
) M% [% Y$ m( ]) l>arranger8 n& X4 Q5 v* y( {- l
>CDO(Collateralized Debt Obligation)0 N/ L0 |! q3 ?6 o; J
最後去到投資者

Kev

i thought it is the reason of rate of return.; \( e- f6 a1 u! P' @
CDs could have different ratings, AAA -> F,
4 g# n6 x. E# E7 C1 Vmore risky ones would have higher premium (interest rate) as a compensation for an investment.
* v7 f6 N( d/ y5 c9 M7 ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 O: S; {4 N- {. U' j' I
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: s$ G* Q& H3 t! J9 k) H
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) x4 }/ i+ }: j, A0 }3 Lsimilar to bonds, CDs trading in the secondary market have different value at different times,7 [: p' d8 R" e( f/ j
normally the value is calculated by adding it's principle and interest. % ]) a7 Q) s  Z; [1 E' x" T6 O9 a
eg. the value of the mortgage+the interests to be recieved in the future. ( F- A$ r& E# F6 Q4 H& s1 _
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.
$ j4 g7 ~' n& h- K) Pin stock market, it's the demand and supply pushing the price up/downwards./ M2 r. T0 P  Z4 a4 Z+ u# B. u
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
  l  e+ D2 y7 _: O( v9 `: ?5 PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  h  x" V+ Z+ c+ c0 r& C7 p4 B
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.
7 {0 ]0 L2 l; }8 P2 N2 ubut the value of their assets did really drop significantly.1 M' A: y7 g' j2 {

  X6 E' y( t$ A, ~[ 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  R2 d( c/ l' J1 z+ j
Refer to last example,% X5 |2 |! l6 a: x6 [& D5 N
that means bank A have no money because we borrow 10 dollars from bank A
% P4 ]9 w8 T7 O* OBecause bank A doesnt have enough cash on hand & e" U3 G  f8 c% q/ _* z3 C$ K: g% r
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E' P: f  x( \' o3 G
so does it mean if E failed to pay D, $ K" p9 b+ V+ K
all the B,C,D,E have to go bankrupt?: u$ ^: P" G! b1 Z: {
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the multiplier just tell how much money created in a whole economy,
) m- n) n1 }  K7 p+ S3 G0 Ain this case it doesnt really matter how much money is created,
, E' u" I5 b: _4 X( [it's the problem of the debt itself.  X# a' i0 G5 }' J6 Q2 T2 I
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.gif1 g/ m/ j# L  t: ~9 l
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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無可能淨係有人蝕錢無人賺架嘛...0 o8 V/ @5 l3 y7 c6 h
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敬請各師兄解答
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( G9 }8 S  B: E# j) M' @) LThanks

( l- V2 s$ v7 [) E: P$ m+ G, t6 s那些根本係 紙上財富  : o& P0 a! u+ q' I" `4 |' ^! C8 ^' ~6 r- u
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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9 _- h, K, O2 W( Ihttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
7 F% S# |# e. J- x3 z0 d% o9 ?2 ^當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ x& U2 T" y& W; T% e
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! |7 J" N0 `& T! w" E, _
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
1 c, M# U2 i, v3 c7 N" Z扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 V1 _1 a6 q& a# x4 A計番回報率就已經係50%,所以可以好好賺" v+ J& g% u' A% M1 r
前提係銀行之間要互相信任先可以咁樣借法5 b) v- X* H# V
同埋個市場既前境要係好先得+ ~9 m# y6 _% M# s
但當經濟一差,公司估值趺了,物價不升反趺$ K* z% G9 ^% W
例如剛才說10蚊的, 趺到得番9蚊,   D5 [7 |& b' l+ H5 x! J$ L7 d* n
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' K6 r; Y8 x, K0 y所以你就會覺得D錢好似蒸發哂咁9 Q. W: x) s( N! U( }2 G& W

; C7 F2 K! o) S; f你都可以當標野咁諗, 個樣野多人可以狂升值,
' T% Q" I6 v: N  a! s. L! h4 F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,
3 c; V( E* ]3 J3 h# u淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % w7 e8 y- q8 }" W' {2 t3 F
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
) D  c) |0 ?, T2 E3 }5 @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
7 k* `: e' f  C3 C唔係d錢蒸發, 而係比美國佬洗晒未來錢,
/ A) G8 [/ A) h淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! O5 H# ~* J4 w# F/ s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5 }5 {8 J/ r+ ^. C, ^5 y- ?
咁你話d錢蒸發左去邊? ...

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正係咁樣
. f: @6 n2 v9 n! `8 }( g! X2 w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 i% c5 L0 A
分分鐘佢地唔使還錢+ X: Q* ~; j6 X# l! T

$ a1 _' C; t& J/ m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 l" [* p5 [2 _
連國家都係問人借, 不停發債券, 印鈔票7 R) O9 S3 s# H, Z# j
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: E2 c& [/ h* c
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
# x- J- r( u' a( C% T/ `/ D咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...& Q  d# M  q5 D# E" ^
因為以前未生產, 先消費4 g5 X) |, f8 W' J
而家就要多生產, 少消費