0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
: Z2 E& ^- ~/ G- |+ m1 x2 MWhy bank will sell 借據給第三者???7 x, S* s( d) |, l, I. k# K% ^
I was so confused.....

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講到尾都係賺錢$ r9 D6 M7 `, _
so銀行可以不斷放款! j4 o1 y$ X0 V; i) U
美國的房貸問題散佈到全世界
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)+ p/ A: y2 K( `& j5 N5 q
>arranger
- {/ a# M8 n& @  z+ r& y* F>CDO(Collateralized Debt Obligation)
, ?3 p' }* M$ {4 y8 i  \7 \! ~/ g, U最後去到投資者

Kev

i thought it is the reason of rate of return.- a9 X! |( |$ Q+ J
CDs could have different ratings, AAA -> F,' F& Y: W  A5 S7 g( t
more risky ones would have higher premium (interest rate) as a compensation for an investment.% d) q. W3 |1 Y5 Q. W. ]. N" X3 [
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ h6 f) b8 x6 N5 W6 Z' }- ^in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! C6 B! l! m3 x6 ~0 y3 bAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 a; u) U$ ]- K* U' K$ Asimilar to bonds, CDs trading in the secondary market have different value at different times,
) P# P2 L& V0 o& A" }& Knormally the value is calculated by adding it's principle and interest. 2 n6 H$ q% K. }; y! ^
eg. the value of the mortgage+the interests to be recieved in the future. 0 P- g% ], R" i) U/ 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.
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im not quite sure if the multiplier effect does really matter in this case.. W3 K  |$ \, o* g
in stock market, it's the demand and supply pushing the price up/downwards.
! y+ m  k3 t: a$ N* T) BFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 k0 f1 ]7 O" q3 {A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& w9 B) c1 F1 K! T/ X& E' p
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. ; x: [  }2 ~1 x7 Z* ]
but the value of their assets did really drop significantly.0 C% c+ R+ J' H* Y. s& c6 p3 l
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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
0 ^6 e6 O" Y# t6 _+ dRefer to last example,6 }& i  g1 o* i+ y% W* z7 L
that means bank A have no money because we borrow 10 dollars from bank A & O! x, U( [7 k: k: f  l
Because bank A doesnt have enough cash on hand % v  v! j& Q+ i6 e
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
# e( Q- f( W8 f; D% Q2 K( nso does it mean if E failed to pay D,
0 i( r) [- x6 M$ J$ u, O: r' ]3 vall the B,C,D,E have to go bankrupt?* X6 S5 d0 {; P4 b% W7 D, c
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the multiplier just tell how much money created in a whole economy, 2 v& n( P0 s! r& t/ Y/ m. t# q4 ]
in this case it doesnt really matter how much money is created,
( t/ n1 k& `" V+ _9 H! o8 Wit's the problem of the debt itself.
" Y  u- i3 X$ E; J/ n. O6 pthe 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
/ \" ^$ O! E4 z! [% ~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...
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2 V* h  ]3 Z. O6 [4 q敬請各師兄解答
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Thanks

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那些根本係 紙上財富  3 }$ Y: h1 Y$ ]# 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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, {0 o! s1 w3 w8 ~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
# I6 c- e! o6 j當經濟好,投資銀行相信會賺錢, 物價既估值相對較高4 F$ e6 J8 [+ _, t! M; y% A
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 G% z/ B/ X/ T" O5 E& j) F
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦! h4 x  j- `! p4 z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
: {' u: B( }2 a5 |0 I計番回報率就已經係50%,所以可以好好賺! f6 b+ a, t) ^" V: t$ l; a9 ^1 o
前提係銀行之間要互相信任先可以咁樣借法
) H6 z4 {) M+ l; x$ r2 W同埋個市場既前境要係好先得
; O& q% O7 N6 u但當經濟一差,公司估值趺了,物價不升反趺! B+ Z9 R/ p; K
例如剛才說10蚊的, 趺到得番9蚊, 2 Y6 c- a! }6 |6 V: }! ~
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%9 R, R. |+ |7 E" Z
所以你就會覺得D錢好似蒸發哂咁
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3 Y& r! K8 \& L( F; s) _你都可以當標野咁諗, 個樣野多人可以狂升值, . L! |' h0 }. s3 `
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,
2 X# n0 L2 \9 w  B) H# C2 n淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) w5 o% N; I) h6 v$ M6 h. G, E
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' p. m; R  `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.gif6 _: q/ d; ], N( B9 O" b; x
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" I2 o: y, e8 v  _+ U淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 w; {% Y& y/ w2 n, V/ Q
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* K- }7 o) o; ~
咁你話d錢蒸發左去邊? ...

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正係咁樣" }. M4 w# f& X* P5 D) L
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
; K6 `( q' w$ N- j4 N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,
6 S' w6 |' q5 N8 y' N1 T連國家都係問人借, 不停發債券, 印鈔票% d; Z" E4 ~0 v& I; K5 q7 [
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
$ N8 g2 [5 e$ a! e' z- q8 m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.gif6 U: o4 V+ m, \, \
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係..., }/ r3 u" w. c0 D
因為以前未生產, 先消費! U" X$ _1 S/ H& P
而家就要多生產, 少消費