0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
0 j) L# f1 m) O! @# @; z5 nWhy bank will sell 借據給第三者???. \- i9 ]4 ]3 i. Z' ^; [
I was so confused.....

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' F$ Z, f2 n& w/ \# F講到尾都係賺錢
' a8 _8 M# A0 D, o% W7 }7 Bso銀行可以不斷放款
5 l* x( t; @; @) u- G美國的房貸問題散佈到全世界6 y' P. Q. d! `# f

3 T+ Z1 \- u' O4 \3 V" }8 {mortgage loan ( h  E1 C! o9 X, ~$ M: C! |
>conduit/ E6 G4 M7 y1 v* b1 v( {
>RMBS(Residential Mortgage Backed Securities)
/ I+ u2 U9 z/ f9 ]>arranger
6 e% t9 i! n# P% b6 r$ f: ~2 H0 B3 G>CDO(Collateralized Debt Obligation)3 S. y( L6 T- u2 S, L; X3 y
最後去到投資者

Kev

i thought it is the reason of rate of return.( I, B+ X) o) X5 R, |+ ]9 c  ^
CDs could have different ratings, AAA -> F,
, j9 _# v  R/ C' F( \" ]more risky ones would have higher premium (interest rate) as a compensation for an investment.
! Q2 W" O4 Z% I! Y. N1 Qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 I# i7 i# B. m) h, L  pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. ~& F+ r/ Q0 J2 C- y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, ]0 P* q  j* @9 w! ssimilar to bonds, CDs trading in the secondary market have different value at different times,4 `/ i+ F% s, b& F4 Y0 Y
normally the value is calculated by adding it's principle and interest.
% u1 |) L5 |+ P% Deg. the value of the mortgage+the interests to be recieved in the future.
: C; p8 L; b0 w; q+ {, ybanks 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.5 U5 E' `1 O0 x3 x* f2 k

' O- M# @- X9 F9 t7 Pim not quite sure if the multiplier effect does really matter in this case.
6 m- G1 g2 @9 A7 |in stock market, it's the demand and supply pushing the price up/downwards.
' W( @1 w3 `) E' cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; B9 g) e$ K0 @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' X! x: J- E' P9 X5 R8 d' ]8 ZThe 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. ' S1 G! I- ?8 F; p+ B
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
  ?& Q2 Y8 x, I  E: mRefer to last example,( ^3 h0 M7 ^: R! X$ O
that means bank A have no money because we borrow 10 dollars from bank A 8 F& w; z# x  N' F. L; Q7 }
Because bank A doesnt have enough cash on hand . ~& B/ R0 P2 `/ `7 @: {
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
) Y% ~" D4 h8 G5 S+ B- kso does it mean if E failed to pay D, ) q) o0 Z! a- I
all the B,C,D,E have to go bankrupt?$ ^2 m' @7 {% R' ^
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the multiplier just tell how much money created in a whole economy, 8 S6 u1 X1 g# z# ?8 A
in this case it doesnt really matter how much money is created, ; U) F* F! i3 u3 c8 h. P0 p# o, ^
it's the problem of the debt itself.
1 b( O6 \" Z* ^8 R( \2 {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
5 @! I. j+ s+ u& v小弟一直都唔明...
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) e! |' s1 ~. Z% f# N全世界都蝕錢，咁邊個賺緊錢呢?/ y0 q' k( u, V" C6 g* y

7 U/ _* U# f4 ~無可能淨係有人蝕錢無人賺架嘛...
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! x2 k8 k, S4 z敬請各師兄解答% Y6 I1 _7 V/ P
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Thanks

' U0 U+ s  z. a6 b0 K. r2 {那些根本係 紙上財富  
$ E3 W8 c! C$ q- }' f  ^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) E+ M6 J2 H4 q6 H  z  ?
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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4 k! W/ M( }* N3 Q  h
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
+ z6 ?1 s( Q  j4 c4 N( T5 F. d( g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
4 q7 h; u5 p- @0 s5 L$ g) H1 Z個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" R: X, v# j* `( p扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
6 f( f4 Z" ^  x計番回報率就已經係50%,所以可以好好賺
& M4 _  p' \0 C5 T5 o前提係銀行之間要互相信任先可以咁樣借法
2 c6 j+ _% C. I: ]* I同埋個市場既前境要係好先得- @6 u# M- c9 E& E
但當經濟一差,公司估值趺了,物價不升反趺+ A3 q5 ?; R9 Y9 m, S
例如剛才說10蚊的, 趺到得番9蚊, . g2 ^* N2 s: W8 y7 w" b% n
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
. X% O' q( u' _- u4 p6 T0 U4 L所以你就會覺得D錢好似蒸發哂咁
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! G7 F& L# \9 J  I* l3 u( y你都可以當標野咁諗, 個樣野多人可以狂升值,   _9 _$ g, l$ u) D4 M
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,
9 L& `$ f: x! K# S0 z$ ]- M淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) t/ R+ c/ `( o3 H. 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: t7 u& ?; x2 I+ X" [
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/ K7 x1 Q0 M& ]- O; a& C
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
& v. `+ |1 f# }; X; `; J& b淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 \6 Y. F6 r6 k( Y* q; E6 o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* E9 `: d3 H9 |! f0 C% u
咁你話d錢蒸發左去邊? ...

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5 Z# I! `9 ?) i$ H1 t8 j正係咁樣+ _8 V8 _7 X* v  ]; C8 y
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. N3 |$ R: f! k. p. ]  G% @
分分鐘佢地唔使還錢9 p3 _% j: f6 Q5 h, T7 N: _* m

) s; z, A' K4 q: r* W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,
0 s+ }- A) k, ~連國家都係問人借, 不停發債券, 印鈔票9 `- H$ J7 O( C: I$ D# M' v
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
& I* K2 T, O8 P7 J3 n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) _' H7 @2 V7 y. M( [1 H
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
6 V8 W1 U* X& a/ @# y5 l因為以前未生產, 先消費; v7 H4 Z  x! v2 w: o8 `2 Q2 L
而家就要多生產, 少消費