0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif$ s, p- b0 {6 T
Why bank will sell 借據給第三者???
4 r+ v$ X! ?# u4 w9 Y1 wI was so confused.....

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講到尾都係賺錢
# p- N1 c) X+ e" D& o9 Q$ Uso銀行可以不斷放款
$ S3 y5 w& i# g$ @+ g* L美國的房貸問題散佈到全世界
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. _5 v, X7 f" U. d5 O$ omortgage loan
) `( l3 q/ ?2 `2 b0 i>conduit$ ~1 J# p' V7 f' H
>RMBS(Residential Mortgage Backed Securities)2 y7 c( k) l9 C7 ?! S: @
>arranger
" M( R. ~" Z( d, I3 S. p>CDO(Collateralized Debt Obligation); J1 B8 Y2 t; Y
最後去到投資者

Kev

i thought it is the reason of rate of return." l3 ]* f  l  F0 ?6 O
CDs could have different ratings, AAA -> F,
* f4 o9 U- }7 C: P$ K3 J9 B8 E6 K# Dmore risky ones would have higher premium (interest rate) as a compensation for an investment.2 Y! I  T( l' S" a3 w" G
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# [6 |: m. q9 X+ b$ K! |in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 Z; d2 ]1 f+ h
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.  v- n; N) R8 P) C
similar to bonds, CDs trading in the secondary market have different value at different times,
* E( U% \. g7 e4 Y7 onormally the value is calculated by adding it's principle and interest.
5 A( }: @" I+ Geg. the value of the mortgage+the interests to be recieved in the future. 2 G9 Z0 P3 d9 d
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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" p2 O) Z# f/ eim not quite sure if the multiplier effect does really matter in this case.
/ s9 o% p' U0 z8 Y8 P! A% O" b5 hin stock market, it's the demand and supply pushing the price up/downwards.
. P8 i2 K8 B" q' }8 {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& J1 M: T" K. J/ ]4 m# \' [' cA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% z9 F8 I8 @+ x7 c  O) sThe 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.
3 r# D% U. c# G7 P1 Ubut the value of their assets did really drop significantly.5 M* K( s+ N+ h& B' N* u4 p
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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+ Z# B4 a, S) |" T2 V
Refer to last example,+ _5 t" R. y; x" Y0 ^5 h6 m
that means bank A have no money because we borrow 10 dollars from bank A 5 {  ?" W) J% W! V7 a2 c7 O
Because bank A doesnt have enough cash on hand
  U/ b' z" z  w0 ?6 Ptherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E  o  r8 K3 Y; ?5 y' c: r2 D
so does it mean if E failed to pay D,
) t' a+ g8 q/ F. R8 D1 Pall the B,C,D,E have to go bankrupt?- G6 r: C7 t! j% w6 s( z* L
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- m5 z& L/ M# X1 x! }1 ~4 r' uthe multiplier just tell how much money created in a whole economy,
  T* r+ @' g5 V( O( Vin this case it doesnt really matter how much money is created, , c. q" W$ X) E$ b
it's the problem of the debt itself.
3 m' x, v! Z8 H- 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
+ Z& P8 R0 a5 ?7 y3 s9 T( s6 v小弟一直都唔明...: x, W6 K( z* e0 Z8 u: l
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全世界都蝕錢，咁邊個賺緊錢呢?7 |/ c" a( c! v7 v9 z

& t. L. d/ N% X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  {6 F9 z: c" c6 o

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那些根本係 紙上財富  1 p, T% X* A+ W9 a
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; S5 T3 p  h2 E
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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
/ L8 ^+ |# Y0 {  B) P+ X" E當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
$ [) r' S/ F# q" 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2 t2 r  E# F. B) c8 y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦8 |' [: [. @1 ~3 b( s5 f
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# Y: f9 ]& @1 D; y! r計番回報率就已經係50%,所以可以好好賺
! S: I  P1 j) M! D" }' M3 \前提係銀行之間要互相信任先可以咁樣借法
% k/ c7 |7 H+ _4 g+ W$ g! o同埋個市場既前境要係好先得/ m& J  ~9 l: i+ W
但當經濟一差,公司估值趺了,物價不升反趺  g5 N" l3 [" s- g( I& o4 Z0 K9 y6 T
例如剛才說10蚊的, 趺到得番9蚊,
. V+ B* e/ c3 r! m5 F7 d! D' e咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
. i  @% h; E, b2 ]" ^所以你就會覺得D錢好似蒸發哂咁
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7 w( A( w( g* {3 @, T# N# u1 W, h你都可以當標野咁諗, 個樣野多人可以狂升值,
, D5 A1 J+ o9 ~. w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, 6 q: L: y- S. E- f  \& b- \' b+ a4 u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, U. o9 W6 V; ^6 o0 H  y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
/ F4 Q: T  z2 R% P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 W8 Y4 [( c" n唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ u' l2 x, P9 `4 {淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! |7 E2 O7 w+ X- H8 M( \' N; w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
  j, J( b( I# ]( p+ w/ T咁你話d錢蒸發左去邊? ...

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7 x' q$ _6 C; {) c正係咁樣. [( {$ C0 J5 n4 ?; R
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
* O# f8 g+ }0 t8 k  b分分鐘佢地唔使還錢
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) k- C- c) s1 V1 ]  ?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,* b; I& j% \2 h6 H: m
連國家都係問人借, 不停發債券, 印鈔票! `: {" u  J! U1 ~& X
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 `; d8 Y* T9 _* |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
" ^/ x3 P6 _8 F6 h% U7 i% ^咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...+ z6 p1 W2 m; [( L0 W4 G
因為以前未生產, 先消費" Q( X! p0 Z) f  e
而家就要多生產, 少消費