0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
6 R& C' X4 K- @- J( OWhy bank will sell 借據給第三者???9 F% _" h8 `* r. b% {+ j/ N
I was so confused.....

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講到尾都係賺錢
5 ^2 Q3 m- H  x! cso銀行可以不斷放款
; w" ^5 k& X/ F9 F美國的房貸問題散佈到全世界5 ~& O, {" x! e3 W

/ p* [( _: C' X: F1 G5 ^mortgage loan ) h3 ]  ^9 |* H
>conduit/ a" K3 y1 ?5 D3 e, B
>RMBS(Residential Mortgage Backed Securities)
" h! H# e8 k* r% X1 G>arranger
0 X  s9 P" T" L8 k: f>CDO(Collateralized Debt Obligation)' Z  [, ?- U9 n! R) |
最後去到投資者

Kev

i thought it is the reason of rate of return.+ ]' a  V! \# T* y" q! g
CDs could have different ratings, AAA -> F,
2 q! T; @8 Q2 x7 u8 `more risky ones would have higher premium (interest rate) as a compensation for an investment.. i! h  |# ^: x
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" Y( F" z+ ]7 a0 B0 zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.) K' s) Z" _0 J/ e
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 O' m( [( L: Z
similar to bonds, CDs trading in the secondary market have different value at different times,
& e# ~" _9 e# p( n* Y- snormally the value is calculated by adding it's principle and interest.
  D% b) F2 `/ Heg. the value of the mortgage+the interests to be recieved in the future. / w8 S+ D" d+ U5 Y( y; V3 C
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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& h: |% n$ M2 Q/ cim not quite sure if the multiplier effect does really matter in this case.% k: Q! X6 q3 U$ J  W. H, Y+ h4 |0 r
in stock market, it's the demand and supply pushing the price up/downwards.
: i  ?6 b. i4 K! I7 }+ dFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" ~( J7 c5 ^3 {/ `3 f$ y; @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% B5 ]6 h) A' [4 l7 c
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. - Z0 V. ^5 a1 M
but the value of their assets did really drop significantly.. z- [/ C% }" X* O' |
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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
' S5 c: M% N- Z- f4 l' iRefer to last example,
0 D4 d, m7 f% m! a2 [that means bank A have no money because we borrow 10 dollars from bank A
( V% W% G3 e0 VBecause bank A doesnt have enough cash on hand $ y3 B- v) b4 J9 z" y
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
. R: E$ H% @# k/ u. ~so does it mean if E failed to pay D, ( R6 P* c5 {, e6 u* b
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
% I9 i+ L! m9 B* ?/ o$ b( [in this case it doesnt really matter how much money is created, * p6 ]% ~- F/ C" }% g" W. M: `9 F
it's the problem of the debt itself.
$ u! h6 ?+ |6 H: l& F/ tthe 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 a& T/ V+ a7 ^/ z. L小弟一直都唔明...+ o7 F2 v0 Y+ H8 P$ J5 }" N
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全世界都蝕錢，咁邊個賺緊錢呢?
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# X) J  T" L9 H2 j7 N3 f無可能淨係有人蝕錢無人賺架嘛...& c1 ?9 m9 P' `: r
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敬請各師兄解答% h* `9 B' e6 ^$ d3 R+ ~
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Thanks

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那些根本係 紙上財富  
2 j* T5 C7 k1 s9 `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$ {! v, y" `, H
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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  J9 V3 v, k" M( Z8 q+ k
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# k1 e) B- @$ t% a% x" \- V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
" \) S2 t  Y" I! e  y個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
6 w3 I: d1 z! T: d# r9 O扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,8 i5 _* m* ?% A
計番回報率就已經係50%,所以可以好好賺; i- v$ M; R  h
前提係銀行之間要互相信任先可以咁樣借法
( B7 e0 F  o$ C, u同埋個市場既前境要係好先得! f- o# a. S6 y9 y6 S8 c
但當經濟一差,公司估值趺了,物價不升反趺
+ t- N  S2 h2 B: X7 m例如剛才說10蚊的, 趺到得番9蚊, & z; S! q8 N7 t/ [4 H* P
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 V1 S9 G/ d) @2 `% C+ g
所以你就會覺得D錢好似蒸發哂咁/ q) \* R' o# Z( q$ d
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你都可以當標野咁諗, 個樣野多人可以狂升值, 7 ]8 X% w8 A, A1 B& z
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, ' q/ C& [* }; w/ s
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & X. ~$ ?7 x) y% u" u
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3 M6 g. K1 S) K& k+ K3 Y
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
+ s# \2 c9 g( V6 d唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 }8 C9 g1 E  M4 j& m# L淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" ^: _1 ^* J4 c4 `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
) G( Q* Y( r" a- {咁你話d錢蒸發左去邊? ...

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  e0 k# ?# O: z+ Y正係咁樣6 L9 `' w- J& O, _: `' D
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- h7 t+ A6 A, B1 A# `
分分鐘佢地唔使還錢
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2 v& j7 l2 ^* F5 g+ i7 ?. A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,- K# t, `; l1 p" j% _( X
連國家都係問人借, 不停發債券, 印鈔票
2 o  J& E4 H" t一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
6 b  Z" b  [, s2 c, g, m8 ^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
8 k) r; d4 n6 @0 n, V( y咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
2 J1 ~7 z. N" R' m: D8 ^因為以前未生產, 先消費
1 Z( m5 X- g- p! ]' K$ ]  T. B) s而家就要多生產, 少消費