0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
( H" f* u/ O1 CWhy bank will sell 借據給第三者???  t/ e9 W* p! d) W5 _
I was so confused.....

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$ @1 _: H) T) W( a- Y. T0 W9 Q+ T
講到尾都係賺錢
$ Z8 R# }( m" W8 z  J( v; D/ F8 b2 Gso銀行可以不斷放款8 `+ r5 \( F/ D3 t4 r. D4 g
美國的房貸問題散佈到全世界$ j, z5 \- e$ r4 i" p) }9 p
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mortgage loan 0 A' g, j) Q5 X; a
>conduit
! S1 e. l' m- e) `% L7 S>RMBS(Residential Mortgage Backed Securities)2 U' G8 ~* X1 g1 H
>arranger
2 J- {& ~; t! w>CDO(Collateralized Debt Obligation); L6 D% b! @, d5 h. V5 U
最後去到投資者

Kev

i thought it is the reason of rate of return.8 g1 u* D" c6 a4 m- r3 v- u
CDs could have different ratings, AAA -> F,$ e+ J! a5 [. T% ^/ W
more risky ones would have higher premium (interest rate) as a compensation for an investment.
5 G9 V+ i" h& G: ?( W8 Umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# \" q0 t2 h( n8 ~3 ?" Gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* [9 R- s& o- O; F! _! l3 E2 g* b( w
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 f) E, ]* d2 `2 Q
similar to bonds, CDs trading in the secondary market have different value at different times,
7 n4 A, }9 p' j) X; F. B& Vnormally the value is calculated by adding it's principle and interest.
1 X4 |6 C+ T; ~* r/ g+ V: z) heg. the value of the mortgage+the interests to be recieved in the future.   |) E  o( d; b4 C% w% k
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./ m! `. Q7 d( k: u* }2 ?

  M1 N3 }& `, |4 Z+ Rim not quite sure if the multiplier effect does really matter in this case.
) @- V2 K( n% U! uin stock market, it's the demand and supply pushing the price up/downwards.
  V3 ]8 O  @; C9 ?For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! w- w# |& v( m( w" Z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( a0 `8 s8 \  \# _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.
! L: v! }1 \( i4 l& Jbut the value of their assets did really drop significantly.3 R# V5 Z: Z, q  H2 w3 N; ~
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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
! X$ f. N5 Q4 C- ^; m. CRefer to last example,7 j% G+ ?& S- A
that means bank A have no money because we borrow 10 dollars from bank A 1 d% n# f7 m7 Q
Because bank A doesnt have enough cash on hand
1 P4 d% t9 _8 W1 c1 ftherefore bank A need to be bankrrupt ??? Am I right ?? ...

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4 B7 W2 ^8 ^; u4 MA->B->C->D->E+ p% R8 p" w: @
so does it mean if E failed to pay D,
* v  ]& W9 C' M8 w' Gall the B,C,D,E have to go bankrupt?- i2 X+ i8 t5 h: c2 h
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# y* ]4 \9 x' {the multiplier just tell how much money created in a whole economy,
3 Q. ]- b; O9 u0 ?  T$ D; I1 ?in this case it doesnt really matter how much money is created,
0 o5 Y; ]- r, K, A6 Z( |1 n9 `it's the problem of the debt itself.
# V1 k0 h9 x# v9 n- ?2 Hthe 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 \& b* ~0 P( |; Q! f8 s. I小弟一直都唔明...1 |+ M/ D4 A4 {: W+ x) m

' d1 W. G: u4 ^; h5 Q全世界都蝕錢，咁邊個賺緊錢呢?( o; S- ]# b3 h; f

1 @. M. I, T6 }5 p- [無可能淨係有人蝕錢無人賺架嘛...; u5 s8 {, C9 _* F* Y% d

7 ]; }6 }9 o' ?  Q敬請各師兄解答4 m' y3 \2 E& I2 b# w

) m$ @; y' G) B) S" m$ s4 HThanks

0 n2 `% w% x/ x+ \& c9 t
那些根本係 紙上財富  : H) s6 b% A" I: h. s
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; _* V, R9 l+ S, v/ b* U

' }7 f6 z+ F8 khttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產. G; `: [( r" H7 I; p' k- V
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高( s" a; \6 f9 i' [" L5 E$ L; }9 c
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
: G( R# B% Q! C, `9 b9 M個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! E: [0 n; y4 Y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
( D$ H  J! @* T  V計番回報率就已經係50%,所以可以好好賺& @: L5 M/ o* n# V( I  G
前提係銀行之間要互相信任先可以咁樣借法
5 d# u& O2 n; N& K! Q同埋個市場既前境要係好先得, G, Q* s! G. Z# i; l7 _4 [
但當經濟一差,公司估值趺了,物價不升反趺
+ _& |7 U7 I1 }例如剛才說10蚊的, 趺到得番9蚊,
+ {% M( a0 a0 o, N$ v3 J' k: }* ^! ]咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
; f8 N5 r* V& c4 M6 S所以你就會覺得D錢好似蒸發哂咁
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7 C0 i2 j, T6 h9 w1 T0 u你都可以當標野咁諗, 個樣野多人可以狂升值, 1 \* L9 u) `, m+ y. }/ j# x# G! H
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,
/ p$ r) k* a" a7 j# l淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " J) u/ G! e5 v' M8 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
0 s8 I, N  n( G9 y9 \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& l- n3 P0 [2 ]1 f. D
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 7 T+ X# W% ]* Q  F  b* B
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , o5 Z& J7 P) p
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. x  b" l, a% Y: j3 F$ K: j% t
咁你話d錢蒸發左去邊? ...

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* F1 I! Y( m4 [2 S( g正係咁樣
: \# y$ N( k/ s1 x# S  h) Q5 }1 \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3 a+ ?( J; S9 j  W' c5 ]+ @
分分鐘佢地唔使還錢) O: R) p2 r% Z% W9 \, x' b
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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,
( m5 Y: _, ^' p連國家都係問人借, 不停發債券, 印鈔票
, W# v5 ~$ J: L一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' H# T3 Z3 P+ |$ u9 V9 P
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- V+ q! {9 E$ s5 d1 L
咁而家"爆哂煲"算唔算先至係變番"正常"???

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3 l' b0 V  b- h% F其實係...0 e) t. U: y' W0 K9 u* g
因為以前未生產, 先消費
* A; V5 a7 L5 S( N* a而家就要多生產, 少消費