0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
5 \$ V( U" S9 @! Z$ P9 TWhy bank will sell 借據給第三者???% I: f4 n% V1 Z4 e
I was so confused.....

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講到尾都係賺錢% }* \! G$ @* D) m# i, o
so銀行可以不斷放款0 q6 `2 q, @. @6 n" g) W( h* q8 h
美國的房貸問題散佈到全世界
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mortgage loan + i. B- Y) j! [
>conduit
% z* t- M4 K: X+ [' h; j, o* P( e>RMBS(Residential Mortgage Backed Securities)
, G8 E* M# A6 f7 [# |2 s>arranger
- G* I! j1 S0 g9 B- l>CDO(Collateralized Debt Obligation)# }/ f2 h  F" E$ S  v; q
最後去到投資者

Kev

i thought it is the reason of rate of return.& G5 }1 B6 t* Q$ J" W' B
CDs could have different ratings, AAA -> F,6 L9 y" a7 W) C/ t& k: R
more risky ones would have higher premium (interest rate) as a compensation for an investment.
, }. [( j" g8 c: O3 rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return," H3 R7 F* X: S5 g; @
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 B) q8 i: Q& M- ^: k) W( ~
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* v( s" c  ?9 D7 |1 t
similar to bonds, CDs trading in the secondary market have different value at different times,) s+ d6 ?; F+ u
normally the value is calculated by adding it's principle and interest.
2 x- \' h# p6 h: Jeg. the value of the mortgage+the interests to be recieved in the future. 3 f: t4 B9 W4 w! c' U& [; A
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.0 ^( {% L. p' C- q
in stock market, it's the demand and supply pushing the price up/downwards.( l# K! P% ?$ p" Z- c0 F
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 t, u/ }3 P% }; i# DA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% E! t% T6 `( c3 t# x, XThe 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.
/ S* \9 l7 @: K) k7 e& f$ Dbut the value of their assets did really drop significantly.
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9 p3 ?; @( Y" i/ h# F[ 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.gif8 X' [% S2 L! o1 t
Refer to last example,
0 ~  G6 `) b+ Gthat means bank A have no money because we borrow 10 dollars from bank A
) Z) b. Z0 o5 i" A# G  s8 U" OBecause bank A doesnt have enough cash on hand
9 u9 e; x2 q8 {5 l3 r8 L( C' stherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E+ z& g. w$ C0 t+ X- d" n! A
so does it mean if E failed to pay D,
; j/ `, S" u, S8 E6 c3 g6 f* Uall the B,C,D,E have to go bankrupt?# s" W# H$ ~! }; _
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: L8 y7 l8 \# o3 _
the multiplier just tell how much money created in a whole economy,
3 J0 j) z* f. b$ t7 m5 min this case it doesnt really matter how much money is created, * G. ~( c: L. a4 A$ ?% a
it's the problem of the debt itself.; C. ]& ?" ?+ X: H
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( f7 P: ~. q& w, ?( ^
小弟一直都唔明...
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7 n6 n5 P. L8 P0 R7 g' h9 |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...8 o  b) h$ z  l: P% j0 i
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敬請各師兄解答4 c4 ?$ t/ w% i/ K& \1 m- N8 c. H

( Q( J0 E( y5 h$ ]Thanks

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那些根本係 紙上財富  
& V1 ^) h% T; P0 J( Q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 {" K7 e* B- u* U: ghttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產+ B6 b  q/ [$ D
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高4 j6 y7 Z- P3 }3 X2 o; }* Y/ q& X
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 t: h& _5 R$ @
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ g; Y$ Z4 }. |扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) v8 ^/ @; a* U6 F, M) ^計番回報率就已經係50%,所以可以好好賺1 v( S" _, m" W. O5 a
前提係銀行之間要互相信任先可以咁樣借法
% G, @7 J4 S0 d9 o, \7 b8 V同埋個市場既前境要係好先得& C" R' R% r5 F; c5 X
但當經濟一差,公司估值趺了,物價不升反趺: R& f+ R. d3 ?6 l7 E0 K
例如剛才說10蚊的, 趺到得番9蚊, 3 @8 Y. _& U7 C, H
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
1 u, |& H6 H8 k& P# ]所以你就會覺得D錢好似蒸發哂咁
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% i3 C, T, `: Y你都可以當標野咁諗, 個樣野多人可以狂升值,
$ g, M5 r$ d9 u0 G4 m6 j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, * T) o; B9 e; t0 d' W
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( x2 A% f' [# H. c8 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
% `  T( u  S6 L; i* A) \" p9 w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! n7 f6 L/ T3 ]6 o. m
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 w* H) X( i  P1 W, ^5 @6 ^+ z: M+ i1 H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, p0 m) Z# p5 U- q+ a1 h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
" ]' a3 Y9 ^$ t- N: V咁你話d錢蒸發左去邊? ...

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  e, ^6 d. s& u7 m5 [) a正係咁樣
+ h+ M1 v5 z4 q& S0 W- J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
0 `3 D/ \% l7 N6 I6 w# {' q分分鐘佢地唔使還錢
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8 E+ e' E9 o. S+ _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,/ Y. ~. `$ K/ F8 D
連國家都係問人借, 不停發債券, 印鈔票$ c/ L. b9 V. _  Q* g5 M$ Z8 r' W
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 K/ h! U3 @. X+ y" m  t! |. [
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
1 j8 r9 ], P) Y, c咁而家"爆哂煲"算唔算先至係變番"正常"???

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5 n4 R* ~+ V, r0 O' p. v: i' y7 z  k其實係...
0 g% }6 _6 U7 P+ M4 N! L" ]8 T因為以前未生產, 先消費
7 W. d3 G# X- O4 ?( a/ v而家就要多生產, 少消費