0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( i3 g0 f4 [/ j& e7 f$ K6 d
Why bank will sell 借據給第三者???6 z* t# k# ]1 i  v- ?# A6 F
I was so confused.....

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  B  N7 Y0 s3 I9 n講到尾都係賺錢$ Q" }0 B/ ]' c' K# k' C/ y# @3 s1 @
so銀行可以不斷放款$ x( E& q& c+ @3 a5 e% s9 F
美國的房貸問題散佈到全世界
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4 D! q0 y+ M) O# bmortgage loan
2 Z3 t3 b4 ^7 n) a' y3 A>conduit
6 M/ Z8 Q# n+ `+ F>RMBS(Residential Mortgage Backed Securities)
( W$ V2 w! \4 j* i3 B>arranger
4 @9 M6 k* A; L>CDO(Collateralized Debt Obligation)$ I; Q7 d, }) R* U
最後去到投資者

Kev

i thought it is the reason of rate of return.( z- y- D- Q; |8 U7 q
CDs could have different ratings, AAA -> F,  U/ F7 h  r6 v) m8 K/ y" R# }
more risky ones would have higher premium (interest rate) as a compensation for an investment.& H$ _* z( E- a; H) N& `: A
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* Q, |4 N9 W9 L: v! V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
  v8 @6 \# x9 K  [Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) ]( [4 Y- o" m4 y
similar to bonds, CDs trading in the secondary market have different value at different times,
3 g4 z) ]+ K; }( `% X- }' ]/ inormally the value is calculated by adding it's principle and interest.
% H: A4 c7 j/ k* a* a- }% Yeg. the value of the mortgage+the interests to be recieved in the future. ( X) A+ L/ E$ b
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.( u. P9 U8 k- U+ v$ I" I
in stock market, it's the demand and supply pushing the price up/downwards.9 \, m5 E. F: `5 P7 l$ y0 N
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 g8 F# V! I3 O5 \$ h+ ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. C6 [: G2 l7 ~2 f* @0 i& i& 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. ; F* J) E5 a' W; H' e7 y  j3 `
but the value of their assets did really drop significantly.
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8 }7 j- Y% `7 I1 j! S[ 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.gif6 u- ]0 {  J! r2 l. J6 r
Refer to last example,
# r4 t, v3 V2 B% k3 M' [; qthat means bank A have no money because we borrow 10 dollars from bank A 0 g/ f" F! p4 C  m- ?
Because bank A doesnt have enough cash on hand : {5 v5 A: |: |, R
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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. r; C! C& Y/ _/ H: s1 P7 nA->B->C->D->E3 O4 h# Y; H; r3 T
so does it mean if E failed to pay D,
( B) `/ \% A2 G3 Z% f  c- pall the B,C,D,E have to go bankrupt?' k, b# x: M: P5 P: U; [7 l: E& b

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# F' s! r  {" D+ [7 G, n  k% X& pthe multiplier just tell how much money created in a whole economy, - E3 d/ M, t) r( S# b9 F5 Z. L' n
in this case it doesnt really matter how much money is created,
- d) b' d' _4 L9 a9 b. m: }it's the problem of the debt itself.; h8 T( u2 w7 K: R9 j9 R
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
. x! a6 j+ |: `  V' D# C小弟一直都唔明...
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& {+ K2 j1 Q* f全世界都蝕錢，咁邊個賺緊錢呢?6 m- N6 D' q* X  W7 z8 p
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無可能淨係有人蝕錢無人賺架嘛...
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( B1 r" F" l2 g  R! ^: S敬請各師兄解答
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2 ?0 `! c' I, d# \& H1 s* AThanks

' R4 v, H" {( h# F那些根本係 紙上財富  ) p) S4 J: z. \$ r: V
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& `1 ~( ?: e3 ^8 n. p

7 j4 d4 V4 n0 D7 U& b- rhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
5 d- b/ C+ i$ K0 h8 \7 F: |8 y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% I8 U7 p' h" r8 f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: q/ `. s# o! ]) S( {# B- G6 S  }
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 C. [6 Q8 [2 y: Z扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
- A) m, W4 E- }( j計番回報率就已經係50%,所以可以好好賺8 b+ h. [* C( `" ?) E) H4 q
前提係銀行之間要互相信任先可以咁樣借法
& Q6 e  N& |; Y同埋個市場既前境要係好先得& ~; O. h1 `# V- l- ~* c+ R
但當經濟一差,公司估值趺了,物價不升反趺7 p4 b0 R0 W' b- v' a
例如剛才說10蚊的, 趺到得番9蚊, # V9 K8 ]9 z8 \9 z+ E7 a, k
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%/ W8 j8 s! `, b! n4 V! g' {% w
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
  y: g2 z- P4 L9 a. H" i+ 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,
/ ^( r8 O( L; k9 g6 D( E& m9 {淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ x. d4 X% g+ G0 V
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) E) P# v  A1 `: G0 P% R8 J
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
" {) f" P8 U+ n0 d6 C- ?. u! o% ~  i唔係d錢蒸發, 而係比美國佬洗晒未來錢,
! K' {9 D7 c' c淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 m. B) }& n" m
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
' f! E/ Q8 Z4 b: W咁你話d錢蒸發左去邊? ...

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! p) I# o% G8 k9 i+ c1 L; N, X' `" T正係咁樣
3 l, W( Z% H6 Y* W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- D8 q' j" S4 |  t
分分鐘佢地唔使還錢
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3 |) y- ^2 @: r1 F. a3 H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,9 W5 P2 p, R4 p4 W; R6 ~
連國家都係問人借, 不停發債券, 印鈔票" z( N; }5 G% e+ ^
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
, `: c/ Q$ [0 i( M+ c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
& I* A  k" ^# U3 X( B2 l" _咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係..." A+ u- k! r% @6 |. b) W" g
因為以前未生產, 先消費
+ {+ k$ r6 M( w1 ~6 T而家就要多生產, 少消費