0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
( G& {! P# W) \- l* A  WWhy bank will sell 借據給第三者???' B( O) e' T- y* U5 J& o
I was so confused.....

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講到尾都係賺錢
( ?& X) F8 s$ g+ X- @5 {8 F: Fso銀行可以不斷放款3 K: M: T8 Q/ {
美國的房貸問題散佈到全世界
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% y- s, E( y, o6 S* k5 Gmortgage loan 2 C* O9 ~& C5 c
>conduit
, c- Q" O+ n! t8 U>RMBS(Residential Mortgage Backed Securities)/ v0 M0 y6 ~& h) l$ j$ D- Z
>arranger
& B( t+ H- a9 K' I8 F+ k>CDO(Collateralized Debt Obligation)
) {7 s: q- H1 M3 F% S2 N最後去到投資者

Kev

i thought it is the reason of rate of return.
% s6 ~1 s7 t! H0 t2 U& L) WCDs could have different ratings, AAA -> F,
* m0 @: H; ~! qmore risky ones would have higher premium (interest rate) as a compensation for an investment.
8 K, `( r1 t3 y& ]: f' omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 R  Q5 X) F" j% x  p1 Q1 pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; X0 N; C& x1 Y2 P9 h  L5 xAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 i2 _$ P: H! W2 I' [9 i' n/ {( E- e
similar to bonds, CDs trading in the secondary market have different value at different times,$ M* r6 J! v0 E4 H: z  O
normally the value is calculated by adding it's principle and interest. , O7 c& V9 R; P% s, X& n) A
eg. the value of the mortgage+the interests to be recieved in the future. ' {* o# r3 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.% w. s/ n$ \% G
in stock market, it's the demand and supply pushing the price up/downwards.. ^2 V- \6 c$ w
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; J* d" P4 J& P( M+ s: B% lA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  r1 U5 q/ P: y6 Z! @' ^
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.
. h- Z2 j% h) ?0 K+ p9 a5 h/ {/ Jbut the value of their assets did really drop significantly.  e" H3 T) I: w! b9 g, O( D
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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
; s4 {1 i* O; P) aRefer to last example,4 P4 Y: w6 O; C5 Z  W
that means bank A have no money because we borrow 10 dollars from bank A + w2 D" y% m6 R+ s
Because bank A doesnt have enough cash on hand 3 E; {  v. G' g+ t' f# [
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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6 Q$ e$ M6 D/ x1 f! j; mA->B->C->D->E
& z" N6 a/ @+ q0 lso does it mean if E failed to pay D,
! H2 K4 E/ C  [) H, [all the B,C,D,E have to go bankrupt?) U( m6 B2 l2 m% `* ^# B7 U4 L1 K

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7 B+ ?8 z: m" E2 P) ^& o$ Qthe multiplier just tell how much money created in a whole economy, " y) N- U3 I2 V- _
in this case it doesnt really matter how much money is created, # I/ r% A1 @; B
it's the problem of the debt itself.  ~! \+ c' x6 H2 G; Z, l
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. ~  ?7 p& h4 Q- H
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?" z& u2 b) F7 s
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無可能淨係有人蝕錢無人賺架嘛...3 N, f2 ^* w2 y$ h% F7 w# ?

& H9 k- C7 j, y3 S7 D# K; w敬請各師兄解答- `9 L. s$ m- x2 v$ A6 c

: t& L( P7 g# U# s! h; A) e" {( S6 LThanks

  Y5 k4 v: F: F3 E那些根本係 紙上財富  - Q3 {: z/ |/ k8 N* N! s" d
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 graphic0 W8 _: {9 i3 R6 W2 ~0 X/ R- G

  j. _0 a- [4 [: D6 {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
( n- [  Y) ^0 H( T: V$ }當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) S/ d& w& M. a  d8 I3 ]2 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
& e! N0 I. J/ v7 K個件物價係市場好既時候升, 例如15%先算,變左12蚊啦! Q9 E5 |) Q8 {3 |% @$ E
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
' ~3 ^  _* y/ e5 U計番回報率就已經係50%,所以可以好好賺
& V, r; Q- s  N: x前提係銀行之間要互相信任先可以咁樣借法  q* y1 K5 V) L3 k- H* `
同埋個市場既前境要係好先得2 B2 |* M' Q) m
但當經濟一差,公司估值趺了,物價不升反趺: Z' B& ]  Y: I2 H& b, f3 I& V1 k
例如剛才說10蚊的, 趺到得番9蚊,
" j, ]0 \% G. j+ P3 H咁投資銀行一下子就要還11蚊, 一來一回變左虧200%* O9 c. g! S# }$ I, C/ r
所以你就會覺得D錢好似蒸發哂咁' o- Q& s! |+ W6 p
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你都可以當標野咁諗, 個樣野多人可以狂升值,
- i5 G! `: X: Z% k; 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,
: ]0 M4 g& G# d9 V; D: s淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 k) U* K4 `- O$ ]* 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
4 r# ]0 w! N5 g! |2 q& U8 d9 v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- h+ a  Z4 ?% Q" h+ c
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
* U7 r5 @" L" _  x# `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 F5 n7 c) Z9 W5 a1 J% n/ W2 a, z: L! G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
) E9 B% [! f6 L/ C' @9 p咁你話d錢蒸發左去邊? ...

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正係咁樣
. }7 F2 k6 I! _' ^  x$ Q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9 Y6 e3 k' U5 g2 Y) X
分分鐘佢地唔使還錢# c* V3 M) `/ Q8 d' n* |: y
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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,
& g" t/ Z6 B, O3 l! f, N連國家都係問人借, 不停發債券, 印鈔票
  L  n0 K5 z3 R* g一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ l4 I9 k9 t5 @  d" G% E& W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* m8 b/ d: g/ P% b6 q7 a; b
咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ u2 H, C1 Q* [7 q/ E" I, T: V! u其實係...
7 d9 M2 G. G# z2 V因為以前未生產, 先消費
, ~5 o5 P) \! U& A# }$ P5 I而家就要多生產, 少消費