0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
6 ^! J* l: K2 X9 C7 p, T. WWhy bank will sell 借據給第三者???
3 C6 d" V$ Y% q, WI was so confused.....

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講到尾都係賺錢
- U5 B, w9 \( q2 i. j6 cso銀行可以不斷放款8 B2 O9 J) {. u
美國的房貸問題散佈到全世界
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6 c. A. |$ [: x8 a! Q" `mortgage loan 0 \* i0 m; e+ b
>conduit) D, ?( g2 W( G3 m
>RMBS(Residential Mortgage Backed Securities)- \- I/ R5 b/ W- ~$ x" ]
>arranger
8 a1 M* }) S! M5 k>CDO(Collateralized Debt Obligation)
8 d7 m" Q# u: f; c7 ~" |最後去到投資者

Kev

i thought it is the reason of rate of return.
7 Q2 w0 F7 Q6 L/ E' |  t) B! gCDs could have different ratings, AAA -> F,# N6 n/ B* r" E
more risky ones would have higher premium (interest rate) as a compensation for an investment.* N* P+ M! I) o; o" F: ^
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 x+ X! P' e1 i; n3 Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 n8 ]& Z. J+ \5 a% C4 t
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" i: V6 C% q! A. Wsimilar to bonds, CDs trading in the secondary market have different value at different times,8 N3 Z- q; a3 I7 F9 B" ]  R! O. g
normally the value is calculated by adding it's principle and interest. 5 _) T; r& I6 {* S! o: a
eg. the value of the mortgage+the interests to be recieved in the future. 3 c7 m5 P; ~( k7 _6 p
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.- ]% B& I% R. q$ ~5 B8 B; }+ M8 P
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im not quite sure if the multiplier effect does really matter in this case.
9 t! C8 W& U- S$ cin stock market, it's the demand and supply pushing the price up/downwards.
1 p' Q' q) D8 y1 YFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 a9 g% E" R* h! p2 w8 }! FA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- W( H$ ?: V: A! s! S" VThe 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. / A" {: K9 o- h
but the value of their assets did really drop significantly.
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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% u  `0 X# `  k: F0 ?5 ]' |
Refer to last example,
3 o& r! I8 K6 ^$ K2 `+ [that means bank A have no money because we borrow 10 dollars from bank A
8 T& y  f0 w; U9 H( X+ nBecause bank A doesnt have enough cash on hand
5 {: O0 H/ b) C5 Dtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E3 P% N) l6 D- C# }5 o
so does it mean if E failed to pay D,
" X0 ?  t0 F; u  C! h) tall the B,C,D,E have to go bankrupt?+ Q% |2 O4 G6 j
  o+ B4 j3 T! \

! h9 x- m0 @& gthe multiplier just tell how much money created in a whole economy,
5 \3 V7 F2 [# v) Q6 R# [in this case it doesnt really matter how much money is created,
( E" R) g' T' git's the problem of the debt itself.
4 j" c  @4 q# o3 t0 lthe 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
3 [* \8 x) S" @* X7 E! U  l! a小弟一直都唔明...
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4 f- q4 O1 z; [9 {3 g3 [全世界都蝕錢，咁邊個賺緊錢呢?* H, j: e" l8 p- w! e/ C& K
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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Thanks

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那些根本係 紙上財富  ! |6 ?$ G5 _9 F4 I% K0 g
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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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- h) @/ N  t$ y- ]3 b& h6 C當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" t! r" }6 F) H4 ?& S
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 r8 L# @; v: [8 H個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
2 a+ g6 n; q! ]2 B* o. k扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# H. u' o  O' P- h- O; K! y; u( O7 J計番回報率就已經係50%,所以可以好好賺5 p7 i: ^1 G* _
前提係銀行之間要互相信任先可以咁樣借法
* b" M: X5 e' j0 `同埋個市場既前境要係好先得
) Y  T/ x9 }& C* y6 T" s但當經濟一差,公司估值趺了,物價不升反趺; S4 l6 S1 z% r
例如剛才說10蚊的, 趺到得番9蚊, , `$ H' j. \# N5 y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%. N0 k# P. e/ ~$ X" W# V
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,
6 O1 t6 `( b* L, 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,
1 S0 I7 R% R0 z& }% P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , I0 n( g5 w) o" i' j6 C2 N  S
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
& `2 S" F8 A3 p* }9 l, ~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  U) k' J  J- n$ q+ e
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" `% j+ x3 x$ g% h/ B7 P$ p' r* d淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 P# B2 e$ ~% E* k" E$ 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8 g9 C, A- v0 `. v6 w
咁你話d錢蒸發左去邊? ...

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  b8 y8 |" K1 _* z8 Q4 c正係咁樣! k$ |- ]. b2 }' 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
. K) l8 L7 [+ i  |分分鐘佢地唔使還錢$ b2 y' b% f- C- x- Q
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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,: H' l+ l# d' G' F
連國家都係問人借, 不停發債券, 印鈔票/ d9 Y, }; s3 v  q' P% L
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; K# b; m5 f) u; A; t& 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
* P( e% V+ P9 _5 k咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
& Q- J* E( W) o/ N2 [因為以前未生產, 先消費4 \  C# e2 M8 P
而家就要多生產, 少消費